If you have come to this post and are yet to read up on what match betting actually is, I suggest you check out this post first.
There are a few things I want to get straight when it comes to matched betting, as the last thing I want to do is put anyone in a sticky situation.
Hopefully I can provide enough information to answer the question, is matched betting safe?
The main points and potential stumbling blocks with this genuine money maker are:
- Human Error
- Internet Problems
- bookmaker terms and conditions.
My intention here is to simply give you some further advice on my own personal experience matched betting.
Bare in mind that before I had even heard of matched betting, my knowledge of betting/gambling was simply:
- capable of registering for a bookmaker account online
- Understanding of odds. (e.g. you place a £10 bet on England to win the world cup at odds of 12/1. You would win £ 120 + your stake, so £130 return.)
- I was aware that most bookmakers offered you a free bet or matched deposit amount when registering. (I had already signed up for some of these. Won nothing…….. Downer.)
That was pretty much it.
although the process of matched betting is risk-free there are points to be acknowledged that can throw you off course quickly with this money-maker.
so, on that note. Let’s crack on.
With matched betting, you will be safely depositing money from your bank account to a bookmaker or exchange account to be used for placing bets.
If your intention is to follow the process of matched betting and make a profit then the only direction your profit will go is up.
However, if you get tempted to GAMBLE and try to earn bigger bucks then, in my opinion, you are walking on thin ice as you are no longer matched betting.
The temptation will be lingering now and again for you to have a flutter, I do, however, I keep my punts (gambles) separate from my matched betting and limit myself to a small amount per week to have a bet with.
Maybe best to stay clear of this opportunity.
I mean no prejudice by saying that, however, I have witnessed people lose everything through gambling. People who were intelligent and successful were sucked into a gambling lifestyle and it got the better of them.
Please know your limits and stay in control of your money. more info on this can be found here
I strongly advise that you get comfortable with the laying of bets and liability. Please take a look at this video tutorial on this as it can be a little tricky to get your head around at first.
In any move, you make whilst matched betting there is always a chance you can make a mistake resulting in you messing up your chance of profit.
In my opinion, it’s very hard to actually make a mistake when using the OddsMonkey software.
A recent update to the software now includes integration of some exchange sites and direct links to the betting sites, which even automatically fills in your betting slip, all with one click from the Oddsmonkey software……. NICE.
Internet And Computer Problems
We have probably all become victim to a crashed p.c or dodgy internet connection.
Usually, this isn’t a big problem if you are just watching Netflix or checking what Jimmy down the street is having for his tea on facebook.
However, problems such as these could potentially cause you a headache when completing a matched betting transaction.
As your confidence grows with the process of matched betting you may be looking to choose betting events where the betting markets can fluctuate quickly.
Horse racing would be a key example, especially the closer you get to the race.
With matched betting involving 2 separate transactions with different websites, you can appreciate there is a time factor involved.
Personally, problems with my internet/laptop, as well as the human error factor, have never been a problem for me and I can say with confidence, if you are confident to navigate the internet and have email, the process of matched betting can be followed with relative ease.
Bookmaker Terms And Conditions
You will no doubt notice that when you sign up with an online betting company there will be a lot of terms and conditions attached to signing up, especially when you will be benefiting from a sign-up offer such as a free bet or matched deposit amount.
Again, personally, I have never had any major issues with the accounts I have opened, (trust me, there’s a lot) however there are a couple of things to give you a heads up on when it comes to the t&c’s
recently I set up an account and placed my qualifying bet and lay to release my free (profit-making ) bet. Usually, your free bet will be credited as per the t&c’s stated upon sign up.
On this particular occasion, I received an email asking me to send in proof of I.D. (picture of passport and a utility bill)
This wasn’t a problem for me as I had the requested documents saved on my computer, so I simply emailed them across to the support address and within an hour my free bet was in the account.
The reason I wanted to mention this was to add some further reassurance that this can happen and it’s really nothing to worry about.
Sure it can be a little bit of a hassle so it’s worth considering saving some verification documents on your computer so you are ready to comply with a request to verify your account.
Please be careful with this one…
Some bookmakers are fine for you and your partner to have a betting account each, with both accounts receiving the free offers, however,
some are NOT.
some bookies will only allow one sign up offer per I.P address, (per home) so it’s worth scanning the t&c’s or even speaking to an agent on live chat to make sure you are not wasting your time and breaking their rules. (no need to tell them you intend to do matched betting – more on that later)
Intentionally setting up multi accounts to maximise your profits with matched betting is a big NO NO with betting companies and if they suspect you are doing this they have the power to close your accounts and hold on to any profits made from multi-accounting.
I consider organisation fundamental to the success of matched betting.
Remember, you will be depositing funds from your bank to many different online betting accounts and betting exchanges so it’s easy to lose track where you are with your different transactions and profits.
Be aware that when you are transferring funds from bookmaker accounts to your bank this process can sometimes take a couple of days to reach your bank, that’s why it’s important to keep track of your transactions so you don’t confuse yourself which may put you off matched betting.
The OddsMonkey platform offers an integrated profit tracker and other spreadsheets for you to keep track on your account information and betting history.
Although these added tools are great I created my own simple spreadsheet which factors in my bank account and betting accounts so I can keep track of where all my money is and can watch the profit growth in real time.
If you would like me to send you this simple spreadsheet to use and modify if you wish, please sign up to my freebies list and I will happily send it to you.
What Do Bookies Think About Matched Betting?
There is so much conflicting reports online regarding how the bookies view the process of matched betting so I still find this a very difficult question to answer……
From the research, I have carried out here’s how I see it.
Matched betting does not remove the chance of bookies making money from you.
My last 3 matched betting transactions all lost with the bookie and won with the exchange, therefore on each occasion the bookmakers I used to profit ended up profiting from me and my profit came from the exchange.
Remember the exchange is where bettors exchange bets among themselves.
This is why exchanges charge a commission on the transactions you make as this is how they make their money and offer the betting exchange service to the public.
In short, I don’t believe bookies will be overjoyed matched betting exists but I don’t personally see it as a big problem for them either.
My verdict – Fill your boots.