What is Matched Betting? A beginner’s guide

Matched betting is a way to make money from home using free bets and promotional offers given out by online bookmakers. 

Matched betting is a way to make money from home using free bets and promotional offers given out by online bookmakers. 

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, some odds, and an OddsMonkey Free Trial…We’ll show you exactly how to turn free bets into real profit.

With our easy-to-follow video tutorials and written guides, 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 opportunities available every single day. 

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How does Matched Betting work?

Place two opposing bets: one on ‘win’ and one on ‘lose’ to cover all potential outcomes of a sporting event. This ‘back and lay’ betting technique gets rid of risk and the need to rely on luck. It allows you to turn free bets into real money. Without risking your own.

Online bookmakers want new customers. They want as many as possible. And they’re willing to try anything to grab your attention. In order to attract new customers, many bookmakers offer free bet promotions to encourage people to sign up. A popular offer will be along the lines of “bet £10, get £10 in free bets”.

Now, with traditional betting, you can sign up, place a bet and get your free bet. However, there’s no guarantee that any of your bets will win and you may come away with nothing. Or even with less money than you started with.

But with matched betting, you can unlock the free bet and protect any money you use to place a bet with. Oh, and you can turn the free bet into actual profit too! Eliminate the risk associated with traditional betting by placing two bets instead of just one. Every time you place a back bet (for something), you place a lay bet (an opposing bet against the same outcome). This back and lay betting technique allows you to make a profit* on free bets. Typically, you will end up with approximately 80% of the free bet amount, so a £30 free bet turns into around £24 profit.

*Matched betting eliminates the risk associated with traditional betting. However, human error can cause mistakes and result in money being lost. Always double check everything before confirming any bets.

What you need to start Matched Betting

The first thing you need is your OddsMonkey Free Trial! Get detailed written guides and video tutorials which will walk you through some real bookmaker offers. This means that you can start making money right away. Other than that, you need:

A device such as a smartphone or laptop and a reliable internet connection.

An online bank account or wallet. It’s up to you whether you use your main bank account to transfer money into and out of your betting accounts. However, it can be useful to have a separate bank account or e-wallet for matched betting.

An email address just for matched betting. Sync it up to your smartphone so you never miss an offer.

Some starting funds. You can add to this with the profits you make as you complete more offers.

An official picture ID such as your passport or driving license. You’ll also need a utility bill showing your name and address and a bank statement showing your name and address. Not all bookies ask for these but some do, so it’s best to have them prepared and ready to send if asked.

Back and lay bets: two parts of the matched bet

Matched betting is a game of two halves. Or a technique of two bets, anyway. These two bets are called ‘back’ bets and ‘lay’ bets. Let’s look at them both in a bit more detail. 

Back Bets

A back bet is a bet you place on an outcome you believe will come true. A bet on something to happen. For example, if you place a back bet on England to win their next match, it means that you think they will beat the other team. Your bet will be successful if England wins.

Back bets are placed at online bookmakers like Betfred or Coral.

Lay Bets

A lay bet is a bet you place against an outcome you believe will come true. A bet on something to not happen. For example, if you place a lay England to win their next match, it means that you think they won’t beat the other team. In this case, your bet will be successful if England lose or draw.

Lay bets are placed through online betting exchanges like Smarkets or Betfair.

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How to place a matched bet

OddsMonkey’s Free Trial brings you detailed guides and video walkthroughs, so we’re with you every step of the process, but here’s a quick overview of how to place a matched bet:

1

Open a bookmaker account (Coral, Skybet).

2

Open a betting exchange account (Smarkets, Betfair).

3

Use OddsMonkey’s OddsMatcher tool and calculator to find a sporting event to bet on.

4

Place a back bet and a lay bet. At this stage, you’ll use your own money, but remember that the point is to qualify for the bookmaker’s free bet. Your profit will come from the next step.

5

Once you’ve unlocked the bookmaker’s free bet offer, repeat the previous step. But this time, use the free bet instead of your own money.

What does OddsMonkey do?

OddsMonkey is a full matched betting service. We offer tools, tutorials, and our team of experts. We’re home to the world’s first dedicated matched betting tool, the OddsMatcher, which was created to help you find the best matched betting odds and opportunities available.

