Matched Betting - whats the catch?

[MrsSpencerCharnas]

I am looking for positive and negatives in this. I have done quite a bit of research, but I can't seem to find any reasons why NOT to have a go (if only for a month) just to see.

I've read that its not as lucrative as it once was, but that's not a big issue. I'm not looking for a get rich quick scheme just an extra £50 here and there.

I've done a free trial with Oddsmonkey and wondering if its worth paying for a month seeing how I do. The thing I'm nervous of here is that if I decide its not for me can I leave? They require me setting up a regular monthly payment. I've made more than the first month's subscription in my 3 sign ups so I wouldn't be any worse off than I was a week ago. I just don't want to be stuck and find it difficult to cancel. I don't want to ask them or anyone with them cos all you hear is definitely worth it and they make loads of money on it etc. No-one ever tells you when they don't

I just haven't found any evidence (looking at reviews on things like trustpilot etc) of any negativity, but surely there must be some kind of catch? Or some cases where its all gone tits up for people?

The only catch is that you will eventually get gubbed by all the bookies and not able to take advantage of the offers. I don’t use a subscription service- just do it myself. I learnt how to place the various type of bets from team profit. I mainly do football and only have three bookies left that still let me place bets.
I’ve made about £4K since I started.

I have lost money in the past by making silly mistakes, but small amounts where I wasn’t paying attention and placed a bet on the wrong team. Totally my own fault.

The catch is that it's mainly a one-hit-wonder.

I did it for 4 months and made about £3k. Then it didn't so much level out as nosedive. All the bookies gub you and it just gets hard (and boring).

Some people have done MB for years but if you want to keep going I can't even imagine the amount of hours you'd need to put in. The gravy train of 'easy money' is very short lived.

Of course the other potential downside us that it's only foolproof as long as you don't make a mistake or lose your focus and gamble. Both are easy to do. I made a mistake once and placed a lay bet on the wrong team and lost £300, just like that. I also slipped into gambling one night after doing a bingo offer and before I knew it I'd gambled (and lost) about £80.

Despite my two slips I'd still recommend it, it's well worth doing once imo.

I found it very time consuming - did it for about a month, made about £400 but was too nervous and also terrified I'd make a mistake and end up losing big bucks!

I don’t understand why the bookies care? You bet with them and either win or lose…why does it matter whether you’ve made a lay bet to offset your risk? Is it just that they want to suck you into more gambling and gub you when you don’t fall for it?

It’s a lot harder these days especially with the affordability checks the bookies are all implementing. I did it about 5 years ago and managed to make about £15k over 2 years but by then I’d lost all the major bookies and was spending 2 hours every evening doing high variance casino offers.

It was nice while it lasted but you do have to put time and effort in to make it work.

Ooh I hadn't heard of team profit. I will take a look at that now. I'm more nervous of entering into a payment plan and having difficulties leaving than anything else ATM.

I know the losing money can happen if its done wrong so I'd only put in what I can afford to lose at the outset (which I'm sure most people do anyway) which isn't a great deal so can't see me losing too much that I can't afford to.

If I got to 45 years without a bookies account I'm sure I'll cope if they all stop allowing me to go on

Could someone explain what 'gub' means? Is it gambler slang?

I found it really boring so that put me right off. Would rather actually work

As long as you follow the rules and don't get tempted to place actual non matched bets, go for it. I started with £100, as I decided I'd give it a go and if I lost it, I was fine with that. Never ever put any more in, over about 3 years on and off, turned that in to £15k, tax free. Also branched out in to low risk casino offers. Then stopped as I was gubbed by almost all the big players and many of the smaller ones, then it was taking too much time for very little gains.

Set up a totally separate bank account and keep all of your mb funds separate from your normal accounts. Much easier to keep a track of how you are doing that way. I also kept a spreadsheet with all my bookies/casinos on it (so I didn't forget an account) and at the end of every month, logged in to all of them to check the balances and withdraw if it wasn't one I used frequently. Put the balances in to my spreadsheet to see the profits.

