Regarding matched betting- (have never tried it)

[Sunnysunnyday123]

1. Can someone reassure me it’s legal
2. Can anyone recommend an online bank account to use for it- and can I open this as well as having my normal current account?
3. Can I just do the betting between 2 bookies -instead of using the exchange thing- as the exchange thing sounds more complicated..

Thanks!

1. Yes it's legal although you will probably be gubbed (not eligible for special offers) and/or stake restricted by most bookies eventually as they dont like matched betters.
2. I use Starling Bank, it's great.
3. No, that wouldn't be matched betting, you need to use an exchange. It really isnt difficult once you get used to it, honest!

Good luck!

Thanks HilaryBriss!-the exchange scares me a bit as I don’t fully understand it- basically I would be acting as a bookie?!

Oh and I could open Starling Bank account as well as keeping my existing current account with a different bank?? Thanks..

Why do you need a special bank account?

If you dont want to uss your normal account, just open another account with your current bank. Its quick to open an account with a bank you're already with.

Are you in the UK? Gambling is legal here. There are zero legal risks.

The exchange - you're not actually being a bookie. You're just betting against other people; like making a bet with a friend.

Matched betting really is very simple. Watch the videos on profit accumulator. If you dont understand it then dont do it. You only lose money if you make a mistake. They explain it really well; if you cant get your head around it then just dont.

Oh.. and you can have as many bank accounts as you like anyway. Why would you even wonder about bank accounts? Do you think there are laws against having different accounts or something?
Weird.

I started match betting recently and used the Team Profit website which explains it all really clearly. You need to concentrate the first couple of times but once you get the hang of it, it is pretty simple.

I opened a separate bank account as it is easier to keep track and also avoids any hassle if you might be applying for a mortgage soon. I use Monza but you can use any account.

Isa- you don’t need to call it wierd; I was just asking advice as I didn’t know. I’ve only ever had one current account.
Thank you everyone for the very helpful advice so far. Yes, I thought having a separate bank account would make it easier to keep track of things.
I’ll start watching the videos. Any more advice is welcome too!

Yes it's legal.
You don't need a special bank account. But it's a very good idea to have a bank account that is purely for matched betting so transactions don't get muddled up with your day to day spending. It just makes it easier to see how much you are making from mb. I just opened another current account with my existing bank (Halifax).

I was skeptical to start with so just put in £100 to give it a go as that wouldn't be the end if the world to lose if it turned out to be a bad idea. I'm now 20 months in and £10k richer. Though I do casino offers with team casino now as well as matched betting with team profit.

Watch all the videos, read the instructions, watch and read again, if it makes sense, then follow the instructions. Do not just dive in and do what you think seems right, just do exactly as the instructions say. After a few bets it gets easier, then you can move on to more complicated offers.

Doing the bets with 2 bookies is dutching, it is not matched betting and requires different calculators and is more complicated. Just use Betfair or Smarkets as your exchange, both are easy to use once you get the hang of it. I would also recommend signing up to odds monkey, if nothing else but for their oddsmatcher (it finds the close odds matches for you, lets you lay with Betfair or Smarkets with 2 clicks if you link your accounts and has a handy profit tracker)

xyzandabc- thank you! I hope it will become clearer once I start watching all the vids.
The idea of the 2 clicks to lay a bet means I’m more likely to sign up with OddsMonkey- anything to make it easier

Team Profit and OddsMonkey are great. Join the Team Profit Facebook page and ask questions as you learn.

A separate bank account is important as otherwise it's a nightmare trying to track your profit and keep it separate from daily spending.

I've made about £12,000 over the past three years - haven't had time to do matched betting recently but it's a great hobby and free money is always good.

Another advocate for opening a new account with an existing bank that you do online banking with. It needs to be a current account with a debit card.

I started with £50 and have made £3k doing it very part time over the last year. Really must get on with more sign-ups!

You'll definitely need to use an exchange. Don't be afraid the exchange! The exchange is where you effectively bet that something isn't going to happen - so if i bet Ladbrokes that i thought Red Rum was going to win the national, I'd bet the exchange that i thought Red Rum was NOT going to win. Be careful, in football that's not the same as backing two opposite teams, because there are three possible outcomes on a football match not two... and no it's not as simple as using three bookies either

Yes it's totally legal and you don't have to declare it as income on a tax return.

Team profit is the most beginner friendly website and set of guides in my opinion. The only thing about using them is that they're very Odds Monkey - orientated not Profit Accumulator, if you're got your heart set on PA. I've stuck with OM because I got a good price to sign up for another year, but now I'm more experienced I think Profit Accumulator is probably the better software.

Just take your time to understand it all before you start, and follow team profit guides precisely. The only time you can lose money is when you make a mistake. If you do exactly what the guides tell you, you won't.

Thanks! So it looks like I should sign up with Team Profit and Odds Monkey- hopefully it will all become clear when I start lol..

Team Profit is brilliant and their Facebook page is so supportive and friendly.

I've been doing MB and Casino for 2 years now, great extra income every month!

I also use Starling. It stops me spending any money. I previously kept all the money in the bookies but thats not a good idea because they could decide to be tricksy and also you can lose track of it!

Dont take all the money out though. Keep plenty of liquidity and money in the exchanges because that frees you up for biog events like Cheltenham and for good deals like Bet365 £50 inplay offers (gubbed sadly)

eventually you may get gubbed by most of the good sites, but I managed to clear enough to send my son to private school from yr 8-11 so was happy with that.

Hint from me
I use my notes on my iPhone which has a list of
Bookies I am gubbed from
Bookies I have accounts with
Bookies I have accounts with money in

Thanks guys- I’ve started watching the videos
Still trying to understand the exchange and liabilities etc.
Will maybe use Starling bank- wonder if I can just get that started online on my phone...

Yeah you can, I use starling

Team Profit have some really good tutorials and go through your first trigger bet and free bet literally step by step. It will become second nature eventually but the key is to really take your time and not to rush.

wonder if I can just get that started online on my phone

I do 99% on my phone.

Thanks again folks! Still watching vids to understand the exchange etc
I’m waiting on broadband getting installed. I wonder if I should hold off as if you’re viewing the bookies and exchange at the same time it may be easier on a laptop?
Would love to start but don’t know if it would be a bit risky trying to do it all from my phone as a beginner...

I only have a phone and did it all on there from starting
Just go slow, you get quicker and eventually I was placing bets in the supermarket queue

QueenCT- Wow! Maybe I’ll try then. Thanks