Matched Betting Bank Account
Should you set up a new bank account?
You certainly do not need to set up a new bank account for matched betting. You can use your existing current account to deposit and withdraw into your bookmaker and exchange accounts.
Some matched betters do prefer to set up a new bank account so they can keep it separate from their day to day spending. Plus should you be applying for a mortgage in the future, it is best to have a separate bank account exclusively for matched betting. You may wish to check with your intended mortgage provider too, just to ensure this will not impact your future approval. Here is a Facebook post with helpful advice from members who have researched this and worked in mortages.
You can then fund this new bank account with your initial matched betting investment and use it to fund your matched betting.
The only downside is it takes 3-5 days to set up, but given you'll be making profits for months/years to come, you may deem this worthwhile!
If you're new to matched betting, you may wish to complete a couple of offers with your existing bank account just to check you're enjoying it and then proceed with setting up your bank account.
Recommended Bank Accounts
Any of the major high street banks should be able to set up a new current account for you within 3-5 working days.
Simply fill out their online application form and your new Visa or Mastercard should arrive in the post, alongside any additional details such as setting up online banking.
Below are bank accounts that matched betters have had good experiences with:
Halifax account (link)
Lloyds TSB account (link)
Co-operative bank (link)
As mentioned though I very much expect any of the major high street banks.
Should I use Paypal or Skrill?
You can certainly use Paypal as most bookmakers accepts Paypal and will give you the Welcome Offer.
Just be wary of any fees as some bookmakers may charge a deposit fee for using Paypal. Additionally, Betfair Exchange charge 2% deposit fee whilst Smarkets do not accept Paypal, so you would still need to use a bank account for your exchanges.
Most bookmakers will not give you the free bet for the Welcome Offer if you deposit via Skrill.
Plus some bookmakers may charge a deposit fee for using Skrill alongside Skrill also charging £3.50 for you to withdraw your funds back to your bank account.
So I'd avoid using Skrill for matched betting unfortunately!
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