Sponsored post in association with OddsMonkey
2021 is set to be an expensive year for us. We are in the process of buying our house so we’ve got some solicitors bills coming our way plus we need to finish off our garden makeover project (we are currently without a lawn have a 40sqm tarpaulin covering bare mud instead) and do some work around the house so any spare money we can make is a massive bonus at the moment!
I decided it was time to turn the tables and get Dean, my husband, involved with the side hustles and teach him how to start matched betting.
Starting Matched Betting with OddsMonkey
I’ve teamed up with OddsMonkey to demonstrate just how easy it is to get started making money with Matched Betting using their Free Trial offers and then their premium membership. I’ve already done some matched betting in the past so this time around Dean will be signing up for the accounts so we will have access to all the new user offers, meaning we can give you a proper walk through and ‘diary’ of how we get on!
What exactly is Matched Betting?
Matched Betting is a tax-free way to make a profit from the free bet promotions that are offered by betting companies. Bookmakers advertise welcome offers/ promo deals of things such as free bets and free spins to entice new players to join up and start betting with the, with matched betting we leverage these free offers to cover all potential outcomes of an event (by placing two bets) so that we win no matter what happens.
But what happens when the starter/new customer offers run out I hear you ask? Well, bookmakers want you to continue playing with them so they will send you additional offers from time to time to entice you to place more bets – things like ‘bet £x amount and get £x in free bets’, they also run special offer promotions to coincide with certain sporting events so there is always plenty of offers to keep you busy and earning profits.
…this sounds too good to be true – is it all legit?
Yep, Matched Betting is 100% legit AND since the profits are classed as ‘gambling winnings’ (even though we aren’t gambling) it’s tax free income!
Preparing to start Matched Betting
There are a few things you can do before starting Matched Betting that will help to make it a lot easier for you.
First off I’d suggest setting up a new email account just for matched betting, that way the offers you get sent don’t clog up your normal inbox and it’s nice and easy to log into the new email account once a day/every few days and see what offers are available – I find being organised is key in maximising your profits, you don’t want to be wasting time scrolling through trying to find an offer email or log in details, have it all in one designated places and life becomes a lot easier.
Secondly I’d suggest opening a new bank account. This can just be one of the basic debit card accounts any of the banks offer, you don’t need any bells ans whistles, we’re just using it as a place to keep our initial bank roll and subsequent profits. Keeping it separate from your main account makes it easier to keep tabs on how you are doing.
Lastly, give yourself a set bankroll to start off with. You do need a bit of money to start off Matched Betting (as we need to place the initial bets to get the free bets) but it doesn’t need to be a huge amount. We have given ourselves £100 to get started with and will use the subsequent profit we make to top up that bank roll and complete more offers. If we get to a stage where we think we could benefit from having a slightly higher bank roll then we might add another £100 in as and when we can but the main idea is that you use your initial profits to increase your bankroll.
OddsMonkey Free Trial – Earn up to £63 with the free trial offers
The OddsMonkey free trial gives you access to 4 profit-making sign up offers to get you started and access to a free version of the OddsMatcher tool. Giving the free trial a go is a great way to dip your toes into the world of matched betting.
Once you’ve seen how matched betting works and experienced the profit for yourself, you have the option to sign up as a premium member. With monthly installments at £19.99 or an annual membership fee of £150, this investment will then lead to you generating a healthy side income, month in month out.
Once you sign up, here’s a quick overview of what you’ll be getting:
- Access to 50+ sign up offers worth around £1000 in profit for you
- 100 step-by-step tutorials
- Use of the OddsMatching tool
- Access to the OddsMonkey community and support team
And once the sign-up offers have all been completed, there is even more to keep your side hustle going:
- Daily offer calendar with offers being run that day
- 60+ reload offers to keep the profits coming in
- Profit Tracker giving an easy at a glance view of how much you’ve made
Matched Betting Diary
Week 1 – £34.71
Getting to grips with the OddsMonkey Free Trial
As I mentioned before I have done some matched betting in the past but it’s probably not for a good 2 years or more so I decided to sit and go through the tutorials with Dean to refresh my memory and to learn how the OddsMonkey tools all worked.
We sat down on a Sunday evening with a cuppa each and me with my note pad and pen (I knew when I had done this previously I found it easier to make notes of bets I had placed as I went along but it turns out I didn’t need them as there is a handy event and profit tracker included with the OddsMonkey free trial!) and we got to work.
