It’s time for OddsMonkey’s Buschra to answer some matched betting FAQs! If you’ve got a question that isn’t answered here, you can contact our Support Team here. Alternatively, check out our OddsMonkey Bites video series for quick support.
Matched betting FAQs
Is matched betting legal?
Matched betting is 100% legal. All you’re doing is placing bets and taking part in the bookie promotions that they offer. The bookmakers may not love it but there’s nothing they can do about it as no laws are being broken.
Is matched betting gambling?
Not at all. The idea of placing bets may feel like you’re gambling but in reality, you’re placing an opposing bet at an exchange to counteract the other bet and protect your funds.
For example, place a bet on Liverpool to win at the bookmaker and then place a lay bet (against bet i.e. Liverpool not winning) at the exchange. So when you do matched betting, you’re removing the element of risk by laying the bet at an exchange. Find out more.
Can I lose money?
In and of itself, the matched betting strategy doesn’t carry risk. Human error, however, does. So it’s important that you place your bets correctly to avoid any costly mistakes and causing a loss. If you’re ever unsure about your bets, we have a very active and supportive community at OddsMonkey and on Facebook that will be happy to look over your bets before you place them.
If I already have an account with a bookie, can I still do the welcome offer?
Unfortunately not. BUT! That doesn’t mean that you can’t use this bookie account. Instead, you can still profit from the offers they give out to existing customers. In the long term, these offers tend to be more lucrative than just the welcome offer. So don’t worry too much!
Can I do the same welcome offer over and over? Can I open more than one account at the same bookie?
If only! Wouldn’t that be amazing? But sadly, you can’t. The bookies can detect a new account signup with the same details. Also, if this happens, bookies may end up shutting down both accounts so do avoid this.
What is the best bank account for matched betting?
A high street bank account with a debit card is your best bet. From what we hear from members, those that use a high street bank tend to suffer less ‘problems’. Make sure you get just a basic account and restrict the overdraft facility to avoid incurring any fees.
How much can I make?
This is the million dollar question! And it’s all down to you. There are so many factors involved in how much you can make that it’s very hard to say. The amounts can vary drastically from one person to the other. It’s down to things like your bankroll, the time you spend, what offers you do. We’ve had members aim for a couple of hundred pounds a month as pocket money and others that put in more time and achieve £1000+ per month.
How much money will I need to start?
You can start with as little as £50 or whatever you can afford really. If you can spare a bit more like £100, that is advised as it means you can extract more value from the free bets. Do remember, that if you place the bets correctly and follow the guides, this cash wouldn’t be at risk.
With a higher starting bankroll, it means that you can aim for higher odds when doing your free bets and this in turn means more profit. If you play around with the free bet calculator, you’ll see what I mean!
What do I need to start matched betting?
When you sign up with a bookmaker, they have legal responsibility to do a KYC (know your customer) check. This is when they check your identity, age and other personal information to ensure that you are legally permitted to join a bookie or casino and place bets i.e be at least 18 years old and no self exclusion from betting sites.
For this, you’ll need an official form of picture ID such as a passport or driving license, a utility bill showing your name and address to prove your residency and also a bank statement with your name and address to show that the bank account you’re using belongs to you.
Tip: It is recommended to send these documents to the bookmaker asap upon joining and ensure that your account is fully verified. This will prevent any issues in the future when you wish to withdraw your cash.
How do I start? Is there a best time to start?
There isn’t a day that is best to start as every day is a good day! There is no time like the present.
All you need to do is set aside your start bankroll. This can be as little as £50 but if you can manage £100, that would be even better as you’ll be able to extract more from the free bets. You’ll also need to create a new email address. You don’t want all your offers and bookie emails to be mixing with your personal stuff. It makes your matched betting a lot easier to manage.
Don’t forget to get your KYC documents. You want those ready to send through at sign up to avoid any issues with withdrawals.
If you need more information on how to get started, check out this blog on our site.
If you haven’t already joined OddsMonkey, you can join here and enjoy a 7 day trial completely free for all the support you need to get you on your way!