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.

Jon's Tip - Use The Free Help

Please do make use of all the free help available here at Team Profit. You can use:

Live Help - Ask me anytime to check and double check the bets you plan to place. I can check that you are using the right market and placing the right amounts on the bookmaker and the exchange.

Facebook Group - There are over 1,000 fellow matched betters in the Team Profit Facebook Group. You can post your intended bets in this group and an experienced matched better will be happy to check this for you.

Email - Just send an email to [email protected] with your intended bet or any questions and I'll do make sure you will be placing the right bets.

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.

Jon's Tip - Stick To Reputable Bookmakers

Check the Offers To Avoid article in the Welcome Offers section.

If you are unsure over a bookmaker not listed on Team Profit then please do ask me via Live Help, Facebook Group or email and I will let you know my thoughts.

You can also use the search function in the OddsMonkey forum for discussion of matched betters' experiences of each bookmaker.

3) Gambling

casino bonus thumbnailYou 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!

Jon's Tip - If This Ever Happens...Stop!

If you ever find yourself betting on sports or playing casino or bingo when you are not doing so as part of matched betting, then stop immediately!

You can speak to me on Live Help and speak to other matched betters in the Facebook Group for advice too.

You can also send an email to each bookmaker asking them to close your account permanently should you wish, they legally must do this as well as prevent you from setting up a new account in the future.

Please don't let this put you off, as mentioned 25,000+ people in the UK have made money from matched betting and you can definitely do this too.

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.

Jon's Tip - Only Do Multi Bet Offers Listed On Team Profit Or OddsMonkey

Every Welcome Offer listed on Team Profit or OddsMonkey has been checked and reviewed to ensure it is profitable for matched betting purposes.

If you see a bonus offer on a large bookmaker that is not listed, then please do ask via Live Help or post in the Facebook Group or alternatively search or post in the OddsMonkey forum.

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).

Jon's Tip - Receive Bookmaker Emails

Bookmaker's must inform you that you have been 'gubbed'. They will send an email to you with the subject Account Information or similar.

I recommend making sure you set your communication preference so you do receive emails, this should ensure you are aware when you have been 'gubbed'. You may even wish to set up a matched betting email address, as mentioned in this article.

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!

Got Questions?

There are 3 ways to ask for help with Team Profit:

Facebook Group - ask over 1,000 fellow matched bettors (including me!) any questions you may have. [link]

Email [email protected] - I try to respond to all emails within 24 hours with full answers

Live Chat - Chat with me any time I'm online. See the chat module at the bottom right of site.