FAQ


Frequently Asked Questions

If Matched Betting is new to you, no doubt you’ve got some questions. We’ve tried to address some of the most common questions below – if you don’t find the answers you’re looking for, just drop us an email at support@oddsmonkey.com and we’ll be happy to assist.

Commonly asked questions


What is matched betting?

Matched betting is where you place opposing bets on the same race, match, game or event so that you win, regardless of the outcome. OddsMonkey will show you how to use the welcome offers and free bets offered to new and existing customers to maximise your profit.

How much money can I make?

That depends on how much time you spend matched betting. Many of OddsMonkey’s users are consistently earning up to £1500 every single month, with some of our more advanced members earning much more.

Are there any risks?

Because you are covering all outcomes by backing and laying your bets, you are effectively eliminating the risks that are associated with traditional betting. The only real risk is human error, such as not checking for the latest odds or entering a wrong bet.

Do I need to know anything about betting?

Not really, because matched betting is different to traditional betting and we’ve created over 100 step-by-step guides and video tutorials to ensure that you know exactly what you’re doing. Our members have a range of backgrounds when it comes to their experience of betting or matched betting and they are reporting consistent profits month-on-month.

Do I need to know anything about sports?

Remember that Bananarama song, "It ain’t what you do (it’s the way that you do it)"? Well, that’s the kind of approach that can be taken when it comes to sports matched betting. It’s more about calculations and the process of backing and laying your bets than about what those bets are actually been made on.

Is it legal?

Yes, matched betting is 100% legal. Still not sure? Graham Sharpe of William Hill says, "There’s no illegal element. It’s a free bet and you can do what you like." - The Telegraph You can read more about the legal side of things on our blog post Is matched betting legal

What is the best sport to bet on?

That’s completely up to you. The Oddsmatcher brings you events in football, horse racing, tennis, cricket and ice hockey. Some are easier than others.

How much money do I need to get started?

We would recommend setting aside a float of £50 to get you up and running.

Where do I find offers and free bets?

On our Daily Offer Calendar.

I’ve made a mistake. Can I cancel my bet?

Once a bet is placed with a bookmaker, it can’t technically be cancelled. Instead, there are a couple of ways you’ll be able to cancel out the mistake. Some bookmakers offer a cash out option, where you can get some of your stake back. Alternatively, you can offset the bet by laying in a betting exchange, such as Betfair, using one of Oddsmonkey’s handy calculators.

What is the difference between backing and laying?

A back bet is placed with a bookmaker on something to happen. A lay bet is the opposing bet made on something not to happen and is placed with a betting exchange.

What happens when I’ve used up all of the welcome offers and free bets?

Many bookmakers offer offers to existing customers too, to encourage them to keep betting. OddsMonkey can also show you how to use these offers to continue to make tax free, risk free profits through matched betting. We have also developed advanced software that enables you to earn money without free bet offers, a great example of this is our Eachway Matcher. You can also check out Ben's diary where Ben lists all the offers he completes each day without using any free bet offers

I’ve never placed a bet before. What do I do?

Well, first of all, welcome to the world of matched betting and thanks for choosing OddsMonkey! We’ve put together over 100 step-by-step guides and video tutorials to help you learn and earn as quickly as possible. Start your free trial today and our introductory offer will give you a full walkthrough, showing you how to make a profit in just minutes.

I need help - who can I talk to?

We’ve got a great community of matched bettors, at all levels of experience and experience. Premium members have access to the community and can ask for help, guidance or advice. Alternatively, you can get in touch with our support team who will do their best to help you out as quickly as possible.

Do I need to be good at maths?

An understanding is good, but you don’t have to be Rain Man. Our clever little calculator does all the maths for you: calculating the exact amounts you’ll need to back and lay on normal and free bets, as well as your potential winnings.

When can I withdraw my winnings?

You’ll need to read the terms and conditions for each bookmaker. Some will let you withdraw straight away whereas others will require you to reuse your winnings a few times first.