When it comes to beginning your matched betting journey, there might be a couple of aspects you have not considered. For example, many matched bettors open up a separate dedicated bank account solely for your betting activity. If you are planning on doing this, there can be lots of different banking options out there, and it can be overwhelming to figure out which one is best suited for your needs as a matched bettor. Here at OddsMonkey, we will look at all of the best available banks to use for matched betting and also why users might want to consider opening another bank account if they haven’t already.
Why Set Up A Separate Bank Account?
Most matched bettors might not have thought about setting up a separate bank account when it comes to their matched betting activities, yet there are plenty of great reasons why bettors have opted to set up a bank account solely for their matched betting activities.
When all of the activity in the bank account is from matched betting, it becomes a lot simpler for the user to keep track of their progress without interfering with other finances that are part of the bank account. Matched bettors are able to easily see how much profit they are making from matched betting and how much money they are putting into the process, allowing users to track the process simply and effectively. Keeping track of your progress can be incredibly important; we also recommend checking out other advice and tips about matched betting, which can be found in our football matched betting guide and our horse racing matched betting guide.
Another important reason is that it simplifies mortgage applications as if you are planning on applying for a mortgage, your bank statements will likely be looked at and checked by lenders. A separate bank account for matched betting can be helpful to avoid questions and concerns about any betting activity showing up on your main bank account. However, always remember that each lender has its different requirements, so always do your research when applying for a mortgage.
Finally, every matched bettor will want to spend their profits and make the most of the money they have earned through matched betting. However, if you want to make sure all matched betting opportunities are being used to their potential, you will want to build up a healthy bankroll that allows you to take on more offers at a time. Having a separate bank account for matched betting will allow you to build up this bankroll and help reduce the temptations of dipping into the bankroll too soon.
Which Bank Account Should You Choose?
It is recommended that matched bettors choose any high street bank account when it comes to matched betting. Most of these banks will offer quick setup for new current accounts, which have ease of access, no overdraft and free banking services.
NatWest offers a straightforward current account with no monthly fees and reliable online banking. NatWest is one of the best options for matched betting due to these reasons and the easy-to-use nature of the account, which has no charge for basic services.
TSB’s current account is also another option with easy online banking, this option also comes with a debit card which can be used for deposits and withdrawals with bookmakers.
There are plenty of options when it comes to different banks that can be used for matched betting, just like there are lots of different tips and tricks that users can find out about here at OddsMonkey! Make sure to check out our matched betting blog for more.
Using E-Wallets For Matched Betting
Users do not have to set up a separate bank account, with E-wallets being available as well, these can not only speed up your transactions when moving funds but it also allows for you to keep your matched betting running smoothly. However, some offers do not allow for E-wallets to be used, so it is always best to check the terms and conditions before using an E-wallet for your first deposit.
For example, PayPal is one of the most popular and widely recognised E-wallets, with fast withdrawal times and instant transfers to your bank account. Some bookmakers may charge a deposit or withdrawal fee with PayPal, and they might not be eligible for promotional offers.
Matched Betting At OddsMonkey
Utilising another bank account can be a great way for bettors to make the most of their matched betting. OddsMonkey is the place to be when it comes to finding other tools which can help users in their matched betting journey. For example, OddsMonkey is home to tools such as the matched betting calculator and our each way bet calculator which are two examples of the many calculators we have available on site!
