When I find out people who live in the UK have never heard of matched betting, I cry a little inside. A way for people to make £1000s of tax-free income with minimal effort which is basically exclusive to the UK? It sounds almost ludicrous, but it’s really not! Everyone normally moans that people in the USA earn more money, but I know people who are making over 5k per month from spending 20 hours a week matched betting on the side of a full-time job. Couple this with the fact that it’s tax-free, that’s basically a 10k per month income. We Brits seriously shouldn’t be complaining!
A lot of people who haven’t heard of it think that it’s some form of gambling and that it’s a bit dodgy and risky; IT ISN’T! Matched betting is risk-free!
If all of this is sounding a bit too good to be true to you, I implore you – just give it a try. There’s virtually no risk in doing so, very little time investment (you don’t even need to understand it to make your first £50!) and the software is so good at doing things for you, my Grandma could even do it. So, if you fancy making potentially an extra 120k per year income on the side, read on!
Also a disclaimer, this post will include affiliate links to the matched betting software (OddsMonkey), but don’t let that put you off. I’m not pretending just to make a quick buck. This is the real deal guys, I make over £1000 (equivalent of £2000 pre-tax income) per month from this software and have been doing so for almost 2 years. This is the number one tool in the UK FIRE pursuers arsenal which we’ve got against the US. Matched betting enables minimum wage shop workers to earn as much as CEOs. It unlocks FIRE for anyone and accelerates it. Don’t miss out!
Note: If you want the quick guide, head over to How to Make £30 in 10 Minutes.
Matched betting is a betting technique used to profit from the free bets and incentives offered by bookmakers. The process involves the individual placing a bet and then laying the same bet in an exchange. This will result in a small loss of the initial bet but should have unlocked a considerable bonus from the bookmaker.
Example (Place an £100 bet to get a free £100 bet)
- Place £100 bet on any sport
- Lay £100 bet in the exchange for the same outcome
- Lose £1.20 when the bet settles (commission for the exchange)
- Repeat process with your free £100 bet
- Withdraw your £97.60 profit
The lay bet usually differs depending on the odds and involves mathematics to calculate, that and finding the best bookmakers and exchanges and odds is what made matched betting quite tedious in the past. But in the last few years software has immersed which basically does everything for you; from finding the best odds to doing all of the lay math. It even allows you to lay directly through the software so you don’t have to go to the exchange!
The software which is recommended is OddsMonkey. They offer a free trial so you can see if matched betting is for you without investing a penny. They even hold your hand through-out the whole process with videos and written guides. Matched betting is actually not recommended without software as you then become more prone to human error.
The amount of money which can be made per month will actually depend on the amount of capital you have. If you have only £200 you should not expect more than £400 per month of profit initially. With £1000-£2000 you can be expecting a profit of £1000+ a month but this will come with the increased time commitment. With a pot of £5000+, there are even some matched bettors making £5000-£7000 per month with ‘casino offers’ using software like Profit Maximiser. But this is not recommended until you have completed at least the sign-up offers on OddsMonkey. There will be a separate section for casino offers in the future.
One of the best things about matched betting in the UK is that all of your profits are tax-free under the gambling tax legislation. So as you can imagine there are some people doing this as a full-time job as the profit can be staggering compared to taxed income.
In this guide, we’ll be walking you through the process of matched betting from the absolute beginning to earning your first £100. We’ll be discussing the tools to use, the way to document, what to watch out for and how to continue to make monthly tax free income after you have completed your sign-up offers.
1. Before You Start 2. Prerequisites – Not Getting Caught i. Blocking IE Snare – Windows ii. Blocking IE Snare – Mac 3. Setting Up Your Accounts i. Preparing Your Spreadsheet ii. Bets Tab iii. Accounts Tab 4. New Account Offers i. Introduction ii. Getting There iii. Tips 5. What Comes After New Account Offers – COMING SOON 6. Introduction to Variance Betting 7. Eachway Horse Race Betting i. Sniping ii. EW Betting Step by Step Walk Through iii. Tips and Tricks iV. Advanced Each Way Betting 8. Casino Offers – COMING SOON
Before You Start
To start matched betting you’ll need at least £100, this will cover you to do one bet at a time. The profits you make from these bets will soon multiply your pot of money so that you can start completing two or three bets at once and will enable you to earn faster. I recommend to only complete one bet/offer at a time until you are confident with the process, but after that, don’t be afraid to add more capital to allow you to earn quicker. If you really want no bounds, then you could complete all of the sign-up offers within one month with a capital of roughly £2000; this will net you a hefty £1000 tax-free income in your first month!
