Matched Betting

[johnsmith]

Apologies if there has already been a thread on this.

I have been using matched betting over the past year and have netted over £1000 , nothing outrageous but it has payed for my food and cycling accessories. Some people have quit their jobs and do this for a living.

The process involves signing up to bookmakers and taking advantage of their free bet offers and then covering the bet at a Betting Exchange to 'guarantee a profit'.

I think you can do this from America, but there may be extra charges for converting currency.

http://en.wikipedia.org/wiki/Matched_betting - This will explain the process better than I can

http://forums.moneysavingexpert.com/forumdisplay.php?f=41 - Here is a forum which gives examples and goes over strategy

http://www.freebets4all.com/automatcher/ - This is a fantastic website, that searches all bookmakers for the best odds for the matched bet and guides you through the process of placing the bets. (it is free)

Just to clarify, this is not betting in its normal sense. You lock in a profit before the game starts, the outcome of any match/game does not matter.

Any questions, I will be happy to answer and I hope people are able to use this to get a little extra income each month.

Best wishes

[beltim]

I think this is illegal in the US.  Well, really all online betting.

[johnsmith]

Ahhh not so good then. I am surprised as I thought a lot of people played poker online from the US.

Does it make a difference if the websites are based in Europe?

[arebelspy]

No one does online poker here anymore as of a few years ago, and no, doesn't matter where the website is based.

The problem with this is even if it works for a short period of time, what happens when you run out of sites to sign up for and can't get any more deposit bonuses?

Advocating gambling to get to FI (even if initially it's fairly risk free) isn't exactly Mustachian.

From the Wikipedia article:

Matched betting is legal and a spokesperson for William Hill has indicated that the betting industry does not have a problem with this use of free bets.

When you figure out why they're okay with it, you'll see why it's a bad idea.

[johnsmith]

Arbelspy

I agree gambling will not get you anywhere near FI, and if you are not able to control yourself then matched betting is not for you.

I never gamble. I only bet with deposit bonuses and move on to the next website. As to your question about what happens when you run out of offers, the bookmakers will offer you further bonuses during the year, on average about once a month per bookmaker. There are also other ways to lock in profits through arbitrage bets. (But I admit this takes a lot more time to find the correct odds and we are talking £5-10 profit per bet).

I am not advocating gambling, if done correctly matched betting is completely risk free (bar the bookmaker becoming bankrupt).

As you suggest the bookmakers use these offers to hook people in and start people betting. As mustachians we take advantage of these offers and don't get suckered in to risking our own money.

It is much like credit card companies offering cashback or vouchers for taking their cards, they are hoping we use their cards, build up a balance and pay them interest. However as mustachians we take the card, take advantage of the offer and pay back in full so as not to accrue interest.

I hope I have clarified my position. In short this is not gambling and do not even attempt it if you have a problem with betting or think you will not be able to resist gambling your own money.

If you are thinking of matched betting, please do your research and understand the process.

[gooki]

Great score on fleecing them for 1000 pounds a year.

Have you considered services like entropay to make multiple credit card numbers, so you can sign up multiple times to the same site?

[grantmeaname]

I agree gambling will not get you anywhere near FI, and if you are not able to control yourself then matched betting is not for you.

If betting sites encourage matched betting, what does that say about peoples' ability to control themselves?

[Bruised_Pepper]

If betting sites encourage matched betting, what does that say about peoples' ability to control themselves?

"Wow, I made some money on a risk-free system...I must be really great at gambling!" 

[Eric]

That's good stuff right there johnsmith.  Nice find.  Maybe one day, our lawmakers in the US will allow adults to use our money as we please and I can join you.

[arebelspy]

That's good stuff right there johnsmith.  Nice find.  Maybe one day, our lawmakers in the US will allow adults to use our money as we please and I can join you.

Are you familiar with the US laws?  I'm not entirely sure what's stopping you, if you can find a place that will take your US bet (in other words, you may think the part that is illegal is not, and vice versa).

On another note, there is a similar opportunity here in Vegas to take advantage of reward/sign up bonuses for various casinos.

Get paid to come to Vegas:
http://tynan.com/vegasmoney

[johnsmith]

Gooki , They state on their websites that the offer is limited to one person, ip address , household. (But I like your thinking)

It would breach the bookmakers T&C's to do use those websites and they are quite particular about how you fund your account. However we recently moved and I have been going through the offers with my girlfriend and instructing her on how to do them,then splitting the profits and I may do the same with my mum . (they both have no interest in gambling and the gf barely pays attention as I am advising her, before someone accuses me of creating a gambling addiction)

Grantmeaname - A lot of people don't even use the offers to lock in profits by backing and laying the same outcome. They simply bet on an outcome and can win or loose. They also then go on to gamble with their own money. I also agree that a lot of people will get hooked in by these offers, again as mustachians I hope we understand the maths behind gambling and that it is a pointless exercise.

Matched betting is not gambling, there is no thrill in the win, I don't even watch the games I've placed the bet on as the result does not matter. You simply log in to either the exhange or the bookmaker after the game finishes and withdraw the profits and move on to the next bookmaker. (you also know the amount you have won prior to the game starting)


Arbelspy - I like the link you posted about the Vegas offer, If you were traveling that way it might be fun to give it a go.

Eric - I agree, it seems strange that in a country such as yours, with the freedoms you enjoy that you are not allowed to gamble online. Is there reasoning behind this?

[arebelspy]

Eric - I agree, it seems strange that in a country such as yours, with the freedoms you enjoy that you are not allowed to gamble online. Is there reasoning behind this?

Our freedoms are less than advertised.

But in a case like this, it's simple, and the same reason no one can be topless on TV.