Why Isn’t Everyone Matched Betting in 2024? (Top 9 Myths)

Matched betting is a great way to make money, but it’s unsurprising that many people are still unsure whether it’s legitimate. After all, it does sound too good to be true!

Matched betting is mathematically a risk-free way to make money online from home. The risk of losing money is almost negligible unless you make a mistake. You can earn tax-free profits by taking advantage of free bets and bonuses offered by online bookmakers.

Now, you might think:

Then why isn’t everyone doing it? Why are people hesitant to try matched betting?

That’s a general question from people who have just discovered matched betting. I had it too.

So, why isn’t everyone doing matched betting? The main reason why everyone doesn’t do matched betting is that they are unaware of it and what it entails. Those who know about it assume it’s too complicated, carries a lot of risks, believe it’s illegal or simply don’t know how to get started.

For most people, the concept of making tax-free low-risk profits from home is simply too good to be true, and they decide not to explore it further.

Even I had these concerns/misconceptions about a year ago and took to testing matched betting myself.

The facts are quite on the contrary. Upon research, I discovered that matched betting is a perfectly legal and legitimate way to make money in the UK and many other countries. Moreover, many people use it to supplement their income.

It carries minimal risk if done correctly, and it’s not as complicated as it may seem initially.

With some education and the right resources, anyone can learn to do matched betting safely and profitably.

In this blog post, I will look at this common question in detail and endeavour to explore why people are hesitant to try matched betting and how you can overcome those hesitations!

As I dive deep into this topic, I’ll also dispel some myths about matched betting.

So let’s get right in!

What is Matched Betting and How Does it Work?

Matched betting is a technique that can be used to profit from free bets and other promotions offered by bookmakers.

It involves placing a bet on an outcome with one bookmaker while simultaneously placing a bet on the opposite outcome with a betting exchange. This ensures that, regardless of the event’s outcome, you will always make a profit unless you make a mistake.

For example, suppose a bookmaker offers a bet of £10 when you bet £10. To place your qualifying bet, you must place a £10 back bet on Liverpool winning in Man Utd v Liverpool with the bookmaker. And then, and then place a £10 lay bet on Liverpool not winning with a betting exchange. If Liverpool wins, you will win the £10 bet with the bookmaker and lose the £10 bet with the exchange, resulting in a small qualifying loss of a few pennies (using low odds).

Because you’ve met the eligibility criteria, you will get a £10 bet for free from the bookmaker, and you can repeat the above process to place your bets at high odds (>4) to make a profit, irrespective of who wins the game. That’s matched betting for you.

Why Isn’t Everyone Matched Betting?

If you’re wondering why more people aren’t taking advantage of matched betting, the answer is simple: they don’t know enough about it and how it exactly works. They believe it to be illegal, a scam that’s too good to be true and think it requires too much money and effort to get started.

At first glance, matched betting may seem unusual and not worthwhile. After all, most people are familiar with the idea of gambling or investing money to try and make a profit.

But unlike conventional forms of gambling or investment, matched betting is specifically designed to guarantee a profit. Taking advantage of certain betting market anomalies makes it possible to place both “back” and “lay” bets that give you a winning position no matter the outcome of the event in question.

And even though this strategy may seem too good to be true, thousands of people worldwide are using it with great success.

So why isn’t everyone doing matched betting? Let’s look at the top reasons.

1. They Don’t Know Matched Betting Exists

The main reason not many people do match betting is that many simply aren’t aware of this method for making money with a low investment.

It’s likely due to the fact that matched betting is a relatively new phenomenon; it only became possible after the introduction of online betting exchanges in the early 2000s. Matched betting came into existence around 2004.

If you found out about matched betting and came across this article to quench your curiosity, then congratulations! Wondering, “if matched betting is such a great way to make tax-free money, then why isn’t everyone doing it?” puts you much ahead of most people who have no idea this even exists.

The fact is, though everyone isn’t doing it, a significant number of people are using it to make a lot of supplemental money to add to their income.

Since its inception in 2014, Outplayed (review) has had 150k+ members in the UK. That should give you some idea of how many people actually know about it.

2. They Think Matched Betting is Too Good To Be True

I’ll be honest with you; the matched betting concept sounds too good to be true. And that’s what my questioning mind (System 2, as Daniel Kahneman calls it in his book Thinking, Fast and Slow) first thought when I heard about it too.

How can you guarantee a profit? It just doesn’t make sense!

Almost zero risk (unless you make a mistake), the completely tax-free and massive potential to supplement your income with a low investment (bankroll) – this all does scream scam.

How can you place bets and be guaranteed to make a profit no matter the outcome?

