Matched Betting April Update
It was exactly one month ago today that I took my first step into the world of matched betting. How have I got on in my first month? Read on to find out.
One of the things Weenie at Quietly Saving told me at the outset was that I would need a pot of £2,000 to £3,000 to make full use of all the offers and my initial thoughts were that I would probably need to deposit £1,000 into each of the two main bet exchanges, Betfair & Smarkets.
As this was new to me, I decided to start out slowly and only deposited £100 into each to test the water, with the plan that once I had a feel for it I would increase the money in the accounts. During these early stages I received comments on my previous post on Matched Betting as well as direct emails from readers asking what the smallest amount that is required to get started and make this work.
It was at this stage that I decided to keep my financial commitment as low as possible and see how I got on. I will admit that at times it was tough, not in a hard way but from an emotional point of view. It felt like I was missing out because bookies such as Bet365 give a £200 bonus when you deposit £200. This is obviously a significant amount of money to get for placing a few bets but I decided not to go down this road until my funds had grown.
As I said in my opening post on Matched Betting, I am using the excellent Profit Accumulator site that walks you through the different offers. In total there are 5 offer levels. Beginners, advanced, casino, reload and bingo. I picked my way through the beginner offers, signing up as I went along. The signup consists of giving the betting company your email, home address etc. I set up a separate email address just for matched betting and I am glad I did as I am getting quite a lot of emails from the different betting sites I am signed up with. A large proportion of the emails are offering promotions, reloads etc. Up to now, I haven’t actioned any of them, as I want to learn as much as I can at a pace that I am comfortable with and I’m not at that stage yet.
Out of the “beginners” offers, I have completed all but 5 of them.
How long does it take?
My time pursuing this has been limited by the funds I have made available to support my endeavours in Matched Betting. I would place a bet and it would eat up all my available money until the bet had settled. This meant I was looking at 1 or 2 bets a day. As a result, my screen time looking at matched betting was typically 10-15 minutes on the days that I placed a bet.
We had family visiting from overseas during the month and I decided to take a break from Matched Betting during this time. You can start and stop as you see fit, however, there are a few things you need to be aware about which I will cover in “mistakes I have made” section below.
As I knew I would be writing this update post, I wrote down my screen time each time I devoted time to my Matched Betting accounts. In total for the month, I spent a little over 5 hours signing up and placing bets with the different bookies.
Mistakes I have made
Most of the bookies have a time limit on how long the free bet is valid for after you have placed your qualifying bet. Titanbet give you 7 days after which you are no longer entitled to the free bet. Due to our family visiting and my decision to have a few days away from Matched Betting I missed this 7 day window and therefore lost my entitlement to the free bet.
I have now added a column to my tracking spreadsheet where I can add any time limitations. This way I can see with a quick glance any that I need to action. I have tracked all of my activity on a spreadsheet in order to have an accurate record of my activities and I would urge you to do the same. It’s a great motivator and is useful to see what you have done and with which bookies.
It is important to make sure that you have deposited enough money in your exchange account to lay the bet off against. I lost £17 by not following this rule. What do I mean by this? Let me explain with an example.
The picture below is a screenshot from Betfair. The amount shown below the lay odds (highlighted by the red rectangle) shows how much there is currently available to lay. In the example below, you can see there is only £25 available to lay at odds of 7 on Jayo Time. If you placed this lay bet with a £30 stake you would be £5 short and would have an unmatched bet. Chances are it will eventually be matched but there is always the risk that it won’t be and you will lose out.
How much money have I made?
Be truthful this is what you are really interested in.
The table below gives a full breakdown of the balance in each account and the overall profit/loss.
As you can see, I have opened accounts with two exchanges and fourteen bookies. The total sum of money that I deposited into these sixteen accounts is £525.00. The total balance in all of these accounts after the free bets have been placed is £800.61 which equates to a profit of £275.61 and a 52.50% return on investment in a month, which is very encouraging and far exceeds the returns I’m getting elsewhere.
Given that I spent 5 hours placing these bets they have earned me over £55 per hour, which isn’t too bad especially considering it is done in my spare time (usually whilst I am having my breakfast in the morning).
In addition, I have made a little extra money on the side. As I went to open each bookies account I checked in TopCashback to see if there were any offers for signing up. I took all the TopCashback offers that were available and earned £17.60. This takes my total profit for Matched Betting to £293.21 for the month. However, I do need to take into account the sign-up fee for Profit Accumulator which cost me £150 for the year. This brings my profit down to £143.21 with the anticipation of higher earnings in the coming months.
Does Matched Betting work and is it worth doing?
After my first month of doing Matched betting the answer is a resounding “YES”. Here’s why. It is something you can do from the comfort of your own home with nothing more than an internet connection. The results come quick. You don’t need a lot of money to get started and the returns are nothing short of fantastic. As always, I would urge you to do our research and bet responsibly. If you have any questions, please get in touch.[thrive_leads id=’1426′]