Affiliate Disclaimer: i use Oddsmonkey to support me with matched betting. As i believe in transparency i am disclosing that i am an Oddsmonkey affiliate and will receive an affiliate commission if you signed up with Oddsmonkey through any of the links on this website.
How Does Matched Betting Work?
Matched Betting is a process of placing both back bets and lay bets on sporting events. The idea of this is to unlock online bookmakers free bet offers, and repeat the process to make money. Placing both back and lay bets on an event allows you to calculate your profit and loss before the event has taken place. This is because you are betting on every outcome of the event. By matching the odds of both back and lay bets as closely as possible, it cancels out the risk of losing money.
To explain in a little more detail lets break this down into five stages:
- Find a bookmakers offer like Coral’s “bet £5 get £20 in free bets”.
- Place a £5 back bet on the bookmakers site for England to win their next game, this is called the “qualifying bet”.
- Place a lay bet on a betting exchange. This means betting against England winning their next game, balancing the odds and stake to match the back bet.
- England play their game, and either your back bet or lay bet wins. You should have won a similar amount of money as you staked, but also unlocked the £20 free bet with Coral.
- You repeat the process using the £20 free bet. The slight differences between the back and lay odds means profit on the offer is around 75–80% of the free bet amount. So a £20 free bet turns into around £17 profit.
How Much Can You Make?
Bookmakers can be very generous with their offers for new customers. You can make anything from £1000 – £1500 within the first few months of matched betting. Making money after the sign up offers can vary greatly, but anything from £500 – £700 per month is easily possible. The more time that can be put into it, the more money can be made.
Matched Betting Software
Is Matched Betting Legal?
Matched Betting is both 100% legal and a legitimate way to make money online. Essentially when broken down, you are just placing two bets on different bookmakers sites, but on the same event. Whats even better, because placing a bet is classed as gambling, all profit made is completely tax free. Matched betting does not effect your credit scores, but due to frequent betting activity showing on bank statements, it’s a good idea to set up a separate bank account for matched betting.
How to Get Started
Getting started could not be easier. Start your free Oddsmonkey step by step trial today. Be sure to check out my beginner advice that gives essential tips on how to start your matched betting journey. If you have any further questions feel free to contact me and i will be more than happy to help 🙂
Thanks Dominic