It means you are allowed to keep the account open, but cannot take part on any offers eg not eligible for free bets. So if you are a matched better there is no point in the account.

I think the 'catch' is the time and effort you have to put into it to make significant profits, meaning it's really no different from taking on a part time job as a way of boosting income.

They care because you are eroding their profit margins. Bookies do the same as matched bettors, they take a bet then lay it off on an exchange. That is why they don’t care if you win or lose, it’s about how much profit they make on the difference in price on the bet and the exchange. Matched bettors choose bets where the difference between the bet and lay are as small as possible to keep their own costs down, effectively wiping out the bookies profit margin. If a bookie sees you taking too much value then they don’t want you as a customer and your account gets restricted, or gubbed.

There is no catch, it's easy tax free money. As others have said it's not a long term thing as you will get gubbed, bur enjoy the free money while you can!
The only way you will loose money is if you gamble, or if you make a mistake.

Gubbed means you are banned either from partaking in offers advertised with a particular bookies/casino, they have restricted your account so that you can only place tiny bets of 20p or something, or in some cases banned from placing any bets at all, or even accessing their website. Basically you can't use that bookies any more.

It takes time to learn what to do with the different offers eg bet and get, refunds, bet builders, etc but once you know how to do it, it only takes a few minutes each day. Certain events are quite lucrative eg grand National, Cheltenham, Euros etc. as there will be multiple offers daily.

I get the point about work etc and I did consider a second job, but decided that if I just spent 30 mins here and then some evenings and an hour or so on a weekend maybe doing it just for a bit of extra cash at the end of the month then in my mind that's easier. Also if I didn't feel like it then I didn't have to. I'd have to turn up if I did a second job.

Yep, that's the beauty of it. You can pick it up, and drop it, whenever you like. It is like a small part time job, but if you don't fancy turning up for a week, or a month, or a year, no one cares. It can fit around the rest of your life whenever you want.

Exactly and it’s tax free. It only takes a few minutes to check the offers.

I only have a couple of accounts left and often think about closing my accounts, but made £150 during the Euros and I was abroad for one of the weeks so just keep going until the last few gub me.

Echoing what others have said. The main downsides are making stupid (and costly) mistakes, and getting gubbed. I did MB about 6 years ago. The offers then were great. I made about £16k over two years. I really enjoyed the maths, I did some extra place bets too (which I think will probably still be lucrative) and low risk casino. But I got gubbed across the main accounts and also ran out of time to devote to it.

I see the Advertising Standards Authority has requirements for advertising of matched betting? For example that ads should not imply that matched betting is ‘risk free’, or exaggerate the potential winnings or imply financial security.

https://www.asa.org.uk/advice-online/gambling-betting-and-gaming-matched-betting.html

I’ve had a similar experience when trying out 벳삼코리아 (Bet365 Korea) for the first time. I wasn’t looking to get rich quick, just wanted to see if it could add a little extra fun and maybe some winnings. I signed up, played around with a few games, and it was easy to cancel when I didn’t want to continue.

The key is knowing you can walk away if it’s not for you. From what I’ve experienced, platforms like Oddsmonkey can be good if you’re smart about it, but it’s always important to read the fine print.

I made about 2k in 6months. It was just what I needed while I was stuck at home with a baby to get my mind working. Probably only did 1-3 bets a day. Started with £100 only.

I didn't get gubbed, just bored and ran out of easy offers so would have had to up my game. I did click working and surveys too. Still do the latter and make about £30 a month.

As pp says. You need to keep decent records. I was with a dozen or so betting sites so you need to record username and password for each and list each bet and where it was so you don't lose track. You can technically extend your working time by using someone else's details (obviously with permission). When I had proved it worked, my Dh and I considered doing it with his ID but by then I was looking for real work.