And I understand it is hard to believe, but it isn’t a scam. It is an opportunity created by how bookmakers operate and how betting exchanges allow you to take advantage of it.

I must mention again that Matched betting is not some get-rich-quick scheme; it’s a structured approach to betting that, when done correctly, can lead to consistent profits over time.

BTW if you haven’t checked out this great book, I recommend you do.

3. Matched Betting Seems Too Hard or Complicated

Another reason why people skip matched betting is because they think it is either too hard or complicated and requires too much effort.

I will not lie to you; it may seem a bit daunting at first, and there is a bit of a learning curve. I’ve been through that.

You must understand how bookmakers work, what odds represent and how betting exchanges function.

But it really isn’t that complicated.

And once you get the hang of it, it becomes second nature.

You can take a free trial with a matched betting site, during which you can earn £40-£60 from the bookmaker offers available (usually two).

Those two offers included in the trial are what it took for me to understand the process, and eventually, at the end of my trial, I converted to the paid option (which paid itself in a week).

Matched betting sites help you “uncomplicate” the process by providing you with step-by-step instructions, tools, and calculators to help you make the most of each offer.

Using these sites, you can further lower the risk of making mistakes.

Besides, many resources (including this blog) can help you get started and guide you through the process.

The bottom line is this:

Matched betting isn’t as hard or complicated as it might feel sitting at the fence.

It is a perfectly legal and viable way to make money from the comfort of your home.

If you take it slow and learn as you go, there’s no reason you can’t succeed at matched betting. With plenty of online resources to guide your way, such as instructional videos, step-by-step guides, and helpful forums, learning the basics is simple and straightforward.

And once you’ve got a solid understanding of how the process works, you can start taking advantage of all the profitable opportunities that matched betting offers.

4. They Think Matched Betting Carries a Huge Risk

Another reason many people are hesitant to try match betting is that they think matched betting carries a huge risk.

The truth is, with the right tools and knowledge, matched betting carries almost zero risk.

In fact, when done correctly, it can actually be quite safe. The key is to be disciplined and follow the bookmakers’ offer’s instructions and terms and conditions.

By following the simple guidelines, you can minimize your risks and maximize your chances of making a profit.

Remember, matched betting is not gambling; you simply take advantage of bookmakers’ free bets and promotions. You won’t lose money if you do things right by the instructions and stick to the rules.

And even if you do make a mistake, there are ways to fix it too. For example, Outplayed has a tool called Fixabet calculator, which helps fix any bets you’ve placed wrongly.

5. They Don’t Know Where to Start

At first glance, matched betting may seem like a complex and daunting undertaking. But with a little research, anyone can learn the ropes and earn some serious cash.

One major reason why many people don’t try out matched betting is simply that they don’t know where to start. They are overwhelmed by the idea of learning a whole new system or worried about making mistakes that could cost them valuable time and money.

When it comes to matched betting, I have experienced there are majorly four groups of people.

• The first group comprises people that have never heard about matched betting.
• The second group comprises people who have heard about it, found it too good to be true and skipped it altogether. Left the room, leaving money on the table.
• The third group is those that heard about it, decided to take action and started researching it but don’t know where to start.
• The fourth group consists of people (a minority) who know about it and decide to take action. They stick to it, learn the ropes and are on their way to matched betting success making £100s-£1000s every month in extra income.

If you’re reading this post, I suppose you belong to the third group.

My actionable advice for you to move over to the fourth group is this:

Get started with the free trial of a matched betting site. As I have mentioned in my other matched betting guides as well, you can do it yourself without a dedicated matched betting website too.

However, I advise you to keep things basic because these websites offer some hand-holding at the start, which is crucial and often determines whether or not you will stick to matched betting in the long run.

By taking the free trial, you will be able to place your first few bets and get a feel of how everything works without any commitment (no credit card required).

I recommend Outplayed because that’s where I started my matched betting journey.

They offer a free trial that gives you access to all the tools, resources and offers you need to start matched betting.

Once you’re done with the free trial and made £45 for free, you can then decide if you’re ready to convert to the paid option. You can do so for just £29.99/month (or £199/year) for the platinum membership.

Oddsmonkey is great, too at £24.99/month (or £180 per year).

You can’t go wrong with either; both pay for themselves in a week or two.

6. They Think Too Much Money is Needed to Start

Many people who come across match betting for the first time quickly get put off by thinking they need a large sum of money (bankroll) to start.

This is simply not the case.

You can start with as little as £20, grow your bankroll over time from the profits, and still make a decent profit each month.

