FAQ
Here are some of the most FAQ that you might be wondering as I was when I first started:
Do I need to know how betting works?
Nope. You really don’t need any prior knowledge of betting at all. Even though it might help you I believe that not knowing anything about betting/ gambling is a plus point because you will not be ‘emotional’ with your bets and you will but bet for profit.
Do I need to place a bet before?
No you don’t need to have ever bet or gambled before taking your matched betting journey. I had never gambled or anything apart from the odd £1 bet on a horse at the grand national or a lottery ticket.
Is it legal?
Yes. Matched betting is 100% legal. In saying that it is frowned upon by the bookmakers (because you are basically exploiting their services). It’s like card counting in a casino, not illegal just frown upon.
How much money do I need to start?
It all depends. I have heard of people start with only £25. the average amount and the amount I started on is £100. But the rule is that the more you start with the quicker you will see more money return (the more money you use the more bets you can place equals more profit quickly).
How long does it take to find offers?
OK here is the thing about finding offers for free bets, promotions and or casino offers, you can find these offers yourself but to if you was to do it this way then you would spend a lot of time looking foe offers and the profit that you would make would not be worth the time that you put in.
Because of this it is highly suggested that you sign up to the website called Oddsmonkey. Oddsmonkey offers a range and tutorials, tools and best of all a ‘daily offers calender’ where they compile all offers from all bookmakers for that day. Using Oddsmonkey’s service makes matched betting easy and makes you the most money.
Their services is £29.99 per month (you will make this back easily each month) but they do offer a free trail where you can make up to £60+ in about 60 minutes.
Do I need to pay tax on matched bets?
Nope. Because matched betting is seen as gambling and you don’t need to pay tax on ‘winnings’ and all your profit is winnings, calculated winning but still winnings, you don’t need to pay tax on it. You earn £2000 you get £2000.
Is it possible to become a full time matched bettor/ make a living?
The short answer is yes. You most definitely can. You also don’t need to crazy hours a week to make a living when matched betting. Depending on how much you deem a ‘living’ you sometimes only have to work like 1-2 hours a day and you can live off of that.
There are many people out there that are matched betting and only matched betting and are comfortable. The more things you do within matched betting (sports bets, 2Up, Price boosts, casino offers) the more chance you have at easily making a living with matched betting.
Also since you are not tax on matched betting earning you don’t have to earn say £2000 a month to get around £1400 after tax, you earn £2000 you get £2000.
Can I get get banned?
If the bookmaker notices that you are only placing bets when you get offers from them and you are placing these bets on really obscure sports/ matches then the bookmaker can do a thing called “Gubbing”. Being gubbed is when the bookmaker will stop sending you offers/ promotion.
To avoid being gubbed you may need to place bets every no and then. We call this ‘Mug bets’. this is to blend into the crowd and look like any other ‘mug’ just gambling.