When I started Matched Betting, I was like a bull at a gate. However, this was the wrong mentality to have.
1) Don’t Spend Your Funds.
Treat Matched Betting as a business and it will pay out like one. The more money you have, the more offers you can complete. Subsequently, the higher your profits will be! There is nothing worse than having to use a Free Bet at low odds, meaning less profit. Keep your funds separate to avoid any bankroll issues.
2) Open a Separate Bank Account
To avoid any mortgage issues & to save you time when checking your Bank Statement, I would advise to open a new bank account. It’s definitely worth the effort, it also means that you are less inclined to spend your profits!
3) Open a New Email Account
Your inbox will quickly fill up with spam. Aswell as spam, you will frequent promotional emails, offering you a matched deposit! Free Money! It also means that when you login to your matched betting email account, you will see all the offers while you are ‘working’ (Matched betting)! I have lost out on quite a lot of money by reading an email during the day & simply forgetting about it!
4) Always keep your Betting Exchange alive and ready
Promotions can arise anytime, so it’s good to be ready to place your lay bets. Aswell as this, Price boosts are very profitable but only available for a limited time. It would be unfortunate to miss out on easy profit just because you haven’t deposited into Betfair.
5) Understand the Calculator Basics
There are three modes for the calculator.
Normal Mode – This is for your Qualifying Bets, or ‘Real Money’ Bets.
Free Bet SNR – This is for a Free Bet, where the Stake is Not Returned with the winnings
Free Bet SR – A free Bet where the Stake is also returned with your winnings.
6) Place Your Back bet first
If you place the lay bet first, then the bookmakers cut their odds, you will drastically increase your qualifying losses.
The worst case scenario is that you find out too late that the bookmaker has given you Stake Restrictions.
7) Double Check your Figures
Matched Betting is all about figures, it pays to double check everything.
Double check the figures you have entered into the calculator are correct, double check the figures you have laid are correct & also check you have definitely laid the correct selection.
8) Avoid Unmatched Bets
Before you place your lay bet, check that the money is available in the market. For the below selection, FORT GABRIEL has lay odds 3.6, £18 in the market. If you were to lay anything above this £18, it would become partially unmatched. Nobody can say for sure that this bet would successfully match.
9) Designate a dedicated ‘Matched Betting Work’ Time
I like to do my work with minimal distraction, I ensure the dog has just been walked so he is asleep, put my headphones on and away I go! This means that I have tunnel vision, dedicated to Matched Betting. Mistakes are costly, eliminate any danger!
10) Avoid Arbitrage
Keep your accounts open for as long as possible, by arbing your accounts you will eventually get shut down.
11) Use my Oddsmatcher – It’s Free!
My oddsmatcher is designed to save you time and money. It saves you time by telling you exactly what to bet on, this will also save you money as it picks the matches with the lowest qualifying losses.
12) Record Your Actions.
I don’t mean to get the Video Recorder out! Use a Profit Tracker and Balance Tracker so you can see exactly where your money is sitting, there’s nothing worse than realising you have money in a bookmaker, but can’t remember which one! (From personal experience, that’s a long night of work logging into bookmakers!)
13) Take your Time.
The offers are going nowhere, bookmakers will also be trying to entice punters in. If you rush, there will be a disaster that could demotivate you. Take your time, baby steps, you will soon be an expert!
14) Ensure you Mug Bet
This can help keep your accounts open, as it will show the bookmakers you aren’t only interested in promotions. This is actually a controversial subject in Matched Betting, some do not believe it works.
One thing is for sure, you aren’t going to be drawing attention by placing a mug bet, so it can only be a positive thing!