Avoid Losing Any Money!
Five top tips to avoid losing any money when matched betting
Matched betting will make you a very tidy profit from the bookmaker free bet offers. Over 25,000 people in the UK have done exactly this!
You may have seen that matched betting is often referred to as 'risk free'.
This is because the simple maths of betting both on a team to win and also against a team to win, means that there is no chance you could lose.
However, as with everything in life (in particular my golf game), nothing is certain!
Below I have outlined the five ways you could lose money and how to avoid them.
1) Making Mistakes
The year isn't 2085 so the robots haven't taken over yet!
We are all human and from time to time you may make a simple mistake, such as placing the bet on the wrong team or using the wrong amount. This is much more likely whilst you are completing your first few offers as you are learning matched betting.
2) Rogue Bookmakers
There are some shady people out there! In the past, there have been a few small bookmakers who have gone bust or tried to withhold customer funds.
Fortunately every bookmaker is must be licenced by the UK Gambling Commission as part of the Gambling (Licensing and Advertising) Act 2014. This has definitely increased protection for UK customers.
The last scandal with UK licenced bookmakers was in April 2016, after lesser known bookmakers, 138.com, 12bet.com and Fun88.co.uk all part of the same group refused to pay out customer's winnings from Cheltenham for those they suspected were abusing the bonus offers. After media and regulatory pressure, the group did pay out all the winnings to customers and everyone could withdraw successfully.
You may be new to betting and by completing sports offers, plus potentially bingo and casino offers. This does give you an experience of betting on sports, playing bingo and casino games.
This could lead to the temptation to start 'gambling' rather than the risk free 'matched betting'.
From my experiences of speaking with over 50+ matched betters every week, this is very rare.
You are going into matched betting with the mindset of making money using a sensible method, knowing that gambling is not sensible. People who start matched betting are typically money conscious and value money, hence they are trying to make money via matched betting.
It is therefore a very big leap (and so very rare) to switch to gambling!
4) Multi Bet Offer Terms
You will make approximately £200 profit from the simple 'Bet X Get Y' Welcome Offers and £100 profit from the simple 'Refund' Welcome Offers.
The final type of Welcome Offers is 'Multi Bet' or 'Bonus offers.
These offers require you to place a series of bets (known as a 'wagering requirement') in order to withdraw the bonus and winnings. You can see a detailed explanation in this guide.
Many of these offers are profitable, all of those listed on Team Profit and OddsMonkey are profitable, such as Bet365, Bwin, Betway and Sporting Bet.
However, a handful of bookmakers:
- Give you a bonus that has such as large wagering requirement that the offer is not profitable
- They may have some sneeky terms.
- They may restrict your bet amounts whilst you are completing the welcome offer.
5) Getting 'Gubbed'
A bookmaker can decide that you are no longer eligible for free bets. This very rarely happens during Welcome Offers, but will happen when you are completing existing customer offers.
For more information on why bookmaker do this and how you can keep the free bets rolling in, read this mug betting guide.
This will only actually lose you money if you complete an existing customer offer, e.g. a Bet £20 Get £10 offer, however, you are not aware you have been 'gubbed' and so do not receive the £10 free bet (whilst still losing around £1 from the trigger bet loss).
Note About Mortgages
If you are intending to apply for a mortgage, as mentioned in the Bank Account article, you should definitely use a separate bank account for your matched betting. You may wish to check with your intended mortgage provider too, just to ensure this won't have an impact.
From reading peoples' experiences, many matched betters have had their mortgage approved by using a separate bank account so it is clear you are not mixing your matched betting with day to day spending, however I don't want anyone to have their application rejected so please do check with your intended mortgage provider if you wish!
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