Can I ask some questions about matched betting?

[penguinbox]

I am interested in starting this to earn a bit of extra money. I got a bit of money paid out in a PPI claim recently and thought I could reinvest some of it into matched betting to try and generate an income for myself. I find it confusing because one person will say they easily make £1000 a month and another will say they struggle to make £100. I have some specific questions I'd like to direct towards those with matched betting experiance.

1. How much of float do you need to begin with is £500 enough or should it be more?

1. How much time do you need to spend each week to realistically be earning £200+ a month from matched batting? I am retraining at the moment and while I do have some spare time to put into matched betting I really don't want to be spending hours and hours each week obsessing about it. Is it really as simple as following the advice on the sites and collecting your winnings?

1. When people say they make £500 - £1000 a month at it does that mean they are actually able to withdraw that amount and use it as income or does it really need to stay in the float, if so for how long?

1. I think I would probably need to get a seperate bank account for matched betting to keep everything organised. Can anyone recommend an account for this sort of thing?

I'd be very grateful if anyone could answer any of these questions for me!

1. I started with £100 about 6 weeks ago and am almost at £1,000 profit. The more you start with, the quicker you will make money as the more offers you can do at the same time.

1. I work full time so can only dedicate an hour or so in the evening and maybe a bit more at weekends. You follow the instructions step by step on the welcome offers and you will soon be getting lots of emails with other offers from the bookies you have signed up with.

1. You can't withdraw it for a while, not really, otherwise you won't have the funds in your betting exchange to cover the liability on the bets you place. That was one of the things I found strange at first, I've got £900 profit but can't spend it!

1. You will definitely need a separate account (and email address ideally). I opened a Tesco one, my DP uses a Starling account although he has difficulty withdrawing from some bookies as they don't use MasterCard.

I recommend that you sign up to Team Profit website (free) and also their FB page if possible, they are very informative and will take you through it step by step.

Thanks Hilary for your advice your profit is impressive! Is that just on your accounts or you and your husband combined?

At what point can you start to withdraw profit or do you just let it build up and build up until your decide to stop matched betting? This would be ok for me as I have enough to keep me going for a while but would like to build up a little extra for the future.

I will look at the tesco accounts and Team profit, thanks again!

good advice from Hilary, but I would say you don't need a seperate bank account.
money to withdraw: I'd say once you have a couple of thousand in the exchange / active bookies you'd be able to withdraw.
I make roughly £2000 a month but spend a fair few hours an afternoon on it. I am now over £75K in profit though after 2.5 years so do it right, don't gamble and it can be very lucrative

oh, and the being organised, I have a spreadsheet with amount in each bookies and how much has come out of/ gone into my bank account

vandrew well done! How have you avoided gubbings? Are you following a particular system like PA?

I've not avoided gubbings! I have a couple of family members who let me have an empty bank account, and yes, I'm on PA. It's invaluable

I wouldn't be able to cope without a separate bank account, there are transactions flying in and out everyday and it would get muddled up with my 'real' money if it wasn't in a separate account.

I also have a spreadsheet which is essential, for me at least. I tried using various ones I found on the internet but eventually made my own which works better for me.

I would love to make as much money as vandrew4 - well done! - but just don't have enough time to invest in it.

What the hell is match betting... I quite fancy ago after reading this

mycat it's basically a way of taking advantage of bookies' offers by putting on bets then "laying them off" to make it risk free. have a google.

I started with £100 made about £1500 after 3 months but I took most profit out as I made it as I needed the cash. Spent about an hour every couple of days on it. Long term it could work but I have no idea how much because you move onto reloads rather than introductory offers.

I want to get back into it but my last one I had £1000 in the bookies and they took 2 weeks to authorise my withdrawal I was terrified they would take it all and I would be down. (You can avoid this, I made a mistake with it)

I just started matched betting 11 days ago and have made £275 profit so far, it's well worth doing :) bigger bank roll you can build up, the better!

This is interesting. Are there any books explaining it? Or is it best to follow advice on websites?

Ignore above message.

Can I ask what website you use to place the lay bet. I've read terrible things about betfair and smarkets taking your money or closing your accounts.

On trust pilot betfair gets 1 star and reviewers say it's basically a scam.

I used Odds Monkey a couple of years ago, started with £50 float then went through all the introductory offers etc, made £600+ profit in a couple of weeks to cover Xmas