Hello FrugalMrW here, I am the other half of the expedition party wandering through the opportunity filled dales of Websterland.
Over the last few years FrugalMrsW and I have been trying to find ways of making a little extra cash, at first it was just to pay for little extras and the odd present here or there to help with the big Christmas bills that come every year, but as time passed FrugalMrsW discovered more and more effective ways of making those extra pennies, and with a lot of research and trial and error those pennies have turned into extra pounds.
At first I wasn’t really involved in making the extra money as I work full-time and overtime at the weekends when I can, but as FrugalMrsW discovered more and more ways of making money it became evident that there were opportunities we were missing out on because she doesn’t drive, but I do.
I started to dip in to the mobile earning apps such as Yoobic and Field Agent which are basically mystery shopping apps for your smart phone, the problem I found with this is that doing the tasks were taking away from the already sparse time I get at home with my family, So we decided to try to find something that I could do at home, and after some deliberation and reading the fantastic guides on The Money Shed and From Aldi To Harrods I decided to give Matched Betting a try.
Now let me clarify a few things before I go any further. I don’t gamble, in fact I have never even been into a bookmakers in my life and I couldn’t tell you how to calculate odds, and frankly I found the idea of matched betting completely bizarre and I didn’t understand how you could make money from it but… with a little help from a website that I will mention a little later things became a little more clear as to how it works.
Matched betting is hard to explain without going into great detail with examples and odds and many other things that lead to confusion. so I will try to explain using the example of a coin toss.
Heads or tails
What could be simpler that a coin toss right? heads or tails, 50/50 odds.
With matched betting you put a bet on both results, so you are guaranteed to win right? the answer to that is “sort of”
Bet 1 : heads. stake = £1. Win = £2
Bet 2 : Tails. Stake = £1 win = £2.
So in total you have bet £2, but you can only win £2 anyway so you are just breaking even right?
The profit in matched betting comes from taking advantage of sign up offers and reload offers that almost all online bookies give to new and existing customers. Such as “Bet £10 and get a £10 free bet”. the trick is you don’t make any profit until you use that free bet.
so lets look at this analogy again.
Bet 1 : heads. Stake = £10 (Free Bet). Win = £20
Bet 2 : Tails. Stake = £10 (Your Own Money). Win = £20
This time you have only staked £10 of your own money and the return is £20 so at the end you are in profit!
Now in reality it isn’t 100% of the free bet you make in profit, its more like 60 – 80% so between £6 and £8, but a profit is still a profit.
Now I could go further into explaining it and get mired in examples and explanations but it would get confusing and frankly there are better places to go for details of how it works than this post, which is where Profit Accumulator comes in.
For a monthly fee Profit Accumalator provide you with much more in-depth explanations, step by step videos, an odds calculator and odds matcher to help you find suitable sports events to place your matched bets on. They also give you a comprehensive list of sign up offers and reload offers that are constantly updated, so it is possible to keep going and keep making profit! They also give you your first month trial membership for free and enough offers to make about £40, and a money back guarantee.
Now I do not encourage gambling, it’s a mugs game, but this isn’t actually gambling in the strictest sense, as the only way to lose money is by making a mistake when placing bets on events. If you are careful and follow the instructions and video guides it quickly becomes clear and your understanding of how matched betting works grows quickly.
To start matched betting you do need a betting fund, I started with £105 and in 4 weeks I have more than doubled the money. I have to say that the more money you put in at the start the quicker you make money, but that is not absolutely necessary, you can start with as little as £60 but it does take longer to build up the money and the profit.
The thing with this is, you can make money, but if you take money out too early you will restrict the amount of money you will make, if you want to use matched betting as a regular source of income you need to build your betting fund to a substantial amount, to then generate profit at a greater rate.
Currently I am making profits of about £20 per offer, but as you build your betting fund you can increase those profits into the £100’s by making use of larger free bet offers, such as bet £400 and receive a £200 free bet, which then you can probably take away over £100 in profit, but you need the betting fund to cover it.
When I first set out on this little experiment I was a little intimidated by the numbers, in fact on the first bets I ever placed I was in a cold sweat, hoping that I had done everything right and had not made a mistake and frittered away £25 on bets, but the video guides on Profit Accumulator had been easy to understand and very well explained, I made a £6 profit!
To make the big profits you need to have the money available in your betting fund, the amounts we are talking about are not insignificant, probably around £3000 in funds to make a good income monthly.
Now I know what your thinking, as I thought the same, it sounds insane to have £3000 specifically used for matched betting, if you are trying to make hundreds in profit, combined on each bet you may be betting and laying £800 in total, but when then bets settle you are taking £900 away.
As I mentioned before I started this adventure with £105 of our own money and I have already more than doubled it in 4 weeks, to get to the £3000 stage may take me another few months but even if I do get to that stage with it, and decide I have had enough, I still have the £3000 I will have made to take away.
Risk free and Tax free
The compelling thing about this way of making money is that it is risk free and the income generated from “gambling” is not subject to UK income tax.
Try it yourself.
If you’ve read this far, maybe you are thinking of trying it yourself. If so I would recommend taking a look at Profit Accumulator and making your own mind up.
I will be back at some point in the future with an update on my adventure!
*Disclaimer : This post contains affiliate links