I was recently inspired by an article on Ruth Makes Money about matched betting and thought the process seemed like an effortless way to make an extra £300 a month tax free, so here I am giving it a go! I am one week in and £67.80 up I have spent about 5 hours earning this over the week.
The process is more complicated and mathematical than I thought. You also need to put in a fair bit of your own money to get going. I am going to detail my first week’s work and tips to help you along the way.
What is matched betting?
If you want to learn more about matched betting I suggest watching a video like the one below. This gives you a basic understanding of the process.
How to start matched betting
- Set up a new email address – you get sent a lot of offers and spam so good to keep this separate from your main emails
- Use a separate bank account – I started with £150 of my own money. At one point this was spread between 6 different book makers. You need to be prepared to put your own money in to make money
- Deposit your own money – As mentioned I started with £150 as I was sceptical, you could make money faster if you put in more
- Create an account with a match betting programme – I am using profitaccumlator
Match Betting Earnings Week 1
After setting up an account with profit accumulator I started working my way through the offers. Each new offer consists of a video explaining what you need to do along with step by step instructions. And it’s sort of as simple as that! It did take a lot of going back over the videos, pausing and slowing completing each step, I am now more comfortable with the process.
I have now completed 11/71 of the new account offers and have a profit of £67.80 and still have £60 worth of free bets to use in my Sun and Betfair account so this should be £100 after I have placed these bets.
Matched betting tips
I have had fun over the last week and am going to continue my matched betting journey and keep you updated with my progress. As well as the tips above I would also recommend:
- Create a spreadsheet – make a note of where you place your money & what you bet on, this will help you keep track on where your money is and what you are winning
- Withdrawing winnings – Most book makers take 3 days to give you back your money after you withdraw your winnings. Be prepared to wait for this to come back into your account
- Take a breather – I am finding the process quite addictive, make sure you step back and keep track of what you’re doing. Never spend more than you can afford to lose! Although this process is apparently fail safe, you could quite easily loose if you put a bet on the wrong team or the wrong odds!
I look forward to sharing my progress with you! Have you tried this or thinking of trying this? Would love to hear your thoughts!
Are you interested in more ways you can make money? Check out our blog post on 5 easy ways to spot a resale bargain in a charity / thrift shop here.