Our video tutorials and written guides are here to show you everything you need to know about matched betting. On top of all that, our team of matched betting experts and fantastic Community are all on hand to support you as you take your first steps towards unlocking real profits.

Whats in the Free Trial?

Our free trial has been designed to offer everything you need to start matched betting today. And there are just four simple steps:

Introduction to matched betting

Introduction to betting exchanges

Coral Offer:
Earn £15+

Betfred Offer:
Earn £24+

The free trial period lasts for as long as you need it, but it shouldn’t take more than a couple of hours to complete. After that, you’ll be £40+ richer and well on your way to your first £1000 profit!

If you do need any more help along the way, feel free to contact us at [email protected] or click here to get advice in our Facebook group.

Is OddsMonkey the best matched betting site

It’s not really in our nature to blow our own horn, but we did create the original matched betting software. And it feels pretty good to know that OddsMatcher has been used throughout the matched betting community since 2011, helping tens of thousands of people earn real money.

Since then, we’ve put together a strong team of matched betting experts and top developers. All of this means we’ve been able to add new tools, training, videos, tutorials and customer support to the OddsMonkey site.

While we did build the first odds matching tool, we didn’t create matched betting itself. People used to have to search for odds and betting opportunities manually, which was tricky, time-consuming and pretty tedious. What OddsMonkey did was turn the process largely automatic, making it quicker and easier for anyone and everyone to use matched betting to make money online and add to their monthly income.

If you still have questions about what matched betting is or how it works, please contact us at [email protected].

What our customers say

Matched Betting questions

Now, if you’ve never heard of matched betting before, you’re bound to have questions. Hopefully we’ll have answered most of them above, but if not, keep reading, or head over to our FAQ section to find out more.

It can be! Try matched betting for free with an OddsMonkey Free Trial. Make your first matched betting profits as soon as you sign up. No payment details required. The money you make from matched betting is 100% tax free and yours to keep.

We do have a paid membership option known as OddsMonkey Premium, which you can upgrade to at any point. There you’ll find guides for lots of new customer offers, as well as ongoing and daily offers. You’ll also have access to all of our matched betting tools.

Over the years, we have helped thousands of people earn a second income with matched betting.

The amount of money you can make from matched betting ultimately depends on a number of factors, including:

  • the amount of time you are willing and able to spend,
  • the amount of money you are willing and able to stake (your “float”),
  • the deals and back odds offered by bookmakers,
  • the lay odds offered by betting exchanges,
  • your matched betting knowledge and skills,
    and your access to tools and resources.

Initially though, you should be able to make around £1,000 from matched betting by taking advantage of sign up/welcome offers.

However, matched betting is sustainable and profitable for the long-term. Once you’ve opened all of your bookie accounts, you can make around £500–£700 a month by taking advantage of offers for existing customers. That’ll take around 40 minutes per day, so equates to around £25–35 per hour. However, members in our forum regularly report making £900+ per month, so it is possible to make a living from matched betting.

All of the money you make from matched betting is 100% tax-free, and you do not have to declare your earnings to HMRC.

While you can start matched betting with any amount, we’d recommend a minimum of £50-£100. You need to have enough available in your starting pot (also known as your “float” or “bankroll”) to cover this in your first matched bet:

  • The stake for your qualifying bet
  • The liability for your first lay bet
  • The liability for your second lay bet

You can then put the profit you’ve made towards your next matched bet, and so on. It won’t be long until you have enough matched betting profits to form your float, meaning that you don’t have to stake any of your regular income.

To minimise the amount of money you need to start matched betting, you can take advantage of a no-risk matched betting offer that doesn’t require a qualifying stake. You can also place your second matched bet at lower odds to reduce your liability (although this also reduces profits).

The more money you have available for matched betting, the more money you can make. A larger bankroll means you can do more offers at once without having to wait for your money to transfer between bank, bookmaker and betting exchange accounts. However, you should make a decision based on your own financial circumstances, as you should not place bets that you can’t afford.

