Basically your are betting on both outcomes on something. I'm going to try and stick to football. This weekend to get started though, I bet a fiver on Coral on Exeter to beat Tranmere away, then on Betfair exchange I layed the bet so I bet Exeter wouldn't win, (draw or Tranmere win). I chose this bet cos the odds were similar and this is known as the qualifying bet because it unlocks a £20 free bet which you use to make the profit. So on that qualifying bet I lost something like 12p, but then with access to the free bets I backed Everton to beat Chelsea with the free bets and then layed Everton on Betfair. Now on the Betfair exchange when you lay a bet you have a liability because you are essentially acting as the bookie, so I had to put £70 in Betfair in order to get that bet on. When all was said and done Everton won and I won £85 quid on the free bets with Coral and lost my liablity on the Betfair Exchange because I was backing Everton to lose or draw there and they won. All told that left me £15 quid up, because I was betting with free bets rather than my own cash. The idea is you do that with the other 95 bookmakers and the money soon adds up.
I don't bet a lot so I'm only intending to do the initial sign up offers, maybe a bit more. A couple of grand would be amazing.
Gladly when we can!
Same here , let me down for £40. Even more reason to be annoyed with the result
I very rarely bet for fun. Unless it's a pound here or there on a first goalscorer in an England game. Good tip about the bank account. I have a monzo, might do it through there instead of my main accountI probably made somewhere around 500 doing this a while ago, so it is possible.
When talking about matched betting, in essence I think of this as taking advantage of the bookies free offers.
The way it works is you sign up with a bookies that's offering a "bet £x and we'll give you a free £x bet"
You place the initial bet with the bookies, and then lay the bet (that is, bet on the opposite outcome) on the exchange, usually Betfair.
Unless you're very lucky, this leads to a small loss overall, however you've then got a free bet to play with at the bookies.
You then repeat the process with the free bet, so say back a horse at the bookies, and lay it on the exchange. Whatever the result you're either up at the bookies or up at the exchange. Take off your initial loss, and this is profit.
Then repeat with the next bookie offering matched bets, and so on...
It's a bit fiddly, but there are a few websites that can walk you through it.
However... be aware that it can make your bank nervous if they see a number of gambling transactions going through your account. They won't stop you doing it if you've got the funds, but for things like large personal loan or mortgages applications which can go to underwriters for assessment, they see it as an additional risk. They won't understand it as a profit making enterprise!
For that reason, I'd be tempted to set up a completely separate account with a totally different bank to run this through.
You also need a bit of seed funding for this, maybe a couple of hundred quid. That's mostly to fund your exchange account. It's advantageous to lay at quite high odds sometimes to maximise your profit, so you need a reasonable amount on tap at the exchange to do this.
So, it's do able, but it's quite hard work if you're serious about it.
Most importantly though, if you want to make money rather than lose money, I'd avoid getting pulled into the world of betting for fun, unless it's with money you can afford to lose. There aren't many poor bookmakers.
If like me you are coming at it with no knowledge I'd suggest doing the walkthrough trials on profit accumulator. You will get the gist and then I suggest doing the £1 for 7 day trial and carry on through the sign up offers. I also didn't have Bet365, SkyBet or Paddy Power. I'm about £175 in profit though now.
Never back city on a ACCA! Always have a side bet but always followed this rule as been stung before!
Got to appreciate the honesty here. It's not exactly free money, and the reason the bookies do it, of course, is to hook people into a gambling habit.
Having said that, stocks and shares aren't entirely risk free either I suppose (not that I've ever had enough money to take a punt at that).
My main worry in matched betting, was just that I'd make a silly mistake. It took a fair amount of effort and concentration to make it pay, almost like working for a living, and where's the fun in that, eh.
Probably about an hour a day. More at weekends when there tends to be more on offer. I'm just shy of £900 now from when I started and still got a good few sign ups to go.
Yeah it's totally tax free cos it's technically gambling. My aim now is for 300 a month, if I get 'gubbed' on some accounts. Which is where you lose access to the company's free bets type promotions, I can see it drying up. I've lost Boylesports and The Pools so far. Some people claim to make a thousand a month, I believe they are probably doing something called multi accounting which is pretty much what it says on the tin but will get you completely banned if you get found out.So what’s that? Just over 2 months doing it, £20/mo costs, say 20 weekday hours plus another what? 10-15 weekend? 35 hours a month, roughly £400/mo profit so just over £11/hr all told. Say £14+ as it’s tax free, more if you’re a higher bracket.
For a job you can do anywhere any time pretty much that’s not bad at all.
Probably quite a good time to start with Cheltenham approaching, apparently bookies chuck more offers about during the festival. I very rarely gamble for fun, wouldn't advise anyone with previous issues to get involved in this kind of thing. One thing you do see people say is that a dedicated bank account is recommended if you are applying for a mortgage and that as you will have loads of transactions on your statement that could be dimly viewed by underwriters etc. I don't really give a shit at the minute as I'm not going to be taking credit out for anything significant. Guessing you have already gone through that stuff for your mortgage but something to consider.
