Here’s How to Make Money Matched Betting
Making extra money with Matched Betting is one of the best things that you can do for yourself. It can be a bit difficult to get your head around at first but I promise once you’ve got started, it’s really straight forward.
What is Matched Betting?
Here is your introduction to matched betting! If you are wondering ‘matched betting, how much can you make?’, then read on to find out how.
Matched Betting is NOT gambling.
I just want to make clear that matched betting is in no shape or form gambling.
Gambling by definition is the wagering of money or something of value (referred to as “the stakes”) on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods (Wikipedia).
Matched betting is not gambling because we don’t care if we win or lose, because we will still get some money. Confused yet?!
Matched betting is betting one way, then on another betting site – betting the other way – so they cancel each other out. You make money on this is by using free bets that are offered by betting sites.
When you use the free bet when betting both ways, you will end up winning a small part of the free bet.
When I first looked into matched betting, the terminology really confused me. I went on a bunch of different websites and it just wasn’t clicking for some reason – so I hope that I can explain it in easy to understand language. But, please feel free to ask any questions as I am happy to clarify anything or run through it with you.
How to do Matched Betting
1. Back bet
This is where you place a normal kind of bet, such as “I bet England will win the football match against Slovenia”.
2. Lay bet
You would then place a ‘lay bet’ which is where you bet the opposite way to cancel your ‘back bet’ out. So “I bet that England WON’T win (whether this mean lose or draw)”.
3. Free Bets with Betting Sites and Bookmakers
Many betting companies offer free bets as an incentive to get you to join up. By doing your ‘back bet’ and ‘lay bet’ with the free bet credits, you end up getting back a percentage of the free bet. It’s usually between 70-90%. So, if the free bet is £20 then you get 70-90% of £20.
4. Betting exchange
These are websites where you place our ‘lay bet’. The most common one is Betfair.
With me so far? So just to re-iterate, we place a ‘back bet’ on a normal betting site, then we place a ‘lay bet’ on a betting exchange site, to cancel each other out.
How to Manage Your Money Matched Betting
If this still seems confusing for you or a lot of hard work, I recommend signing up to OutPlayed*. It is a website which guides you through the process, and collects all of the offers for you.
There are a lot out there so this is the best way to save you from doing a ton of work. It will save you a lot of time!
OutPlayed* has a free trial whereby they help you complete 2 bets and then you can cancel it if you wish.
Then, if you are happy to continue you can sign up to their membership – prices shown in the image below:
How to Make Money Matched Betting
I recommend matched betting because the extra money that I have received has been so helpful to me.
You will need some money to start off with.
If you have around £60-£100 that you can start with, this is the minimum kind of amount that you will need.
The reason that you need money to do this with is because when you go on the exchange site, you will need to put money in there to lay the bet.
You will get this back because you are cancelling each bet out, but the website doesn’t know that!
Some important matched betting points to note are:
- There are only so many free bet offered on sign ups, but there are a lot of reload offers from the betting sites, so this won’t ever dry up.
- It’s worth doing some small real bets because you don’t want the gambling sites to become wise to your matched betting as they could stop giving you free offers – called ‘gubbing’.
- Some betting sites carry out soft credit checks when you sign up.
- Applying for a mortgage soon? I’d recommend setting up a different bank account for your matched betting. Even though it is not gambling, it will look like it is to the bank when they see your statements.
- Matched betting is tax-free because it is classified as gambling income.
- It is not a scam – matched betting is a totally legal thing to do, and OutPlayed is a genuine website (it was called Profit Accumulator previously)
- Make sure that you double check everything before placing your bets. The only way that you can lose money on matched betting is by following the steps wrong.
- If you have had a problem with gambling in the past, please do not go on any betting sites.
Is Matched Betting legal?
This is one of those things that people think is too good to be true, or a scam. It’s most definitely not. I do it and I know other people that do it and have been doing it for years.
It’s actually brilliant – it’s a little known side hustle that can be a really lucrative earner depending on how much time you spend on it.
Ready to make money Matched Betting?
If you are reading this you are more than likely thinking that maaaaybe you’ll give it a go one day but not right now, because you don’t really understand it.
And that is completely understandable! If something appears too good to be true, us humans we can be wary (and rightly so).
But if you sign up to a website like OutPlayed*, you can do the free trial and just cancel if you don’t get on with it. They will explain it with guides and videos – just make sure that you double check everything and you will be fine
Don’t forget that any money you get from matched betting is tax free, and any bit of extra money is helpful. The hourly rate from matched betting is pretty good!
Here’s an article from The Guardian covering Matched Betting in case you’re wondering how legit it is.
If you want to read more about Matched Betting why not read this: How Does Matched Betting Work?
Blogging is my favourite way to earn extra money. Follow my step-by-step guide on how to start a blog here.