This Matched Betting Guide aims to provide new matched bettors with a simple beginner’s guide to making money online using matched betting. It will help get you started on your journey as a matched bettor and answer some of the frequently asked questions matched betting beginners have. We will also provide you with a step-by-step guide to completing your first offer.
What is Matched Betting?
Matched betting involves using betting exchanges like Betfair or Smarkets to take advantage of free bets and other promotions offered by bookmakers like Paddy Power, William Hill, and Bet365 to guarantee a profit on your free bets.
In its simplest form, Matched Betting involves signing up with a bookie that offers some sort of promotion to new customers e.g. €/£10 Free bet when you place your first €/£10 bet (see BetDaq example below) and then using Betfair or another betting exchange to lay your qualifying and free bets. By using a betting exchange to lay both bets, you will make a small loss on your qualifying bet but this will be compensated by the profit you make on your free bet.
How much can you make Matched Betting?
This will vary from person to person but when I first started matched betting I made €1,000 plus from the sign-up offers and then another €100-500 per month on average from reload offers. Later on, I was able to increase my matched betting profits by using more advanced matched betting techniques such as extra places, casino offers and Bet365’s 2up offer. However, sign up offers were more lucrative when I first started matched betting over 10 years ago. Nowadays, you can make up to £700 from the sign up offers if you are from the UK and up to €500 if you are from Ireland.
To get an idea of how much other people make with matched betting after you have finished all the sign up offers, I checked the forum at Profit Accumulator which each month has a thread where members post how much they have made through matched betting and casino offers. In the July 2021 thread, over 15 members posted profits of over £1,000. You can also check out a blog post from Profit Accumulator on How much money their members made in November 2021.
The amount of money you can make really depends on the amount of time you are willing to put in. My own monthly record is just shy of €1,400. Currently, I make between €250 and €800 on average a month from matched betting. Please note that this includes low-risk casino offers that I use to boost my matched betting profits. You can read more about taking advantage of casino offers by clicking here.
I don’t do matched betting full time and I would not recommend anyone attempts to make a full-time living from it. However, I do think it’s a great way to make a second income online and has paid for most of my holidays over the last few years.
I do most of my matched betting at the weekend and about an hour a day during the week. I am a subscriber to Profit Accumulator so I check their Offers Calendar each day and complete any offers I think are worthwhile. This saves me a ton of time as I don’t want the hassle of having to check every bookie’s promotions page to see what offers they have as I currently have accounts with 48 bookies and casinos. I don’t want to spend half my day going through all 48 websites, so I use the offers calendar in Profit Accumulator to get an overview of what good offers are available.
If you want to maximise your returns from matched betting, then I highly recommend signing up with Profit Accumulator. They are currently offering a free trial for beginners where you can make up to £40 by following their step-by-step guides. You can read our full review of what Profit Accumulator has to offer by clicking the button below.
Step by Step Guide to completing your first Matched Betting offer
Betdaq is currently offering new customers €/£10 in free bets when they deposit and bet €/£10 within 14 days of opening an account with them. By using the Matched Betting Guide below, we can lock in around €/£7 from this offer.
Please see below for a step-by-step guide on completing this Betdaq Welcome offer.
Step 1 – Setting up your Betting Exchange Account: The first step you will need to complete is to register for an account with a betting exchange such as Betfair. Betfair is an established betting exchange and having an account with them will allow you to place the lay bets required to lock in profits on your free bets.
We have produced a step-by-step guide on how you can set up your Betfair account here. If you already have a Betfair account, you can skip to the next step.
Please note that Betfair is not the only betting exchange you could use for this offer but I recommend that you use Betfair as I find their platform is more user-friendly for beginners to use. Once you are more comfortable with laying bets on a betting exchange, you can try other betting exchanges like Smarkets who offer zero per cent commission to Profit Accumulator members.
Step 2 – Setting up your Betdaq Account: Click here to visit the Betdaq Website. Once the site loads, click on the Join Now button in the top left of the website (see screenshot below).
