I started matched betting about a week ago, and this is the first easy money-making method that I have actually enjoyed. That being said, I have only enjoyed it so much due to being so meticulous when it comes to detail and tracking of my money. I have a spreadsheet laid out so I know exactly how much money I have deposited into each betting site, exactly how much profit I’ve made, where my open bets are and how much money I have withdrawn. For those who don’t know what “Matched Betting” is, I will explain it in simple terms. Almost every betting site provides free bet offers for betting on their site e.g. Bet £10 get £30 in free bets. The problem is, you cannot withdraw this free bet and take the £30 free. Matched Betting uses these free bets and turns them into real, withdrawable cash. By betting on two different sites, once for your chosen bet to win, and once for it to not win, you balance out any result, and because you are using free bets, any result you get gives you profit. This is usually about £7 to every £10 free bet. If you want to get started or find out about it in more detail, I recommend using “www.profitaccumulator.co.uk” and setting up a free account to get a taste for it, but there are also other sites you can use.
It didn’t take me long to wrap my head around all of this, and it is some of the easiest money I have ever made. However, before I started, I definitely had doubts. The three doubts that I feel ran across my head the most were:
- I don’t like seeing so much money leaving my account
- I don’t like having to rely on gambling to make money
- What if I make mistakes?
On top of that, I kept asking myself one question. “Surely there’s got to be a catch?” Now, that question, in hindsight, is the easiest thing to answer. No, there isn’t a catch, from what I have seen so far. Doubt 2 can be put aside with a simple change of attitude. Now that you know there is no catch, why does it matter that it is betting or gambling? The only answer, other than “it doesn’t matter”, that I can think of is “other people might tell me I’m making a mistake/going to lose money.” The reason this doubt continued to run through my mind was because I could not stop thinking about what someone else would say if they saw my bank statement. £10 into Ladbrokes, £70 into Betfair, £20 in BetVictor, it looks like the start of what could turn into a dangerous gambling addiction, or like I’m just far too liberal with my student loan. The answer to putting aside this doubt is simply realising that it does not matter what your friends, your parents or your siblings will think. However difficult this will be for some, it is WORTH IT. The only time you can care what they think, with regards to matched betting, is when you show them how much profit you’ve made.
Doubt 1 & 3 are valid. It isn’t nice for anyone to see a fair portion of their money leaving their account. It was painful to see my account drop by 70%, but there is a way to get over this. My answer to this is to be METICULOUS. By that, I mean setting up a spreadsheet on Excel, putting it in a format that is best for you, and tracking your money to the penny. If you know exactly what sites you’ve deposited to, how much money you have in each account, how much profit you’ve made from each account, what sites you have open bets on and how much money you’ve withdrawn, then you will not worry about money leaving your account, because you can see exactly where that money is! This also helps in getting rid of doubt 3. The more detailed and thorough you are with your spreadsheet, the less likely you are to make mistakes. I have made one mistake in the week I’ve been doing this, and it was down to a single mis-click. It cost me £21.40, and really pissed me off. If I’d been more thorough and careful with knowing where all my money was, I would’ve avoided it.
So, if I were to give some pointers for getting started, based on my experiences, these would be the top of my list:
- Track your money on a spreadsheet and be as detailed as possible
- Stop worrying about money leaving your account, you can withdraw it whenever and if you do it right, you will make a profit
- Be patient, sometimes it’s better to wait for a better bet than waste your free bet on low profit
- GET STARTED, it’s very easy to talk about starting it, but actually getting started is the key to making a profit! So get out of bed and motivate yourself