Even if you don’t know much about how matched betting works, you probably know that it’s a great way to make some extra money. Anyone over the age of 18 can do matched betting. And the best thing about it is that it’s flexible enough to fit around your schedule. This post will show you how to start matched betting.
How to start matched betting
- Set aside some money
- Open a separate bank account
- Create a new email address
- Use a spreadsheet
- Start your OddsMonkey free trial
Set aside some money
Because there’s a lot of moving around of money in matched betting, it’s good to set some aside. There’s no set amount of money you need to start matched betting. In fact, you can start with as little as £50. However, you’ll be able to move through sign up offers more easily with at least £100 in your starting pot. If you can set aside even more, that will make things even easier and quicker as you begin your matched betting journey.
The moving around of money is generally between your bookmaker and betting exchange accounts. Because you place both back and lay bets in matched betting, your money will usually be ‘in use’. Rather than in your bank account. Therefore, money often needs to be withdrawn from one account and redistributed to either another bookmaker or the exchange. This can take time. In fact, depending on the bookmaker, withdrawals can take a few days. The more money you have available to you, the less these delays will bother you. However, if you don’t have any more spare cash to add into your matched betting pot, it’s not a problem. You may just have to be patient.
Open a separate bank account
This isn’t an essential part of how to start matched betting. Instead, it’s down to your personal preference. Because there’s likely to be money regularly moving in and out of your account, you may wish to keep your betting activities separate to your regular banking. Some people like to keep their regular account free from being associated with bookmakers or betting.
If you do choose to open a separate account for matched betting, it’s worth looking at high street banks that issue VISA debit cards. Debit cards are the deposit method favoured most by bookmakers.
Create a new email address
Similar to opening a new bank account, you may wish to keep betting emails out of your regular inbox. With matched betting, it’s a good idea to opt in to promotional emails. This means that when you’re signing up to a new bookmaker, you should tick the box to indicate that you’d like to receive offers via email. Normally, you’d probably class these emails as ‘spam’. That’s why it’s nice to keep them separate. It also means that you can quickly check through your matched betting inbox for the best offers to complete.
One of the most popular free email providers is Gmail. It’s straightforward to set up a new account and you should have it done in minutes.
Use a spreadsheet
With matched betting you’ll be opening a number of bookmaker and betting exchange accounts. Keeping track of where your money is is essential! A spreadsheet can be a great way to keep an eye on things. OddsMonkey Premium members can use the Profit Tracker tool.
Start your OddsMonkey free trial
Once you’ve completed the steps above, you’re ready to get started. The only thing missing is your OddsMonkey free trial. Included in your free trial are training guides on matched betting basics. You’ll also get tutorials which walk you through your first sign up offers. Everything you need to start generating your first matched betting profits. So now you know how to start matched betting, it’s time to begin your free trial.
For more information, check out our full ‘What is Matched Betting?’ guide to find out exactly how it works.