How to Make Tax Free Cash Using Matched Betting
Hopefully I can dispel some myths here and give you a truthful account of what doing matched betting can earn you and what you might have to be careful of. Alongside my eBay business I am making a large percentage of my income from matched betting.
Here is the real basic explanation,
1. Bookmakers make a promotional deal - let's say "bet £20 and get a free £20 bet".
2. You make four carefully chosen bets (more on choosing later).
3. The first two bets are to cancel each other out, you bet for instance on Chelsea to win with the bookmakers and Chelsea NOT to win at a betting exchange, this will end up with you losing a small amount (usually less than a pound!) but you will unlock the free bet with the bookmaker.
4. Then, you do exactly the same thing again but this time, because the bookmaker bet is free, you will make around £15 - £18 profit.
5. The key to it working is finding matches/races where the odds are the same for the win as they are for them not to win, hence the name 'Matched Betting'
Things to be aware of
Before opening any accounts with bookmakers make sure you read our post on Cashback Sites. You can make money just by opening accounts as well!
Some deals involve more work to unlock the free bet but most are worth doing
You will need to have a bit of money to invest into bets. I started with £100 but the more you can put in the better!
You will need to be careful you make the correct bets or you might lose money (not what we want here!)
Some Bookmakers require ID to open accounts
To do this long term requires opening an account with a lot of different bookmakers and several betting exchanges and you will need to constantly transfer money between them. This may not be for you if you are about to apply for a mortgage as banks will ask for bank statements as part of applications.
Do not worry if you need to apply for a loan though, as most bookies make 'soft' credit searches when you apply for accounts but they are not visible to 3rd parties on your credit report.
Now, the real trick to making money from this is to maximise your time spent doing it, and a really good idea if you want to get into this and make money quickly is to sign up to the OddsMonkey website.
They charge £15 a month to access their software but it tells you which bets have matched odds and how much to bet and generally makes the whole thing a lot easier. This takes a huge amount of time out of doing this, and therefore makes you more money in the long run, I think if OddsMonkey ever went down (not likely!) I would rethink doing matched betting, they are worth every pound.
I’ve been doing this for around sixteen months now. I’ve worked from home for years, selling on eBay, you can read about that here. It means our spare bedroom is full of stock and I spend a lot of my day answering questions & running to the post office hoping to meet eBay’s every demand (and there are lots of them!). The thing with working from home which I have learnt is it’s best to have a steady stream of income coming from a variety of sources. I dislike relying on eBay alone so I decided to look into other money making ideas.
My partner is a musician and came home from work one night having heard of ‘Matched Betting’. It is risk free and the profits were almost instant, and the fact that I can do most of it while my daughter is in bed makes it perfect for stay at home parents!
If you are interested by this but are worried you can chat with me first before signing up, I can give you some personal experience of using Matched Betting and OddsMonkey, give me a tweet or an email on the connect links, or just comment below!