Matched betting is a tax free way to utilise bookmaker offers and earn cash. It is a profitable side hustle and I earned £12,000 in my first 12 months of matched betting. Can you lose money with matched betting? Let's explore that in this blog post.
What is matched betting?
Matched betting is a way to make some serious guaranteed profit by utilising the free bet offers that bookmakers offer to both new and existing customers. It has turned into one of my favourite side hustles because it is a tax free way to make money.
You can do matched betting in one of two ways – you can complete all of the matched betting offers in a month or two to make £1,000 – £2,000, say for a holiday, Christmas or anything else you are saving for, or you could look to do matched betting long term. There is no right or wrong, but whatever you choose, matched betting can be really lucrative and it is a great side hustle to consider.
How much money I have made from matched betting?
Matched betting has been a great side hustle for me! By completing matched betting offers I've made a fair amount of money.
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 lose money matched betting?
The nature of matched betting means that if done correctly, by following the instructions and terms and conditions of every offer, you shouldn't lose any money.
However, there are a few instances where you can lose money matched betting, and in this post I want to share those with you so that you don't fall foul of any of these mistakes.
Gambling instead of using free bets
Despite the name, matched betting is not gambling.
By following the instructions for an offer you will make a profit from your free bet. That profit is limited, but it is guaranteed.
It is easy to get tempted to place a real bet (even if it is with your free bet) without laying it at the exchange. Whilst you have the potential to earn more money, your bet might not win and then you have lost out on the profit from your free bet.
Gambling is one way to lose money from matched betting.
Not using your free bets in time
This is actually one of the common matched betting mistakes.
Matched betting is reliant on utilising the free bets that bookmakers give you, so it makes sense that one of the mistakes you can make is to let your free bets expire before you get to use it.
You usually get around 5 days to use your free bet before it expires, although some bookies will have different terms and conditions.
You can stop this from happening by having a great matched betting routine and keeping good records. Whether you want to use a spreadsheet, good old pen and paper or a reminder on your phone, keep a note of your free bets and make sure you check in regularly to use them.
Not making a start
If you are reading this blog post then chances are you have looked into matched betting, but you still haven't made a start.
I get it.
There's a lot to learn and it can seem quite daunting.
I read up on matched betting years before I took the plunge and started.
If I had started earlier then I could have used the money towards our wedding or other things.
Not making a start on matched betting is leaving money on the table.
- If matched betting is so good, why isn't everyone doing it?
- Can you do matched betting long term?
- 3 bank accounts for matched betting.
Can you lose money with matched betting mistakes?
There are some common matched betting mistakes that can lose you money, including human error.
Over my 3 years of matched betting I have made a few mistakes inputting details into the calculator or into the bookie or exchange.
Over the years this has cost me less than £50, and I have earned thousands of pounds tax free.
Don't let mistakes put you off matched betting
The most important thing to take away from this post is that mistakes will happen and you can lose money from matched betting.
However, due to the way matched betting works, the loses and limited and the profits will more than make up for any mistakes you make.
Remembering to read the instructions carefully and ask questions when you are unsure means you can maximise your matched betting profits.
Join my Matched Betting Facebook groupI am really excited to let you know that my matched betting Facebook group is open to new members again! This group has over 4,000 matched betting members who support each other. It is somewhere to ask questions and even celebrate your matched betting success. We would love you to come and join in!
Join my 6 week free money making courseAre you looking to boost your income with genuine work from home opportunities? In this free 6 week email course I help you to find ways of making extra money that fit in well with your lifestyle – meaning that you can make money, save money and live the life you want. No matter what your financial goals are, there are tips for everyone. Perhaps you want to boost your funds for Christmas or a holiday, you want to work less so that you have more time for your family or you just want to give up your job altogether, there is something for everyone in the course.