When a work colleague first told me about matched betting in 2017, I was slightly in disbelief. Earning £500+ a month in tax-free cash, in even just ten minutes a day, seemed too good to be true. I’d never used betting websites, and only barely got my head around fractional odds. But my colleague would come into work every day, and tell us what he’d made overnight. £15 one day, £20 the next – his earnings were rapidly building, and he shared plans to pay for a holiday entirely from matched betting.
So, my partner and I went home and had a go ourselves. Very quickly, we realised he’d discovered an absolute goldmine. Fast-forward to today, and matched betting has helped us pay for holidays, house renovations, and more – all entirely tax-free.
Matched betting can be a tad complex initially, but once you grasp the principles, it’s one of the easiest yet most lucrative side-hustles out there. So, what is it, and how do you get started?
What is matched betting?
Matched betting involves placing two opposing bets (a back bet and a lay bet) on the same event to cover all possible outcomes and secure a profit. This method capitalises on the free bet promotions and bonuses provided by bookmakers, guaranteeing you’ll win regardless of the event’s outcome. The process takes place on gambling websites, but it’s not gambling, as you’re guaranteed a win.
Key matched betting terminology:
- Back bet: A bet placed on an event to happen (e.g. betting on Team A to win).
- Lay bet: A bet placed against an event to happen (e.g. betting on Team A not to win).
- Bookmakers: The sites where you place your back bet, such as Betfred.
- Betting exchange: A platform where you can place lay bets, such as Matchbook.
- Qualifying bet: The initial bet required to qualify for a free bet offer.
- Free bet: The bonus bet given by the bookmaker once you meet their promotion criteria.
Your step-by-step guide to matched betting
Step 1: Sign up for a matched betting service
First, you should choose a matched betting service. These are websites that will provide you with all the tools and tutorials you need to get started, and lists of up-to-date bookmaker offers. You don’t have to choose a service, but it’s strongly recommended, and even those who’ve done matched betting for years and made £5000+ still use them. It’s incredibly difficult to try and manage offers and run calculations yourself, especially if you’re just getting started, so you’re more likely to make mistakes and lose money.
The two biggest matched betting websites are Outplayed (formerly Profit Accumulator) and OddsMonkey. They do roughly the same thing, so ultimately the choice is down to personal preference.
Outplayed and OddsMonkey have subscription fees, but they both offer free trials, and annual subscriptions are often on sale. You’ll very quickly cover the cost of a subscription with your earnings, so don’t panic!
Step 2: Sign up for bookmakers and a betting exchange
This part is where Outplayed and OddsMonkey will step in, so don’t worry – this is just a basic overview of the process, but those websites will provide much more detail!
At this stage, you’ll start working through new customer offers and welcome bonuses from the likes of Bet365, William Hill, and Ladbrokes, to name a few. As we covered, these sites are where you’ll place your lay bets.
Your matched betting service will also recommend a betting exchange to sign up to to place your back bet. You can use any betting exchange you like, but it’s best to use the one they recommend to make their tutorials and calculations much more straightforward. Betting exchanges will charge a commission on your earnings, but this tends to be a very minimal amount of around 2-5%. Some exchanges, like Matchbook (which is the one Outplayed recommend) will offer a period of fee-free earnings for new users to help you break into matched betting.
You’ll need to make sure you set up your payment methods too, such as a bank account or PayPal account to facilitate quick deposits and withdrawals.
Step 3: Place back bets and lay bets for your qualifying bet
Your first bets will be the ‘qualifying’ offers. These are the bets that will require you to make a real deposit to qualify for your free bet. The free bets are how you’ll make your money, so it’s important you follow all the instructions correctly to qualify.
Each offer will first require you to place a back bet on the bookmakers site – for example, bet £10 on Team A to win at odds of 2.0. If Team A wins, you receive £20 (your £10 stake plus £10 profit).
