Matched betting has been a great side hustle for me, earning me £12,000 in my first 12 months of this tax-free side hustle. However many people are put off matched betting because they are worried about making a mistake. Here are some of the common matched betting mistakes and how you can avoid them.
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
Not making a start
The biggest mistake that someone makes when it comes to matched betting is not making a start with this tax-free side hustle.
You might have never placed a bet in your life and be worried about not understanding or making a mistake that will cost you money. Over the years of matched betting I have made mistakes, but they have ‘cost' me less than £20 in total over all the years.
If you are interested in matched betting then the best thing you can do is to make a start and decide if it is actually for you.
You can do a free trial and earn a bit of money, then decide whether you want to continue or not.
Every month that you wait to get started could mean you are losing out on £500 or more.
Not following instructions carefully
Before I started my matched betting journey I had read about it over and over again, but it just didn't sink in. It wasn't until I gave myself an hour to watch the videos in the free trial that I finally got it.
When you are just starting out (and even as a seasoned pro) it is really important to follow the instructions carefully. There are beginner offers which are pretty straight forward, and then there are also more advanced offers and reload offers where the details might change slightly from what you are use to.
Always follow the instructions carefully, and you can use Profit Accumulator's Platinum Forum if you aren't sure or you need to check something.
Letting free bets expire
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 keeping records
One of the common matched betting mistakes that I come across in my matched betting Facebook group is people not knowing how much money they have made or where their money is.
The reason for this is that matched betting relies on your opening a lot of accounts at bookmakers, and with regular deposits, withdrawals and waiting for bets to settle means your money could be anywhere at any given moment.
Having great records means you can easily see how much profit you have made and where your money is at all times.
Once you see the total you have earned from matched betting you will be spurred on to keep going.
Not using a dedicated bank account
Another great way to help you to track your matched betting earnings is to use a bank account dedicated to matched betting.
This means that you know all the money in that account, and all the transactions are related to matched betting.
Your earnings won't get eaten up in day to day expenses, and you can keep track of all of your earnings.
Check out these bank accounts for matched betting including some free money for signing up.
Not having a matched betting routine
The great thing about matched betting is that you are in charge of how much time you spend working on it. Typically the longer you spend matched betting the more money you can earn.
Having a matched betting routine that you stick to means that you can boost your earnings, make money more regularly and make sure that you aren't missing out on free bets by letting them expire.
You will know what will work best for you – you might want to do matched betting every month, or spend an hour doing it at night. You might choose set days to do matched betting – whatever it is, find a routine that works for you and stick to it.
Starting to Gamble
Something that I love about matched betting is that you aren't relying on one certain outcome, for example, Liverpool to win a football match, so you aren't gambling.
Some people are tempted by gambling when they start matched betting, but you can easily not only wipe out your matched betting earnings, but also lead into more serious addition and financial difficulties.
If you are facing the urge to place bets using your own money or have the odd flutter on the slots then I would advise that you stop matched betting.
- 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.
Not matching an unmatched bet
With matched betting you are using a bookie and an exchange.
When you place a lay bet with the exchange in the background you are linking up with another person who’s placed a corresponding back bet – you don't need to do this yourself as your exchange sets it all up for you. If there aren't enough back bets for that outcome then there won't bet enough money in the pot for you to place yours. Your bet becomes unmatched at the exchange.
Sometimes they get matched quickly, within a few minutes, however if it remains unmatched at the time of the event then you lay bet (at the exchange) is cancelled. That means your back bet (at the exchange) now has no lay bet to counteract it.
You can either watch for it to match if your event is happening in a few hours or days, or you can use the Profit Accumulator training video to show you how to fix unmatched bets. All you need to do is watch the short video and follow the instructions to fix it.
Forgetting to confirm your bets
This is such an easy mistake to make, and you will most likely kick yourself if you ever make it.
Most bookmakers and exchanges need you to click ‘confirm' after placing your bet. However it is so easy to not click confirm and then you bet isn't placed.
Avoid this matched betting mistake by not rushing, an ensuring you see confirmation of your bet having been placed.
Worry about getting gubbed
Being gubbed, or a gubbing, is when a bookmaker decides that they are no longer going to offer you free bets. You are usually informed of this via email, although the email won't use the phrase ‘gubbed'. Since matched betting relies on promotional offers and free bets from a bookmaker it means that you won't be able to use any free bets from this bookmaker.
This is all part and parcel of matched betting though. There are things you can do to avoid getting gubbed by a bookmaker, but it is important not to overthink it.
It is important to note that being gubbed just means you don't get the promotional offers any more. As long as you haven't used an account fraudulently (such as creating a second account for yourself) then your balance is safe and you can still withdraw this.
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 3,000 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.