Alright, so you’re at the stage where you have a firm understanding of matched betting and how it works. That’s great, now it’s time to put the theory into practice and start making some money.
Your first venture into the world of matched betting isn’t going to make you millions, but it is going to be straightforward and fast. My first ever profit from matched betting came in roughly twenty minutes and it was extremely satisfying to get results which such a quick turnover, not to mention beating the bookmaker.
If you’ve got twenty minutes to spare right now, then great – you can use this guide to get started and earn your first profit right away.
Since I first started, however, OddsMonkey has added a few more offers to their free offers list so naturally, it’ll take you a little bit longer to complete them.
The benefit of this of course is you make MORE money upfront while spending absolutely nothing.
If 60 minutes is out of your grasp today, you can always come back to it later when you have some free time and use this a direct, step by step tutorial.
So let’s take a look at the three simple steps that will allow you to make your first profit from matched betting in the next twenty minutes.
Step 1 – Register your betting exchange account and your first online bookmaker account.
The very first thing you’ll need to do is sign up for a betting exchange. This is because we need to be registered in a market where can place our lay bets, which’s betting against the likelihood of things happening. Personally, I’m a big fan of Smarkets, but you can go with whoever you like.
Registering is easy and should take no more than two minutes – all you need to do is fill out your personal details (name, address, email etc.) and your payment details. As with most online payments, you can use your debit card and more often than not PayPal is accepted but be vigilant and read the T&C’s to avoid any hidden transaction fees.
The online bookmaker is where you’re going to get access to your free welcome bet by placing your qualifying bet. Again, it’s a relatively straightforward and speedy process that should only take a few minutes. You can choose any online bookmaker that offers a free welcome bet to get yourself started.
As with the betting exchange account, have a look over the terms and conditions to make sure you’re happy with everything in there. If you find everything to be above board, enter your personal details and your preferred deposit method (MasterCard, Visa, Apple pay etc.) Whichever payment method you choose, make sure that it qualifies you for the promotional free bets. You’ll then be able to deposit however much or little that you need to qualify for your free bet.
On a legal note, you’ll also need to register a valid proof of ID to verify your account. This can be a driving license or passport or any other valid identity card. As it’s your first bet, it’s probably worth opting in for the marketing emails as these will come in handy further down the line when you’re looking for reloads. If the spam becomes too much you can always opt-out.
Step 2 – Receive your free bet.
Now we’ve crossed all the T’s and dotted all the I’s, you’re fully registered with your online bookmaker and betting exchange provider. This should have taken no more than five minutes. Let’s take a look at the next step – qualifying for your free bet. To do this, you’ll need to go into your online bookmaker’s account.
Unlocking your free bet will require you to make a deposit into your online bookmaker’s account. This amount needs to be equal to the amount advertised in the promotion so, for example, if the offer is ‘bet £5 get £20 in free bets’, you’ll need to deposit £5 to qualify.
Now the money has been deposited and should be sitting in your account wallet ready to be used on a qualifying bet. Remember, this is risk free betting and you don’t want to gamble that money, so the next part is crucial. You’ll need to place a bet with the bookmaker and a counter bet with the betting exchange.
For this, you will need to find a back bet and a lay bet with similar odds. This is because these two bets need to cancel each other out with a minimal loss. If you have a good understanding of odds, then you’ll have no problem finding a back bet and lay bet that will cancel each other out but if not you’ll need to use an odds calculator such as OddsMonkey or Profit Accumulator. For now, you can use the basic free plan just to gain access to the calculator.
Using the search filter, you can enter a number of criteria such as the sport that you wish to place your risk-free bet (e.g. football), the online bookmaker with which you registered (e.g. SkyBet), and your chosen betting exchange (e.g. Smarkets).
Then choose the odds you wish to play with and the stake that you need to put forward to qualify for your free bet (in this example, it’s £5). When all of the criteria are filled in you can hit the search button which will present you with a list of games with the closest matching back and lay odds.
From here you can choose a game and place your back bet with your online bookmaker and your lay bet with the betting exchange.
If your back bet with the bookmaker wins, then you’ll be up in your online bookmaker’s account and if the lay bet wins then you’ll be up in your betting exchange account. Either way, you’ll have broken even but most importantly, you’ll have unlocked your free bet.
Step 3 – Repeat the process with your free bet.
From here you’re going to do exactly the same thing, only this time you’re going to use your newly activated free bet with the online bookmaker.
Choose a similar event with similar odds and place your free bet through the online bookmaker and your lay bet through the betting exchange. Whatever the outcome of the bet, you will end up with a profit in either your online bookmaker account or your betting exchange account.
The Best (and Safest) Way To Make Your First £60
While this is essentially the whole ‘system’ in place to make your first £60 in matched betting the best way to actually take action on this is to head over to OddsMonkey and complete their free welcome offers.
They list enough offers for you to make £60+ without having to hand over your card details.
The idea behind this is once you’ve seen the power of matched betting, banked your first profit you’ll then use approximately 1/3 of that profit to pay for your first month.
Then once you’ve got access to the hundreds of other offers in the software you can start to work your way towards your first £1000.
Can you do this alone? Sure.
Would I recommend that? Absolutely not. Here’s some more information on OddsMonkey to get you started.
Happy Matched Betting!