Betting For Dummies
Matched Betting for Dummies
Welcome to the complete matched betting for dummies guide. Updated for 2021.
Betting odds for dummies or more simply put, betting odds to show you the probability of a future event, if you’re a dummie. With this information you can work out how much money you will win if your bet wins. Introduction: Betting Odds For Dummies.
In this guide, I’ll share with you how you can go from dummy to pro. It isn’t rocket science, it just takes a little patience and you can make tax-free cash each month.
In short, you need to learn matched betting, sign up to use our completely free matched betting tools, and get yourself a matched betting service. Those 3 things, with a little bit of time, will turn you from being a complete matched betting beginner into a pro.
Contents
European Odds give you a simple number that represents the total amount the bookmaker owes you when your bet wins, including profits plus your original wager. So, a 3/1 fractional bet is listed as 4.00 European odds. A winning $10 bet. The online betting market handles billions of dollars on a monthly basis. Although this is all exciting and we want in, it can be easy to get lost with all the terms getting thrown around. Read ahead for our crash course in understanding sports betting and how to get started. Our Fascination With Sports Betting.
1.0 Matched Betting for Dummies Intro
1.1 What is Matched Betting?
1.2 Risk-Free Betting?
1.3 Is it Legal?
1.4 The Jargon Buster
1.5 Bookmakers and Betting Exchanges
1.6 Bonuses – Offers from Bookmakers and Betting Exchange
1.7 Is it Tax-Free?
1.8 Can I trust Matched Betting?
1.9 How much can you make from Matched Betting?
2.0 Matched Betting for Dummies Tools
2.1 Matched Betting Software
2.2 Matched Betting Calculator
2.3 Matched Betting Offers
2.4 Matched Betting Services
2.5 Matched Betting Spreadsheet
2.6 Matched Betting Tracker
4.0 Making Money (The Guided No Risk Method)
4.1 The Qualifier Bet
4.2 The Free Bet
4.3 The Example
Betting For Dummies 101
5.0 Matched Betting Guide Tips
5.1 Use a Matched Betting Service
5.2 Keep a list of usernames and passwords
5.3 Keep track of where your money is
5.4 Running more than 1 account
5.5 Only use your debit card
5.6 Only use your home address
6.0 Getting Started with OddsMonkey
6.1 Sign up for the OddsMonkey Free Trial
6.2 Matched Betting Step by Step Tutorials
6.3 Make up to £45
6.4 Matched Betting Training
6.5 OddsMonkey Premium
6.6 OddsMonkey Review
1.0 Matched Betting for Dummies Intro
Welcome to the no risk matched betting guide: matched betting for dummies. This is a one-stop-shop to turn matched betting beginners into matched betting pros. All the advice in this guide is completely free, all I ask is if it has helped you that you share it with your friends to help spread the word about matched betting.
1.1 What is Matched Betting?
In just one sentence: Matched Betting is a form of risk-free 2 step system that guarantees a profit when the correct steps are followed. This guide covers what Matched Betting is in full so keep reading and if you need more information on check out Matched Betting Explained.
1.2 Risk-Free Betting?
I’m completely aware that this is a complete contradiction. We know that the house always wins with gambling, but Matched Betting is not gambling! It is a 2 step system where you extract profits from online bookmakers’ bonuses. It’s risk-free because if you follow the 2 step system, you are guaranteed a profit, which is about 90-95% of the online bookmakers’ bonus. The only possible risk is from human error but with patience and the right guidance, this is avoidable. That’s why you should always use a matched betting service to guide you.
1.3 Is it Legal?
Yes, matched betting is completely legal in the UK. All the information here is following a tried and tested system. It’s legal as there is no part of matched betting that is not legal.
1.4 The Jargon Buster
If you are completely new to matched betting, or even to betting more generally, then there will be some jargon that you will need to learn in order to get the hang of matched betting. Below are four of the main terms, if you want more information
- Back Bet – A bet that something will happen
- Lay Bet – A bet that something won’t happen
- Bet Stake – The amount a back bet will cost you to place
- Bet Liability – The amount a lay bet will cost you if you lose your bet
1.5 Bookmakers and Betting Exchanges
The two types of websites you will be using and they are Bookmakers and Betting Exchanges. Bookmakers are traditional betting sites such as Labrokes and Coral. Bookmakers let you place back bets. Betting Exchanges are a newer breed of betting sites such as Betfair and Smarkets. Betting Exchanges let you place lay bets.
1.6 Bonus Offers from Bookmakers
Bookmakers use offers (free bet offers, new customer offers and repeat customer offers) in order to stand out from their competition and to attract new customers. The offers from Bookmakers usually require you to place a bet on a certain value, at certain odds, in order to receive a free bet.
It is these offers from bookmakers that we call bonuses. It is these bonuses that we use to make guaranteed profits.
Bonuses such as ‘Bet £10, Get A £30 Free Bet’ are very common for new customers.
1.7 Is it Tax-Free?
Yes, all winnings from betting are tax-free in the UK. That means all the money you make from Matched Betting is completely tax-free in the UK and that means you don’t need to declare any winnings to the UK Gov or HMRC.
