Matched Betting for a Living: Is it Even Possible?

So, you’ve heard of matched betting. Maybe you’ve even signed up to a matched betting service and made your first bit of profit. You’re amazed at how easy it seems, and dazzled at the potential earnings! 🤩

This is when most of us start thinking about matched betting for a living.

Imagine: no boss, no commute, no early starts, just you and your laptop with a whole load of tabs open, making a shed load of cash…

So is it possible to make a full time living from matched betting? Well, yes and no. There are certainly people who do, but it’s not as easy as you might think. 

Matched betting full time is a whole lifestyle, and it can be a precarious one. Plus, you would almost certainly have to employ risky techniques such as multi-accounting to make a regular high income (over £1000/month).

While matched betting for a living is not for everyone, it is still an effective way to top up your income, add to your savings or see you through a rough patch.

Let’s learn more about matched betting for a living.

Full time matched betting earning potential

Firstly, it’s important to say that there are no guarantees when it comes to earnings from matched betting. Your income can vary wildly month on month depending on the offers available.

Realistic matched betting income

If you are matched betting pretty seriously, learn the advanced strategies, and able to commit some decent time (not necessarily as much as a full time job, but let’s say you treat it as a part time job: a few hours, a few times per week), you could aim to make £1000+ per month. 

I started matched betting in 2016 and at that time I knew of several people regularly making £2000+ per month. There seemed to be a lot more people matched betting for a living back then. Sadly, it has got trickier over time to make a decent income.

You will likely have better months (Cheltmas, anyone?), but in general I would say it’s pretty hard to earn over £1000 per month consistently in matched betting in 2023, IF you are playing by the rules.

Multi-accounting

Here’s the thing:

Some people are making more. I lurk in the Outplayed.com forums and official Facebook group. Both have regular discussions/threads on monthly earnings, and there are many folks who claim to do matched betting for a living. There are several people who report earnings of anywhere from £2000-£4000+ per month (of course, these reports are not verified). 

The thing is, these high-rollers are all almost certainly multi-accounting (also known as gnoming). This is when you register several accounts with each bookie so you can take part in promotions many times. 

Typically people set up accounts on behalf of their partner, family members or willing mates, perhaps in return for a percentage of the profits. You would also need to use VPNs, anti-tracking software and other tricks.

Now, I don’t personally condone multi accounting, and neither do the serious matched betting sites like Outplayed. This is because it is against the bookies’ T&Cs and is also a bit of a grey area legally. Basically, it’s dodgy, and it puts your accounts (and income) at risk. 

But a lot of people do it, and that’s how they are making the big bucks. Do with that information what you will.

Factors affecting your matched betting success

Time commitment

The more time you invest in matched betting, the higher your potential earnings. Obvious but it needs saying. When you first start matched betting it can feel like you’ve discovered a magic money tap and you can make your first £1000 or so very quickly. But the offers do get tougher so you have to be prepared to stick with it and put the time in. 

Matched betting is great but you still need to treat it like a job if you want to do it for a living. Be prepared to spend several hours a day. 

Another thing to bear in mind is that you will need to be available at the weekends. Saturdays in particular are the most profitable day in matched betting!

Available offers

The number and quality of offers from bookmakers fluctuate over time. It’s important to stay up-to-date with the latest promotions. You will definitely want to be a member of a matched betting service like Outplayed that rounds up all the available offers each day.

Skill level

Like any endeavour, your skill level plays a significant role in how much you can earn from matched betting. As you gain experience and improve your techniques, you’ll be able to maximise your profits and identify the most profitable opportunities. If you want to matched bet full time, you need to level up from the easy offers and master advanced strategies like extra places, 2ups and arbing.

Bankroll

This is probably the biggest barrier to making a full time income from matched betting. You need a huge bankroll to make big profits. A lot of your money will be tied up in liabilities. Matched betting experts recommend a bank of £5000 or more if you want to make a full time income. The more you save, the more you can profit.

