Following on from my Intro to Matched Betting post at the start of the year, I have gained a little more insight into the process having followed it closely every day for the past ten days and am now delighted to be sitting at a profit of £600+. I am discovering the world of Matched Betting through my subscription to Profit Accumulator and have found it to be a great website to be a part of. It is very easy to navigate, filled with useful information and a very helpful forum.
The biggest hurdle to how much profit you earn each month completely depends on the bank balance you start with. Although you can start matched betting with a relatively small bank balance of £70, it will be a very slow process to start with as you have to cover your liability for each bet, which, depending on the odds, is at least double your bet (but very often 4 or 5 times your initial bet). This means that money is tied up in your betting exchange account until the bet concludes and you can withdraw it. Withdrawing the money back into your bank balance can take anything from 3 to 7 days to complete. If on the otherhand you start with a bank balance of around £3000 to play with, you’ll be up and profiting in a much quicker time period and enjoying the process of tracking and watching your bank balance steadily grow.
Profit Accumulator has a beginner’s area with a list of offers to complete to get you started. Each offer involves you signing up at a different bookmaker, making an initial deposit of £10 or more and placing a qualifying bet. In most instances the bookie then awards you a sign up bonus to bet with. The value of the bonus and terms and conditions attached differ from bookie to bookie but the principal is the same.
You use the oddsmatching table within Profit Accumulator to decide what bet to place. This software is updated in real time and can be sorted by bookmaker and/or odds you want to place. There are also advanced filtering options.
I have found that the odds can change rapidly, particularly if the event is starting that day or the next. This can be frustrating if you place a bet at good odds then when you go to lay the bet at the exchange the odds have changed. If this happens, just change the odds in the calculator to match the new lay odds and change how much you lay.
I like to keep checking the odds at both the bookie and the exchange right up to the second I place the bets, but it is vital that you always place the bookmaker bet first, followed by the lay bet at the exchange and never vice versa! Betfair is the best exchange to use for placing lay bets on horse racing because it is easy to fix your mistakes and there is always more liquidity(more money) on the Betfair exchange.
Another irksome factor is when you place the bet at the bookie and the exchange only to discover the exchange doesn’t actually have enough money to cover your liability and the bet is left in an ‘unmatched’ state. This is quite common, particularly with less high profile events. However, I have found that if I am patient and leave it alone, up to a couple of hours before the event, then the situation will usually rectify itself and the bet will become matched; just in time. If you are too nervous to do this though or it is getting much closer to the event then Profit Accumulator provides another more advanced calculator which can be used to work out what changes to make to your bet to maximise profit and minimize any loss.
I’ve been keeping spreadsheets updated with every bet and transaction I make to keep tabs on my money and profit. It’s really important to do this as you can very quickly become overwhelmed and lose track of where everything is.
I’ve now completed my first round of betting, having tied up all my available funds, I am now waiting for all withdrawals to complete in my bank account and will get started again. I haven’t used Skrill yet but it sounds good and I will get round to it once the money is available. The biggest benefit to using Skrill appears to be the fact that you no longer have to wait for withdrawals to hit your bank account, but it cannot be used for signup offers, so I’ll probably wait until I’ve finished all those and am getting started on the reloads section of the website.
I’m thoroughly enjoying matched betting so far, it’s very exciting to wait for match and race results with no risk involved. I did find it pretty nerve wracking the first few days though until I had fully wrapped my head around the ins and outs of the transactions. I’m sure I’ve still got loads to learn and mistakes to make, but so far, so good and the journey is really good fun.