Step 3 – Entering your account information: When you click on the Join Now button, a new window will pop up and you will be asked to enter your Name, Address, email address, and other information Betdaq requires from you to open an account with them. Ensure you input the promo code BDQ10 on page 3 so that you qualify for the Betdaq welcome offer.
Step 4 – Making your first deposit: Once you have entered all your account information, you will now have the opportunity to make your first deposit into your Betdaq account. In order to qualify for the Betdaq new customer offer, you will need to deposit a minimum of €/£10 into your account.
Step 5 – Placing your Qualifying Bet: Once you have added funds to your account, you will need to place a qualifying bet of €/£10 at odds of 2.0 (1/1) or higher to qualify for the €/£10 free bet. Load the Betdaq website and look for a selection to bet on that is as close to minimum odds as possible.
Once you have found an appropriate selection, check the lay odds for the same selection at a different betting exchange e.g. Betfair, Smarkets, or Matchbook. The aim is to have the lay odds as close to your back odds at the bookie as possible. The closer the match the lower your qualifying loss will be. If you are a member of Profit Accumulator then you can use their Oddsmatching tool to quickly find a close match with a low qualifying loss.
Qualifying Bet Example
For the purposes of this example, we will use the International Friendly match between Germany and Denmark to illustrate how to place your qualifying bet in order to qualify for the Betdaq welcome offer.
Before the match started we were able to place a bet on Germany to beat Denmark at odds of 2.19 at BetDaq and place a Lay bet on Germany at Betfair at odds of 2.2. To work out how much I needed to lay at Betfair, I used the matched betting calculator on Profit Accumulator (see screenshot below). There are other matched betting calculators available but I prefer how the Profit Accumulator Matched Betting Calculator is laid out.
As you can see from the matched betting calculator above, if we place our €/£10 back bet at BetDaq and place a lay bet of €/£9.94 at Betfair, we will lock in a max qualifying loss of approximately €/£0.27. Once you are happy that you have calculated the qualifying loss correctly, you can place your back and lay bets (see screenshots below).
Back bet Placed at Betdaq:
Lay Bet placed at Betfair:
The final result in the Germany vs Denmark match was 1-1 so that meant our lay bet at Betfair won (+€9.74) and our back bet at Betdaq lost (-€10.00), so we ended up with a qualifying loss of €0.26.
Step 6 – Converting your free bet into withdrawable cash: Once your qualifying bet has been settled, the €/£10 free bet will be credited to your Betdaq account. The next step is to convert your free bet into withdrawable cash. To do this we look to place our free bet on a selection with medium to high odds at Betdaq and then lay off the same selection at a different betting exchange such as Betfair. It is best to look for odds in the range of 5.0 to 9.0. We would not recommend using higher odds than this, as if the back bet wins, you will be left with a large balance in your bookie account.
Free Bet Example
For the purposes of this example, we found an International Friendly between the Netherlands and Scotland where you could back Scotland to win at odds of 8.1 at BetDaq with lay odds of 8.4 at Betfair. Again we can use the Profit Accumulator Calculator to calculate the amount we should place on the lay bet (see screenshot below). As this is a free bet, we need to select Free Bet (SNR) as the bet type in the calculator. SNR stands for Stake Not Returned and you will find that the vast majority of free bets you receive from bookies are SNR Free Bets.
When placing your free bets you also have the option of overlaying or underlaying your free bet. If you underlay your free bet, you will win slightly more if your free bet at the bookie wins and slightly less if the exchange lay bet wins. Overlaying your free bet will give you the opposite effect. If you are a beginner I would recommend that you stick to the standard lay to begin with.
As you can see from the above screenshot, by backing and laying Scotland to win using the standard lay, we can lock in a profit of at least €/£8.13 regardless of the result of the match.
