Back in May, I decided to take the leap and give matched betting a go. I’d heard so many great things about this ‘risk free’ money making trick that I was starting to think it sounded too good to be true. You can read about my experience in my 7 days of matched betting post. Since publishing the post, I’ve been asked LOTS of questions. Here are just a few of the main questions I’ve been asked.
What is matched betting?
According to matched betting tool, Profit Accumulator, matched betting can be described as the following:
Is matched betting gambling?
Technically, no. Gambling requires an element of risk and when you gamble in the traditional sense, there’s always a chance you might lose. However, if you follow the rules and matched bet carefully without making any mistakes, there is no risk. The matched betting process is designed to protect you from losses and guarantee you a win every time!
Do I need a separate bank account for matched betting?
You don’t have to open a separate bank account for matched betting, but if you’re able to open one, I’d advise doing so. I use a separate bank account and it makes it so much easier to keep everything organised and keep track of exactly how much money is going into my bookie betting accounts and how much is coming back out again. Having a separate account also prevents your regular bank statement from becoming cluttered with bets.
Can matched betting harm my credit rating?
Matched betting won’t harm your credit rating. If it did, I wouldn’t go anywhere near it!
However, when opening accounts with bookmakers, they may carry out a ‘soft search’ to check you are who you say you are. These checks will show up on your file, but they won’t affect your credit score because other lenders can’t see them. Only you can.
Nevertheless, if you’re planning to apply for a mortgage or another important loan in the next few months, presenting your mortgage broker or lender with a bank statement that’s littered with bets might not do you any favours. Either open a separate bank account for matched betting or hold off until you’ve got your loan.
Can I use claim matched betting money as income when applying for a mortgage?
No. You cannot declare matched betting earnings as income if applying for a mortgage. You can certainly put that money towards your deposit though.
Is it really legal?
Yep. Matched betting is completely legal and you’re doing nothing wrong by snapping up the free offers provided by bookies.
Are bookies okay with matched betting?
Bookmakers know that matched betting goes on but in many cases, they’re just glad to get people visiting their websites and gambling.
However, if the same bookmaker keeps having to pay you money and they suspect you’re matched betting, there’s a risk they might block your account. This isn’t really the end of the world because you can just use other bookies instead.
When your account is blocked or deleted by a bookmaker, this is known as being ‘gubbed’. You can often avoid being gubbed by placing ‘mug bets’. Mug bets are small bets that aren’t connected to an offer. They’re designed to make you look like an ordinary better who isn’t afraid to gamble traditionally. What the bookies don’t know is that you’re still laying these bets off at a betting exchange to prevent losses.
Is matched betting really tax free?
Yep! You don’t have to pay tax on gambling winnings, so everything you earn is completely yours.
How much money do I need to get started?
Some people start matched betting with as little as £50 and gradually grow their funds from there. If you’re starting out with a small budget, it does take a bit longer to get going as you’ll have to wait for each of your bets to be settled before placing your next ones. If you have a larger sum of money to start with, you can place several bets at once and sit back as the money comes pouring in.
How do I learn to matched bet?
I learned how to matched bet with the help of Profit Accumulator. Since I wasn’t sure what to expect, I started out by making the most of its free trial which guided me through the whole matched betting process, holding my hand and telling me exactly what to do. Make the most of Profit Accumulator’s free trial and earn up to £45 on your first two bets here.
Please note that this post includes affiliate links. This means that if you make a purchase after clicking one of the links in the post, I may earn a commission at no extra cost to you.
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