Matched betting is incredibly popular in 2019, but how much money do you need to start matched betting?
In this article, we’ll look at how to start matched betting along with how much money you’ll need behind you.
Ready? Let’s dive in.
Matched betting introduction
Since you’re reading this article, I assume you’ve heard of matched betting before. But for those that haven’t here’s a short introduction.
Matched betting is a way of making money from bookmakers’ free bets and promotions.
It’s one of, if not the most popular way to make money online and there are thousands of people already using this technique to great success throughout the UK.
Matched betting is great for those looking to earn a little extra income each month. For example, students and stay at home parents love this risk free betting method.
As we’ll look at below, matched betting is one of the most profitable ways to make money online and doesn’t require much time investment once you’re up and running.
Most bettors spend about an hour each day completing the latest offers. By using matched betting sites like OddsMonkey, you’ll be able to maximise your earnings right from the get-go.
Whilst you can teach yourself the methods and strategies behind match betting, it takes a lot of time.
You’re probably thinking this sounds awesome. But how does matched betting compare to other money-making opportunities?
Matched betting vs other money-making opportunities
As you probably know, there are hundreds of methods to make money online. However, few are as enticing as matched betting…
Compared to other methods, the start-up costs of matched betting are minimal.
Looking at one method in particular, starting a website or online business is an incredibly well-documented option. Search Google for ways to make money online and you’ll definitely find ‘start a website’ somewhere in the results.
Whilst I’m not putting you off, starting a business is not for everyone and the capital required can be huge and often unrealistic for a lot of people.
If you’re looking for a more realistic and short term way of making money online, match betting is certainly a better option.
I’m not here to say matched betting is going to make you a millionaire. It’s really not, that’s not what it’s about.
This method is about making a great second income online to supplement your existing income or to help you through student life.
Still interested in matched betting? Let’s look at how much money you need to start matched betting.
How much money do you need to start matched betting?
One of the most common questions we get asked and one that is essential to matched betting success is how much cash you need to get started.
After helping hundreds of people get started, we’ve done some research and found out the perfect bank balance required to start your matched betting journey.
I recommend bettors start with £200
Let me explain why.
Matched betting is all about making risk free profits from bookmakers free bets and promotions.
To do this, bettors use a method called back and lay betting which involves placing two opposite bets (one back bet and one lay bet).
You work out the exact stakes, using a matched betting calculator, to cancel each bet out. Therefore, you end up where you started.
This would be pointless if there were no free bets, but thanks to the incredibly competitive betting industry, there are hundreds available. Therefore, as you’re using free money, you make a guaranteed profit.
To maximise your income from each free bet, you need to pick high back and lay odds (this isn’t the same with qualifying bets). The higher, the better.
The comparison below shows why.
In the first screenshot, I placed a £10 free bet at back and lay odds of 2.0. You can see I’ll make a guaranteed profit of £4.95 regardless of the outcome.
In the screenshot below, I placed the same £10 bonus at back and lay odds of 8.0 (much higher than the first example).
In this bet, I’ll make a profit of £8.60. A considerably more profitable outcome, simply by placing my bets on a market with higher odds.
Increased winnings and losses
As you may have seen, with this comes increased winnings and losses.
Without getting too technical, it comes down to the liability of your bets. This is the amount you stand to lose at the betting exchange, should your bookie bet win.
In the first example, my liability is £5.05 (the first red figure in the results section). Compare this to the second example where the liability has increased to £61.40, a considerably higher amount.
This isn’t a bad thing. With matched betting, we cover all outcomes, so if your bet loses at the betting exchange, it will win at the bookmaker and vice versa.
There is no risk involved. It just means you need a higher bank balance to cover the bet. The betting exchange won’t let you place any bets unless you have the required liability in your account.
If you wanted to, you could pick lower odds and therefore a reduced liability. However, it’s important you maximise your earnings from matched betting.
As a rule of thumb, I recommend you aim to extract 80% from each free bet. So from a £100 bonus, I’d aim to extract £80 in cash.
As you can see from the previous example, this is usually not possible by picking lower odds.
That’s why I suggest you don’t start with any less than £200. There’s very little point.
Anyway, it’s incredibly easy to get your hands on £200 even if that means borrowing from a family member. You may even get them started with matched betting!
You might be wondering why £200 and not £400? £200 is a very round number.
After doing some research into how much money people started matched betting with, how profitable their first few offers are and how quickly they complete their first few offers, we’ve come to the conclusion that £200 is the lower end of what people should begin matched betting with.
Any less and we think you’ll struggle to extract 80% out of larger free bets. However, as we’ll come onto in the next section, the more the better.
Don’t stop there
Wait, I have more money available… There’s always one!
As I’ve already mentioned, the more money you have available, the more you’ll be able to make from each matched betting offer.
A larger bank balance also means you can start completing multiple offers at the same time.
If you’re waiting for an event to take place and for your matched bets to settle, there’s nothing worse than not being able to take advantage of another matched betting offer.
That way you can start completing reload offers more quickly.
Whilst keeping track of multiple bets may seem a little complicated for matched betting beginners, you’ll soon be able to manage this.
It’s all about knowing which bets you’ve placed where and when they settle. OddsMonkey has a brilliant platform that helps you keep track of your currents bets.
Money needed to start matched betting
So in conclusion, how much money do you need to start matched betting?
All in all, I recommend you start with at least £200.
Any more than that is awesome but I wouldn’t start matched betting with any less. I think you’ll struggle to extract 80% from each free bet, especially the larger ones.
With a larger betting balance, you’ll also be able to move on to reload offers more quickly which is where the long term profit is made with matched betting.
Matched betting is hands down the most profitable way to make money online, so I suggest you give it everything you’ve got when you get started. You won’t regret it!
I recommend you get started with matched betting by signing up with OddsMonkey.
They walk you through the entire process hand in hand allowing you to maximise your income along the way.
Check out our OddsMonkey review here, or get started straight away.
How much did you start matched betting with? Let me know by leaving a comment below right now.