Frequently Asked Questions – Common 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 email@example.com and we’ll be happy to assist.
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. You can learn more in our What Is Matched Betting guide.
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?
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.
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.
How much time does matched betting take?
It can take up as much or as little time as you like. Obviously the more time you invest the more money you can potentially make.
Many of our members have decided to make matched betting a full time career but that doesn’t mean you have to. You can spend as little as 30 minutes a day doing a couple of offers and still make a nice profit every month.
Why should you lay bet after a back bet?
Laying our bets is what makes matched betting risk free. If we didn’t the lay our bets we would be gambling and putting ourselves at risk of losing money.
When we get a free bet from a bookmaker we still lay the bet as this allows us to lock in a profit from every free bet no matter the outcome. We do this by slightly under laying the free bet at the exchange. This is all worked out for you by our matched betting calculator.
Can you do matched betting manually?
Yes you can. OddsMonkey members use our OddsMatcher to find their matched bets as it makes it a lot easier to find good betting opportunities but you can find bets without the software.
When matched betting manually, we will need to look at 2 websites at once both the bookmaker and the exchange to look for favourable odds. It can take longer this way. You can read more about the oddsmatcher and how our other software makes matched betting much easier and quicker here: https://www.oddsmonkey.com/blog/tools/oddsmonkeys-matched-betting-software/
What are the risks of matched betting on horse racing?
As long as we lay our bets there are few risks. It can be tricky to lay bets on horses if you are trying to do it a few minutes before the race starts as the odds are moving very quickly. This can lead to your lay bet not getting matched and potentially going into a race with no lay bet placed. Obviously this would be a risk as if the horse were to lose we wouldn’t have covered our back bet.
If you are a beginner it is much easier to get your bets placed a few hours before the race starts. The odds don’t move around as much.
Sometimes horse offers will be withdrawn if there aren’t enough runners in the race. This can occasionally lead to the bookmaker paying fewer places than the exchange. If a bookmaker was to reduce places from 3 to 2 and the exchange did not follow suit then we could potentially lose money if our horse came third as we would win nothing at the bookmaker and lose our lay bet.
You can find out more about non runners here: https://www.oddsmonkey.com/blog/matched-betting/non-runners-horse-racing/