This list of Matched Betting FAQs covers a variety of common questions. If you have any others please Contact Us
What is matched betting?
No risk Matched Betting is a betting technique in which you take advantage of bookmakers’ free bets and promotions. By ensuring that you cover all outcomes, matched bettors can guarantee a profit from these bonuses
How is matched betting risk free?
Matched betting is based on a proven strategy. When followed correctly this process is 100% risk free. Here’s an example:
Skybet are offering a £20 free bet when you sign up and stake £5. Here’s the process to follow:
- Place a bet on team A to win (known as a back bet)
- Place a bet on team A NOT to win (known as a lay bet)
With those two bets we’ve covered all outcomes.
No matter what the result is, these two bets cancel each other out and we break-even. We now have a £20 free bet which we can use to guarantee a profit using a similar approach.
Is matched betting legal?
Matched betting is 100% legal. There’s nothing illegal with matched betting. We’re simply taking advantage of bookies free bets and offsetting them with another betting company.
This is what William Hill make of matched betting:
‘There’s no illegal element. It’s a free bet and you can do what you like.’
There you go, that should resolve any doubts.
Will matched betting harm my credit score?
There is no effect on your credit score if you deposit funds at a gambling site using a debit card. You may not be able to deposit using a credit card and in any event we wouldn’t suggest depositing funds borrowed on credit as this could lead to a lower credit score.
If you intend to use Matched Betting as a source of consistent income then you may want to set up a separate bank account and debit card to help manage things. It will also mean your regular bank account looks ‘cleaner’ if you ever need to share statements when applying for any finance.
Do I have to pay Tax on my Matched Betting Profits?
No, you don’t!
Bookmaker and casino winnings are not taxable under UK legislation, so you don’t have to worry about giving any profits back to the the tax man.
How profitable is Matched Betting?
Matched bettors can earn around £500 or more each month and significantly more when completing bookmaker sign-up offers. This process is incredibly profitable, but as with anything it depends on the amount of time you are able to spend. Also, your winnings are completely tax free.
Another benefit of no risk matched betting.
Why don’t bookmakers stop their Offers if they are being exploited?
The issue for each bookmaker is they act as an individual business. If they were to stop offering free bets for new customers (Welcome Offers), very few customers would sign up.
Bookmakers make the calculated decision that it is best to keep offering free bet Welcome Offers so they continue to attract the gambling customers (known as mug punters), even though they will attract matched bettors at the same time.
For example, for every 1 matched bettor, there are probably 10 gambling customers, so it is worth running welcome offers.
After you complete the welcome offer, the bookmakers continue to run free bets. Don’t only ever bet on bookmaker free bet promotions. Before long, the bookmaker will send an email saying you’re no longer be eligible for free bet promotions. This is known as being ‘gubbed’. You can still bet and deposit/withdraw, just you can’t get free bets anymore.
You MUST carry out Account Management. All matched bettors should do some mug betting even while completing welcome offers.
Do I need to know anything about betting?
No, not at all. You do need to be able to grasp the concept of Matched Betting using the materials provided here at ProfitFromSports and elsewhere.
Make sure you have read and understood the principles of Match Betting before starting but it really is quite straightforward
Do I need to follow sport?
Following sports is not necessary but may help with your matched betting.
In general, we ignore what market we place our bets on as we’re more interested in the odds available.
What are the best sports to bet on?
You can place your matched bets on any sport or event for which there is a betting market available. However, sports with large, established betting markets usually offer better returns as bookmakers tend to run more betting promotions.
The most popular matched betting markets include:
- Football
- Horse Racing
- Cricket
- Rugby
- Large sporting events (e.g. World Cup, Champions League, Cheltenham, Ascot, Six Nations)
Football is the easiest sport for beginners to place bets on as the odds are usually very stable. Horse racing is fine for beginners if concentrating on Welcome Offers and is a great source of Reload Offers.
How much time does matched betting take?
The answer to this question depends on how many offers you’re looking to complete and ultimately how much money you want to make.
However, once you’re up to speed it takes roughly 5-10 minutes per offer plus you should allow some time for Mug Bets to keep your accounts healthy.
That means most serious matched bettors spend about 1 hour per day completing the latest offers. Weekends are when you are likely to spend more time as there are more offers available but make sure the search for offers doesn’t take over. Avoid FOMO as there will always be new offers coming along.
