Ever felt that you need an extra income to fund your studies? Or maybe you want to travel in the summer, and you’d love to find a tax free way to do that? Today, I’m introducing ‘matched betting’ as a way for you to earn an extra income as a student. It’s easy, straight forward and can all be done on your laptop.
Skeptical? I was at first, but when I saw matched betting promoted on the Guardian and Save the Student, I really started to wonder if it worked, and decided to give it a go myself, before promoting it to you guys.
I’m a Philosophy teacher, as you know, and wouldn’t risk tainting my reputation by recommending something that doesn’t work. I’ve made around £150 profit on my laptop through matched betting in the first two days of York Races! (this is the site I use to help me).
What is Matched Betting?
Matched betting is a way to make money from the bookies by cleaning up on the free bets. Each time you make a bet, you ‘match it’ by placing a lay bet on the exchange. In other words, if you bet for Liverpool to Win on the bookies, you bet against Liverpool to win on the Exchange such as Betfair (sign up with code K6NQH7NQM for free bets).
By using a free online calculator (I use Profit Accumulator) you can minimise your risk by matching your bets accurately. You might lose say 50p – £1.50 for an initial bet (known as a qualifying bet) but this will release free bets for you with the bookies. For a £10 free bet, you can usually release about £7 in cash – pure tax free profit!
How to Get Started with Matched Betting
1. Set up an Account with Betfair Exchange with Promo Code: K6NQH7NQM
2. Set up an account with www.coral.co.uk.
On this matched bet, you should be seeing a profit between about £20-£30 for just half an hour (if that) on your laptop.
Things to Be Aware Of when Matched Betting
1. Matched Betting is only risk-free if you do it properly. If you make a mistake it can cost you. That means that you must double check against the odds calculator and the exchange before you place any bets.
2. ALWAYS match your bet. In other words, every bet you must put on must have a corresponding lay bet on Betfair. Remember that people can have gambling addictions and so you need to be aware of this. It is only risk-free if done properly.
3. You need to have some funds in your Betfair account to allow for liability (what you may lose after your bets have played out). The more that you can start with the faster your pot will grow. I started with £100 in Betfair and £30 in with other bookies. You can start matched betting with around £40, but starting with around £100 will mean that you can build up your profits quicker.
4. If bookies find out that you are profiting from them, they could ‘gub’ you, which means limit your account and not allow you to use promotions. By placing the off ‘mug’ bet on your favourite team you can throw them off the trail! (A mug bet is a bet that is still matched but made to look like a normal punter e.g. bet on your favourite team or low odds).
If you’d like to read more about matched betting, click here.