All matched betting requires software, the software will filter through thousands of sports bets and find the odds which match the best for you to lose as little as possible from your matched bet. It will do all of the maths for you telling you what to lay and what to bet (which is crucial as odds change quickly) and it will even list all of the best offers for you to complete with individual guides in writing and in a video. Matched betting can be completed individually but you will be open to human error and it will be so slow that it would almost not be worth it. We’re in this to make a profit, so this guide is going to assume that you’ve bought (what I think is the best software) OddsMonkey. Sign up through this affiliate link and you can even get a free trial and I guarantee you’ll earn your first month’s membership cost within one day of matched betting. So, go sign up now and then come back to this guide. You can cancel straight away if you think it’s not for you, what’s to lose?
Prerequisites – Not Getting Caught
Matched betting is fully legal, but as you can imagine, the bookmakers don’t want you to do it. They’re giving you promotions in the hope that you’ll spend more money with them. If they find out that you’re a match better, they’ll stop your account from getting promotions, this is what’s referred to in the matched betting community as ‘Gubbing’. It effectively means you’ve taken a pay cut as you can no longer get any tax free money from that bookie anymore. If this happens for one of the bigger bookies, you can potentially be down £100s per month.
A lot of Bookmakers use a web tool called IE snare. They market it as ‘reputation management’ in order to counter ‘fraud and abuse’. It tracks information about your computer and browsing habits. This tool would be able to detect a match better in a heartbeat due to them going to different betting sites and exchanges, and even matched betting sites. The first thing that I recommend doing before you even go onto any bookmakers website is to block IE snare!
How To Block IE Snare
Blocking IE snare via your firewall will stop it from being able to connect to the internet and send reports back to the bookies. To block it, we’ll need to edit your host file.
This is for a WINDOWS computer. Have a Mac? Click here.
1. Run Notepad as an administrator
2. In the ‘File name’ input field paste
C:\Windows\System32\Drivers\Etc and click ‘Open’
3. Ensure that ‘All Files’ is selected
3. Right click on the ‘hosts’ file and click on ‘Properties’
4. Ensure that ‘Read-only’ is un-checked
5. Click ‘Apple’ then ‘OK’ to save your changes
6. Open the hosts file
It should look something like this (if you haven’t edited it before):
7. Copy and paste the following text to the end of the hosts text file
Your file should now look something like this:
8. Save the file (File -> Save), close Notepad and restart your computer
You’re done! You should now be safe from IE snare reporting your sharp punting ways to the bookmakers. Let’s start making a profit!
Click here to skip blocking IE snare on a Mac
How To Block IE Snare – On A Mac
1. Launch your Terminal and enter the following text:
sudo nano /private/etc/hosts
Enter your password if prompted. This should open your hosts file.
2. Navigate to the bottom of the hosts file and then copy and paste the text below to the bottom of the file
O and then
ENTER to save your changes
X to exit.
Setting Up Your Accounts
Before you get stuck in, you’ll need to create the accounts below (in this order). You’ll need all of these accounts to help you stay organized and lay your bets.
You’re going to be signing up to hundreds of bookmakers, you will not want to do this on your personal email address. The email of choice for speed and the handy ‘promotions’ tab is Google Mail. Make sure you do not name your new email address something like ‘[email protected]’ as this is something the bookies will spot and they won’t hesitate to ban you.
You’re going to want to create a new LastPass account, ensuring you sign up with your new matched betting email address. You will be signing up to hundreds of bookies with different usernames, so, you’ll need something handy to keep track of all of your credentials, and you won’t want it mixed with your own personal password keeper.
Smarkets (<- register through this link to get £50 risk free!) is the number 1 matched betting exchange. It also has the lowest commission. You’ll be using this exchange where possible to maximize your profit.
4. Betfair and Matchbook
Betfair and Matchbook charge a higher commission than Smarkets. But sometimes you’ll need to use these exchanges as they’ll offer odds which more closely match the bet which you’ve placed. It’s good to create an account for each exchange so that if you need to make a quick lay bet, you won’t be stalled by not having access to a certain exchange.
Preparing Your Spreadsheet
NOTE: A new, more advanced matched betting spreadsheet has been made since this guide was written (this old one is no longer available).
