As previously mentioned I’ve recently started Matched Betting and wanted to share my first month’s progress. I stumbled across the concept of leveraging bookies’ sign up offers and bonuses a couple of months ago.
As someone always on the lookout for additional income it sounded like an interesting concept. Could this really be a no-risk way making £100’s or even £1,000’s a month?
So, how has it gone? In a nutshell, pretty well and I’m currently £660 in profit.
There’s plenty of free sites out there with matched betting guides but to give myself a head start I signed up to the OddsMonkey service. For £15 a month you get step-by-step instructions, videos as well as a daily offer calendar for the ongoing reload offers.
To keep track of everything I used one of OddsMonkey’s profit tracker spreadsheets –
Matched Betting Profit breakdown
I haven’t focused just on sign-up offers and have spent a fair bit of time learning about other concepts such as each way matching (horse racing) and accumulators (football).
I started with a relatively large float of £500. It’s possible to start with a much smaller one but I’m lazy and didn’t want the hassle of transferring money between bookies.
The breakdown is as follows –
- Sign up offers – £360
- Bonus offers or “reloads” – £240
- Accumulators – £12
- Each Way matches – £46
- Betfair trading or “scalping” – £35
- Random Punts – -£20
- Casino offers – –£10
- Mug Bets – –£2.50
I’ve ended up with £500 split across the bookies and over £500 at Betfair. I was a bit top heavy at a couple of bookies and withdrew £100 as profit. I’ll be using this to put towards completing additional sign up offers in January.
What have I learnt?
- Matched betting is risk free but making mistakes can be costly
- How to think about odds as decimals rather than fractions
- How to navigate quickly around the Betfair exchange to place lay bets
- Taking full advantage of the horse racing each way matches requires a decent float on Betfair i.e. £400 – £500 to have 3-4 bets in play
- Each way betting on horses requires speed and a keen eye to ensure bets are placed quickly
- Scalping trades on Betfair can be risky (see my other post on how this can go wrong!)
- I’ve learnt the basics but there’s lots more to learn
As a complete novice to sports betting it’s been quite a steep learning curve – learning about concepts such as back and lay, betting exchanges, welcome offers, qualifying and free bets and much more besides!
For all of the bookies I’ve signed up with so far the process has been painless. Typically it only took 5 minutes for each one including depositing a small amount with my debit card.
Initially it was taking me 15 minutes to back and lay just one bet to make sure I didn’t make any mistakes. Now I’m much more confident I can do it in a couple of minutes.
December’s been a busy month with my day job and the Christmas season so I haven’t been able to spend as much time as I’d like on matched betting. If you had sufficient time I reckon it’s possible to hit £1,000 in your first month.
It’ll be interesting to see how January shapes up. I’ll continue with the sign up offers and start looking more in-depth at some the existing customer offers that come through each day.