1.8 Can I trust Matched Betting?
Yes, the only potential pitfall is human error such as making mistakes when placing the bets. As with anything, just take your time on your first few bets until you get the gist of it. No need to rush. There is no substitute to having a guide throughout this process and I recommend you use a matched betting service.
1.9 How much can you make from Matched Betting?
I get asked this question a lot! The honest answer is it really depends on how much time you put into matched betting, how much starting cash you have, and how many bonuses you run at the same time. I’m going to estimate how much you make from matched betting below, but these are rough estimates so please take them with a pinch of salt.
I think that it’s possible that from matched betting I have made about £50 per hour – this is just an averaged value I have come up with. So, roughly, on average if you do 1 hour a day, 5 days a week, for a month you can earn on average £1,000 in tax-free profit.
The amount of starting cash really determines how much you can earn in the first 2-4 months. If you start with £50 cash and save the profit from each bonus, you could make £1,000 per month in 2-4 months.
Running multiple bonuses at the same time, rather than completing one after the other, is the fastest way to make a profit from matched betting, this will require much more cash, time, and patience. I would not recommend running multiple bonuses at the same time if you are a beginner. There is a higher degree of human error here so please approach with caution – even for seasoned pros.
2.0 Matched Betting for Dummies Tools
Matched betting isn’t rocket science, otherwise, this ‘Matched Betting for Dummies’ matched betting guide would be like going back to school (boring!) but matched betting can take a lot of time and effort if you do not use the right tools.
2.1 Matched Betting Software
Matched betting software, also known as an oddsmatcher, helps you to match up back bets at Bookmakers with lay bets at Betting Exchanges. This takes away all of the hassles of manually finding bets. Which is a right pain! A matched betting service will have this software included. OddsMonkey is my go-to software.
2.2 Matched Betting Calculator
A matched betting calculator helps you to work how much you need to bet your back and lay bet to make sure the two bets cancel each other out. A matched betting service will include the calculator you need. I have also created a simple matched betting calculator which you can use for free.
2.3 Matched Betting Offers
Ok, so finding the matched betting offers, is going to be one of the biggest pains in the butt you will come across. Doing this manually will suck, so use a Matched Betting Service.
2.4 Matched Betting Service
Matched Betting Services do all the hard work for you. OddsMonkey is a service that I use. It provides matched betters with all the tools (including oddsmatching software, matched betting calculator, and all the latest matched betting offers – updated daily) to take all of the hassles out of matched betting.
All their guides are step by step, so matched betting is less taxing on the old brain and more point, click, and rake in the profits!
They also have training guides so you can learn directly from the pros, they also outline all available bonuses and provide handy step by step guides.
It really does make matched betting easy. That’s why I not only use OddsMonkey but also recommend them to everyone who thinks of starting matched betting, sign up for their free trial where you get all of the stuff you need to make up to £45* profit.
2.5 Matched Betting Spreadsheet
Once you start, a handy way to keep track of where your bets are and how much profit you have made is to use a spreadsheet. You can download a free matched betting spreadsheet here on Matched Betting Beginner.
2.5 Matched Betting Tracker
If spreadsheets aren’t your thing, an online profit tracker is your best bet. I created a free matched betting profit tracker here. It’s super simple to use and keeps track of your bets and does all the profit calculations for you.
3.0 Making Money (The Manual Risky Method)
Ok, so now you are up to scratch with the very basics of matched betting so let’s look at actually how you make money in this Matched Betting for Dummies guide (the manual way).
I can’t stress this enough, do not do matched betting manually! Use a matched betting service, to be completely honest, doing this manually sucks. Use the free trial on OddsMonkey to earn you a few quid, then invest that in buying OddsMonkey Premium. This will save you literally hours. It costs £19.99 a month. No brainer really.
You’ll thank me later for saving you the time of using a matched betting service! I didn’t in the beginning and it was complete and utterly crazy!
4.0 Making Money (The Guided No Risk Method)
Ok, so for this one on matched betting services I will use my experience of using OddsMonkey. Start by signing up to the free trial, and head over to their offers section and click on one of the bonuses that are included in the free trial. There are step by step instructions so it will explain matched betting. For now, though, I will quickly walk you through the basics.
Simply put, matched betting works by placing two rounds of bets:
- First Round is called the Qualifier Bet
- Second Round is called the Profit Bet
You need to place both these bets per bonus deal to get a profit.
Let me walk you through each of these in more detail.
4.1 The Qualifier Bet Round
The Qualifier Bet round is the 1st round of bets you place. That’s a bet at the Bookmakers and an opposing bet at the Betting Exchange.
4.2 The Profit Bet Round
The Profit Bet round is the 2nd round of bets you place. That’s a bet at the Bookmakers and an opposing bet at the Betting Exchange.
4.3 The Example
Let me walk you through an example from scratch. It will start with the Qualifier Bet round and then follow with the Profit Bet round.
STEP A: Qualifier Bet – Signup to the Bookmaker
Head over to the Bookmaker site using the link provided on OddsMonkey. This link will take you to the free bet offer sign up.