Go to the
I currently have 60 bookies in my matched betting spreadsheet. You’ll have bits of your money throughout a lot of these bookies. You’ll need to know how much less you have in your bank account, what bookies are still transferring money out to you and of course – how much profit you’ve made. For all of this, you definitely need a spreadsheet.
You can download my matched betting spreadsheet here. Grab it, and we’ll go through it below.
This is where you’ll be recording all of your matched bets and free bets. For a lot of your bets, you’ll need to ‘qualify’ for the free bet by placing a normal bet, when that bet settles, you’ll then be able to go back and use the free bet.
The bet section is the perfect place to write what you have to do next for that specific free bet. For example – if the bet hasn’t yet been settled, I may add in the date and time that it’s going to be settled next to the bet description. You should also write the free bet in bold underneath along with any restrictions that it has so that you know to go back to that bookie and claim it.
This tab is pretty important as it will tell you where all of your money is. All you need to do is fill in the bookie/exchange name on the left and make sure you update the “Amount Paid Into” section each time you make a deposit. The “Amount In Account” section can be filled in weekly or monthly, this will be the fun time where you can see how much profit you’ve made for the week. “Amount Transfering Out From” and “Amount Paid Out” should be filled in whenever you request a withdrawal and when they do pay out. Some bookies may stall paying out to you, so you’ll definitely need to be referring back to this to see if you need to chase any of them up.
This section appears to the right of the Accounts tab. It will update automatically and tell you how much money you have in your accounts and exchanges. It will also help you to see what the difference in your bank is as you may want to know how much money you started with and withdraw that after your profits grow.
There are also two other tabs which you don’t have to worry about as a beginner. This is the ‘Schedule’ tab and ‘Casino’ tab. You will only use these tabs after you’ve completed all of your [link]signing up offers. There will be an addition to this guide at some point down the line explaining how to take advantage of a weekly schedule and casinos at a later date.
New Account Offers
Now you’ve put in all of the ground-work, you’re finally ready to start making a profit! Now, as I stated at the top of the guide – you need software to matched bet…But it’s worth it. This isn’t a get rich quick scheme or a course that I’m trying to get you to sign up to. This is guaranteed money! It’s also cheap and monthly, you can sign up to just the first month, make your money back in 5 minutes (not even joking) and then cancel your membership and not pay another penny; there will be no monster 12-month contracts here. Even if you don’t think matched betting will really be your cup of tea, I’d still implore you to sign up just for the first month, make £100 and try it out. At least then you’ll know what it’s all about and will be able to adequately decide if it’s for you. You can even sign up for a free trial, make some money and cancel! There really is nothing to lose, but so much to gain!
So – go and sign up to OddsMonkey via the link above, either pay the £17.99 for the first month (you can cancel, it’s not a contract), or sign up to the free trial if you’re still unsure, then come back here and I’ll walk you through the software and how to get started.
A new account offer is when a bookmaker gives you free money for signing up to their bookie. This is guaranteed profit for matched bettors and will be some of your most profitable offers. Completing all of the new account offers on OddsMonkey alone, will net you over £1000 tax free cash. In order to receive the new account offer, you must not have had an account with the bookmaker before. These offers are also limited to 1 per household, so, ensure that no-one else in your house has recently claimed the offer.
MatchedBetting has many facets and trying to understand all of them can be quite complicated at the start. It’s recommended to complete all of the new accounts offers when started out. This is for two reasons:
- They’re the easiest and most profitable offers to do, so they’re good for learning the ropes.
- You’ll need the accounts open anyway to do other Matched Betting activities, so after the new account offers, you’ll have them all created and ready.
After logging into OddsMonkey, navigate to the ‘OFFERS’ menu item, then click on ‘New Account Offers – Bookmakers’. You do not want to do the new account offers for casinos and bingo until you have finished all of the bookmakers new account offers and are sufficiently ready to learn another dicipline.
You’ll then be presented with a categorized list of new account offers. Make your way down the list from top to bottom. OddsMonkey will walk you through the process of matched betting and hold your hand through your first bets.
- Click on ‘Mark as complete’ next to the ‘View Guide’ button when you’re done. This will help you know which ones you still need to complete. Don’t worry, you can still mark them as incomplete again in the ‘Completed Guides’ tab.
- Remember to fill in your spreadsheet after each and every matched bet, it’s important to keep track of your free bets.
- Save filters on the Oddsmatcher as you search for certain bookies, this will speed the process up the next time you use that bookie.