The first tutorial you come to is a general walk through of Matched betting and how it works, using BACK and LAY bets and how it’s the free bets we use to make our profit – this explained it far better to Dean than I ever could, seeing it typed out with certain parts highlighted makes it a lot easier to understand than just telling someone how it works!
The second tutorial explained Betting Exchanges to us and had us sign up for an account with Betfair (super easy to set up) and the third talked us through how the OddsMatcher tool works.
The OddsMatcher is where you find the right events to bet on, it has a filter system so that you can narrow down your search (as some offers require you to have minimum odds) and organises them in a way for you to find the best opportunity with the % rating OddsMonkey has calculated for it.
We sat and watched through this video tutorial twice, the first time to just watch it through and then the second time we had the OddsMatcher open in another window so we could click along with what it was showing.
Tutorial 4 is where it gets interesting as you actually get to place your first bet.
We chose to place our first bet on a horse race, mainly because it was set to run the next day and it was nice and close to the top of the list (the higher up in the list the better the opportunity). I let Dean do all the clicking through whilst I sat and watched, since this will mainly be his side hustle – I made some notes about the event such as noting down the name and time of the event, which horse we backed and the odds and bet amounts. It turns out I didn’t need to do this though because at the bottom of the calculator there is a little button that says log bet, if you click that it automatically adds your event and odds info into the handy Profit Tracker that OddsMonkey provides and it saves a whole lot of time and worry, not to mention making it super easy to track every bit of profit you make!
Using the first Free Bets
The horse we backed didn’t win so our bet paid out into the Betfair (the exchange) rather than SkyBet – it doesn’t matter though as SkyBet credited us our free £20 bet and we placed that on a football match that was set to play the following day. We had to top up the money in the exchange to cover the full liability but we’re still managing ok with our initial £100 ‘float’ that we paid into the designated matched betting bank account. Having a larger bank roll would allow us to complete offers more quickly but we’re happy going at the pace we are, I think once this free bet has settled we will withdraw the money back out to the bank and then go on to the next offer, as we build a bigger bank roll with our profit we will potentially be able to place more bets at one time.
Placing the free bets was also a lot quicker process than our qualifying bets as we’re getting to grips with the system now!
Our first bit of profit
The football match played that evening and the team we put the back bet on to win with the free bets from Sky Bet lost the match so we ‘won’ our lay bet in the exchange and made £14.29 profit!
Dean decided to go straight on to the fifth tutorial (setting up an account with Betfred and betting £10 to get £30 of free bets) since the profit had paid out into the exchange account so we didn’t have to wait around for money to be withdrawn and go back into the bank before placing the next bets – if you are starting with a small bankroll then it means you sometimes have to wait a few days for winnings to pay back out into your bank account so that you can then use them on new bets.
This time placing the bets was even quicker as he had got the hang of using the filter on the Oddmatcher to find relevant events – it probably took 10minutes to read through the instructions, find the matches to bet on and place the bets.
The first bet we placed with Betfred settled and we were credited our free bets pretty much straight away! We followed the steps again in the tutorial to work out where to place our free bets to maximise profit (Dean found this much quicker to do this time round too, it really does become second nature once you get your head around the different options on the calculator when it comes to free bets!). The free bets got used for a horse race the which again paid out to the exchange and we were up £20.92 in profit from maybe 20 mins work!
Time spent: 1.5 hours (that’s including the time it took to go through the first tutorials too)
£ per hour: £23.14
Can’t complain at that as an hourly rate can you! There is still two more offers to complete in the free trial which we’re hoping to get done in the next day or so, we’re currently waiting on the money from the exchange (as we kept getting profit go into there) to clear back into the bank account as we need it to pay into the new bookies to get the free bets. We’re aiming to add more money into our matched betting float/bank roll at the end of the month when pay day comes around so that we can get through the offers a bit quicker.
Week 2 – £56.30
The last of the free trial offers
We started the week with all the money (our original float and then also the profit made so far) back in the bank ready to use for the last two free trial offers. One of the offers had us sign up to SMarkets which is another exchange, so we now have two of those at our disposal, and the last offer had us sign up to Coral to bet £5 and get £20 in free bets.
Usually free bets/bonus bets should be added to your account within 24hrs of your original bet settling (OddsMonkey give you an idea of the timelines in their guides which is very helpful) but for some reason Coral didn’t credit ours, luckily it was very easy to sort out – Dean just hopped on to their live chat and asked about it, it seemed to have been a glitch in the system and they credited them straight away!