Pros and cons of matched betting for a living

Now, some folks do go all-in and make matched betting their full-time gig. Thinking about joining their ranks? Well, it comes with its pros and cons:

✅ Pros:

• Bigger earning potential: When you go full time, you have more time to dedicate to matched betting. And more time means more moolah. 
• Flexibility: You’re the boss of your schedule and can bet when it suits you – within reason. Sometimes the bookies are the boss and you need to bet in a certain timeframe, but you still get more flexibility than a standard job.
• Learning and growth: Going full-time lets you dive deeper into the matched betting world and sharpen your skills.
• Tax free: you don’t pay tax on matched betting earnings! £1000 earned is £1000 in your pocket.
• Excitement: The matched betting world is a roller coaster ride. You might have tight months but you will also have months like Cheltenham when some serious matched betters claim to clear several thousand pounds. Likewise, if you dabble in the casino offers you can see some serious wins. Of course, nothing is guaranteed. But some people thrive on the thrill of the chase.

As always, I recommend you stay away from matched betting if you have a history of gambling issues or a tendency to addiction. Although matched betting is not gambling, you spend all day on gambling websites and it can be tempting to get drawn in if you don’t have excellent self-control. 

❌ Cons:

• Income fluctuations: It’s not all sunshine and rainbows. Earnings can vary based on offers and promotions. There will be bad months where it feels like it’s all dried up.
• Lone wolf syndrome: Full-time matched betting can get a bit lonely as it requires intense focus and you won’t have any colleagues to chat to. Plus, a lot of people will not understand what you do – and some will assume it’s something dodgy.
• Always changing: You’ll need to adapt to changes in the industry and manage risks to keep the cash flowing.
• Gubbing! You will get gubbed from more and more bookies over time. This is when they impose limitations or restrictions on accounts. There are still offers you can do when you’re gubbed, but over time this will start to affect your profitability.
• Not a long term plan: You might get a good few months or even years out of matched betting, but most people find the well does run dry eventually. Don’t count on doing this for the rest of your life.
• Antisocial hours: Yes, you do have some control over your hours as a matched bettor, but if you’re serious about making that moolah you’ll need to be working on a Saturday – which doesn’t work for everyone.
• No record of income: One of the best things about matched betting is it’s tax free! You don’t have to declare it on a tax return. However, this can come back to bite you if you need proof of income (for a mortgage, rent, credit, immigration status or many other situations). If matched betting is your only source of income you won’t have tax returns, pay stubs or anything else. 
• Stress: Full-time matched betting can be a stressful lifestyle. You don’t have much income security. There will be bad months and losing streaks. You could get restricted from your best bookies at any time. Plus, all the general downsides of self-employment: no sick pay, holiday pay and all that. This can have a negative effect on your mental health.

Before going full-time, think about your appetite for risk, financial stability, and where you see yourself in the long run.

Consistency of income

Alright, let’s talk about the consistency of income in matched betting. This is one of the biggest issues trying to make a living from matched betting. Can you really count on a regular flow of cash, or is it a rollercoaster ride? Let’s find out.

So, here’s the deal. Your matched betting income can be influenced by a few things. One of the biggies is the offers and promotions from bookmakers. It depends on factors like the availability of bookmaker offers, the quality of promotions, and your own skills and adaptability. 

Some months might be more profitable than others, so it’s essential to be prepared for the ups and downs.

Seasoned matched bettors know that there are some hot months in the matched betting calendar. The single biggest event in matched betting is Cheltenham, a four day horse racing festival that takes place in March. If you’re serious about making an income from matched betting, you’ll want to clear your calendar for those days.

Other important events are the Grand National in April, Ascot in June, and international football tournaments like the World Cup and the Euros. In general the best months for matched betting are September-May when the Premier League and other major English/European football leagues are in full swing. 

Some matched bettors struggle in early summer when sports are a bit quieter. Of course, there are always things to bet on all year round, but the big promotions tend to dry up a bit.

You will need to manage your money well, making sure you have savings to fall back on in quiet months. Also consider that you won’t get sick pay or holiday pay. And if you’re serious about doing this long-term, not paying tax could affect your state pension so consider paying voluntary contributions.