- Make sure you hook up your exchange accounts to the Oddsmatcher, this will allow OddsMonkey to lay the bet for you. Just click ‘Lay the bet’ when in the calculator instead of going to the exchange and it will walk you through the linking.
What Comes After New Account Offers
Introduction to Variance Betting
Variance betting is a little different to “traditional” matched betting. What we’ve covered so far in this guide is laying each bet in order to “lock-in” a guaranteed profit. For these types of bets you only need enough money to cover your exchange liability, with variance betting this isn’t the case.
Let me explain.
A good way of illustrating variance betting is using slot games. All gambling sites have to publish the exact figure that each slot pays out, this figure is called the RTP (Return To Player). One slot machines RTP may be 95%, that means that for every £100 it takes, it must pay out £95. That extra £5 (5%) goes to the house, that’s what they call the house edge. Have you ever heard the phrase “The house always wins”? That’s because of this tiny 5%. That’s how gambling companies make their money, everything has a house edge like this. The only time that they don’t have a house edge is when a matched bettor is playing (which is why they try and ban us!)
Matched bettors only gamble when the odds are in their
The only problem with these games is that it’s not guaranteed that you’ll earn £10 (110% of your wager) playing on the 95% RTP slot. This is because slot machines pay out on different degrees of variance. For example, you may lose £50 and then win £60. Or you may win £60 straight away. This problem is exactly the same for the house when the odds are in their favour, but they know that eventually the house always wins (if they have their edge)…So you need to keep on playing.
To combat this problem when variance betting I recommend to only “risk” 1% of your variance betting total bank (the amount of money you’ve put aside for it). So to take this gambling site up on their £10 for £10 offer you’d need a “bank” of £2000. This way you will always be able to “play out the variance” and you’ll always end up in profit. Remember the house (or in this case you) always wins, eventually, as long as the odds are in your favour.
Eachway Horse Race Betting
EW Betting is kind of like playing a positive RTP slot machine. On some of the biggest races the bookie actually loses money every time on the EW market and they even know this. They lose money because the odds calculated for each horse is based only off the win potential, not the place market (whether they come 1st, 2nd or 3rd) and with Each Way betting, you’re betting on the win and the place.
To demonstrate the positive expected value, take a look at the screenshots below.
If we look at all of the odds for this race and calculate the total probability, we can figure out how much the bookie is going to make on each race.
All of the odds are listed in the first column and the second column is the corresponding implied probability.
Adding up the total implied probability results in the total of 111.25%. This means that for this particular race, Bet365 is going to make a profit of 11.25% of whatever is staked (e.g. £11.25 if £100 is staked).
However, this is for the win only market, what we now need to figure out is the implied probability of the place market. To calculate this we must take the win odds, minus 1, divide by the EW payout (in this case 1/4), then add 1.
(Odds – 1) / (EW Payout) + 1
Using this formula we come to the total implied probability of 262.99% for the place market.
Because the bookie is paying out for 3 places the percentage that they need to break even is 300% and as we can see in the figures, they’ve not hit this. They’re actually losing 37.01% of everything that is staked in the place market. That’s £37.01 for each £100 staked!
This is where the value is for EW betting and how matched bettors can make a guaranteed profit! The bookies can’t help but lose money as they need to offer the same diminished odds for the win market as they do for the place market (otherwise it wouldn’t be
There is also another method that you can use in order to reap an even greater reward, they call this “EW Sniping.”
Bookies are neferiously slow when it comes to updating their odds, the exchange however, is extremely fast. This is because their are thousands of people manipulating the odds by setting their own lay prices on each horse every few minutes. The bookies (who set their odds themselves) would never be able to keep up.
This means that if a person is quick enough, when a horse’s odds drop from 50/1 (£500 for a £10 win bet) to 4 /1 (£40 for a £10 win bet) on the exchange, they’d be able to quickly go to a bookie and place a bet on that same horse for 50/1 (before the bookie updates it).
This provides tremendous value, I once had an EW bet win on a horse which paid out £812 for a £10 EW bet. The odds for this horse when it left its post was only 7/1…I should have only got around £80. I bagged an additional £737 from using this sniping method.
This is where OddsMonkey again comes to our rescue. EW Sniping would have been extremely hard to do before OddsMonkey came along. You’d need advanced (and expensive)
EW Betting Step by Step Walk Through
So now you’ve got the background of EW betting and why it is profitable, let’s walk you through how you can actually do it. For this demonstration, I’ll be using the Eachway m
The first thing you’ll need to think about is your total “bank” size. This will be the amount that you can confidently set aside for EW betting. It will also directly dictate how much you will earn as the greater your bank, the greater your stake size.
