I love matched betting. It gives me a reliable source of extra income every month. And it’s given me the excuse to start this matched betting blog and share my knowledge.

My monthly matched betting diaries present a fair assessment of how I manage to find time to do matched betting. But it’s difficult to present a full picture of what it’s really like to do matched betting in these diary snippets.

I want people to be armed with as much information as possible to help them make a decision about whether matched betting is right for them. Once you become experienced, matched betting is a brilliant way of making some extra money from home.  But it’s not for everyone. It’s a reflection of my own experiences after nearly a year of matched betting. It also reflects the experiences of those I know who do matched betting, some of whom love it as much as me, others who have stopped.

THE DOWNSIDES OF MATCHED BETTING

I wouldn’t be wasting my time if there weren’t lots of pros to matched betting. But let’s deal with the downsides first.

MATCHED BETTING SOUNDS COMPLICATED

There’s no getting away from the fact that matched betting is a complicated subject.

My guide to matched betting aims to break this down as simply as possible. Matched betting involves you placing bets which cancel each other out. Therefore, you don’t lose money. Instead, you just get your money back. As you use free bets given to you bookmakers, rather than your own money, this means you can walk away with the value of those free bets. As there are so many bookmaker offers to take advantage of, there’s lots of money to be made.

But if you’ve ever tried explaining this to people, I’ve no doubt you’ve been met with lots of confused faces. I’m very happy to talk about matched betting with anyone I meet. However, I’ve no doubt that some members of my family are convinced I’m a secret gambler. This amuses me and I can brush it off. But it does mean there is an unfortunate taboo associated with the subject which may put some people off.

YOU NEED TIME

Many people make in excess of £1000 per month from matched betting. I’m gutted I’m not one of them. I simply don’t have enough time – or flexibility – to do more. To earn this much you realistically need to spend at least 2 hours per day matched betting. You also need to be available for different types of offers at different times of the day.

As a busy mum of two young children I’m lucky if I can spare an hour most days. It’s also difficult for me to dedicate any time to matched betting at the weekends, when the most profitable offers are available. I have working friends with children who have started – and then stopped – as they didn’t really have any spare time for it. If you’re busy, then it’s unlikely matched betting will be suitable for you.

That said, my initial aim was to make £500 per month. I’ve worked out ways to manage matched betting as a stay at home mum, meaning I beat this target early! On a good week I can only spare a maximum of six hours for matched betting. This works out to me earning more than £20 per hour in my spare time. Not bad for jumping on the computer occasionally!

MISTAKES

Matched betting involves you using your own cash to place the different types of bets. Unless you are careful, it can be easy to make mistakes matched betting. My advice is to take it slowly and always double check your bets match the calculations.

IT CAN TAKE TIME TO BUILD UP YOUR MATCHED BETTING POT

Although your money is not at risk, you do need an initial pot of money to start matched betting. That money isn’t at risk, but you need to use it in different accounts to cover the back and lay bets that need to be made.

I started matched betting with an initial pot of £50. But it took me a few months to build up a pot that was big enough to be able to participate in any offer that I wanted to. This also meant  I couldn’t really use the money I was making matched betting. However, I now regularly withdraw the money I make each month.

It was frustrating not being able to use the money I had sitting in my different accounts. However, I knew I wanted to try making money from matched betting for as long as possible. I therefore considered it an investment allowing my matched betting pot to build up.

If – like me – you want to do matched betting for as long as possible, then I’d recommend you build your pot up to at least £2000 before starting to draw down on it.

BOOKMAKERS CAN LIMIT YOUR ACCOUNTS

Unsurprisingly, bookmakers aren’t too keen on you taking advantage of their offers. They regularly review betting accounts. If you only ever take advantage of offers and choose matches where the bookmaker and betting exchange odds are very close, then it is likely your accounts will be limited. This is referred to as being gubbed. It means you can no longer participate in their offers.

Anyone who does matched betting dreads getting an email like this. It’s happened to me on a small number of accounts. I remember thinking my matched betting days were over as soon as I received that first email.

However, when I reflected back on the amount of money those accounts made me, it was very small and these gubbings have made no impact on my overall income. That said, I now do more mug bets (where I attempt to look like a normal punter) to avoid similar limitations being imposed on other, more profitable, accounts.

