Around five years ago, I ventured into the world of matched betting. I’d read about others who were making hundreds of pounds using the system and I figured that I could too. However, I actually discovered that it’s a dangerous game and I no longer believe that no risk matched betting exists. So if you’re struggling for money, or you’re looking for an easy way to make some extra cash, then I’d advise you to exercise caution. Matched betting may not provide the answers you were looking for.
Is it a scam?
No, matched betting isn’t a scam. It’s a technique that you can use to profit from the free bets and other incentives that the bookies offer. It’s perfectly legal too.
I often see it marketed as ‘no risk matched betting’, because the system is based on the application of a mathematical equation, rather than chance. However, in reality, I think that being presented with lots of bookmaking and casino offers can be dangerous for some.
Is the matched betting system easy to use?
Plenty of people successfully navigate the matched betting system. There are online guides and software that promises to make it simple. However, just because it is possible to successfully use the matched betting system, doesn’t mean that everybody finds it easy. Some people do make mistakes and of course, you’re dealing with real money, so it can be costly. I’ve seen plenty of people on Instagram saying they’ve lost money through an error.
You may get your head around the system quickly and find that you can operate it without any problems. But there are no guarantees. If you do decide to try matched betting, then you have to be open to the fact that mistakes can (and do) happen. When you’re betting, there’s is always a risk attached.
What have you got against it?
Gambling is a real issue in the UK. According to a survey commissioned by the GambleAware, up to 1.4 million people in Great Britain are problem gamblers. Those people were all introduced to betting in some way and I think it’s possible that matched betting was a route for some.
Also, if somebody is looking to make money through matched betting then it’s possible they have lacked control in the past. I have. I’ve built up debt, I’ve overeaten and I’ve binge drank. However, other than the odd flutter on The Grand National, I’d never gambled. This changed when I wandered into the world of matched betting. But by immersing myself in that world, I got lured into placing a bet here and a bet there. I thought it was an easy way to make £10, rather than the £2.21 I’d get by using the matched betting equation. Of course I didn’t win the £10, but that didn’t stop me from trying again.
You could say “you should have stuck to the system, Claire”. And of course you’re right, I should have. But I didn’t and that’s not because I’m a stupid person. I gambled because the whole industry is built to urge people to try for more. And like plenty of others, my personality is susceptible to that type of marketing.
I haven’t lost my livelihood due to betting, but that’s only because I recognised that I was going down a slippery slope. I chose to close down my betting accounts so I’m not tempted to open them up whilst I’m bored and there’s a sporting event on.
Casino offers often go hand in hand with matched betting. These offers are advertised on matched betting websites and I’ve seen people promoting them on Instagram. However, I believe these casino offers are even more dangerous and soul destroying. You could spend hours playing games using welcome offers, only to walk away with 50p once you’ve completed the waging requirements.
Also, because you’re so used to playing the games with free money, when it runs out, it would be easy to aimlessly add your own.
Just avoid them. Seriously. There’s only one winner when it comes to those games and it isn’t you or I.
I’m not the only one
Just a few weeks ago, an anonymous account on Instagram said they’d tried matched betting, but they confided that due to “stupidity” they’d ended up gambling away money they didn’t have.
I don’t think that gambling is stupidity at all. I think that gambling companies use sophisticated marketing to tap into the psychology of people. There’s a reason why the industry is worth over £14 billion in the UK alone and that reason is more complex than human idiocy.
Who benefits from matched betting?
On the face of it, betting companies aren’t benefiting from matched betting, as they’re losing money. They will also ban people they identify as playing the system. However, it’s perfectly legal and the betting industry is still worth billions, so matched betting isn’t impacting the industry’s profitability.
There are companies offering software and lists of matched betting and casino offers which you could potentially exploit. You pay for membership and if somebody has recommended the site to you, they get a monetary reward too.
I have seen peoples’ matched betting profit records and I do believe you can make money. However, I also strongly believe that no risk matched betting is a marketing illusion and that venturing into the bookmaking world is a risk. You might think it won’t be for you, but how do you know?
Is it worth it?
Matched betting can be profitable, I don’t doubt that it’s been a rewarding side hustle for some and I’m not saying that you can’t make money by combining control with the matched betting system. But I believe that no risk matched betting is a fallacy and I’d advise caution if you’re considering trying it. If you decide to try it, then you should be aware that there’s always a risk attached when gambling.
To find out other ways to make and save money, check out the other articles in my money section.