Everyone has an opinion on matched betting. For some, it’s the greatest thing they’ve ever done. For others, it’s something to be avoided at all costs. Therefore, we think it’s important to look at both sides so that you can make up your own mind about matched betting! In this post, we’ll look at the main pros and cons of matched betting.
Pros and cons of matched betting
Pros of matched betting
An excellent source of additional income
One of the most obvious pros of matched betting is that it’s a great way to make money online. Whether you have a specific purchase or event in mind, want a little extra in your pocket each month, or want to increase your savings, matched betting can help!
Check out these OddsMonkey Premium member stories to see some of the fantastic things matched betting has allowed people to do.
Tax-free earnings
Even though matched betting is not gambling, the winnings are categorised in the same way. This means that they are tax-free and you don’t need to declare your earnings to HMRC. Betting duty on bookmakers in the UK was scrapped in 2002.
It’s risk-free
Matched betting is risk-free when compared to the risks associated with traditional betting, or gambling. This is because it is done using mathematical calculations rather than relying on luck and hoping your bet wins.
However, there is another side to this point, which means it also appears on the cons list. We’ll look at why this is, later on in the post.
Flexibility
One of the best things about matched betting is how flexible it is. It fits around any schedule meaning that you can make money whenever it suits you. You can dedicate as much or as little time to matched betting as you want. And if you need to take a break for any reason, that’s completely possible, too!
No experience necessary
You don’t need to have any prior knowledge or experience in placing bets. This is great, as it means that anyone can do matched betting! Well, as long as you’re aged 18 or over in the UK. OddsMonkey’s Free Trial shows you exactly how matched betting works through step-by-step written and video guides. We teach you all the betting basics and terminology you need to know. All you need to do is take your time and learn the process.
Relatively low effort
Once you’ve learnt how matched betting works and you’re familiar with the different types of offers, it’s a relatively low-effort way to make money online. Obviously, it requires some level of effort, but the idea is that matched betting is something you can do as and when you have time. The more familiar you become with matched betting, the easier it is to do. At least in terms of the different methods becoming second nature.
Unrestricted potential earnings
Theoretically, there’s no limit to the amount of money you can make with matched betting. With daily offers and advanced techniques, the earning possibilities are seemingly endless…
However, there may be some instances where you find that you can’t make as much money as you once did. We’ll look at one of these reasons in the cons of matched betting section.
This leads us to the other side of the coin in our post on the pros and cons of matched betting.
Cons of matched betting
Difficult to understand
One of the biggest reasons people are reluctant to start matched betting is that it sounds complicated. And if you have absolutely no prior experience with bookmakers, odds, or betting, it can seem a bit overwhelming.
But isn’t that the case with most things you’ve never done before? You can’t expect to be an expert at anything the first time you do it. Take your time, read or watch the guides (available to all OddsMonkey members), and get familiar with the matched betting process.
If you’ve got any questions about any aspect of matched betting, just ask! Our Facebook group is a great place to get answers and advice.
Limited shelf life
Matched betting relies on you having open, active accounts with numerous bookmakers. That way, you can jump on as many reload offers as you’re eligible to do. Whenever they come up.
However, some matched bettors do find their bookie accounts restricted. This usually means that they can no longer take part in promotional offers. And sometimes, they may even find themselves stake-restricted, which means that they won’t be able to place bets over a certain amount of money.
Unfortunately, there’s no proven way to guard your accounts against being restricted. And the bookmaker’s decision is usually final. Therefore, matched betting isn’t always a long-term option for earning money. But it’s definitely a great way to make money whilst your accounts are active.
Not as many offers as there used to be
For as long as matched betting has been around, there’s also been someone lamenting ‘the good old days’ or ‘the golden age’ of matched betting. You’re bound to see comments about how there aren’t as many bookmaker offers as there used to be. Or that those that are around aren’t as lucrative as they once were.
Who’s to say for sure? The sooner you start matched betting, the sooner you can start earning! Our Community Forum and Facebook group are full of offers, matched betting techniques, and members’ profits and success stories. There is definitely money to be made from matched betting.
Funds are tied up
Whilst you can start matched betting with pretty much any amount, you do need to give yourself a fair starting pot. And whilst you’re building your bankroll, it does make sense to put all of your profits back into matched betting, rather than spending them. Of course, it’s completely up to you, but it will allow you to do more and bigger offers, more quickly.
Therefore, you may feel as though your funds are tied up in matched betting, and you’re constantly moving money between bookie and exchange accounts. It could help to set yourself a goal amount at which you can start to withdraw money.
Not 100% risk-free
Unfortunately, matched betting isn’t 100% risk-free. The methodology of turning free bets into real profit by covering all potential outcomes of a sports event does work. However, the Advertising Standards Agency (ASA) found that although the process of matched betting is theoretically sound, there is room for human error. Which can be costly.
This is why it’s so important to take your time and follow instructions carefully. Especially when you’re first getting started. All OddsMonkey members have access to in-depth written guides and video tutorials. Both our free trial and Premium memberships will walk you through the best and most profitable bookmaker free bet offers. If you’ve got any questions at any time, swing by our Facebook group or Community Forum.
Not a get-rich-quick scheme
Matched betting isn’t about getting rich quickly. Mainly, because it isn’t traditional gambling. You’re not hanging all your hope on one horse (or team/player, etc). And you aren’t chasing The Big Win.
Instead, matched betting is a great way to build your bank over time. The monetary amounts may be smaller, but they’re consistent and profits can definitely add up over weeks, months, and even longer.
“Matched betting 20 months – just over £5k in total. I treat it as an addition to my pension, this has always been the plan from day one, to treat it as a pension. It’s a great hobby.”
– Peter, OddsMonkey Premium member.
Be organised
This point isn’t necessarily a con of matched betting, but if you’re not on the ball, things can slip through your fingers. For example, you could miss deadlines for using free bet offers. Or you may bet on the wrong market by accident. You really need to have your head in the game when it comes to matched betting. You can do this in whatever way works best for you, like a spreadsheet or notebook, for example.
Let us know if there are any pros and cons of matched betting that we’ve missed by leaving a comment below.
Or, if you’re ready to give matched betting a go for yourself, start your OddsMonkey Free Trial today!
