I thought it was the time that I wrote about how I make on average £1,000 tax-free from matched betting each month (you can see more here in my online income reports). So, in this post I will do just that. I’ll try to cover pretty much every aspect of beginners.
If you want to dive straight in, then you can grab a free trial, with the matched betting service I use, where you can earn up to £45 straight from the get-go.
You can also check out more stuff that I’ve written about matched betting right here.
What is matched betting?
Ok, for complete beginners, matched betting is the process of extracting profits from bookmaker’s online promotions.Bookmakers run a range of different offers from new customer promotions such as ‘bet £10, get £20 free bet’, or reload offers such as ‘bet £20 on football, get £10 free football bet’.
Bookmakers run a range of different offers from new customer promotions such as ‘bet £10, get £20 free bet’, or reload offers such as ‘bet £20 on football, get £10 free football bet’.
Using these promotions, you can generate guaranteed profits.
Is matched betting all cushty?
I know I just said the phrase guaranteed profits when referring to bookmakers. This might get you thinking that it’s all too good to me true. That’s exactly how I felt at the beginning, so that’s normal. I even didn’t believe it until after my first couple of weeks matched betting and made about £500.
But, yes, matched betting is all cushty. In summary: it is legal; it is not a get rich quick scheme and you won’t get rich from it; it isn’t a scam as the only service you need to make £1,000 tax-free each month costs £15 per month and has no interaction with your actual bets.
What do the bookmakers (& others) say about matched betting?
There have been some statements about matched betting from the bookmakers and articles in the press. I’ve put together some of the main stuff below.
How does matched betting work?
Matched betting is pretty simple once you get your head round how to do it. Honestly, the best way to really get to grips with it is to actually give it a go.
Basically, it involves 4 bets across 2 rounds.
The 1st round of bets is about activating the bookmaker’s promotion, then the 2nd round of bets is where you use the bookmaker’s promotion.
Each round involved placing 2 bets. You will always do 1 back bet and 1 lay bet each round. Don’t worry about these terms yet – it’s just betting lingo.
Once that is done then you just withdraw the profit.
I’ve put together a little graphic below to show this as a process.
How do you make money from matched betting?
I think the briefly covers the process of matched betting. It’s pretty simple, just like everything it takes some time to get your head round it.
In the graphic, I’ve said that ‘whatever the result of your bets you make a profit’. That’s true and matched betting is a tried and tested method.
You make the money by using the free bet from the bookmaker to offset against your bet at the betting exchange. By doing this, you get to extract profit from the process.
How much money can you make from matched betting?
From my experience, you can make about £50 tax-free per hour of matched betting. Each month, you can earn around £1,000 tax-free. Some people earn more, some earn less, really depends on a few different factors. I’ll cover those factors here.
Factors which determine how much you can make each month from matched betting:
- Time: This is the most obvious one. If you don’t put the time in, you won’t earn as much each month.
- Starting Fund: You will require some cash to get started. You can start from as little as £50. You need this money to place the back and lay bets for each of the offers. The more starting fund you have the more offers you can do at the same time.
- Matched Betting Fund: I recommend putting some of your profit back into the pot to build up a fund to place more bets and complete more offers.
- Human Error: The process is tried and tested, but human error can creep in if you do too much too quickly. To start I would recommend pacing yourself. Do 1 of the free trial offers to see how its done then read up on the training guides.
Who can do matched betting?
The requirements for who can do matched betting are pretty low. Here’s a brief summary of them:
- Be a UK resident with a UK address
- Have a UK bank account registered at UK address
- Have a UK driving licence or UK passport
- Be on the electoral register at UK address
- Have access to a computer and the internet at home
How can you start matched betting?
It’s pretty simple. I recommend using a matched betting service. I use OddsMonkey and they have a free trial where you can earn up to £45 so it’s an easy and free way to get started with matched betting.
Using a matched betting service, like OddsMonkey, means that they find all the available bookmaker promotions for you, they have a detailed step-by-step instructions on how to complete the offers, indepth written and video training guides, a bit of software that finds the right things to bet on, a calculator to work out how much you need to bet, plus loads of support and forums to help you out.
If you then want to do matched betting properly and earn around £1,000 tax-free each month, you can sign up to a Premium subscription at OddsMonkey for just £15 per month. Pretty reasonable when you could be earning £1000s a year from it.