5 Pros and Cons of Matched Betting in 2024

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ARTICLE HIGHLIGHTS

• Matched betting offers tax-free income, minimal risk with strategy.
• Requires initial investment, not a get-rich-quick scheme.
• Tools like Oddsmonkey reduce errors, increase profitability.

🎧 Listen Now: Sidehustles.co.uk One-Minute Podcast: 5 Pros and Cons of Matched Betting in 2024

Is matched betting worth it? Absolutely, especially for those seeking a profitable side hustle with minimal risk.

Mathematically designed to be risk-free, mtached betting has surged in popularity in recent years, being particularly appealing to students, stay-at-home parents, and commuters with some spare time looking for flexible ways to increase their income.

As with any side hustle, before diving into the world of matched betting, it's crucial to weigh its benefits against potential drawbacks.

This article covers the top 5 pros and top 5 cons of matched betting, offering insights to help you leverage its advantages and navigate its challenges effectively. Whether you're a seasoned matched bettor or a complete novice, understanding these key points can significantly enhance your matched betting journey.

Let's dive into matched betting to see if it's the right fit for your lifestyle and financial goals.

Bookmakers in the UK are always looking for new customers online, so they offer free bets as promos. While you can play these free bets, there’s usually no guarantee that you will win. You spend effort and resources without knowing whether you’ll succeed or not.

Enter matched betting.

Matched betting is the practice of betting on both the winning and losing outcomes to earn a guaranteed profit. You use the free bets to place a back and lay bet, and you can win in either. You don’t lose any money since the bet was free; instead, you end up with a profit.

Mathematically designed to be risk-free, matched betting is not considered gambling in the UK. It’s legal to play, and there are many popular platforms where you can find free promos. Some of the most well-known ones are Oddsmonkey and Outplayed.

Matched betting has risen in popularity thanks to the following advantages.

1. Earn Additional Income Effortlessly

The biggest reason people try out matched betting is how it helps them earn money online. You don’t need to apply or have additional skills to start making a profit. With the added earnings, you use the extra amount for leisure, savings, and other expenses now that the cost of living is increasing.

2. Tax-Free Earnings

While we mentioned that matched betting is not gambling, the profits are still considered gambling winnings. The terminologies are confusing, but what matters is that you won’t need to pay taxes on your profits/winnings. You’re also not obligated to report your matched betting profits on your self-assessment tax returns.

3. mathematically Risk-Free

Traditional betting has a lot of risk. You lose money if you bet on one outcome, and it doesn’t happen. On the other hand, matched betting is designed to be mathematically risk-free since you bet on two or more outcomes. Aside from this, the platforms you use for matched betting, such as OddsMonkey and Outplayed.com, also have sophisticated algorithms and tools that help you find the best odds and reduce qualifying losses.

4. Flexible Side Hustle

Matched betting doesn’t need to take up much of your schedule. You can play anytime and dedicate as much or as little effort as possible. So, even with a day job, you can play matched betting on the side or whenever you have free time.

5. No Need To Have Prior Experience

Anyone can try matched betting, even those who don’t have any previous knowledge of traditional betting. Many popular matched betting platforms have easy-to-follow tutorials to learn the basics. Once you are familiar with the process, you can start placing real bets and earn profits.

There are a few disadvantages and drawbacks with matched betting. Remember the following cons to avoid the pitfalls or adapt before they can affect your earnings.

1. There’s a Learning Curve

How to place back and lay bets is easy enough to understand. However, these are just the bare basics. You’ll need to learn a lot at first, especially if you have no experience with bookmakers, odds, or betting. The initial learning curve can be overwhelming — and it will take patience, diligence, and persistence to get the hang of it.

2. The Risk of Getting Gubbed

Getting gubbed is the term for when a bookmaker restricts your account. You can experience this without prior notice, limiting your earnings or preventing you from betting altogether. Bookmakers do this if they detect that you’re taking advantage of the free promos — the whole point of matched betting. To avoid getting gubbed, you must blend in and ensure you’re like any traditional bettor.

3. Not Completely Risk-Free

In theory, placing bets on two outcomes removes any risk. This is not always true, mainly because of human error. For example, placing your lay bet before your back bet. Your lay bet is unprotected since back bets don’t always come through.

Although rare, there are instances of bookmakers withholding bonuses that can introduce risk. 

Another less-discussed risk of matched betting is how it can lead to gambling. Getting exposed to the placing of sporting bets may tempt people into gambling, which can have adverse effects on their lives.

IMPORTANT: If you do have any concerns about gambling, please get in touch with GambleAware.

4. You Won’t Get Rich

In traditional gambling or betting, you can gain huge sums of money in just a matter of hours. On the other hand, matched betting usually only lets you earn a few pounds daily. You won’t get rich with this side hustle, so temper your expectations.

5. You Will Need To Deposit Money at First

To place your first bet, you will need to deposit money. Based on our experience, £50 or higher is the best starting amount to qualify for the best offers. However, not everyone can afford to deposit £50 initially. In addition, that money and your initial profits will be tied up as you build your bankroll.

Knowing the advantages and disadvantages of matched betting is one way to maximise its potential and avoid common pitfalls. Follow the guide we’ve shared to learn about these pros and cons so you can set your expectations and determine if matched betting is for you.

For more information about matched betting and related topics, please check out the Sidehustles.co.uk Matched Betting Hub today.

BEFORE YOU GO...

Deciding to embark on matched betting is only the beginning. Understanding the fundamentals and navigating through the process confidently is crucial for success. To ensure you're fully prepared to maximise your earnings and minimise risks, we've put together an essential read for every aspiring matched bettor. Read our Matched Betting Guide next—a comprehensive guide designed specifically for beginners. It's packed with everything you need to know to start your matched betting journey on the right foot. Don't miss out on this invaluable resource.

> READ OUR MATCHED BETTING GUIDE

🎧 Listen Now: Sidehustles.co.uk One-Minute Podcast

5 Pros and Cons of Matched Betting in 2024

Welcome to the Sidehustles.co.uk One Minute Podcast. In the next 60 seconds, we're sharing a real-world insight from our network of seasoned side hustlers. This quick tip is designed to offer you practical advice that you can apply immediately in your side hustle journey.

Today, we're discussing Pros and Cons of Matched Betting in 2024? A crucial tip for anyone considering matched betting is to leverage specialised tools such as Outplayed and Oddsmonkey. While it's possible to navigate matched betting on your own, these platforms significantly reduce the risk of costly errors. They provide expert insights, odds matching tools, and calculators that guide you through each bet, ensuring you make the most informed decisions. This approach mirrors the best practices of successful small business owners who rely on professional tools and software to streamline operations and enhance efficiency. By utilising these matched betting tools, you not only maximise your potential earnings but also turn the process into a more manageable and less risky endeavour.

That's your one-minute real-world insight. Stay tuned for more!

We explicitly do not advocate gambling. Our focus is exploring legitimate side hustles, including matched betting, which is mathematically designed to be risk-free. Be aware, human error and rare instances of bookmakers withholding bonuses can introduce risk. Profits vary with time and effort. Read terms carefully and proceed with informed caution.

🔞 Matched Betting is for over 18s only and requires the placement of bets on gambling sites. If you do have any concerns about gambling, please get in touch with GambleAware.

ARTICLE SOURCES

https://www.oddsmonkey.com/matched-betting/what-is-matched-betting/

https://www.oddsmonkey.com/blog/matched-betting/is-matched-betting-legal/

https://outplayed.com/what-is-gubbing-and-what-does-it-do

https://www.oddsmonkey.com/blog/matched-betting/pros-and-cons-of-matched-betting/