Why did I choose matched betting? Apparently it’s easy income. I can do it from the comfort of my own bedroom in my pajamas. It’s tax free. I only need £25 to get started.
For those that are not familiar with matched betting, it is a risk free way of earning money by taking advantage of free bet promotions from bookies. I will try my best to explain this clearly, you may need to read this a few times to get your head around it, I know I did! (Note the glossary below)
What is matched betting?
Many bookmakers offer free bets as promotions to entice new customers, with the condition you use your own money for the initial bet.
- An account is opened with a bookmaker and another account with a betting exchange, at least one of these will offer a free bet.
- You are required to use your own money to place a back bet with the bookmaker in order to receive a free bet. You will also place the opposing lay bet at the betting exchange. Therefore at least one of your bets will win and cancel the other out, you will have broken even. Plus you will be provided with a free bet.
- Follow the same process again but with the free bet. Use the free bet to place a back bet at the bookmakers and your own money to place the opposing lay bet at the bettng exchange. Again these will cancel each other out. Whatever the outcome you are guaranteed a profit since it was a free bet.
This is the simplest example of matched betting, they’re are other which I will describe in further posts.
You can spend your own time researching odds for the back bet and lay bet to ensure they cancel each other out. Or you can subscribe to a matched betting service. They do all the research for you, tell you exactly which bets to place for a monthly fee which can vary between £14 to £20 per month. I’ve heard a novice can use these subscription services, they are very easy to follow and generate a profit of a couple of hundred pounds per month. When I first read about this, to me it sounded too good to be true. But I have spent hours researching this and apparently it works exactly as described. I compared a few sites and settled on OddsMonkey, reviews consider this site easy to follow, it is updated daily and one of the cheapest.
First impressions of OddsMonkey
I registered with OddsMonkey for a free trial, you can make £40-45 pounds with the free trial alone. They provide a very clear and in depth tutorial to matched betting. The free trial provides step by step instructions with a video guide to placing your free bet, this is very easy to follow. They also provide a tour of the betfair site (a betting exchange) and their OddsMatcher (a tool that has scoured the bookmakers and betting exchanges to show you all the odds for a variety of bets). The first matched betting offer they provide instructions on is with Coral, place a £5 bet and receive a free £20 bet.
Above is a screenshot of the video guide, it also provides written instructions if you prefer to use those.
It then directs you to the OddsMatcher and tells you exactly which bets to choose (there are a variety to choose from):
Select one that matches the criteria, you can also open up a calculator that tells you which bets to place, how much you will need to bet, and calculates your profit/loss. You are just trying to break even here in order to be eligible for the free bet.
You then place the bets with the bookmaker and betting exchange. Once you have received your free bet, you follow the same process again and result in a profit. For this offer you are expected to make approximately £15 for about 15 minutes work. If it is your first bet it may take you longer as you are trying to get your head around the process, you should also triple check the instructions to make sure you are not making an2d careless mistakes.
Will I be registering for the paid subscription?
OddsMonkey have a free trial for a month, with which you can access limited offers, training guides and a limited version of the OddsMatcher. You can then choose to subscribe to the premium version for £15 per month, considering you can earn hundreds of pounds each month (some even earn thousands!) I think this is well worth it. It is simple to use, beginner friendly, and explains the process is simple terms. Once you’ve completed the sign up offers it doesn’t stop there, there are plenty more guides you can follow. It makes life easy, just what I want!
Has anyone used OddsMonkey? What are your thoughts and experiences? Have you used any other matched betting subscription companies?
Bookmaker: Takes bets, calculates odds and pays out winnings
Betting exchange: a marketplace for customers to bet on the outcome of events
Back bet: Term used when predicting something is going to happen
Lay bet: Term used when predicting something is not going to happen