If you’ve made the decision to dip your toes into the water of matched betting then the chances are you’re a combination of excited and nervous. After all, there are people out there who claim to be making thousands of pounds every month but the prospect of ‘guaranteed winning bets’ has the alarm bells just triggering a little.
Well, as we told you in our guide to matched betting, it is certainly no scam. That doesn’t mean you shouldn’t swot up though. Here are our top tips.
10. Do your research
Yeah, we know, it sounds obvious but make sure you do plenty of homework before getting started. Matched betting is a complex process to the newbie. When you do anything new, it’s nice to ease yourself in and the last thing you want to do is make a mistake that costs you money purely because you didn’t understand the necessary steps to take.
9. Use a separate bank account
It might sound like overkill but to matched bet effectively you’ll have countless accounts with different bookmakers. Money will be moving in and out at quite a remarkable rate. With that in mind, the last thing you want is your day to day transactions getting muddled up amongst it.
Also, it’s not worthy of its own tip but as we’re on the subject of separating matched betting from your usual life, it’s worth using a separate email address too. You’ll get a lot of junk email from the bookies!
8. Track your earnings
The separate bank account leads directly into this; make sure you track your earnings. As we say, monies will be flying around everywhere once you get up and running. It’s not just about knowing how much you’ve won either. You’ll want to know what bookies you’ve used, how frequently you’ve used them and, perhaps most importantly, the sort of bets that have earned you money. After all once you know where you’re making the most money, you’ll know where to focus your energy.
7. Take it slow
Once you’ve followed the first three steps, you’ll want to tread lightly to begin with. That means utilising the more straight forward opportunities such as straight sportsbook bets. When you do so, take your time. Double check everything you do and, when it comes to the calculations, check it again. You will adjust to match betting and the process will get quicker but don’t go hurtling out of the blocks like Adama Traore.
6. Start with a reasonable budget
Right, we’ve stressed the importance of taking your time but that doesn’t mean go small. Much the opposite in fact. Now, let us make this clear, this doesn’t mean going in with a huge cash balance but we do recommend you maximise what you can afford to invest. The reason is simple. Although matched betting can provide a continuous stream of income, you’ll never have it easier than when taking the initial sign up offers. You will want to make the most of it.
5. Don’t be enticed into gambling
Matched betting, when done properly, is not gambling. That said, you will be using bookmakers most days and to them, you’re nothing more than a potential cash cow. They will try to milk you with flashy lights and seemingly tempting offers. Betting is fine when done in a controlled manner but that is not why you’re here. Don’t be lulled in.
4. Take steps to avoid gubbing
Now, for the purposes of this tip, forget the previous one – just for a second. Gubbing is the industry term for having your account restricted. Bookies do this when they know you’re playing them at their own game. Behaving like a real customer i.e. a gambler hides your matched betting. It doesn’t mean placing huge, risky wagers though. Place sporadic accumulators for low stakes and take up the occasional price boost that’s on offer. It all helps to mask the reason you’re really there – to win.
3. Set yourself a goal and stick to it
Most things you read online encourage you to start matched betting with a bankroll of X, win some money and then re-invest it so you can matched bet in a bigger way. That’s fine and it’s great for stroking your ego but whilst your winnings are tied up with various bookmakers and betting exchanges it actually means nothing. Whatever your goal at the start, whether it be to make a couple of hundred quid or to get a house deposit together then stick to it. That doesn’t mean stop matched betting once you get there. It just means take your winnings as you hit your targets and start the process back from your initial bankroll. You might not ‘win’ as much as some but it will influence your life more.
2. Join a matched betting community
There are a few companies out there that offer matched betting services. They deliver a number of things including training services, finding offers, highlighting the best events for matched betting and even the all important calculators that tell you how much to wager. They also have big communities that bring together expertise and advice as your journey develops. In our opinion, the best companies out there for this are Profit Accumulator and OddsMonkey.
1. Bet safe!
Yes, we know that we drive the message that matched betting isn’t gambling. In the sense that the process guarantees you a profit, that is true. You do, however, have to invest a sizeable bankroll to make it worthwhile and if you can’t afford to have that money ‘locked up’ for a few weeks or months then don’t blindly go with it.
Finally, a guaranteed profit only works if you avoid mistakes. Although, we firmly believe the chances of making mistakes are greatly reduced if you follow our guides and the above tips they can happen. This isn’t an attempt to put you off, just be ultra-comfortable with what’s involved before you hit go.