MATCHED BETTING IS NOT GAMBLING

This might be an odd thing to highlight as a downside. However, several people I know who started matched betting simply aren’t that keen because they prefer to gamble. As you will rarely make more than the value of the free bet matched betting, some people simply prefer to take a chance at winning a greater amount of money. They like setting aside an odd £20-£30 each week to bet on some local horse races or put on a football accumulator.

Gambling is not for me. That is why I like matched betting so much. It is satisfying seeing my income increase every day. Even though the amounts may sometimes be small, all those £5 free bets really do add up. Gamblers inevitably lose, which is why the bookmakers make so much money!

That said, if anyone has a gambling or addiction problem then I would recommend they do not do matched betting. The bonus offers are there to entice people to gamble. I’m level headed and will never go that one step further and gamble my money away. But it can be tempting. This is particularly so with the casino offers. With massive prize pots on offer, the thought of spending a little bit more money in the hope of winning an elusive big prize is alluring. Don’t be sucked into this!

If you think you have a gambling problem, or know someone who might, the National Gambling Helpline offers help and advice.

THE UPSIDES OF MATCHED BETTING

A RELIABLE SOURCE OF EXTRA INCOME

Matched betting is not a get rich quick scheme. Unfortunately, it won’t make you a millionaire! But it is probably the quickest and easiest way to make extra money from the comfort of your own home.

There are £2000 worth of sign up offers alone. So even if you don’t want to do matched betting for too long, it’s a brilliant way to get a significant cash injection.

And once those initial offers have been completed, there are plenty of reload offers to help keep the money coming in. I reliably make around £500 per month on these offers alone. And many others make more than this.

CHANCE OF HITTING A BIG WIN

As well as bookmaker sign up offers, there are lots of casino offers to take advantage of too. And with these comes the chance of a big win!

I was a little nervous starting these types of offers so I wrote an introduction to casino offers to help people like me.

I’ve never had a big win, but I’ve managed to win a few hundred pounds and am hoping for something bigger one day. Of course, this is extremely unlikely so I would never carry on playing casino games on the off chance. But I’ve heard lots of stories of people winning large sums of money playing through these types of offers, so it’s always a possibility.

ONLINE COMMUNITY AND SUPPORT

Matched betting can be quite a lonely experience, especially if you are on your own at home. That’s why, if you choose to use a matched betting service like Profit Accumulator, their online support is a real bonus.

Not only is the Profit Accumulator forum a great source of knowledge and advice, but there is also a great sense of camaraderie. Other members are very friendly, welcoming and helpful. And many members seem to have become good online friends through their shared interest in matched betting.

SENSE OF FINANCIAL FREEDOM

When I first became a stay at home mum it was difficult to adjust to losing my regular income. I had for many years been the main wage earner, so it was a shock to the system suddenly to rely on someone else.

While matched betting doesn’t replace my earnings,  it gives me a tremendous amount of satisfaction that I’m once again contributing to the family finances. Significantly, it’s helped us to clear some debt that would otherwise be sitting & shifting between credit cards as the 0% deals come to an end.

SAVE FOR THAT SPECIAL EVENT

With prices on the rise and uncertainty about the economy, there’s no doubt people are feeling squeezed managing their household incomes at the moment. So it’s difficult for people to save towards anything big in their life.

Matched betting is a brilliant way to plug this gap and save extra money towards a significant event. This is what people have told me they have used their matched betting earnings on:

• Weddings;
• House deposit;
• Expensive holidays;
• Garden design; and
• Home improvements

ANYONE CAN DO MATCHED BETTING

As long as you’re over 18 & in the UK, there’s no limitations on who can do matched betting. As I highlighted above, you do need a little spare time though. It’s difficult – but not impossible – to do matched betting if you work. If you can still spare a little bit of time in the evenings and at weekends, then there’s plenty of opportunity to make money.

And if you’re lucky enough to have a little bit more time on your hands then matched betting is perfect for you. This means it’s ideal for students and retirees as well as stay at home mums and dads.

MATCHED BETTING WITH PROFIT ACCUMULATOR

I hope this post gives you an insight into the realities of matched betting. If you’ve tried it I’d love to hear how you got on. If you’re tempted to give it a try, don’t delay!

Profit Accumulator is the biggest UK website aimed at guiding people through the matched betting process. My Profit Accumulator review will help you decide whether you might benefit from signing up to their service. They offer a free trial where they walk you through all of the steps involved in placing your first few bets. You can make £35 simply seeing whether matched betting is something that might work for you.