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Whenever we try to explain to people we make money from Matched Betting, we’re often met with raised eyebrows and the response, ‘so gambling yeah?’. People have a lot of misconceptions about matched betting or don’t really know anything about it at all so assume it’s gambling.
So what’s stopping you from getting started with matched betting?
I’m worried about the tax implications
Matched betting is tax free and any earnings made from it as such are not taxable. Matched betting by HMRC’s definition is classed as gambling and as gambling/lottery wins are tax free, so too is any money made from Matched Betting. Read this article if you need more convincing.
It’s too risky
When you are starting out with Matched Betting, it is completely risk free when done properly. In it’s simplest terms, when you matched bet you are placing a bet on the outcome of something happening. eg ‘Man Utd to win’ then you place a counter bet or a ‘lay’ bet against that outcome. eg ‘Man Utd not to win’. That way, you are covered for all eventualities.
Later on in your matched betting career (when you’ve exhausted sign up offers etc) there can be small monetary risks known as ‘qualifying losses’ but you will be aware of these in advance of placing your bets, so can decide whether it’s a worthwhile risk or not.You will see people start taking bigger risks further into their matched betting adventure, such as advantage play, but this is an approach I avoid as much as possible.
It’s too complicated
I’m not going to lie, matched betting can take a while to get your head around, so I would advise not starting until you are confident you understand the process and what you are doing. The only way matched betting becomes risky is if you don’t do it right. There is however. a wealth of information out there and help where you need it. More on this later.
I don’t have enough money
The bigger pot of money you start with, the more money you can make. There’s no denying that. However, you can get started with as little as £60 – you will just have to be patient and build your ‘bank’ slowly. But there’s definitely still money to be made, regardless of how much you put in provided you can be patient and somewhat organised. Bookies don’t give you free money easily after all.
I don’t have time
With matched betting, like everything you get out what you put in. But it’s quite easy to make a good amount of money for only a few hours work each week. Take last weekend for example, Hubby spent 3 hours matched betting Saturday morning, for a £162.50 profit with a maximum risk of £4. That’s over £54 an hour – how many jobs do you know paying that kind of rate? And remember, this is tax free so all £162.50 is in our pockets.
Time constraints can be overcome by having email alerts set up for certain offers, having exchange integration set up (once again, more on this later) and focusing more on ‘set and forget’ offers.
It’ll ruin my credit record
False. When you open bookmakers accounts they do a ‘soft search’ (much like getting a car insurance quote) – it has zero impact on your credit record. The only way it could hinder you is when you apply for a mortgage and they ask for your bank statements – because lots of bookmaker deposits is going to look suspect! If you’re applying for a mortgage, stop matched betting 6 months prior to your application to be safe.
However, when we applied for our mortgage we did have quite a few betting transactions on our statements and it didn’t affect the mortgage at all – but this was just our experience and could just be down to the lender and other impacting factors.
I’m worried about developing/rekindling an addiction
If you’re worried that you might become addicted to gambling and that matched betting might lead to this then you are right to avoid matched betting completely. It’s not for everyone and if you’re putting yourself at risk then you are better off out of it and taking the temptation away.
Hopefully, I’ve debunked a few matched betting myths and now you understand a little more of what it’s about, perhaps you’ll consider taking the leap. There are lots of subscription services available, but we personally use Oddsmonkey