Frequently Asked Questions – Legal and Financial
Worried you might be breaking the law, or have an impact on your credit record? We have some common questions below – if you don’t find the answers you’re looking for, just drop us an email at [email protected] and we’ll be happy to assist.
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.
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.
No, it has no affect on your credit score in the same way any other bank transaction would. Some bookmakers will do credit checks when you sign up but it is not an in depth check that’ll affect your credit rating.
No unfortunately you can’t. The money will be classed as winnings from gambling and not a source of income. You can’t prove that it is a regular and stable source of income.
Also, if you’re applying for a mortgage you might want to open another bank account for matched betting. It is unclear how it will affect your application but if your mortgage lender sees there are dozens of deposits to bookmakers they may think you have a gambling problem which could affect your application. If you have an account purely for matched betting then you can keep that separate from your regular bank transactions.
Yes, 100%. In the UK, winnings from gambling are tax free. Although we are not technically gambling when we do matched bets the money still comes from placing bets so there is no tax to pay.
This will vary from country to country but the UK is tax free.
It depends on the country you are planning to do it from. Most of the time you will be fine but some countries do have strict gambling laws so it would be best to check. OddsMonkey have customers from many different countries and our software includes many overseas bookmakers for our international customers.
However, our guides are mainly geared towards UK bookmakers so you would have to check with the bookmaker that they accept customers from your location before you sign up with them.