So, you’ve heard that matched betting can be a great way to earn some extra cash, but you’re not quite sure what it involves or if it’s right for you. Don’t worry! I’ve put together this simple guide to help you understand matched betting for beginners. I was in your shoes a few years ago, so let’s see if this could be the solution you’re looking for to make some extra money.
### What is Matched Betting?
Matched betting is a method of making money from betting sites by using their free bets and special offers. It’s not gambling because the goal is to eliminate as much risk as possible. You place two bets on an event: one bet for something to happen and another against it. This way, the bets cancel each other out, so you don’t lose money.
For example, if you bet on England to win a football match at one site, you place another bet on a different site that England won’t win (covering both Spain winning and a draw). No matter the result, the two bets cancel each other out, so you win one and lose one. The profit comes from the special offers like “bet £10, get a free £10 bet.” After placing your initial bets and breaking even, you qualify for the free bet, and all the profit from this free bet is yours to keep.
### How to Do Matched Betting Step by Step
1. **Open a New Bank Account**: This helps keep your matched betting separate from your other finances and makes it easier to track your transactions.
2. **Join a Matched Betting Support Service**: While not essential, it’s highly recommended, especially for beginners. Services like Outplayed.com guide you through the entire process, provide training videos, a list of offers, and the necessary calculators.
3. **Join a Betting Exchange**: A betting exchange lets you place lay bets (bets against an event happening). Betfair is a good choice for beginners due to its size.
4. **Join a Betting Site**: Start with one bookmaker that has a good introductory offer for new members, like “bet £10, get £20 free.” Make sure it’s a bookie you haven’t used before.
5. **Find Your First Bet**: You need to find an event to place your back and lay bets on, with odds that are as close as possible. Services like Outplayed have tools to help you find these matches.
6. **Place Your Qualifying Bets**: Place your back bet on the bookmaker’s site and your lay bet on the exchange. Use a matched betting calculator to ensure you place the correct amounts.
7. **Use Your Free Bet**: Once your qualifying bet settles, you’ll get a free bet. Place another set of back and lay bets, aiming for higher odds this time to maximize profit.
8. **Withdraw Your Profit**: After your bets settle, the money in your account is yours to keep.
9. **Rinse and Repeat**: Keep signing up for new bookmaker offers and repeating the process to continue making money.
### Does Matched Betting Actually Work?
Yes, matched betting really works! I made over £1,000 in my first 12 weeks and continued to earn between £300-£600 per month. Outplayed.com has had over 150,000 members, and many people share their earnings and experiences on forums like Reddit and Mumsnet.
### Is Matched Betting Legal?
Yes, matched betting is perfectly legal in the UK. It’s been covered by mainstream publications like The Guardian and the Financial Times. Bookmakers might not like it, but there’s nothing illegal about it.
### Is Matched Betting Risk-Free?
Matched betting is designed to be low-risk, but it’s not entirely risk-free. Human error, such as betting on the wrong event or entering incorrect amounts, can lead to losses. Additionally, bookies might change odds or not honor a bonus. If you have a history of gambling problems, it’s best to avoid matched betting.
### FAQs
– **How much can you make?** Realistically, you could make £200-£300 per month with a few hours of work per week, and up to £1,000 if you dedicate more time.
– **Is it a good way to make money?** Yes, as long as you follow the process and don’t have a history of gambling issues.
– **Can you make a living from it?** Some people do, but it’s better to see it as a side hustle rather than a main income source.
– **Can you do it on your phone?** Yes, though starting on a computer is recommended for better concentration.
– **Can you lose money?** It’s possible due to human error, but the risk is low if done correctly.
– **How much money do you need to start?** Around £60 is the minimum, but £100-£150 gives you more flexibility.
Matched betting can be a great way to earn some extra money if you follow the steps carefully and stay disciplined. Give it a try and see how much you can make!