Money for nothing with no risk, sounds perfect doesn’t it, but is there really no risk, matched betting?
If you’re looking for ways to make money online, you have no doubt heard about the benefits of matched betting.
For those that swear by it, it’s a great way to take advantage of free bets provided by the bookies to top up your income or just have that little extra to pay off a bill or two or treat yourself once in a while.
What is matched betting?
The idea behind matched betting is simple enough.
A bookie offers you an incentive to place a bet on a sporting event, such as bet £x and receive £x in free bets.
After making a qualifying bet, you take advantage of the free bet you’ve just received by betting on another event or the same event and then match the bet that you have just made with the bookie with a betting exchange such as Betfair.
An example might be that you place your free bet with the bookie that Manchester City is going to win their next match and at the betting exchange, you place a bet against them winning, i.e. a loss or a draw. Therefore you have matched your bet, so if they do win you’ve won at the bookie, but if they lose, as you have placed a lay bet with the betting exchange, so long as you’ve done it right, you’re quids in.
Is matched betting truly risk-free?
Though some might tout it as risk-free, in reality, there are a number of factors that come into play that means there is an element of risk involved.
The number one reason that is going to decide whether it is risk-free, is you!
Let’s face it no one is perfect and there are going to be times when you might slip up, whether that be because you have rushed the bet or not fully understood what you were doing and why.
Then there are the odds, you don’t have to be a mathematical genesis to understand the odds when matched betting, there are calculators that do the work for you, but you will know that if you’ve ever placed a bet, odds aren’t static, therefore you need to make sure, because you are switching between the bookmaker and the betting exchange websites, that the odds are what they were when you initially placed the bet but before you make the commitment to the bet.
Can you decrease the element of risk?
Companies such as Odds Monkey and Profit Accumulator can take a lot of the risk out of matched betting by holding your hand through the entire process. They will tell what to bet on, how much to bet, how much to lay, what your potential loss will be and more importantly what your potential profit will be.
Though these two services do offer you a free way of getting to know how they work and make some money to boot, roughly £50, they do come with a monthly/annual fee if you want to continue matched betting. OddsMonkey currently charges £17.99 per month or £150 annually and Profit Accumulator is also £17.99 per month.
So you can see these services aren’t necessarily cheap, but in using them you could be potentially making £000’s extra a month.
How much can you make matched betting?
This is a how long is a piece of string questions.
There are some people out there that have made thousands from matched betting and there are those that are happy to make a couple of hundred pounds every month.
No matter what your reason for wanting to try matched betting, how much you make will be determined by how much effort you are prepared to invest and how much money you are ready to put down at the bookie and the betting exchange.
How much you make will also depend on the sporting events that you bet on and the complexity of the bet. I haven’t tried it myself, but I’ve heard that accumulator bets on horse racing events can be difficult to get your head around, but when you do, big money can be made.
It’s also worth noting that how much you could win will depend on your float (the money that you have in your bookie and bet exchange account), though it might be tempting to withdraw your winnings, if you want to make good money from matched betting you are going to need to make sure that show a little willpower and keep some in your accounts.
I tried matched betting some time ago, but I have to admit, I didn’t really put that much time and effort into it but still made a £200 profit (but this was only because I took the time to understand the basics and used the free tools available to record profit and loss).
Can anyone get into it?
So long as you’re 18 and live in the United Kingdom then yes, but that doesn’t mean that everyone should.
- If you are in desperate need of cash, matched betting might not be for you (this is where mistakes can happen)
- If you have an addictive personality, the euphoria of big matched betting wins might lead you to believe that you can make more with normal gambling
- You aren’t ready to put in the effort to learn the basics
Be aware that bookmakers can stop offering you free offers at any time and this is called Gubbing, they will usually do this as a result of you only using their special offers to make bets, it is for this reason that it is usually recommended to that you sometimes place bets outside of any promotional offer, though using a matched betting calculator will minimise your loss.
You’ve no doubt heard the saying the house always wins about casinos, bookmakers don’t like to lose either. they don’t want to have someone that is constantly costing them money so if they believe that you aren’t profitable you also stand the risk of being gubbed.
Where can you find out more?
If I’ve stirred your curiosity, you might want to visit the matched betting blog, here you will find guides, forums and offers that could make you a tidy sum in your matched betting journey.