Obtaining large amounts of money from matched betting has a short lifespan. When I was matched betting, there was what I would refer to as a “Golden Stage” and a “Grinding Stage”.
Although I am involved in other activities, I do still matched bet occasionally. Matched betting was the start of a journey for me. However, for most people, it is a short journey. They make money over a few months and then, the journey gradually ends.
In this updated article, I will explain what you can get from matched betting.
A. The Golden Stage
When you begin matched betting, you have access to all of the bookmakers’ welcome bonuses. This is the “Golden Stage”, where you will make money quickly and without much effort. Back when I was matched betting, the bonus offers were a lot bigger than they are today.
In those days, if you went for it, you could make £1500 or more in your first month.
B. The Grinding Stage
After you have cashed all the first deposit welcome bonuses, you enter the “Grinding Stage” of Matched Betting. There will be smaller bonuses available, which will still enable you to earn cash. Unfortunately, you will have to work harder to make this cash.
I call it the grinding stage because it’s a bit of a grind to make money. However, it’s only a grind, compared to the Golden Stage. There is still easy money available. However, there isn’t that much money to be made.
1. Bad Matched Betting Offers
One reason that you will often have to work harder to get your cash is because a lot of bonuses require you to bet more money to get your bonus. For example, at the time of first writing this article, Toals Bookmakers had an offer, where you could wager 5 bets of £5 to get a £5 bonus. Therefore, you have to bet £25.
To a lot of people, this might not seem worth the effort. I used to get a £5 bonus.enhanced matched betting methods. I do explain some of these in this blog.
2. Betting Account Restrictions
A second reason that matched bettors may have trouble making money is because they get their betting accounts restricted.
Years ago, I was a punter. Therefore, when I started matched betting, I understood how punters bet. Given the number of years that I have been matched betting, I haven’t had many account restrictions.
C. Can You Make a Living From Matched Betting?
The short answer is “NO”.
When I was matched betting, there were vendors of matched betting paraphernalia claiming that you can make a living from matched betting. Even in the days that I was matched betting, it would be difficult (or even impossible) to make a living from matched betting.
The main reason is if you are wagering substantial amounts of money, you are likely to end up with betting account restrictions (aka gubbed). If you go after every free bet, without placing other bets, you are likely to have a short life as a matched bettor.
There are 2 main differences between matched betting several years back and today.
Firstly, the bonuses were much bigger back then.
Secondly, the odds were better at the bigger bookmakers, such as Bet 365. This meant that you could get close matches between the bookmaker and the betting exchange. Obviously, this meant that you could make more money from each free bet.
Close odds also meant that you could get value from offers, such as Bet 365’s 2 up offer. The way the 2 up offers work, is that, if you back a team and your team goes 2 goals up in the match, the bookmaker will pay you out immediately.
There are several ways of taking advantage of these offers. Let’s say Liverpool are playing Arsenal. What most people do, is back and lay a team. Let’s say that you choose Arsenal to back £10 at the bookmaker. You would lay Arsenal at the betting exchange and make a small loss between bets.
If Arsenal, goes 2-0 up, you will get paid for the win. You will still have the lay bet on Arsenal that is live. So, whatever you get from the lay bet will all be profit. There are 4 main options:
- Cash out at 2-0.
- Wait and hope that the score goes to 2-1 and then cash out.
- Wait and hope that the score is a draw and cash out.
- Wait and hope that the team, that is losing 2-0, ends up winning.
In the long term, it doesn’t really make much of a difference which option you choose. When you take option 1, you will win small amounts of money often. If you take option 4, you will win large amounts of money very occasionally. Option 2 is somewhere in between.
The point is that 2 ups are a gamble. A series of events needs to occur for the matched bettor to make money. When the odds are not close, this is not likely to be a +EV gamble.
D. Where Can You Go With Matched Betting?
There are a few directions that you can take. The direction that you choose depends on what type of person you are and what types of skills you have and what types of skills that you want to develop.
There are 2 main strategies that I will describe. Firstly, there is “Hit and Run” and secondly, there is “the Long Game”.
1. Hit and Run
This is a short-term strategy, whereby you just take the bonuses, without worrying about getting your account restricted. There was a time where I used to tell people not to use this strategy. However, each to their own. If all you want is some quick money, this strategy is fine.
That said, the game will be over fast.
2. Play the Long Game
This is the approach that I decided to take from the start. My view is that, if you can stay in the game, you will make more money in the long-term. However, it’s not just about money. It’s also about a journey. You don’t know where that journey will take you. However, my journey took me into trading on horse-racing, which was followed by trading on football. I can see that I will eventually go into financial trading.
You should note that sports trading is gambling, whereas matched betting is not gambling. As such, sports trading requires knowledge and analytical skills, while matched betting doesn’t.
Therefore, this journey is not for everyone. Matched betting does provide an opportunity to understand betting markets.
To stay in the game, you need to avoid getting your accounts restricted. This means that you need to gain knowledge of how a regular punter behaves.
Most punters are favourite backers. This doesn’t necessarily mean that you have to back the favourite. Backing the second or third favourite is fine, if the odds are close to the favourite’s odds.
You also need to avoid subscribing to websites that offer matched betting software. If you do use these sites, do not use their links to sign up to bookmakers. The likelihood is that these are affiliate links. As such, if you use these links to sign up to bookmakers, the bookmakers will know that you arrived from a website that teaches matched betting. This is likely to increase your chances of getting gubbed.
Often, these websites give advice of betting on a favourite at odds of around 2.0 to 2.5 with your qualifying bet. Then, they tell you to bet on a longer priced selection (eg 4.0 to 6.0) with your free bet. Although this strategy will get the most money from your free bet, it’s also a surefire way to get gubbed. If the bookie was looking at your account, this betting pattern would be extremely easy to spot.
A second reason for avoiding such sites is because the long game requires you to gain knowledge. You won’t learn much by using their software and not working out your own selections and strategies.
E. Conclusions
If you are just starting matched betting, you need to figure out what you want to do in the future. You might just want some quick money.
If you are already interested in making money from sports trading, you want to keep your options open. Bear in mind that it is a long journey for most people to gain success as sports traders. In addition, the vast majority never turn a profit.
If you want matched betting to take you somewhere, you should avoid using lazy method. I’m not an advocate for studying when you have nothing to gain.
When you use lazy methods, you will always be looking for the next best thing. When you study and work on your craft, the next path on your journey will appear naturally.