How to make money betting: a step by step guide

If you’re looking for an explanation on how to make money betting, you’ve come to the right place. However, it might not be exactly what you were expecting…

Did you know that there’s a guaranteed way to make money from online bookies? One where you don’t have to risk your money and gamble on the chance that your team might win.

How to make money betting

Matched betting is a simple method that’s being used by people up and down the country to boost their bank accounts. It’s really taken off over the last 5 years as people have made a choice to make money betting instead of losing it.

Find out more by downloading our free Introduction to matched betting.

Matched betting takes advantage of the free bet promotions offered by the bookmakers. Normally there are numerous stipulations attached to these offers. This makes it very difficult to grab the free money being offered. Unfortunately, it also means that you are likely to lose some of your own money too.

The matched betting process though, allows you to bypass the bookmaker’s terms and conditions and extract the free bets straight into your bank account. Now, you’re probably thinking that that probably sounds too good to be true, but it’s completely legit. Find out more in our article Is matched betting legal? In fact, even the Guardian newspaper have reported on it.

Initially, you can make around £1000 from new customer offers. Following on from that, bookmakers also offers ongoing offers to existing customers. Some people are profiting from these too and making consistent profits each month as a full or part-time income.

How matched betting works

(Please use this only as an overview of how it works. Download our Introduction to Matched Betting for a more in-depth guide.) Our OddsMonkey Premium package includes full instructions and video tutorials on how to get the most out of your free bets.

1. Sign up to an online betting exchange. Betfair is the best known, but there is also others like Matchbook and Smarkets. Each one offers different commission rates and best odds vary.
2. Sign up to the first bookmaker on your list, and check the terms and conditions. Bookmakers differ from bookie to bookie. So you may need to alter your approach if the offer doesn’t follow the standard format.
3. It’s important to change from fractional to decimal odds in your account settings to make the process easier.
4. Find a qualifying bet on your chosen bookmaker. This can be a time-consuming process if you don’t have access to a service which provides tools to help you do this. The best odds for this process are between 1.5 & 4.0. They will also be close to the ‘lay odds’ on your exchange of choice.
5. Place your qualifying deposit on that selection. Then straight after, lay that selection on the exchange to cancel our your liability. You may make a very small loss here, but that’s fine. This part of the process is just to ensure you receive your free bet.
6. Now, once you receive your free bet, you must repeat the process. You need to find another bet on the bookmaker’s website with best odds of between 3.0 & 7.0. Again, the lay price on the exchange must be comparable.
7. Now lay the selection on the exchange, so that whatever the outcome of the event, you’ll have a nice profit.

Final thoughts

Going head to head with the bookmakers is an incredibly hard thing to do. Unless you’re a genius or extremely lucky, the chances are that you will lose money. The only answer to your question of ‘how to make money betting’ is matched betting.

Matched betting isn’t difficult, and is being done by people from all walks of life. Male or female, young or old. It’s one of the easiest and most profitable ways to make money online today.

Give it a go for free with OddsMonkey.

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