The truth about matched betting | Q&A with OddsMonkey
Discover the truth about matched betting thanks to this question and answer session with OddsMonkey’s Founder, Paul.
USEFUL LINKS:
What is matched betting?: https://www.oddsmonkey.com/matched-betting/what-is-matched-betting/
Start your Free Trial: https://www.oddsmonkey.com/OddsmonkeyNewUser/tabid/157/Default.aspx?returnurl=https%3a%2f%2fwww.oddsmonkey.com%2fHome.aspx
OddsMonkey Features: https://www.oddsmonkey.com/matched-betting/features/
TRANSCRIPT:
Hi I’m Paul and I’m the Founder of OddsMonkey.
I thought it would be useful to take a look at some of the questions we commonly get asked about exactly what we do at OddsMonkey and take you through how matched betting works in a little bit more detail. So let’s take a look at the first question:
What is matched betting and how does it work? In its simplest form, matched betting is a way that you can take bookmakers’ special offers and promotions and lock in a profit. All you need is some simple maths, some software to calculate your bets, and you do need to be over 18.
How’s matched betting different to gambling?
When you gamble you’re risking your own money and you’re hoping for one event to happen in order to make a profit. Matched betting’s different because it involves placing bets on all outcomes of an event. So essentially, you don’t care what happens. You don’t care what player wins a match or what team wins a match because your profit will be the same regardless of what happens.
Can I do matched betting full time?
The simple answer for the large majority of people is probably no. You’re limited in the amount of promotions and offers that you can take part in so realistically matched betting’s a part-time hobby for most people. But you only need to spend the odd hour here and there and you can easily make a few hundred pounds every month. Having said that, we do have some members that do matched bet full time, but they do tend to be the exception rather than the rule.
How long will it take me to make a thousand pounds profit?
You can earn a thousand pound profit just from the bookmaker’s welcome offers alone. How long that will take you will vary depending on how much time you’ve got to invest into matched betting and it will also be dependent on what your starting bankroll is. You can start off with as little as £50 or £100. But if you do start off with just £50 you might find that in the first few offers you’re waiting for an offer or a bet to complete so you can withdraw money back to your account before you can then move on to the next offer.
Why isn’t everybody doing matched betting?
There’s probably more people matched betting than you realise. At OddsMonkey we’ve already helped over a hundred thousand people since we started back in 2011. The other reason is probably that a lot of people hear about matched betting and they worry that it sounds too good to be true. I can totally empathise with this, as when I first read about it on the Martin Lewis Money Saving Expert website back, in 2010, I had that same initial reaction.
Is matched betting illegal and will I get into trouble doing it?
Matched betting’s 100% legal, so there’s no risk involved there. Bookmakers use their special offers and promotions to try to entice new customers to open an account and start gambling and risking their own money. All we’re doing is using those free bets in a cleverer way to make sure that we don’t risk any of our own money and we can lock in the profit.
Will I need a big pot of money to get started?
I touched on this earlier. We normally recommend about £100 to get going and that means that you can take the first few offers at your own pace and make sure that you don’t make any mistakes. It is true that with a larger bankroll you can get going more quickly and complete more offers at the same time, but we’d still recommend taking your time double-checking everything you’re doing to make sure that you don’t make any mistakes. If you’ve got any questions or you’re not sure about anything then of course just drop us an email at support@oddsmonkey.com or send us a message on the community forum and one of our teams available seven days a week and we’re more than happy to help out.
Once I’ve completed all my sign up offers, is matched betting profit limited after?
Definitely not. Once you’ve completed these opening welcome offers you can then move on to what we call the ‘reloads’. Bookmakers will have started to send you ongoing promotions and special offers to try and encourage you to continue to bet on their site. As well as these basic reloads, we’ve also got more tutorials and guides that will teach you how to use some of our more advanced tools like our Racing Matcher, Each Way Matcher, and 2Up Calculator. These are all slight twists on matched betting but with the same key value. They’re using simple maths and clever software to ensure that we lock in a profit without any risk.
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