I really enjoy matched betting and often suggest it as one of the best ways to earn extra money in the UK. But it’s not for everyone, and it’s a myth that matched betting is completely risk-free. While it’s legal and legitimate, there are some risks involved, and it may not be safe for everyone.
Here are some risks to consider before you dive into matched betting:
1. **Risk of Gambling Addiction**: This is a big one. While matched betting isn’t gambling, it involves dealing with bookmakers and tempting offers. If you have a history of gambling problems or addictive behaviors, it’s best to avoid matched betting. Even those without a history of addiction can get sucked in due to the addictive nature of gambling websites. It takes strong willpower to stick to the matched betting process without giving in to gambling.
2. **Human Error**: Ideally, matched betting should always yield a profit, but mistakes can happen. Errors in calculations or data entry can lead to losses. It’s crucial to double-check everything, including stake amounts and odds, to minimize mistakes.
3. **Changing Odds**: Matched betting relies on matching bets across different sites, but odds can change while you’re placing bets, disrupting your calculations. This risk is higher when betting on in-play matches or close to the event start time. Stick to future events to reduce this risk. If odds change, you can often recalculate, but sometimes it’s too late, and you might incur a loss.
4. **Cashflow Issues**: You need to deposit your own money with bookmakers to start matched betting, which can tie up your funds. Bookies may withhold your money for security checks, causing unexpected delays. To avoid cashflow issues, use a separate bank account for matched betting and only invest money you can afford to lose.
5. **Mental Health**: The unpredictable income from matched betting can cause stress, especially if you rely on it to pay bills. The emotional highs and lows can also affect your well-being. It’s important to have other income sources and keep realistic expectations. The stigma around matched betting can make it hard to discuss openly, so seek support from the matched betting community.
6. **Impact on Mortgage Applications**: If you’re applying for a mortgage, lenders will scrutinize your bank statements. Numerous transactions with bookmakers can raise red flags, even though matched betting isn’t gambling. Using a separate bank account for matched betting can help, but it’s safest to pause matched betting when applying for a mortgage.
Despite these risks, matched betting can be safe for most people who aren’t prone to addiction or gambling issues. Many people make a profit from it over time, though they may encounter some losses and mistakes along the way. If you’re aware of the risks and feel comfortable proceeding, matched betting can be a viable side hustle.
For those interested, I recommend using a reputable matched betting service like Outplayed, which offers tutorials and customer support to guide you through the process. Always use a separate bank account for matched betting and don’t invest money you can’t afford to lose.
If matched betting isn’t for you, there are plenty of other ways to make extra money online. Explore different options and find what works best for you.
Best of luck!