I love matched betting, having made £12,000 in my first 12 months, tax free. You might be itching to start and wondering if you can do matched betting with a credit card? Let's take a look.
What is matched betting?
Matched betting is a tax free way to utilise bookmaker offers to make money from free bets. It can be really lucrative and a great side hustle for those looking to boost their income.
A great thing about matched betting is that it is tax free, meaning you don't have to declare your income to HMRC or pay tax on it.
How much money have I made from matched betting?
You can see all my previous matched betting income below. Please note that from January 2017 I have been focusing on growing my business with a provable income, with a lot less time to dedicate to matched betting:
- Month 1 earnings – £1,430
- Month 2 earnings – £1,619
- Month 3 earnings (including a Q&A) – £849
- October 2015 earnings – £1,105 (Remember that month 3 also overlaps into October 2015 as I switched to reporting it per calendar month.)
- November 2015 earnings– £915
- December 2015 earnings – £1,347
- January 2016 earnings – £777
- February 2016 earnings – £393 (on holiday for 2 weeks)
- March 2016 earnings - £701.64
- April 2016 earnings - £622.36
- May 2016 earnings - £1,019.16
- June 2016 earnings - £447.18 (away for a week)
- July 2016 earnings - £689.52
- August 2016 earnings - £491.86
- September 2016 earnings - £279.29
- October 2016 earnings - £691.85
- November 2016 earnings - £773.74
- December 2016 - £0.00 (took a break)
- January 2017 - £473.43
- February 2017 - £514.97
- March 2017 - £214.12
- April 2017 - £394.76
- May 2017 - £481.25
- June 2017 - £249.68
- July 2017 - £158.73
- August 2017 - £301.58
- September 2017 - £427.61
- October 2017 - £203.83 (away for 2 weeks)
- November 2017 - £45.84 (away for most of the month)
- December 2017 - £187.24
- January 2018 - £349.54
- February 2018 - £223.39
- March 2018 - £493.01
- April 2018 - £189.31
- May 2018 - took a break
- June 2018 - took a break
- July 2018 - £139.32
- August 2018 - £301.65
- September 2018 - £121.94 (on holiday)
- October 2018 - £328.51
- November 2018 - £459.31
- December 2018 - £258.45
- January 2019 - £148.37
- February 2019 - £199.84
- March 2019 - £579.54
- April onwards - paused for a mortgage application
Can you use a credit card for matched betting?
When you start matched betting you will need a float of around £60 to complete your first few offers.
In order to complete more offers, faster and earn more money, you will need a bigger float or matched betting pot.
You might be wondering if you can use a credit card for matched betting in order to build up your pot and earn more money from matched betting.
Whilst this might sound like a great idea, especially if you are using a 0% interest credit card, using a credit card for matched betting might not be a good idea.
That is because a lot of credit card providers either have a gambling transaction fee OR they treat gambling transaction as a cash advance.
Gambling transactions are often treated the same as withdrawing cash from an ATM – which is one of the most expensive ways to borrow money. For example, M&S credit card charges at least £3 for a Cash Advance (they charge 2.99%, with a minimum of £3) plus the Cash Advance interest which is 23.9%.
Can you use a 0% interest credit card promotion for matched betting?
You might think that you have beaten the system by using a credit card with a 0% interest promotional period.
However, most 0% interest promotions exclude cash advances, which most credit card providers treat gambling transactions as.
Therefore, using a 0% interest credit card won't bypass these terms.
- If matched betting is so good, why isn't everyone doing it?
- Common matched betting mistakes
- How to make £1,000 or more a month with matched betting
How to fund your matched betting without a credit card
If you need to rely on borrowing money for matched betting then I would strongly advise against starting matched betting right now.
You might also want to consider using your savings for matched betting (this is what I did to help me earn over £1,400 in my first month of matched betting)
Bank accounts for matched betting
It is a really good idea to start a new bank account for matched betting.
Here are the bank accounts I recommend for matched betting.