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Chances are, if you’re UK-based and have been looking into increasing your income, you will have come across the term ‘Matched Betting’, along with the promise of making an extra grand or two each month.
I first heard about matched betting a couple of years ago, when I was searching online for other ways to make money on top of my day job.
There it was in all its glory – the promise of an extra four figures each month, completely tax-free.
It was far too tempting to resist, and after doing my research, I decided to sign up with Profit Accumulator who would make the whole process a lot easier for me (I am NOT a process-person, so if a piece of software can break it down for me, I’ll take it. More on Profit Accumulator later!)
Disclaimer: I am a Profit Accumulator affiliate, meaning I will make a small commission should you sign up with them. However, my opinions and experiences are all completely unbiased, and I wouldn’t recommend a company or software I didn’t believe in/use regularly myself.
So what is Matched Betting?
Almost every gambling website uses offers and promotions for both new and existing customers. We use these promotions by betting on both outcomes using a bookmaker, and a betting exchange – so we always win.
Sounds complicated – can anybody do it?
There are some complicated calculations, but if you sign up to Profit Accumulator, they do everything for you – all you have to do is follow the instructions.
Profit Accumulator finds the event to bet on, tells you how much to bet, and how much you can expect to make.
Let’s do an example together
A sign-up promo is offering a £10 free bet if we make a £10 bet first. This is called a ‘qualifying bet’. We use one gambling site to bet for an event outcome, and another website (usually called an ‘exchange’) to bet against the event outcome. Whatever happens, we win one bet, and we lose the other – cancelling each other out.
But now, we have a £10 free bet. So we do the same process again, and make a profit no matter the outcome. There is no gamble, as we can’t lose – we will always win on either the betting site or the exchange site!
Some offers vary in how they work, but Profit Accumulator is great at explaining how it works, and they provide step-by-step videos showing you exactly what to do at each stage, for every single offer. There’s also an active forum, where members are able to support and guide one another if they have any issues – or direct one another to any particularly profitable deals.
Profit Accumulator lists all of the available sign-up offers for you to work through when you first join, but once you’ve completed them all, they’ll then show you reload offers.
What are reload offers?
The betting sites will often try to entice customers back to them with new promotions, similar to the initial sign-up offers – these are called reload offers. We use these in exactly the same way – using Profit Accumulator to guide us, we place qualifying bets on both the betting site and exchange site to qualify for a free bet.
How much money should I use for matched betting?
I’ll be honest – the more you have, the quicker you can work your way through the offers as you won’t need to wait for your other bets to come in to have the cash to allocate to a different promotion. This said, there’s no other disadvantage to starting low. I personally would recommend signing up to Profit Accumulator’s free trial, which should net you approx. £40 of free cash once you’ve worked your way through the offers.
I did then use an extra £160 from my various side hustles (mainly decluttering on eBay) to fund my venture into matched betting.
How long does matched betting take?
I typically spend about 20-30 minutes each day on matched betting, and usually prefer doing it before work, when I’m a little more bright-eyed and alert. It’s not complicated, as long as you follow the Profit Accumulator instructions to the letter. I know in the evenings I’m a little more hazy, so for me, it’s just not worth the risk.
I’m already signed up to some betting sites – will this affect my ability to access the promotions?
Whilst you won’t be able to access the bookmakers’ sign up bonus, you’ll still be able to take full advantage of other promotions and reload offers they run, so it’s still well-worth looking into.
Wait, do bookmakers support matched betting?
The general school of thought is that bookmakers don’t like you matched betting – however, it’s been widely published online and in national newspapers, and it’s perfectly legal.
If a bookmaker suspects you are matched betting, they might ‘gub’ your account, which is simply no longer sending you any reload offers. You’re still usually welcome to bet with them, but you won’t receive any promotions.
Will matched betting affect my mortgage application?
Opinions differ on this one, but I do use a different bank account to my main current account for matched betting. Matched betting isn’t gambling, because you’re betting on all outcomes – but when mortgage lenders are going through your application, if they see a whole host of various bookmakers on your bank statements, it could affect your application.
Play it safe, and use a different bank account.
Is matched betting illegal?
Nope, not at all – it’s completely legal, and tax free. The government deem it to be gambling winnings, which aren’t currently taxed.
This post is way too long for me to read through – what the pros of matched betting?
- Come and go – I’m now on my third time matched betting, and I love that you can sign up to Profit Accumulator for as long as you want, before cancelling and coming back to it whenever you like.
- Tax free and legal – I’ve mentioned it above, but a huge benefit of matched betting is that it’s tax-free and legal.
- Convenient – this is the PERFECT side hustle in that you can do it from home, once the kids have gone to bed, before you start work…whenever! You make it fit in around your life
- Support – there is a lot of support out there, including Facebook groups and forums on Profit Accumulator. If you think you might have messed up on an offer, head to the forum straight away, and with a bit of luck, somebody might be able to help.
Matched betting sounds too good to be true – what’s the catch?
I’m keen to be completely transparent with you on this one, as it can seem a little overwhelming at first – if it’s not illegal, and it’s tax free, why isn’t everyone doing it??
So I’ve had a think, and here are a few cons I can think of when it comes to matched betting:
- There are a few processes to learn when starting out which may seem intimidating, but after the first few you do with Profit Accumulator guiding you, you’ll 100% realise you can do it. Profit Accumulator are there to help with every single offer – be it a sign up offer, a promotion, casino offers or a reload offer, so you’ll never be left to work it out on your own.
- Liability – in order to make lay bets (that is, the bets you place on the exchange to bet against your initial bet for an outcome to happen), you may need a bit of money in your exchange account. Once you have a bit more money in your liability pot, you’ll be able to place more bets simultaneously.
- Requires concentration – this isn’t a side hustle I’d recommend doing whilst you’ve got the TV on in the background. You need to fully concentrate on the offer you’re working on, and some offers can take longer than others. If you’re like me and you’re less process-minded, it’s also a little boring, but for free cash, I’m willing to make the sacrifice!
I also think it’s important to point out that whilst matched betting isn’t technically gambling, I would fully recommend pursuing other side hustles if you have had a history of gambling problems in the past. The temptation just isn’t worth it, and there are so many other side hustles you could look into.
To download my list of 50 side hustles to start today, click below:
Is it for me?
So you’ve had a read through, and you’re torn about whether this is the right side hustle for you – I get it, I thought the same to be honest. Processes aren’t really my jam, so it took a little while for me to dive into it back then. What I will say is between matched betting and other side hustles, I was able to take eight holidays last year without plunging myself into debt, and barely spent anytime on it – it is without doubt the least time consuming of all my current side hustles.
I started by signing up to Profit Accumulator’s free trial – once I’d worked my way through the offers, I’d made just over £40. I then reinvested this £40, along with some of my own money, and am now making a healthy little side pot for more adventures, once we’re able to travel again.
This said, if you give the free trial a go and it’s just not for you, you can take your funds out of the accounts and leave with your profits, no questions asked.
Here’s to finding a side hustle that works around your lifestyle!