The short answer is probably no; at least for most people. But don’t let that put you off from starting matched betting! It’s a great side hustle and a fantastic way to make extra money. In this post, we’ll look at some of the reasons you may not be able to make a living from matched betting. But why you should still give it a go.
Is it possible to make a living from matched betting?
First of all, let’s take a quick look at what matched betting is and how it works…
How do you make a profit from matched betting?
Matched betting is a way to turn the free bets and promotional offers given out by online bookmakers into real money. Rather than relying on luck, with matched betting, you cover all potential outcomes of a sporting event by placing more than one bet.
All you need is:
- a bookmaker account,
- a betting exchange account
- some odds,
- and an OddsMonkey Free Trial.
We’ll show you how to make around £40 in just a few simple steps. And that’s just the beginning. There are new money-making, matched betting opportunities available every single day.
For more info on how matched betting works, check out this guide.
Is matched betting guaranteed profit?
Yes, in terms of the methodology. We’ll look at that in a bit more detail in a moment. However, the caveat is that things like human error or unforeseen circumstances can mean that profits can’t always be guaranteed. For example, forgetting to place a lay bet turns what you’re doing from matched betting into gambling. You’re now relying on luck rather than mathematical calculations. Or there not being enough liquidity in the exchange, for you to place a lay bet. Or maybe you bet on the wrong market so that your back and lay bets don’t match. (Don’t worry if you don’t know what some of these terms mean. Our free trial contains detailed tutorials and video guides which cover the basics).
How much can you make doing matched betting?
The question everyone wants to know the answer to. Unfortunately, there isn’t a one-size-fits-all answer. There is a huge range in the amount of money you can make from matched betting. This is why some people may be able to make a living from matched betting but others won’t. It all depends on personal circumstances and targets.
As well as that, it depends on factors like:
- The amount of money in your bankroll. Ie how much money you can afford to set aside solely to do matched betting.
- The number of offers you complete (in a day/week/month).
- Time spent matched betting (in a day/week/month).
- The number of bookmakers you have accounts with.
- The types of offers you complete. Once you progress from the initial sign up offers, there are so many different kinds of offers and betting techniques available.
Let’s look at each of those points in a bit more detail and see if it’s possible for people make a living from matched betting.
Some people start matched betting with around £100 whereas others choose to use more or less. The amount you start with is up to you. You’ll need enough to place a back and lay bet, and cover the liability cost at the betting exchange. Then, the idea is to add your profits to the bankroll as you go. Obviously, you’re matched betting to make money for things you want to buy, but in the beginning especially, building your bankroll is important.
Not only does having a larger bankroll allow you to complete offers more quickly, it also means you can bet higher amounts. If the promotional terms and conditions allow, of course.
Number of offers
Matched betting is about making steady and consistent profits. It’s not about chasing a big win. Some offers may ‘only’ bring you a couple of pounds. But it’s a couple of pounds that you didn’t have previously. Doing more offers means that these smaller amounts add up and over the course of a month your profits will grow.
Time spent matched betting
Matched betting is something that can fit around your other commitments. For example, some people can dedicate an hour here or there, whilst others have a more structured matched betting routine.
When you first start matched betting, it’s worth taking your time to learn the process thoroughly. However, once you’re comfortable with the basics, you’ll be able to work through offers more efficiently.
Types of offer
The majority of bookmaker sign up offers bet £X, get £X’ type offers. But there are so many other types of offers and bets, such as:
- Your stake back as cash if your bet loses,
- Extra places
OddsMonkey Premium members have access to a whole range of tools, such as the Acca Matcher, Dutch Matcher, and Extra Place Matcher. Adding new betting techniques to your arsenal means you can continue to add to your profits once you’ve completed the traditional matched betting offer types.
Number of bookmakers
Once you’ve completed a bookmaker’s sign up offer, you should start to receive reload offers. These are offers a bookie sends to their existing customers to encourage them to keep placing bets. The more bookmakers you have accounts with, the more reload offers you should see in your inbox. Remember to tick the box to accept marketing or promotional email offers when you first sign up.
Oh, and by the way, this means one account with many different bookmakers. NOT multiple accounts with the same one.
So can you make a living from matched betting?
Perhaps, but really, matched betting is a fantastic way to top up your existing income. It’s a flexible way to make money online, when – and wherever – you want to.
Want to have a go for yourself? Start your OddsMonkey Free Trial today and make up to £40 with our free guides.