Can You Really Make Money With Matched Betting?

Matched betting has become an increasingly popular way for people to try to make some extra money in recent years. The concept involves taking advantage of bookmakers’ free bets and promotions to try to generate risk-free profits. But how lucrative can matched betting really be? And is it as easy to make money as some people claim?

What Exactly is Matched Betting?

Matched betting takes advantage of the free bets frequently offered by bookmakers to attract new customers. The key is to use these free bets in a low risk way to generate profits.

This is done by “matching” a bet you place at a bookmaker with an opposing bet at another betting site. If you use free bets for this, one of them will win, and you can take a profit regardless of the outcome.

For example, when a bookmaker offers a £10 free bet, you could:

• Place a £10 bet on Champions League Odds to win over at odds of 2.0 (returns £10 profit if they win)
• Place a bet on ‘Chelsea do not lose’ at odds of 1.8 (returns £8 profit if Chelsea wins or draws)

This way you are covered in either event, and you get to keep the £8-10 free bet profit. 

The Limitations and Legal Risks of Matched Betting

It’s important to understand that Matched Betting is not an infinite source of income. The number of bookmakers offering free bets and promotions is limited, and once you’ve exhausted these offers, your ability to generate profits through matched betting will significantly decrease.

Moreover, it’s crucial to remember that attempting to exploit the system by registering multiple accounts using other people’s documents is not only against the rules set by bookmakers, but it’s also illegal. Such actions can lead to severe consequences, including charges of fraud, forgery, and even a potential prison sentence.

Therefore, while matched betting can be a viable strategy for generating a side income, it’s essential to approach it responsibly and ethically. Always adhere to the rules set by bookmakers and the law to ensure your matched betting activities remain a safe and legal way to earn extra money.

How Much Money Can You Realistically Make?

The profit one can make from matched betting largely depends on the value of the free bet and number of welcome bonuses you can ‘hunt’. Typically, you can expect to extract up to 50 of the free bet amounts as profit.

For instance, if you are offered a £30 free bet, you can potentially make a profit of between £15 and £24 depending on the outcomes and odds you bet on.

The earnings from matched betting can increase when you consider the number of free bet offers available. Most bookmakers offer new customers one or more bonuses, and very often they are free bets.

By replicating the process across multiple free bet offers, you could be looking at hundreds of pounds in profit, depending on the time and effort you put in.

It’s important to beware of ‘white label’ sites: These sites, although they may exist in dozens, usually only offer one welcome bonus. White label network owners’ sites do not allow you to use free bets on other sites if you used one at one of their sites.

Is Matched Betting Right For You?

If you have the time, organization skills, discipline and bankroll required, matched betting can be a lucrative, although risky side gig. But be realistic about how much you are likely to earn. For most people, profits in the hundreds or low thousands per year are more realistic.

As with anything, beware of getting rich quick promises when it comes to matched betting.

Getting Started with Matched Betting

If you want to try your hand at matched betting, here are some tips to help you get started:

• Start with the sign up offers – These limited time deals offer the best risk-free profits to capitalize on. Prioritize the major bookmakers first.
• Follow a service – Paid services like Oddsmonkey and Profit Accumulator provide tips, tools and forums to help you. The subscription fees are worthwhile early on.
• Learn how to use exchanges – Using sites like Betfair Exchange is vital to lay your offsetting bets. Get familiar with how the exchange works.
• Take it slowly – Don’t rush in trying to do too much too quickly. Start with the basics and build up your experience level steadily.
• Keep good records – Use a spreadsheet to track all your bets and profits. This will help you easily identify profitable opportunities.

To sum it up, matched betting can provide a nice stream of side income if done sensibly. But it does require discipline and hard work. And it is unlikely to make you rich.