Overtime I’ve realised that anybody new to matched betting have allot of questions. I’ve put together below some of the most frequently asked questions and answers around the subject. If you cannot find an answer to a question you have around matched betting feel free to contact me.
Is matched betting gambling?
No matched betting is not gambling, with gambling you are risking money by putting a bet on a certain outcome of an event. If the outcome is in your favour you make a profit, but if it’s not in your favour you will lose your money. When matched betting you are placing bets on all outcomes of an event, this is called backing and laying which cancel out the risk involved.
How do you make money matched betting?
You are probably wondering how you make money from the explanation above? Money in matched betting is made when bookmakers give out free bets to customers. The free bets have to be unlocked by placing an initial bet which we do by using the back and lay method above. This then unlocks the free bet from the bookmaker and the back and lay method is repeated, although this time the money being placed is free from the book maker.
Is matched betting legal?
Yes matched betting is completely legal providing you are over the age of 18. All money made from matched betting is tax free. Matched betting is sometimes frowned upon by bookmakers as a matched better will exploit them for their free offers, although the bookmakers cannot close an account down for this, If they suspect a member of matched betting they may put restrictions on the account and stop offering free bets.
Do i need money to start matched betting?
Yes, you will need some money to start matched betting, free guides on how to place your first bets can be found on Oddsmonkey, although to place these bets and start making profit you will initially need some money to place and lay the bets. A good amount to start with would be around £200 although you can start with as little as £10. The less you start with the longer it will take to build up your profits as you would have to do one bookmakers offer at a time. Starting with more money will allow you to complete multiple bookmaker offers at once and earn profits quicker
How much money can i make from matched betting?
Profit made from matched betting is very much dependant on time committed, although a rough figure is around £30-£40 per hour on average. When completing the initial bookmaker sign up offers you can make around £800 profit over two month’s, putting in around 2 hours of work per week. After the sign up offers have been completed you would then move to whats known as reload offers (essentially weekly offers ran by certain bookmakers), this is where the time aspect comes into play more, profits can be anything from £100 – £1000 per month dependant on how much time you commit and how many offers are completed.
How are matched betting profits tax free?
Betting duty was abolishing in 2001 by Gordon Brown in an attempt to deter UK bookmakers from moving to offshore. This means that all winnings from sports bets, casino play, lotteries and other forms of gambling are completely tax free. Furthermore, you don’t need to declare it to HMRC. Due to majority of gamblers making an overall loss from betting long term, the tax relief from losses would also outweigh any tax’s from winnings. Although for matched betting this is not the case, the government would not be able to differentiate between a gambler and matched better