“Frugality includes all the other virtues”–Cicero
I’ve heard a lot about Matched Betting over the past year when I was struggling with my job. It sounded like a quick way to make money and finally a way of leaving my job without sacrificing any income. I obsessed over every google search that had articles where people claimed to make £4k a month which was much more than my low paid job was offering. I even dabbled a little with a few hundred pound. Why did I stop? I got greedy. I accidentally forgot to put a bet on with the bookie and just went for the exchange. The result? I won. I cancelled my subscription with my Matched Betting Guide websites and went off without actually realising I was betting for real this time. I ended up losing £600 that I had made so I guess I didn’t really lose anything except for my faith in Matched Betting.
Of course I’m in a different place now and the need to earn some money is real! So I’m back to basics with Matched Betting as my mind has wiped the whole experience away clean along with the stark truth that I don’t think I ever really new what I was doing back then. Thankfully I am in the capable hands of Oddsmonkey (I get a little income if you sign up using my affiliate link)
What is it?
Consulting the oracle of Wiki:
A betting technique used to profit from free bets and incentives offered by bookmakers.
So in layman’s terms (or more accurately, you know me saying it) Matched Betting is way of making a profit off the offers that bookies offer customers to either sign up or return and keep betting with them.
How it works
So a normal bet is the best place to explain and a concept everyone is fairly familiar with. You place a bet on an outcome of an event that you know or are very sure will happen. , when you place the bet you are “backing” that team to win. If you win, you take your winnings off the bookie. If you lose then the bookie keeps your hard earned cash. This is where Matched Betting is different.
Imagine if you could “back” your team to win but also “lay” your team to not win. Well with Matched Betting and the help of a betting exchange you can.
This is the really simple version, and I’ll be updating this as I learn more.
Whats an exchange?
So an exchange gives you the opportunity to bet on something not to win. In MB terms that’s called laying. You bet on one team to win at the bookie and then bet on the same team not to win at the exchange. In more complicated terms It gives you the opportunity to be the bookie.
Whats the cost?
Its fairly low as all you really need is a subscription to one of the MB guide websites as Oddsmonkey (Affiliate link) they work out the bet matches for you to place your bets on and who to lay with (bet not to win). The main two are Profit Accumulator and my personal favorite is Oddsmonkey. After that you just need a little pot of money to get started. Some people say the more you start with the quicker you make money but I cant back that up.
How much can you make?
Anywhere from £10 – £40 per day apparently. I’ve even read of some MBers who make £4k a month! Again I dont know for sure but I will definitely keep you posted with my progress.
What are odds?
If our totally new to betting (like me) then odds can be very confusing! Again a betting guide website makes odds really easy to understand as they basically tell you which bets are good to use for matched betting. The hardest part then just becomes finding the button on the bookies to change from fractions to decimals!
So thats part 1 of my guide so far. I still need to cover liability and a few other bits but I’m still figuring them out!