You’ll then place the lay bet on your betting exchange to match your back bet. In this case, you’d bet Team A not to win at odds of 2.0. If Team A loses or draws, you win the lay bet.
Your matched betting service (Outplayed, OddsMonkey) will provide calculators to determine the exact stakes you need for both bets, so you don’t have to do this yourself.
Step 4: Use your free bets
The best bit – this is the step where you start earning the money! Once your qualifying bet has settled, the bookmaker will credit your account with a free bet. Use the free bet to place another back bet, and simultaneously place a corresponding lay bet on the betting exchange. The calculator will help you maximise your profit from the free bet.
This is the step where you really need to pay attention – if you enter the wrong stakes, your guaranteed win will turn into a 50/50 standard gambling situation where you could lose money, so make sure to triple-check your numbers before you confirm your bet.
Step 5: Repeat and earn
Once you’ve completed your first bookmaker offer, you’ll move onto your next bookmaker, and go through the qualifying and free bets again. You’ll likely find the process becomes second-nature, and get a thrill seeing your earnings rack up every day!
Pros and cons of matched betting
Pros:
Tax-free earnings:
In the UK, gambling winnings aren’t taxed. Matched betting is essentially a calculated gambling win, meaning you don’t pay tax on any of your earnings.
Guaranteed profit:
When done correctly, matched betting guarantees a profit from free bet offers. The startup costs are very low, and given how many welcome bonuses are on offer, it’s easy to earn £500+ in your first month alone.
Flexible income:
You can do matched betting at your own pace, fitting it around your schedule. It’s important to set aside enough time at the start to properly understand matched betting and how it all works, but after that, you can easily make a regular income in as little as 10-20 minutes a day.
Cons:
Complexity:
Matched betting can be overwhelming. There’s a learning curve involved, and understanding the process takes time. The time investment is more than worth the money you’ll make, but finding the time in the first place is often easier said than done!
Risk of mistakes:
If you follow the instructions given by your matched betting service correctly, you’re guaranteed a profit. But it’s very easy to make a mistake when you’re managing two different bets on two different websites. Entering one wrong digit could lose you £100 or more, so it’s not the best side-hustle to do if you’ve small children running around.
Decline of offers:
Once you’ve worked your way through every welcome offer, your earnings will slow down a tad. You’ll still be able to make a regular income through ‘come back’ offers and casino bets, but the latter gets a bit more complicated. It’s certainly still worth it to make a few hundred quid a month, but the initial rush will die down.
Initial investment:
You need an initial deposit to place your initial bets before you see any profit. I’ve seen others say they’ve been able to start with around £50, but it will take you longer to build up a decent pot as you’ll be restricted to lower-profit offers. My personal recommendation is to put aside £200 to begin with, which will allow you to place larger bets for a quicker profit.
Quick tips to maximise your profits:
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Start small:
Begin with small stakes to get comfortable with the process.
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Stay organised:
Keep track of your bets, completed offers, and profits. Most matched betting services will provide you with spreadsheet templates to help you do this.
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Use reliable services:
Websites like Outplayed and Oddsmonkey offer comprehensive tools and support to help you succeed in matched betting. Millions of people make money with matched betting, so have a look at some online communities for sources of help.
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Regularly check offers:
New offers are frequently available. Regularly check your matched betting service to stay updated on the best deals.
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Be careful and cautious:
Triple-check your bets before you place them to avoid making a loss. Make sure you follow the terms of qualifying offers to get your free bet, and don’t try and ‘cheat’ the system by opening multiple accounts; bookmakers have strict policies against holding multiple accounts, and will block you if you don’t comply.
Matched betting can be a fantastic way to earn a side income if you follow the steps carefully. While it requires an initial investment and a bit of learning, I’ve never heard anyone say they’ve regretted getting started – not when you can earn hundreds, if not thousands, in tax-free cash in your first year alone. By using the right tools and resources, you can navigate the world of matched betting with confidence and start making a guaranteed profit.