OddsMonkey will detail the important terms to qualify for the free bet. They are usually, place £X on odds greater than X.
For example, if the Bookmakers’ promotion is ‘Bet £10, Get A £30 Free Bet‘ and it says you have to place the bet at odds greater than 1.5 to qualify. So a £10 bet at odds greater than 1.5.
STEP B: Qualifier Bet – Signup to the Betting Exchange
You now need to sign up to a Betting Exchange site. You probably will only ever need to use one Betting Exchange account and that will probably be Betfair.
Betfair may have a new customer promotion that you can also signup to at the time. Make sure you read the terms and conditions.
OddsMonkey will include a link to BetFair (and any free bet promotions BetFair are running).
STEP C: Qualifier Bet – Use the oddsmatching software
Use the oddsmatching software to find a bet. You just need to select the bookmaker and filter by the odds (in this case – greater than 1.5), then locate an offer with a rating less than 100. Select an offer.
STEP D: Qualifier Bet – Use the matched betting calculator
Next, use the matched betting calculator to work how much you need to bet and lay.
STEP E: Qualifier Bet – Place the bets
Place the bets on the bookmaker and on the Betting Exchange.
STEP F: Free Bet – Repeat
Repeat the process again, but this time, using the free bet offer at the bookmaker instead of depositing cash.
Horse Betting For Dummies
STEP G: Withdraw Cash
If you win at the Bookmaker, withdraw the cash. If you win at the Betting Exchange, keep the cash in the account ready for the next offer.
5.0 Matched Betting Guide Tips
5.1 Use a Matched Betting Service
Like I said above a matched betting service makes matched betting so much easier! They explain every bonus available on the market and also show you what amount you need to bet, at what odds, and any other terms that you need to meet in order to qualify for the free bet.
5.2 Keep a list of usernames and passwords
You will be signing up to a lot of Bookmakers and Betting Exchanges so keep a secure list of your username and passwords. I have now added a column for your to store your usernames and passwords in on the completely Free Matched Betting Offer and Profit Tracking form. Keep it safe and secure. Hope it helps!
5.3 Keep track of where your money is
You will be signing up to a lot of Bookmakers and Betting Exchanges so keep track of what money you have where and what free bets you have or have not used.
I have created a completely Free Matched Betting Offer and Profit Tracking form which will make knowing where your money is so much easier!
5.4 Running more than 1 account
I don’t recommend running more than 1 account with any bookmaker or betting exchange. Some online betting companies use Cookie Tracking along with IP Address Tracking to stop this. You may lose any money in your account/s and your account/s may be closed.
5.5 Only use your debit card
This is all about risk reduction and making sure it’s no risk matched betting. When signing up to a Bookmaker or Betting Exchange, I recommend that you only use your debit card (not PayPal, Credit Card, or any other payment method) that is registered to you at your home address.
5.6 Only use your home address
Again, this is all about risk reduction. When signing up to a Bookmaker or Betting Exchange, I recommend that you only use your home address, and that you are on the electoral roll at that address.
6.0 Getting Started with OddsMonkey
Ok, so you’ve read this matched betting for dummies guide and you’re now wondering where to start? I know it can seem daunting especially if you’re new to all of this. So here are the next best steps.
6.1 Sign up for the OddsMonkey Free Trial
Signing up for the OddsMonkey Free Trial won’t cost you a penny and you don’t need to add a debit or credit card to sign up.
6.2 Matched Betting Step by Step Tutorials
Once you’ve signed up to OddsMonkey you’ll want to go through the first 3 tutorials to learn the ins and outs of matched betting. They will also give you a step by step tutorial of how to use OddsMonkey. The 3 tutorials are: Tutorial 1 Matched Betting Intro, Tutorial 2 Betting Exchanges, and Tutorial 3 The OddsMatcher.
6.3 Make up to £45
Next, you can move onto the last 4 tutorials. These last 4 tutorials will give you step by step instructions on how to complete the matched betting offers from Skybet, William Hill, Smarkets, and Coral. This is where you start earning money and you should make up to £45. Not bad for a free trial.
6.4 Matched Betting Training
I’d take a moment to then have a thorough read through the matched betting training guides on OddsMonkey. There is a great collection of well written guides and step by step matched betting videos.
Betting For Dummies Book
6.5 OddsMonkey Premium
At this point, you’re well on your way to making a tax-free second income from matched betting. The last step is to sign up for OddsMonkey Premium. You can do matched betting manually but it’s really not worth the effort. The time spent figuring it out to save £19.99 a month you could just be making more profits following OddsMonkey’s step by step matched betting tutorials.
Just doing 1, maybe 2, offers a month will pay for OddsMonkey Premium. After that you’re in profit and with OddsMonkey easy to follow matched betting guide you’ll be making about £50 an hour, maybe £1000 a month in no time.
6.6 OddsMonkey Review
I’ve written an honest, complete OddsMonkey Review if you want a bit more info about OddsMonkey, what it does, and how it works. Have a read of the review and let me know if you have any questions, I’m always happy to answer questions.