Matched betting is completely legal in the UK but you do have to be aged 18 or over. That’s because you will be opening up accounts with bookmakers. It is not a scam and it is not a con. It may seem too good to be true at first, but it’s totally legit!

Bookmakers aren’t huge fans of matched betting, purely because they’re not making money off you. However, it’s a completely legal way to use the bonus offers given out.

Matched betting is safe and risk-free in principle. Mathematically, it is guaranteed to generate profits. However, the Advertising Standards Authority (ASA) considers the claim of matched betting being 100% risk-free “misleading because, although theoretically sound, the process [is] open to human error”.

In other words, the potential for mistakes does exist. Therefore, matched betting is not 100% without risk. There is also a small chance that the odds will change in the time between you placing your back bet and lay bet, meaning that the bet is no longer properly matched.

But that’s exactly what OddsMonkey is here for: to offer tools and advice that dramatically reduce the chance of you making a mistake and give you a plan B if the odds do change at the last second. Our tools and training are here to make matched betting as low-risk as possible.

Matched betting is still one of the best ways to make money online from home. For as long as bookmakers offer free bet deals, back and lay betting can continue to deliver profits.

Bookmakers have been aware of matched betting for years and they’re showing no signs of stopping these special offers. So, matched betting still works in 2022 and it’s extremely unlikely that it will die any time soon.

We estimate that tens of thousands of people in the UK will use matched betting to supplement their income this year.

Thousands of people across the UK believe that matched betting is worth it. Check out our customer reviews and matched betting success stories prove. Of course, whether it’s worth it to you depends on your personal circumstances.

All of the money that you make from matched betting is 100% tax-free and, with the right tools and resources at your disposal, the process is quick and easy. This, combined with the high profits on offer, means that you can make a relatively high hourly rate.

Over the years, OddsMonkey has helped thousands of people earn a second income with matched betting.

It is extremely unlikely that matched betting will go wrong, but it is possible for you to make a mistake during the process. It is also possible, but unlikely, that the odds will change in-between you placing your back bet and lay bet in a way that causes an overall loss.

If you place your matched bets correctly and the odds used to calculate them do not dramatically change for the worse in the middle of the process, the maths means that you are guaranteed to make a profit.

Plus, if you are unfortunate enough to lose money on a matched bet, there’s a good chance that you’ll be able to make it back quickly. Always double check bets before confirming them.

Matched betting can be easy if you have the right tools and resources to help you. Luckily, we have everything you need here at OddsMonkey. We’re dedicated to helping our members get to grips with matched betting, get the best offers, and maximise their profits.

When you start your Free Trial, we’ll take you through matched betting, step-by-step. Our tutorials will walk you through the process, introduce you to betting exchanges, and show you how our OddsMatcher tool works. We’ll then guide you through your first matched bets. This is the first step towards making £1000 from bookmaker sign up offers.

You do not need a separate bank account for matched betting, but it can be helpful. The main argument for having a bank account especially for matched betting is so everyday spending doesn’t get in the way. It’s as simple as that. With a separate bank account, you can keep track of your incomings and outgoings more easily. Without having to trawl through all those Just Eat orders and bills…

Joking aside though, most of us have direct debits set up for things, so we need money in the bank on a certain date. Withdrawal times differ between bookmakers and sometimes there’ll be extra delays that are out of your control. It can be a bit of a waiting game. And this all means that you won’t always be able to guarantee when you have the amount of money you were expecting.

Because OddsMonkey is located in the UK, most of the offers we find and post on the site are UK-based. Now, that doesn’t necessarily mean that if you live outside the UK you can’t matched bet, it just means that you’ll need to check the terms and conditions of individual bookmakers and offers to see if you’re still eligible.

The availability of offers depends on the bookie. Some of the larger bookmakers operate in countries across the world and may have similar offers available in your country. It’s a slightly more manual process, finding these offers. But there’s still money to be made.

You should also check bookmakers’ terms if you’re a UK resident on holiday, as betting restrictions may still apply while you’re temporarily abroad.

Start your FREE TRIAL today

and unlock £40 with our offer guides. Each guide will walk you through the back and lay bets needed to make your first matched betting profits. Earn immediately. No payment details required