As with most things, when you start you will take a little longer to check what you are doing and that is great as it means you are building your experience and preventing mistakes.
Do I need to be good at Maths and how do I Calculate my bet stakes?
You don’t need to be good at maths at all. You do need an enquiring mind and be prepared to make sure you read through the information available to you. I suspect if that wasn’t the case you wouldn’t have bothered reading these FAQs???
For all the Bookie New Customer Offers and most of the Reload Offers you will just need to use a Matched Betting Calculator. There’s a Free Smarkets calculator.
How long does it take to set up the bookmaker accounts?
I’d estimate filling out the registration form and making your first deposit will take 5 minutes. Occasionally, the bookmaker may ask for documents, usually a copy of your passport, utility bill and your bank card.
You will only need to sign up for a Betting Exchange account once. So if you decide to set up accounts with Betfair, Betdaq and Smarkets when you initially get going then that’s another 15 minutes or so
You might want to store copies of any verification documents on your computer so they are easily available to send to any bookmaker that requests it. Make sure you keep then in a password protected folder Once you have completed the Welcome Offers, then delete the files (or keep them in a password protected folder).
Are there any risks involved?
The matched betting strategy has no inherent risk. The main risk is human error which is why you should make sure you fully understand the process before starting and take things slowly when you do. See our ‘Matched Betting Getting Started’ suggestions.
A few tips to follow:-
- Double check everything you do and make sure you understand what you are doing and why
- Read all bookie Terms & Conditions carefully
- Place your Back bet first
- Check your bets have been placed and matched
How much money do I need to start matched betting?
We recommend you have around £200 to start matched betting. You can start with less, but your progress will be comparatively slower. The £200 is to set you up to be able to complete more offers at the same time BUT only when you have first completed a few offers one after the other. Don’t start by having 3 or 4 offers on the go. You’re likely to make a mistake
The larger your matched betting bank, the more money you can make more quickly when you have become comfortable with the process.
How do I track my matched betting?
It is essential that you track all your matched bets and one of the golden rules. Think twice whether matched betting is for you if you’re not prepared to be thorough and keep organised.
You’ll need to keep a note of all your bets and the amount of profit you make from each offer plus your Mug Bets. Initially you might just want to use a notebook with a page per bookie or offer. When you are completing the New Customer offers this should be a perfectly effective way to keep track of your bets.
As you progress to Reload offers you may want to sign up to one of the Matched Betting Services. Their membership includes access to software to track and record which offers you are completing. You will also have access to odds checking software. This identifies markets with the best odds between each bookie and the exchanges so you can maximise your profits
How do I find the latest offers?
When matched betting on your own, you’ll need to go to each bookie’s website . You can check for the latest offers plus they will be sending you regular email updates.
When you are starting out and completing the Welcome Offers across a number of bookmakers it is easy to do manually.
As you progress to Reload Offers you can still manually scan the bookie sites. They will usually have a prominent ‘Promotions’ or ‘Offers’ link.
However, some Reload offers are more complicated and potentially more profitable than others. That’s why joining a Matched Betting Service is the next step as you ‘get serious’ about matched betting
What do I do if I make a mistake?
This depends on what you’ve done.
If you’ve made a mistake with your back (bookie) bet you can use a betting exchange to place a lay bet to offset the back bet. Use a Matched Betting Calculator to work out the lay bet stake as you would normally.
If you place a back bet on the wrong horse, some bookmakers allow you to effectively cancel the bet by using the cash out option.
What if you have committed the cardinal sin of placing your lay bet first? Your easiest option is to place a back bet on the same exchange. You adjust the back stake so you have the same amount of profit or loss regardless of the result.
How Do I Get Started?
Read the information in our Matched Betting Getting Started guide. You will need to follow some simple steps and then you’ll be up and running in no time. The whole concept of Matched Betting might seem quite daunting if you’ve never placed a bet before. Maybe you think betting exchanges are all gobbledegook. Hopefully this will all become clear as you complete your first few Welcome Offers
Make sure you check out our Matched Betting DO’s & DON’Ts as well!
Seeing a few £s profit after you’ve completed your first few offers will help you realise what to do and how simple the process really is
