If you’re still having doubts about getting started with matched betting, that’s understandable. There’s a lot to consider from the intricacies of the process to the jargon which can be difficult to get your head around, especially if you’re new to the sports betting market.
I’ve mentioned a few times already, and I hate to go on about it but it’s important to recognise that matched betting is NOT gambling, however, the only risk involved comes through human error and misunderstanding the method.
Unlike gambling, where you risk your money on the outcome of a certain event, matched betting covers all bases so you’re guaranteed a profit regardless of the outcome.
Honestly, you shouldn’t feel daunted by matched betting. When I started out, I was in exactly the same position as you but once I got my head around it, matched betting became very straightforward and accessible. In this section of the guide, I’m going to try to simplify matched betting as much as possible in order to set you on the track to earning your first £1000.
This part of the guide will teach you how to utilise the tools and resources available out there to eliminate any risk of error.
Matched Betting Simplified
There’s a world of content, guides, tips, and examples of matched betting out there on the internet and it’s impossible to try and understand all of it, so let’s try to sum up matched betting in one single sentence:
Matched betting is a way of making money by taking advantage of free bet promotions offered by online bookmakers.
Easy enough, right? Now let’s get down to the basic steps involved in matched betting as simple as possible.
Step 1 – Choose your matched betting software.
With a number of different providers of matched betting software, it’s important that you find one that’s right for you. I like Oddsmonkey because of it’s super user-friendly interface and they offer a free trial for beginners to dip their toes in the water of matched betting.
There are other software out there such as Profit Accumulator but if you’re a beginner I recommend starting with OddsMonkey. The features of the free trial are also very simple and great for getting to grips with the process. Once you’re comfortable with the process, you’ll be able to fully register and take advantage of all of the best offers out there.
Step 2 – Sign up for Smarkets
Next, you’re going to need to find yourself a betting exchange. Smarkets is our betting exchange of choice. It’s a great place to find the best matched odds and its stylish format is very easy to use.
Step 3 – Follow the formula
Now that you’re set up with your matched betting software and your betting exchange, you’re ready to begin making some cash. Follow the process described in our main matched betting guide or, alternatively, check out this video…
As you can see from the video, the steps are very simple. Use your matched betting software to locate a promotional free bet from an online bookmaker. Activate the free bet by placing the qualifying amount of money on a back bet.
Remember to place a lay bet on the same event through Smarkets to ensure that you don’t lose any money. Now you’ll have unlocked your free bet with the online bookmaker and you can repeat the process to guarantee a profit.
Matched Betting FAQs
When I began matched betting, I had loads of questions and niggling doubts and it took a while for me to find all the answers. In this section of the guide, I’ll answer as best as I can all of the questions that were floating around in my head and potentially yours right now.
Is matched betting legal?
Quite simply, yes – matched betting is 100% legal. This question is what puts most people off because it just sounds way too good to be true. The online bookmakers are always looking for new punters to register accounts with them and risk their money through gambling. Matched betting is just a means of using those offers to our advantage so don’t worry, matched betting is not breaking the law in any way.
How much can I expect to make through matched betting?
In all honesty, this depends on the time you’re willing to put in and the initial stake that you invest. You’re not going to become a millionaire overnight, but you can easily make £1000 from the welcome offers.
How much should I put in?
Obviously, the more you put, the more you can take out, but in my experience, an initial investment of £100 is a solid amount to get you going. It will be a sufficient amount to take your time and avoid mistakes.
Can I do matched betting full time?
Probably not – for the majority of people, matched betting is more of a part-time thing or a side hustle. As with anything, the more time you put into it, the more you’re going to get out of it but don’t quit your day job just yet. For most people, matched betting takes up a few hours per week so it’s a nice side earner to fit in around your current lifestyle.
That said, however, there are plenty of examples of people earning a full-time income or at least enough money to pay for big payments like a mortgage for example. Here’s a short post you can check out if you’re interested…
What do I need to get started?
Initially, all you’ll need is an internet connection, free time, and a small pot of money to invest. From there you’ll be able to register with a matched betting software provider and a betting exchange.
What happens when I run out of welcome bets?
Once you’ve used up all of the welcome bets available through your matched betting software, you’ll be able to access what is known as ‘reload offers’. These are promotional bets that online bookmakers are always churning out to their existing members to entice them into placing more bets. They’re almost exactly the same as the welcome offers but may be restricted to a single event.
It still seems too complicated – can I do it?
I know it sounds complicated, but with the right software, you’ll have access to tutorials and guides and online support. The free trials are also a great way to get yourself going slowly.