Ok, so I am completely new to matched betting and have been giving it a go over the last month. I wanted to write about it here, because, through a lot of research, there are a lot of people stating that you can make a decent profit that’s tax-free. I wanted to write up my experience to date and get some answers down to some simple questions for other beginners.
What is matched betting?
Matched betting is simply using bookmakers offers and promotions to generate tax-free profit – helping to make a second income.
How much can you earn from matched betting?
It really depends on a few different factors but you can earn a tax-free second income.
Is matched betting tax-free?
As all profit from gambling is tax-free in the UK. Yes, all profits from matched betting tax-free.
Is matched betting gambling?
No. Matched betting isn’t gambling. I don’t actually condone gambling to be fair but matched betting is definitely not gambling.
Is matched betting legal?
Yes. Matched betting is legal. It has even been endorsed by some bookmakers.
Is matched betting a get rich quick scheme?
No. Definitely not. You definitely won’t get rich from it.
Is matched betting a scam, or a con?
No. It’s just a simple method of extracting profits from bookmakers offers.
How does matched betting work?
Ok, this is where things get a little more complicated, but like anything, the more you read about matched betting, the easier it will be to understand.
So, it’s the process of extracting tax-free profits from bookmakers.
There are two rounds of betting that need to be made.
The first round includes a bet on a bookmaker website using a free bet offer, and the opposite bet on a betting exchange. This should balance out so you don’t win or lose much but it will activate the offer from the bookmaker.
The second round includes using the offer from the bookmaker, and again, the opposite bet on a betting exchange. This should then give you a tax-free profit.
There’s a more indepth explanation over on OddsMonkey.
How do I find offers?
There are loads of places to find offers online, whether you go through each bookmaker and check the terms of their offers, or use one of many free blogs that list all the offers.
I found that the manual process above was a bit of a pain to be fair, so I opted to used a matched betting service which took all of the hassle out of it.
How do I know what to bet on?
This is where matched betting is most difficult but there is an easy fix. A matched betting service will walk you through every single step for every single available offer on the marker. Plus it is updated regularly so you get access to all the latest offers.
Want to give it a go?
OddsMonkey which is the service I use, gives you access to offers from which you can make up to £45* tax-free. It’s a great, free little trial to see if it’s for you.