If you’re new to the concept of matched betting then it’s very possible that you have a few questions. Don’t worry. You’re not alone. The likelihood is that it’s probably been asked before! Listed here in this matched betting FAQ are the answers to the questions I hear most.
Q) Will betting affect my credit rating?
A) A bookmaker might run a check on your address but this would not affect your credit rating. An exception to this rule might be spreadbetting firms but that’s a whole different kettle of fish beyond my remit for this guide.
Q) What about e-wallets such as Skrill (Moneybookers)?
A) A Skrill account is incredibly useful for the purpose of matched betting but it’s worth mentioning that many bookmakers won’t award you a bonus if you make an initial deposit through Skrill. Always check the terms and conditions!
Q) How do I keep track of my deposits and withdrawals?
A) Create a journal listing all your transactions in a format that works for you. I personally keep a spreadsheet but I know others who hand write details down. I also have a bank account set up purely for dealing with internet based transactions but some people might think that’s overkill!
Q) If I’m already a member of a bookmaker but never knew about their bonus am I eligible for it now?
A) There’s no harm in jumping on live chat, sending an email or picking up the phone and asking but it’s very unlikely.
Q) What if I open a second account?
A) It won’t last very long and you’ll probably lose your existing account also. In some cases they might even confiscate your winnings. Don’t do it!
Q) Can my wife or husband open accounts too?
A) Check the T&C’s. At a small number of bookmakers this is allowed – but at the vast majority bonuses will be restricted to one per household.
Q) Is it possible to make consistent profits through gambling?
A) Matched betting isn’t gambling in a traditional sense. Through covering all outcomes you’re actually never really ‘gambling’ at all.
Q) How much money can I make?
A) From the easier signup offers alone you should be able to clear between £1000 to £2000. If you carry on with additional promo offers and reloads then significantly more.
Q) Won’t I run out of bookmakers?
A) Bookmakers often award repeat bonuses to existing customers and a few times a year new bookmakers will pop up out of nowhere dying for your custom.
Q) How much money do I need to get started?
A) I would recommend you start with a bank of £100 to allow you to profit from a decent sized bonus and start building up your bankroll.
Q) Will I need to keep redepositing?
A) If you take on one offer at at time then you should only ever be cycling through your initial investment. You will of course need to redeposit into new bookmakers as and when you sign up to them, but this will be the money you have withdrawn from the offers you completed before.
Q) What is a Wager Requirement (WR)?
A) A wagering requirement is specifically how much money you need to bet through in order to be able to qualify for or withdraw a bonus. As an example a bookmaker might state in their T&C’s that bonus money should be bet through twice at odds of 2.0 or higher before you can withdraw.
Q) I’m confused about SR and SNR Free Bets!?
A) The best thing to do is punch some demo values into the matcher spreadsheet and see how Stake Not Returned bets affect your profit and lay stake. Notice that SR bets require low matched odds and SNR bets high matched odds to generate the biggest profits.
Q) Where do I find these free bets?
A) Google is your friend here. The internet is littered with free bet offers from bookmakers.
Q) Are the offers always the same?
A) Signup bonus offers are subject to change from time to time and can increase in value quite drastically when close to big sporting events like Cheltenham Horse Racing Festival.
Q) Should I wait then?
A) The problem is you could be waiting forever and it’s impossible to second-guess a bookmaker’s promotions department. Time spent hanging around waiting to get started on matched betting is time that could be spent earning money and building your bankroll. If you hold off signing up you might also be missing out on any reload offers the bookmakers put on for existing customers which can be just as lucrative.
Q) Who should I sign up with first?
A) That really depends on what’s available at the time but I’d urge you to start small. The reason I’m such an advocate of the Bonus Bagging service is because it will sequentially take you through the easiest, smallest offers to begin with before ramping up the notches based on a presumed starting balance of £100.
Q) After I place a bet can the odds change?
A) The odds you bet at will be the odds you are paid out at regardless of whether the odds change after you place your bets. An exception to this would be horse racing where a Non-Runner (N/R) might cause the bookmaker and betting exchange to adjust their odds accordingly on the rest of the runners. This kind of reduction is known in the industry as a Rule 4 and causes many people headaches but in my experience rarely creates a problem.
Q) I’ve done something wrong. Can I cancel my bet?
A) 99% of the time NO. Always, always, always double check your bets before placing them.
Q) Which sports are best to bet on?
A) Football is the easiest place to start. If you’re looking for quick results then horse racing can be great but odds can shift very fast and I wouldn’t recommend it for novices.
Q) Will I need to send ID?
A) Undoubtedly at some stage yes. I’ve used both my passport and driving license as ID online without problems. If you are asked to send a photo of the front and back of your cards then my advice is to block out a few middle digits as a precautionary measure.
This post is an extract from my eBook ‘Matched Betting Made EASY’.
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