The final result in the Netherlands Vs Scotland match was 2-2, therefore our lay bet at Betfair won (+8.13) and our free bet at Betdaq lost (-0.00), giving us an overall profit of +8.13. Taking into account our loss of €/£(0.26) on our qualifying bet, that means we have locked in a net profit of €/£7.87 on this matched betting offer.
|Bet Type||Betdaq – €/£||Betfair – €/£||Profit/(loss) – €/£|
|Qualifying Bet (Germany Vs Denmark)||(-10.00)||+9.74||(-0.26)|
|Free Bet (Netherlands Vs Scotland)||(-0.00)||+8.13||+8.13|
In the example above, I manually found the selections to place my qualifying and free bets. However, if you are a beginner, you may find it quicker and easier to find appropriate matches using an odds matching tool that is provided by a match betting service such as Profit Accumulator.
Where to next?
Now, that you have read our matched betting guide and completed your first offer, you may want to consider signing up for a matched betting service. Our recommended matched betting service for matched betting beginners is Profit Accumulator as they have comprehensive step by step guides to completing over 65 bookmaker sign up offers and an Oddsmatcher tool that will help you find close matches for your qualifying and free bets.
Profit Accumulator is currently offering a free trial where you can earn up to £40 by completing two matched betting offers with Coral and Betfred. You can also read our full review of the Profit Accumulator service by clicking the button below.
Matched Betting Guide FAQ
Is matched betting legal?
Yes, matched betting is 100% legal in Ireland and the UK.
Do you have to pay tax on matched betting profits?
No tax is liable on matched betting profits in Ireland and the UK.
Does matched betting affect your mortgage application?
If you are thinking of applying for a mortgage, It is recommended that you set up a separate bank account for your matched betting activity as your mortgage provider will want to review your recent statements from your main bank account. Therefore it is safer to keep your matched betting activity in a separate account as to the uninitiated it will look like gambling.
Does matched betting affect your credit score?
No, it will not affect your credit score. For more details, check out our article on whether matched betting affects your credit score.
Can matched betting go wrong?
Unlike what you might read on many other matched betting blogs, matched betting is not 100% risk-free. Matched Betting is not 100% risk-free because like everything else in life, it is subject to human error.
Some examples of when matched betting can go wrong include:
– Laying the wrong amount on a bet (the risk of this happening can be reduced by using a matched betting service like Profit Accumulator as using their calculators will let you know how much you should place as your lay bet)
– Laying the wrong market at the betting exchange e.g. laying half time draw instead of the full time draw
– Losing your internet connection so you can’t place your lay bets on the betting exchange
– A market on the betting exchange can be suspended so you can’t lay your bet (This is more likely to happen once a game has gone in play. Therefore, It is best to place any matched bets before an event goes in play)
Is matched betting dead in 2022?
Matched betting is certainly not dead in 2022 but conversely, it is not as good as it used to be 10 years ago. This is due mainly to the increased popularity of matched betting as bookmakers have decreased the value and quantity of free bets and promotions offered to customers. However, there is still huge competition in the gambling industry, and bookies still need to attract new customers, so they will still need to offer promotions to attract and retain customers.
Is matched betting gambling?
Matched Betting itself is not gambling as if you do it correctly you will make a profit regardless of the result. However, if you think you may have a gambling problem or have had one in the past, I would not recommend Matched Betting as you may be tempted by other games and gambling options on bookmaker sites where your profit isn’t guaranteed e.g. high-risk casino offers and no lay accumulators.
Why doesn’t everyone do matched betting?
This is a valid question and it is not an easy one to answer. From my own experience, I think the main reason more people don’t try it, is that it seems too good to be true and that it has to be a scam.
How much profit can you make from the sign up offers on Profit Accumulator?
If you add up all the potential profit from the sign up offers on the Profit Accumulator site you will have the opportunity of making around £700 if you are from the UK and €500 if you are from Ireland.
Still have questions?
We hope you found our matched betting guide helpful but if you still have questions on how to get started matched betting, please leave a comment below and we will do our best to give you an answer.