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I can see you. I can see you cringing at the word ‘betting’. Right now you are imagining casinos, roulettes and money falling from the sky and people running around losing thousands.
Well, fret not reader, I’m talking about matched betting. Yes, there is a difference. In fact the largest difference is… you never lose. If you follow the exact steps, you can never lose money, only gain. Sound too good to be true? Yes, that’s why I’m doing an experiment on it.
What is matched betting?
The first thing to say is that sports betting is illegal in the US (except Nevada I think), which means that this little side-hustle is sadly not available for Americans. However, if you ever consider living on this freezing island and need some extra cash, this could be helpful.
Matched betting is to do with the betting on sports, whether it’s football, horse racing, tennis, etc. Websites online allow you to bet for or against a certain match, and depending on your stake, you can win a lot or lose a lot. In order to get more people to gamble, these websites offer free bonuses to encourage you to deposit some cash. For example, Betfred’s bonus is ‘Deposit £10 and get £30 of free bets!’
A great marketing a tactic, and the reason why matched betting works. You use these free bonuses to bet on either for or against a match, so that either way you don’t lose money.
Confused? Let’s say Player A puts in £10 for Barcelona in a Barcelona Madrid match with odds of 5/1 (which means they get £60 total back), and uses a £10 bonus to bet against Barcelona winning the match. If Barcelona wins, Player A will gain back their £10 + £50, but if Barcelona does not win (draw or Madrid wins), they will also gain back their £10 + £50 since they used a free bonus to bet against.
It can get quite hard to explain, so here’s a video that explains in much more detail
Is it a lot of work?
I’ve started with Profit Accumulator because they have great training videos which explain to you step by step what to do to use the offers and earn a profit. However, I will also try Oddsmonkey in the future so I can decide which is the best platform.
How do you make money?
It’s not a get quick rich scheme. Placing these bets and putting the effort is required, and you won’t make a ton of money (Foxy Monkey makes £500 to £600 a month approximately), but it’s enough for a small side-income which doesn’t require too many hours of work.
There are some people who earn a full time income from matched betting (see interview with Josh, who earns £2,000 on matched betting), but of course they spend much more than a few hours every week on it. The strategy is very simple: you just have to place a lot of bets, repeating the process hundreds of times to always get a maximum profit. Also it’s interesting to note that the money is completely tax free, so yes, more ca$h.
To this date I’ve only made £10, but as I put this strategy into action I’m pretty sure I can earn much more (will keep you updated on that)
Is it risky?
I was veeery skeptical at the beginning, but as a professional money scientist (that’s a thing now) I had to try it out. From what I see it seems to be quite safe and not risky. The only thing that will make you losses is making a mistake, so as long as you keep your wits about you it should absolutely fine.
The other thing is that the more popular matched betting gets, the more bookies will be clamping down and closing down accounts which look suspicious. That’s why it’s better to start now, before the tax office comes along and takes their cut.
There is no catch to matched betting. It’s a legit and safe way to make some money. In fact, in the interview Josh says the hardest part about matched betting is convincing people that it’s not gambling!
I am a very careful person when it comes to money, which means I have to be in complete control of what goes where in when. In order to not get confused, I created a separate account in my bank which I will use as my ‘experiment/betting money’, so I can properly keep track of the profit. I also keep track of every bet I make:
I started with £40 in my experiment account. If in a month it’s more than that, you know what that means: success!