Overall we made £55.23 profit from the free offers alone which is amazing when you consider that was for just 2 hours work spread over the week!
Once you’ve finished your free trial offers it’s time to decide if you want to upgrade to OddsMonkey premium. As we’ve already mentioned above, Odds Monkey Premium gives you access to 100 step-by-step tutorials walking you through additional sign up offers worth around £1000 in profit, full use of the Odds Matching tool and access to the OddsMonkey community and support team. It also gives you access to a really nice dashboard (I’m a sucker for graphs and pie charts) that shows you how far you are through offers and quick links to tools you might need 😍
OddsMonkey kindly gifted Dean premium access for 6 months so we’ve jumped straight into the New Account offers (there are a LOT of them!) and are working our way through as efficiently as possible – it’s important not to rush ahead still as you want to make sure you’re keeping track of where you are up to.
Bonus Email Offers
From time to time bookies will email you additional offers that aren’t mentioned in the OddsMoney guides to tempt you into betting with them again – most of them seem to follow a sequence so once you’ve placed your first bet with a bookie they seem to email within the next week offering another good deal (bet x amount and get x amount in free bets).
We had planned to just ignore these for now as some of them aren’t simple offers but we had one come through from William Hill that offered be £10 and get £15 in free bets which is very similar to the initial joining offer, we read through the T&C’s (as that’s what tells you the minimum odds you need to use to qualify for the free bets) and we were able to work out the offer for ourselves by just tweaking the original William Hill instructions!
It might not seem like much but it meant we made £12 from an offer that we would have otherwise ignored, these sort of offers seem to come through on a regular basis too so that could be a whole other chunk of money to add to our profits each month!
Time spent: 1.5 hour
£ per hour: £37.53
It was a bit of a slower week than the first mainly because we had to wait a day for the money from various bookmaker accounts to appear in the bank again. We also made sure we were only betting on higher rated events (which the Oddsmatcher tool highlights to you with a handy % system, the higher the % the better even it is to bet on) but overall we are still very pleased with this as an hourly rate.
Week 3 – £76.90
Hitting our stride
We’ve got into a really good routine with matched betting this week. After dinner is tidied away we get the laptop out and go over the matches that have settled, update them in the profit tracker and check to make sure we’ve completed all the steps of the offer (including placing the free best and waiting for them to settle) and then we click to ‘mark as completed’ box.
We’ve got through 3 new offers this week which might not sound like a lot but we are trying to be very methodical with the process. We could go storming ahead and place tons of opening bets with bookies all at once but that’s not a good idea for a few reasons. Firstly – it could get very confusing and secondly – it could get very expensive as we’d then have a lot of free bets to use and would need a decent amount to lay them all off at the exchanges. We’ve got £300 as our float in the bank account now and we don’t want to add any more of our money to it, instead we are reusing the profits.
Email and Text Offers
These seem to be flooding in now! Weekends are a particularly busy time, I counted 9 in the inbox on Saturday morning all offering things like in play offers for that weekend – most of them are things we haven’t covered in the tutorials yet so we’ve been ignoring them but some have been a few straight forward place £x bet and get £x free which has made a quick it of profit. Most of the ones that come through on text seem to be the more complicated offers.
No Risk Casino Offers
Whilst we were waiting for some of the main bets to settle we had a look at the zero risk casino offers, we’d played through one that gave 40 free spins and won a grand total of £1.74 😂 but it’s something for nothing and all adds towards the profits!
Time spent: 1.5 hour
£ per hour: £51.28
The hourly rate is slowly getting higher as we’re getting quicker which is great to see. We’re liking the routine we’ve created, it’s hardly taking up any of our time and it’s getting us closer to having the money to pay for getting the artificial grass laid this summer!
Week 4 – £11.25
It’s been a cold and difficult week
We would have managed to get a lot more matched betting done this week if our boiler hadn’t packed up. We’ve been without heating and hot water for almost a week now and it’s made it impossible to get anything done in the evenings as we’re either huddled around one of the heaters we have or off having to take a socially distanced shower at a relatives house – it has not be fun let me tell you.
We did manage to get two small £5 free bet email offer bets placed over the weekend which resulted in £11.25 profit, not bad considering they just landed in the inbox.
Time spent: 20mins
£ per hour: £33.75
A much lower hourly rate this week but still a lot higher than either of us make at work! Hopefully the boiler will be fixed before the end of this week and we can get back to having somewhat normal evenings.