Getting started with matched betting is simple. Essentially all you need is some spare time to work through the offers and some money to cover your bets on the bookmakers and betting exchange.
Below I have outlined the main requirements as well as some additional matched betting options that can help you along the journey.
Betting Exchange Account:
First up you will need an exchange account in order to place the LAY parts of your bets. Betfair is the biggest betting exchange and the best place to start while you learn the ropes of matched betting.
Once you have learned the ropes of matched betting it will definitely be worth setting up an account with Smarkets. You can do this now, without depositing money, or leave it until later.
Some Spare Cash:
The only requirement to start match betting is funds in order to place your bets and to cover your liability on the betting exchanges. You can get started with a bankroll of £50 however if you can invest more then your returns will be greater as you will be able to place your free bets at higher odds to improve your profit.
Personally I started out with £300 in my exchange account in order to take advantage of better odds on free bets.
When depositing money into your bookmaker/exchange accounts it is best to use a debit card as credit cards may incur additional charges that will eat into your profit.
Some Spare Time:
Other than a bankroll the only other essential requirement is time. The more time you can dedicate to your matched betting activity the more money you are likely to make from it.
Generally speaking ‘spare time’ is usually at a bit of premium, but if you can spend 20-30 minutes per day, it is very feasible to make a return of up to £500 per month.
Time, some spare cash and an exchange account are the essentials, however i have listed a few other items below, that are not essential, but will help you track, organise and speed up your matched betting efforts.
If you are anything like me you probably have Gmail account straining under the weight of junk email sent everyday. It is a good idea to set-up a dedicated email to use when you sign up to the bookies to prevent yet more emails flooding your main account.
When you graduate to doing the bookie reload offers this will also provide you with a centralised email to check all offers sent to you by the bookies.
Seperate Bank Account:
Using a seperate bank account for your matched betting activity is optional, however it does make it easier to keep track of your matched betting profit as you progress through the new customer and reload offers.
Most banks will offer a free basic account with a debit card. Just make sure you dont use any overdraft as this will incur additional charges. There are also several digital banks such as Monzo that offer a good service.
Odds Checking Tool:
Using an odds checking tool can be very useful to quickly track down the best odds for your bets. Again this entirely optional but it does save a lot of time and energy.
There are several options when it comes to odds checking tools and it really does come down to personal choice. Having used a few we would recommend OddsMonkey as it is easy to use and has a good bookmaker coverage. They also have some neat tools for more advanced matched bettors.
OddsMonkey charges a monthly subscription of £17.99 per month, however this tool really does pay for itself and if you are a bit lazy like me it helps speed up the process. To read more about OddsMonkey check out our odds checker guide