Tips to be successful doing matched betting full-time 

If you’re set on making a living from matched betting, follow these tips to keep your earnings as consistent as possible.

Look after your accounts

Mug betting is essential to reduce your risk of being gubbed. Likewise, don’t hit your major bookies too hard, be wary of taking too much profit from single bookies, and don’t put all your eggs in one basket.

Savvy money management

Money is what attracts most people to matched betting, but don’t let it go to your head. If you are matched betting for a living, it’s essential to have a tight grip on your money management. 

First off, make sure you are keeping a serious bankroll and keep it separate from your spending money. You will need several thousand pounds to make a good income from matched betting. It can be tempting to dip into it when a big expense comes up, but this will have an impact on your earning potential until you can build it back up again.

Secondly, remember that nothing is guaranteed in matched betting. Put aside savings each month that you can draw off during quieter periods. Follow budgeting tips for irregular incomes. Build up an emergency fund to see you through if it all comes crashing down.

Adapt and evolve

The matched betting landscape is ever-changing. Stay adaptable and update your techniques as offers evolve and bookmaker restrictions come into play. Being proactive and open to new opportunities ensures a better chance of consistent earnings. 

You will definitely want to be part of a matched betting service such as Outplayed. Not only will the tools, calculators and promotion lists save you time, but the community is invaluable too. The private forum and Facebook group is where you’ll be the first to hear about new tricks, find out which bookies are getting a little gub-happy and generally stay in the loop about any developments in the world of matched betting.

Mind over matter

Matched betting is not just about numbers, it’s about your mindset too. There will be losing streaks and ups and downs. It can be a difficult storm to weather. Stay cool, think long-term and don’t let short-term setbacks throw you off. It’s all part of the game.

If you haven’t got started yet with matched betting, Outplayed.com are currently guaranteeing your earnings up to £250 when you take out a paid membership. Alternatively, make up to £40 with a free trial.

Alternatives to matched betting for a living

Look, I totally get the appeal of matched betting for a living. No boss, total flexibility, high potential earnings, freedom! 

But matched betting is not the only way to get those things. If you are looking for a flexible, profitable way to make an income online, you might consider combining matched betting with one or more of the following. Remember, the more income streams you have, the more security:

• Teaching English online
• User testing 
• Search engine evaluator
• Online chat
• Transcription
• Blogging
• Freelancing (writing, photo/video editing, coding, graphic design, whatever skills you have)
• Selling printables or Print-on-Demand products
• Selling/reselling on eBay, Vinted etc

See these posts for many more ideas:

• Best Side Hustle Ideas in the UK
• How to Make Extra Money in the UK: 91 Ways to Make Extra Cash
• 13 Tried-and-Tested Ways to Make Money Online in the UK

So, is it really possible to make a living from matched betting? 

Matched betting holds the potential for generating a decent extra income of around £1000 if you treat it like a second job, but it’s important to approach it responsibly.

Some people do claim to make more than this, but they are likely using risky techniques like multi-accounting, which we can’t condone. 

Also, matched betting is not a long term plan. Although there are always new bookies and reload offers, it does start to dry up as you get more and more restricted accounts. It can be a great way to see you through a tight spot (say, in between jobs) or save up some extra cash for a holiday, but be prepared to move on eventually.

Always remember that your income in matched betting can fluctuate due to the availability of bookmaker offers and promotions! There’s also the risk of gubbing and account restrictions that can affect your income. Learning new techniques and adapting to changes in the industry are crucial.

It’s essential to approach matched betting responsibly, and I would recommend treating it as a side hustle rather than depending on it for a living. 

In conclusion, matched betting offers an exciting opportunity for boosting earnings, but it’s not a guaranteed or safe way of making a living. With the right knowledge, skills, and strategies, you can make some decent extra cash to boost your budget – but don’t get too comfortable.

Remember to explore matched betting within your means and enjoy the journey responsibly.

Happy matched betting!