In this post, we’re going to look at why matched betting is bad. Actually, we’re not. Instead, we’re going to look at some of the top concerns we’ve seen from non-matched bettors. Then we’re going to look at whether they’re true or not.
Why matched betting is bad
Here are some of the comments we’ve heard about why matched betting is bad. (And why it isn’t actually…)
You won’t get a mortgage
There’s no evidence to suggest that this is true. Mortgage lenders want to see evidence that you will be able to provide mortgage repayments on time. For this, they are looking for regular income and consistent repayment skills. Bookmaker transactions on your bank statements don’t indicate the opposite.
However, if you’d rather keep your mortgage application and matched betting transactions separate, then you can. Opening and using a bank account specifically for matched betting isn’t about hiding the fact that you do it, it just keeps incomings and outgoings more organised. Keeping your main and matched betting accounts separate also makes it easier for you to keep track of your profits.
Find out more about how to get a mortgage when matched betting in this post.
Your accounts will be stake-restricted
Unfortunately, stake restrictions and promotion bans do happen. This is known as having your account gubbed. However, this isn’t always the case and even if you do find yourself blocked from completing offers, you can still do matched betting with restricted accounts.
Account gubbings, or restrictions, often don’t seem to follow a specific process. Instead, the bookmaker’s decision can appear random. Some matched bettors believe that there are ways to avoid being gubbed, whereas others don’t. Whatever happens, remember: having your bookmaker account gubbed doesn’t mean the end of your matched betting journey.
It’s a gateway to gambling
The conversation around gambling is a delicate one. Matched betting is not gambling. However, you do place bets via bookmakers’ websites and the opportunity to gamble is there. Instead of assuming every matched bettor will go on to gamble, though, this point should be considered on an individual basis.
For example, if you have had problems with gambling or addiction of any kind, then the proximity to gambling may be too close. This is something you should give serious consideration to.
The advice from OddsMonkey would be to make sure you are definitely matched betting every single bet/offer. That means placing both a back and lay bet every time. This is the process that takes away the risks associated with gambling. You are working with mathematical calculations rather than relying on luck. Tools such as OddsMonkey’s matched betting calculator will show your expected profit before the sports event has even taken place. If you gamble, you have no guarantee of profit.
Because you use bookmaker sites, you need to be aged 18 or over. For more help and support on gambling, please see resources such as BeGambleAware and Gamstop.
It’s too complicated and it’s easy to make mistakes
Most things seem complicated when you first encounter them! And whilst anyone can make a mistake, this isn’t a reason why matched betting is bad. There’s no rush when it comes to doing matched betting. Take your time to learn exactly what matched betting is and how it works.
Here at OddsMonkey, we have written and video guides available for all offers, methods, and tools. These tutorials are designed to walk you through every stage of the matched betting process. As well as these, we also have a fantastic support system in place, should you need any extra help. Our Customer Support team and other members are available throughout the week in the Community forum and on our Facebook group.
For example, our free trial takes you from the basics of matched betting to making your first profits in just four simple steps:
- Really get to grips with the process, thanks to our in-depth introduction guide.
- Meet your new best friend, OddsMatcher. This is our core matched betting tool.
- Discover the importance of lay betting and open your own betting exchange account.
- Complete your first matched betting offers and take a step towards making your first £1000 profit!
The bookies keep your money
Sometimes you may receive a message from the bookmaker to let you know that they are holding your funds. However, this is not a reason to panic. Usually, it’s because you haven’t yet completed their verification requirements. Each bookie has a different process for this, so check individual sites for more information. You will most likely be asked to submit some identification documents, including bank statements. Once the bookie has reviewed these, they’ll most likely release your requested funds.
As always, when submitting personal information online, check that you are using a secure connection. And remember that you can black out a lot of other information, including card numbers (especially on the reverse of your card.
It sounds too good to be true; it must be illegal
Matched betting is completely legal. There are no laws in the UK that prevent the placing of back and lay bets on a sporting event. In fact, matched betting has often been covered and celebrated in the national press. Former media relations director at William Hill, Graham Sharpe once said, “There’s no illegal element,” he said. “It’s a free bet and you can do what you like.”
If you’ve got any other questions or concerns, please drop us a comment below or swing by our Facebook group.
Or, to take a look at matched betting for yourself, start your OddsMonkey free trial today.