Welcome to the world of matched betting!
Matched betting has been getting a lot of attention in the UK recently, and it’s easy to see why. This smart technique lets you make the most of free bets and promotions from bookmakers, turning them into almost guaranteed profits. Although often called “no risk matched betting,” it’s not entirely without risk. When done right, it’s a low-risk way to make money online, but there are some pitfalls. Fortunately, there are ways to minimize these risks, making it a fun and potentially profitable side hustle.
So, let’s dive in and explore the secrets of matched betting. Get ready to up your betting game and learn how to turn those free bets into real cash!
What is matched betting?
Matched betting is a clever way to profit from the free bet offers provided by bookmakers. Despite the name, it’s not gambling. Instead, it’s a calculated approach that, when done correctly, removes the element of chance. Here’s the gist: you find an offer like “Bet £10, get a £20 free bet,” place a qualifying bet with your own money, and then place a lay bet on a different platform to cover all outcomes. This way, you break even and qualify for the free bet. With some smart moves and patience, you can turn these free bets into cash through another set of matched bets. It’s a systematic way to make money without gambling.
One of the best things about matched betting in the UK is that you don’t need to register as self-employed, declare it on your tax return, or pay tax on your profits. That’s because, even though matched betting isn’t gambling, any money made from betting sites is considered ‘gambling wins’ by HMRC and is tax-free.
Important warning
Even though matched betting isn’t gambling, it involves using betting sites and placing bets. It’s easy to get caught up in the promotions and be tempted to gamble with real money. If you have a history of gambling issues or addiction, it’s best to avoid matched betting. Seek help from organizations like GamCare or GAMSTOP if you’re struggling.
How does matched betting work? Step by step
Curious about how matched betting works? Here’s a simple breakdown:
Step 1: Find a bookmaker offer
Look for promotions offering free bets or bonuses. These are your tickets to matched betting success. The best offers are usually for new customers, but with many betting sites out there, you’ll always find new opportunities.
Step 2: Make a qualifying bet
To get the free bet, you usually need to deposit and bet a certain amount of your own money first. This is like your warm-up.
Step 3: Lay your qualifying bet
Lay bets (betting against an outcome) make matched betting work. Use a betting exchange like Betfair or Smarkets to place a lay bet against your qualifying bet. This ensures you’re covered no matter the outcome. A matched betting calculator can help you figure out the exact amounts.
Step 4: Get your free bet or bonus
Once your qualifying bet settles, you’ll receive a free bet or bonus funds. Use this free bet to secure a guaranteed profit by laying the bet on the exchange again, using the calculator to assist.
Step 5: Repeat the process
Find another free bet offer, back and lay it, and get another free bet. It’s like a money-making cycle!
For the best results, use a trusted matched betting service to find the best opportunities and maximize your profits. Outplayed is a highly recommended service with tutorials, tools, and support to guide you through the process.
How much can I make matched betting?
The earnings from matched betting vary. Many people make an easy £500-£600 in their first 1-2 months through sign-up offers. After that, a realistic target is around £200 per month, though some make more. With time and effort, it’s possible to earn £500+ each month.
Is matched betting really risk-free?
Matched betting is often called “no risk,” but it’s not entirely risk-free. However, it is very low risk if done correctly. Here are some risks to be aware of:
1. Risk of gambling
Betting can be addictive, so it’s important to follow the rules of matched betting and avoid gambling with your own money.
2. Mistakes/human error
Errors in calculations or clicking the wrong place can cost you money. Using a matched betting service can help minimize these mistakes.
3. Not getting free bets
Sometimes, bookies don’t give the promised free bets due to changing rules or missed conditions.
4. Changing odds
Odds can change while placing back and lay bets, affecting your plan.
5. Technical glitches
Betting platforms can have technical issues, leading to missed bets or incorrect odds.
6. Casino risks
Casino offers can be profitable but come with higher risks. Slots can be particularly addictive.
7. Unreliable income
Matched betting income can be inconsistent as profits may decrease over time due to account restrictions.
So what are the benefits of matched betting?
Despite the risks, matched betting has many benefits. It’s an easy way to make money online, offers ongoing earning potential, is flexible, and provides tax-free gains in the UK. You don’t need to register as self-employed or declare your earnings. It requires low startup costs and no prior experience. Plus, there’s no need to sell products or services.
How to minimize the risks in matched betting
Here are some tips to keep risks low and profits high:
1. Start small and learn
Begin with smaller bets to understand the process.
2. Use reliable matched betting services
Outplayed is a top recommendation for finding profitable opportunities.
3. Stay organized
Keep track of bets, promotions, and profits in a spreadsheet or app.
4. Double-check bookmaker terms
Read and understand the terms and conditions of offers.
5. Be mindful of account restrictions
Place regular bets to avoid drawing attention from bookmakers.
6. Stay away from risky markets
Avoid unfamiliar or volatile sports events and focus on stable markets.
7. Set a budget
Only use money you can afford to set aside for matched betting.
8. Limit your betting time
Set specific times for betting activities to avoid it taking over your life.
9. Stay emotionally detached
Avoid emotional decision-making and focus on overall profit.
‘No risk’ matched betting – give it a go?
While matched betting isn’t completely risk-free, it’s a low-risk way to make money if you’re careful and follow the rules. Joining Outplayed can help you get started and maximize your profits. Matched betting offers a flexible, tax-free, and easy way to earn money online. Whether you want extra cash or have savings goals, it can be a rewarding side gig. Give it a try and good luck on your matched betting journey!