### What is Matched Betting?
Matched betting is a totally legal and tax-free way to make money online from bookmakers. Unlike gambling, it’s based on mathematical calculations, so you make a profit every time if done correctly. Plus, your winnings are tax-free in the UK because they count as ‘gambling wins,’ which don’t need to be reported to HMRC.
### How Does Matched Betting Work?
The money in matched betting comes from the free bets that bookmakers offer to attract new customers. You’ve probably seen ads like “bet £10, get a £20 free bet.” Matched betting uses these free bets to guarantee a profit.
To avoid losing money while qualifying for the free bet, you need to ‘match’ your bets at a betting exchange, like Betfair. This involves placing a ‘lay’ bet, which is betting that something won’t happen. For example, if you bet on England to win at a bookmaker, you also place a lay bet on England to win at the exchange. This way, you cover all outcomes and ensure you don’t lose money.
Once you qualify for the free bet, you repeat the process. This time, since you’re using a free bet, you’re guaranteed a profit regardless of the outcome.
### Getting Started with Matched Betting
I use a site called Outplayed (formerly Profit Accumulator) that guides you through the process. They list all the offers available and provide detailed instructions for each one. They even have video guides for beginners. Outplayed also offers tools like the ‘Oddsmatcher’ to find the best games to bet on and a calculator to determine how much to bet each time.
You can do matched betting on your own, but if you’re new to betting or not good with numbers, a service like Outplayed can be really helpful. They offer great customer support and an active forum where members help each other out.
### How Much Can You Make?
I made £266.52 in my first month of matched betting, spending about an hour every other day. Some people on the Outplayed forums claim to make between £1000 and £2000 a month, but that requires a significant time investment. Your earnings will depend on how much time and money you can put into it.
Outplayed suggests these income targets:
– 2+ hours per day: £1000+ per month
– 30-60 minutes per day: £750 per month
– Every few days: £250 per month
### Is Matched Betting Really Risk-Free?
Matched betting is based on mathematical calculations, which theoretically makes it risk-free. However, human error can introduce risks. Mistakes in calculations or betting on the wrong event can result in losses. To minimize risk, start with events a few days in the future and double-check your bets.
### Reload Offers
After completing all the signup offers, you can continue with reload offers that bookmakers periodically offer. Outplayed shares information on new reload offers daily, so you don’t have to search for them yourself.
### Final Thoughts
I’ve had a great experience with matched betting and believe it’s one of the best ways to make money quickly in the UK. All earnings are tax-free, and you don’t need to report them to HMRC. If you’re interested, I recommend starting with a service like Outplayed to guide you through the process.