Once you know your initial bank size, you can use this figure to calculate your stake size. Your each way stake should be no more than 1% of your total bank. So, for a £500 bank, your total stake size should be £5 (£2.50 each way). For a £2000 bank, £20 (£10 each way). This 1% figure should be recalculated each week or month (depending on how much you’re betting).
Now that you’ve got your money ready, we need to go and set up the Eachway matcher filters on OddsMonkey. This is the tool that will find the horses for you to bet on so it’s important that we set up the filters correctly.
Head over to the OddsMonkey website and click on the Eachway matcher via Tools ->
Then click on the Filter option and set these exact options:
Sports: Horse Racing
Markets: Horse Racing – Winner
Bookmakers: (Whoever you’re currently betting with, see Which bookies to use section)
Exchanges: Smarkets, Betfair
Each Way Rating: 100 to 200
Normal Arb Rating: 80 to 200
SNR Rating: 0 to 200
Back Odds: 6 to 200
You’ll also have to go to the Oddsmatcher (Tools -> Oddsmatcher), click on the ‘Commission’ button and change Smarkets and Betfair commission to 0%.
Doing this means that you don’t have to worry about the different exchange commission amounts when looking at horse ratings in the Eachway matcher and it will save you a lot of time when deciding on if you should bet on a horse (when you’re trying to be quick!)
Awesome. Now you’re ready to start making some E
When one pops up, you’ll go to the Bookmaker and place your EW bet (however much your bank can support) on the corresponding horse. Make sure you check the ‘E/W’ box!
Be careful and make sure t
When you place a bet on a horse, note down the time and horse name somewhere (I use Notepad when I’m betting on my PC and Google Keep when I’m on my mobile phone).
4.45 Uno Valoroso
The reason that you write this down is
At the end of the day (or early in the morning), go to each of the bookies that you placed bets on and update your matched betting spreadsheet with your new total balance. You can then note down your total profit in the ‘Profit Snapshot’ section and find out how much you lost/won on that particular day.
Remember that you can also lose money each day, just make sure that you trust the expected value and keep on going (and never risk more than 1% of your total bank), it’s very rare that you’ll end the month with a loss.
Tips and Tricks
- A lot of good snipes show up at around
11am, you can make a decent monthly profit just keeping an eye on the matcher for 15-30 minutes at 11ameach day.
- There are more horses available towards the end of the week.
- Make sure that you EW bet with your browser in Incognito Mode. This makes it harder for the bookies to catch you and keeps your bookie tab separated if betting on your mobile phone.
- Bet365 and Ladbrokes are extremely generous bookies, utilize these first when big events are on (like Cheltenham).
Advanced Each Way Betting
After you’ve got the hang of each way betting, there are some more advanced methods that can bag you even more profit. These are methods such as betting on doubles, triples or even 4 fold horses on different races.
Doing this means that your bet count can increase into the hundreds per day but it will also increase your variance (and your profits) drastically. accumulative bets can net you insane amounts of profit like it did for TheFIREStarter when he made over £11000 (tax-free) in a single day.
But, I recommend only moving onto these methods when your bank has grown and when you’ve got the basics nailed down. Because of this, I’ll be writing the advanced each way betting section at a later date.
Sorry for the boring post if you’re already using OddsMonkey to make a second income. I just had to do a post about it as I believe that it’s the UK FIRE pursuers number one tool and that everybody should be utilizing it.
If you’re still thinking about whether you should give it a try – that maybe you don’t have the time, or it sounds like gambling. Please, just give the trial a go, it’s free! After you’ve passed the initial learning stage (and netted about £1000 tax-free profits), there are a plethora of other matched betting techniques which you can utilize, some of which barely takes any time at all. I am actually only matched betting between 30 minutes and 1 hour per work day and I’m banking over £1000 per month. I’d have to get a pay rise of £30,000 per year to earn the same amount of after-tax money per month extra which matched betting is getting me. All for a meager few hours a week. It is truly life changing.
I’d like to offer any of my Ninja followers to comment below if they have any questions or get stuck with anything! All questions are OK, I’ll get back to all of you as fast as I can. I’ll even help you through your first steps if you’re struggling.
Matched betting is making me rich, I want my Ninja’s to be rich too! We are a clan after all ;]