Of course, if you want to speed things up, you can deploy more money, but it’s not essential to start with a huge sum of money.

Starting with a bigger bankroll just quickens the process, as it allows you to place more bets instead of waiting for the last one to settle. It doesn’t in any way limit your chances of making money.

So don’t delay your matched betting journey by thinking you need a lot of money to start with. Just start with what you have, and the profits will quickly follow.

7. They Don’t Understand Matched Betting Tax Implications

Many people are put off by the perceived complexity of the tax implications around matched betting. However, it is actually quite straightforward.

Matched betting is completely tax-free in the UK.

How? Matched betting is not gambling, but you use gambling websites to place your bets.

Gambling winnings in the UK are not taxed, so you don’t need to declare your matched betting profits to HMRC. That means no tax and no hassle when it comes to profits from match betting!

8. They Think it Impacts Mortgage

One of the biggest reasons why people shy away from matched betting is because they think it will have a negative impact on their mortgage application. This is not entirely true and there are simple workarounds that mean you can still get a mortgage even if you are matched betting.

I have been matched betting for almost a year now and last month I initiated our remortgage application which is going just fine.

As long as you take care of a few things, matched betting will not impact your mortgage application negatively. In fact, it may even help you to improve your credit score by providing you with a steady stream of extra income!

The thing is: banks and lending institutions don’t like to see gambling transactions on your bank statements. This is because they see it as a high-risk activity that could lead to you falling behind on your mortgage repayments.

Now, those who know how matched betting works will know that this is not the case at all. The matched betting system is designed to be risk-free. Unless you make a mistake (bet on the wrong event, overlay/underlay your bets etc.), you cannot lose money when doing match betting.

But the banks don’t know that; it just looks like gambling to them. You don’t want to be in a situation where you have to explain to them how matched betting works. It’s much easier to avoid gambling transactions on your bank statements altogether.

A simple fix to avoid this I’ve followed since the day I got started is to open a separate bank account only for your matched betting transactions.

This keeps everything nice and tidy and means that your main current account will have no gambling transactions on it whatsoever.

I have discussed this simple trick in my list of 20+ matched betting tips that you’ll find useful, especially as a beginner.

Here are a few banks you can check out that have no issues with matched betting transactions.

• Monzo
• Starling
• Lloyds

9. They think it’s not legal

One of the biggest misconceptions about matched betting is that it’s not legal, and that’s another reason people stay away from it. This couldn’t be further from the truth!

As we’ve already established, matched betting is 100% legal in the UK, and even a number of companies offer services to help people profit from it.

The misconception likely stems from the fact that matched betting can be used to exploit free bets and bonuses offered by bookmakers. However, as you’re using your own money to place bets on bookmakers and betting exchange sites, that activity comes under gambling.

Now, as you know, gambling is legal in the UK, so there’s nothing illegal about matched betting.

So if you’re wondering why more people aren’t taking advantage of matched betting, this is one reason why.

And remember this: you’re not gambling when you’re matched betting. You just happen to use the websites that are used for another purpose, i.e. gambling.

How to Get Started With Matched Betting?

If I were to give you the top tip from my matched betting playbook, it would be this: get started today.

And start on the right foot.

That, for me, is not to take matters into your own hands and instead join a reputable matched betting service.

Once you do that, you will see things for yourself and quickly realize that matched betting is easy and extremely profitable.

Matched betting services make things so much easier for you. They take care of all the hard work and research so that you can simply pick an offer, finish it following the detailed instructions, and start making money.

Now, none of the matched betting sites has paid me to mention them. This is me being transparent with you about how that worked very well for me.

However, if you convert to a paid subscription after the trial, I might get a small commission at no extra cost. Comparism is reader-supported, and your support helps keep all such guides free.

Final Thoughts

Matched betting is an excellent way to make money from home, and it’s something that anyone can do.

This is why I believe everyone should at least give matched betting a try. Once you start and see how easy it is, you’ll ask yourself why you didn’t start sooner!

The main reason not everyone is doing it is that they either don’t know enough about it or think it’s too complicated or hard. But trust me, once you get started, you will quickly realize that matched betting is the real deal.

So what are you waiting for? Go ahead and give it a try.

Don’t let your initial hesitation get in the way of a great money-making opportunity.

You can start with a free trial with any reputable matched betting site and see for yourself how easy and profitable it is.

I hope this post has helped clarify some common misconceptions about matched betting. If you’re still on the fence about trying it out, I urge you to try it today.

If you have any questions, please leave a comment below, and I’ll get back to you as soon as possible.

Take it easy, keep things simple, and have some fun.

Happy matched betting!

FAQs about matched betting