Money Making Megastar!
- Aug 5, 2018
Great bit of information, matched betting can definitely pay off and make you loads of money!MATCHED BETTING
What is Matched Betting?
Matched betting in a nutshell is taking advantage of all the sign up offers and the continued offers that are given to customers by bookies. You use the offers to cover all outcomes for an event. It’s a LEGAL, RISK-FREE and TAX-FREE way of earning money.
When you sign up to a bookies they will have an offer such as “Bet £10 for a £30 free bet”, you place your bet with the bookmakers then you bet against that bet with an exchange.
Bookies: Bet Man Utd to WIN
Exchange: Bet Man Utd to NOT WIN
These two bets basically cancel each other out so you break even (or a few pence +/- depending on odds and commission taken). After this initial bet you will be credited your free bet, you repeat the process but this time you’re not using your own money for both bets so you win the profit.
Still not sure? Then check out the post on Slummy Single Mummy which takes you through the process so you can see for yourself.
How to get started
Firstly click here (or the banner at the top of the page) which will take you to the Profit Accumulator website. Here you can give the free trial a go where you get two of the offers and can earn up to £45. During the free trial you will have the basics behind matched betting explained to you – once you have earned your free trial profit you can use that profit to upgrade to a Platinum account (£22.99/month or £150/year) where there will be 100’s of offers and even more guides to help you increase your profit.
You can start with a pot as small as £60 but ideally, if you want to go through the signs up quicker, a pot of £100 is ideal – you may have to wait for your winnings to withdraw before placing the second bet.
You then work your way through each offer, watching the videos and reading the instructions. Once you have finished the beginners offers you move on to advanced offers and reloads (offers given to keep customers coming back).
Before getting started with Matched Betting it is recommended that you take a photo of the following forms of ID – Passport/Driving Licence, bank card used to deposit money and a recent utility bill/council tax bill. To prevent fraud you may be asked to send in a copy of these documents before you can bet or withdraw money.
Tracking your money
When you have a handful of bookies freshly opened and several bets happening at the same time it can get a little crazy trying to keep track of them all – this is where Ultimatcher comes into play. It is a spreadsheet that will take away all the calculating for you and let you know where your money is as well as your total profit. This works on Excel so it is worth making sure you have a copy on your PC/Laptop.
Have a Mac? Then download the spreadsheet created by @auntygeek that is 100% compatible with Macs www.matchandgo.co.uk
Mug bets and being gubbed
While Matched Betting isn’t illegal a lot of bookies don’t like the thought of you only using them for their offers (can’t blame them really) so
it is recommended that you place mug bets on a regular occasion to show each bookie some love. So basically repeat this cycle each time – qualifying bet, free bet, mug bet, withdraw. Mug bets only need to be small bets just to make you look like a regular punter but Profit Accumulator goes into all this in more detail.
If you have been gubbed by a bookies it’s basically them figuring out that you are matched betting and they have decided to limit or ban your account – you can get back in good stead with them by placing non-offer bets but this could take time and still never amount to anything.
Now, these aren’t required to be done in order to make a healthy monthly profit but they can be very valuable. Offers for slots come in many different shapes and forms; anything from 5 free spins to beast offers such as “wager £1000 for 100 free spins”. People are often put off by slots because a lot of the time they’re not completely risk-free. It is up to you to weigh up the value of doing them as you have the chance to win big from doing these…many of the members of this forum have won £100+ profit from an individual slot offer – never mind combined. Even if you end up a few pounds down at the end of an offer you need to look at the big picture – overall, including your regular offers you won’t be down and it puts you in good stead with the bookies who will in turn offer you more.
Profit Accumulator will advise you about the risk factor for each slot offer. It will either be no risk which is where the bookies will give you your money back – wager £5 and be credited £5 if you lose it all, or low risk which is what most slot offers are – where you have to wager a larger amount but the potential earnings are a lot higher. They will also tell you which slots you are best using, unless the offer is for a selected slot only.
What is wagering? Wagering is what the bookies require you to “spend” to claim certain offers - it might be that you have to “wager £20 for 20 free spins” or “Get 20 free spins with any winnings wagered 20 times”. 9/10 you will never spend that full amount that needs wagering because as you spin you will win, it might only be 20p-£1 every few spins but it will keep topping your balance up as you play. In reality you will only really need half of the wagering requirement in your, so a £20 wager requirement will rarely require more than £10 to be in your account.
Frequently Asked Questions
Q: Is Matched Betting a scam?
A: NO! The Money Shed never knowingly promotes scam work – everything is tried, tested and verified by the community.
Q: Is Matched Betting Gambling?
A: Technically no, with gambling there is an implied risk to the user and as you are covering yourself for all outcomes there is no risk – with
the exception of human error.
Q: Is Matched Betting really risk free?
A: As long as you follow the very clear instructions given for the offers then there is no risk. If you decide to go for advanced offers such as slot or casino offers then they will come with a slight risk but you do so at your own choice – there is no requirement to do these offers.
Q: How is Matched Betting tax-free?
A: As your winnings are through bookmaker sites it is seen as gambling winnings of which you pay no tax on but as clarified above, there is no risk so it isn’t gambling.
Q: Will Matched Betting affect my credit rating?
A: NO! Bookies will leave a footprint on your credit file that can only be seen by YOU and no-one else. This is just an identity check to make sure that when you sign up that you are who you say you are and you live where you say you live – a fraud prevention measure basically.
Q: Do I need a separate bank account for Matched Betting?
A: That is completely up to you and dependant on your personal circumstances. It is recommended that you open a basic account so you can keep the betting money separate to any money you may use to pay for your everyday things (rent, food, bills etc). Also, while Matched Betting won’t affect your credit rating it can look a little undesirable on your bank statement should you decide to go for a mortgage – the mortgage company may want to see 3 months’ worth of bank statements and with 5/6 bookmaker transactions on it each week it’ll appear to them that you have a gambling problem.
Matched Betting Jargon
Throughout the thread you might see some phrases being thrown around that, unless you are matched betting, you may not understand what they mean. Below are the most common ones used:
Lay bet: This is the bet you place at the exchange AGAINST the bet at the bookies. This bet covers you for all options that are not what the bet is backing – eg. Bet is to WIN, the lay bet will cover LOSS and DRAW.
Qualifying bet: This is the bet you place in order to qualify for the offer, whether this is a free bet, spins, bonus credit.
Mug bet: This is a bet that is placed on smaller odds, for small amounts in order to convince the bookies that you are a regular punter.
Gubbed: This is when a bookie has decided to ban or limit your account – they may stop you from using all offers or just a specific one. More often than not this happens due to a lack of mug bets.
If you want more information about how Matched Betting works then take a look at our Beginner's Guide to Matched Betting over on the blog!