Tom and Dave's Tips For Newbies!
I hope you've found your first couple of Matched Betting offers so far fun, and more importantly profitable!
My name is Tom and I've been Matched Betting for a number of years now. I know exactly what it's like when first starting out - the confusion, the nerves, and then the excitement when you make your first profit! It can be extremely easy to get lost, or get too far ahead of yourself when you begin your Matched Betting journey.
So, I've come up with a few tips that you should take a look at and absorb. They might just save you some money or time!
Alongside my tips are a selection from fellow Matched Bettor, Dave Jones!
- Tom's Tip #1 - Separate Bank and Email
- Tom's Tip #2 - Let the pot build
- Tom's Tip #3 - Take your time!... Checklist
- Tom's Tip #4 - Partially Matched Bets
- Tom's Tip #5 - Ask for help!
- Dave's Tip #1 - Have ID at the ready
- Dave's Tip #2 - Read your Ts & Cs
- Dave's Tip #3 - Always opt-in
- Dave's Tip #4 - Manage passwords
- Dave's Tip #5 - Don't fear gubbings!
- Got Questions?
Tom's Tip #1 - Separate Bank and Email
By now you've probably done a few welcome offers with some of the bigger bookmakers - great! I find it a lot easier having a separate bank account and email address just for my Matched Betting.
That way I can separate my personal money from my betting money, and I can separate my personal emails from my betting emails. It also helps to watch your money grow as it'll be in a separate side pot!
Tom's Tip #2 - Let the pot build
When you start making a profit it's very easy to want to go out and spend it. Don't! You should let your profits build up and not touch them, that way you'll have more money to hand and more money to do offers with.
Ideally you can build up an exchange of £500 as this will allow you to easily make a regular income from the reload offers (existing customer offers).
Of course we're all human, and I'd advise setting yourself a target, such as £500, when you can spend a % of it. But on the whole you want to be saving every penny you can!
Tom's Tip #3 - Take your time!... Checklist
It might sound self explanatory but you should honestly take your time. When you rush about or after you've done a few offers you can easily miss something. Here's a list of things I'd check and do when placing my bets:
Double check your back and lay bets
The back odds, the back stake, the lay odds, the lay stake, the liability, and the commission. Also make sure what you're betting on is the same for the bookie and the exchange. I've had it before where i've bet on one horse, and then placed a lay on another horse as they had similar names!
The min odds to receive the free bet tend to be 1.5+ but in some cases it can be 2.0+ so it's always good to check the Team Profit guide and also the double check with the bookmaker terms.
Using the calculator mode
If you're placing a trigger bet then the calculator should be set as normal, and if you're using a free bet it should be set as SNR.
A handy way to sense check this your lay stake when you place your lay bet is that:
For a trigger bet, the lay stake will be around the same amount as the back stake.
For example, a £10 trigger bet will have a lay stake of around £9.50 to £10. The slightly lower amount of £9.50 represents a 50p loss so that if you lost your £10 trigger bet then you would win a £9.50 lay bet.
For a free bet, the lay stake will be around the profit you expect to make.
For example, a £10 free bet will have a lay stake of around £6 if you're using odds of around 3.0. If your free bet loses, you then win a £6 lay stake which is your profit. If your free bet wins, your bookmaker winnings are £6 greater than your liability.
Place your back bet before your lay bet
If you do your lay bet first and then the back odds change, you're in a pickle. So back first, lay later!
This is also when the bookmaker odds change, they typically change by a larger amount than the exchange lay odds. For example, a bookmaker back odds may drop from 2.37 to 2.3, whereas the exchange lay odds may drop from 2.38 to 2.36.
Do not choose arbs
The bookmaker back odds are almost always lower than the exchange lay odds. This is because the bookmaker looks to make a profit by giving you slightly worse odds than they could do.
Very rarely, the bookmaker odds will be higher than the exchange lay odds which means the bookmaker is giving odds that are overly generous to the customer. You will make a small profit from your trigger bet by choosing an arb, however the bookmaker will quickly spot this and then restrict you from reload offers.
So in this rare situation, it is best to choose another team to back!
Tom's Tip #4 - Partially Matched Bets
Sometimes a bet you place won't be fully matched. This is because there is no money in the market, or just as you placed it the odds moved. There's an easy fix for this - check out the partially matched bets guide:
Tom's Tip #5 - Ask for help!
Don't be afraid to ask for help! We want everyone to succeed when Matched Betting and all have the same agenda in the sense that we want to put money in YOUR pockets.
So if there's something you don't understand, or if you just need general guidance on an offer, then get in touch with us on either live chat, facebook, or email.
There are plenty of tips and advice in the Facebook group too from very helpful members, so make sure you're in there to keep up to date with what's going on!
Dave's Tip #1 - Have ID at the ready
Have easy access to your ID documents. It may seem intrusive when starting out, but all gambling companies require you to provide proof of who you are, your age and your funding sources.
This is called KYC (Know your customer). Don’t be offended, it’s the law and although some requests are a little weird, ‘selfies with a hand written note saying ‘Hello BetX’ for example, it’ll mean you can go ahead and safely use their site. For more info, read our guide to bookmaker verification here.
Dave's Tip #2 - Read your Ts & Cs
Always read the terms and conditions of any offer thoroughly before attempting. This has to be the most important part of taking advantage of new offers, sure they are boring as hell, but without reading and understanding them, they’ll trip you up sooner rather than later.
You’ll not qualify for a free bet and the bookie will rub their hands with glee that they don’t have to cough up the dough.
Dave's Tip #3 - Always opt-in
Always make sure you check to see if you have to opt-in. Most promotions will require you to opt-in or follow a link directly from the email they send you. Get into the routine very early on to do this religiously.
Watch out for sites that use pop-up opt-ins (10bet, Mansionbet for example) as you may need to turn off any adblocking software to see them. Missing an Opt-in can be really annoying when you’re told on live chat that you haven't qualified!
Dave's Tip #4 - Manage passwords
It's well worth downloading a Password manager and form filler. These tools will speed your sign-ups no end! You can use the password manager to create and store all your details for the growing number of bookmakers and casinos.
It keeps your security stronger than using just one for all and a form filler will auto-populate those sign-ups boxes in an instant. A popular site that a lot of our members use is LastPass.com.
Dave's Tip #5 - Don't fear gubbings!
Gubbing is the term used for being restricted or banned from a bookie’s promotions. It happens to us all eventually, so there is no need to worry about it too much. Everyone has a different opinion on how to avoid them but the reality is, no-one knows for sure.
See it as a badge of honour, mourn the loss on the FB group and move on. There's always another bookie and a gubbed account can still bring you a lot of profit so it isn’t the end of the road. If you want to err on the side of caution and try ways to avoid gubbings then read our guides on mug betting here, mug depositing here or perhaps just our Team Profit mug here..
There are 3 ways to ask for help with Team Profit:
Live Chat - Chat with one of us any time we're online. See the chat module at the bottom right of site.