Imagine if there was a way to bet on sports with guarantees that you would never lose. It sounds as if it is far too good to be true, doesn't it? But that is what matched betting is.
For a lot of people, matched betting offers a way to earn a regular income that can be relied on each month. Some individuals have even been able to replace their jobs with the cash that they can earn as a result of matched betting.
But exactly what is matched betting, how does it work, and how much money can you earn through matched betting?
Our comprehensive guide to matched betting from Ireland will answer all these questions and more, so read on for everything that you need to know.
At its simplest definition, matched betting is a way to bet on sports without any risks. This is due to the fact that all outcomes are covered, guaranteeing a positive return.
It might seem as if this is impossible, as betting sites in Ireland would surely be losing a lot of money if it was possible to use matched betting to cover all of the potential outcomes.
But matched betting uses free bets, promotions and other bonuses to make this possible.
There is no need to have any specialist knowledge to thrive with matched betting. People have succeeded with matched betting even if they know nothing about sports. It is possible to make money with matched betting even if you have never placed a bet before in your life.
It might be an advantage to be familiar with both betting and sports. However, it is easy to pick up all the knowledge and expertise that you will need for matched betting along the way.
So how does matched betting work - and how can you get started?
As we have already mentioned, matched betting works by covering all the potential outcomes for a sporting event.
Naturally, it is usually the case that this is not normally possible on betting sites alone. The prices that they set for a particular match have a house edge or betting margin included which is used to ensure profit for the operators.
This means that matched betting involves the use of a betting exchange. An example of a top betting exchange that is popular around the world is the Betfair Exchange which is available for players from Ireland.
When using a betting exchange, players use a bet called a 'lay'. In essence, this is betting against an outcome in a sporting event.
Let's use the example of a football match in England's Premier League. Chelsea are facing Arsenal. A bet on the Blues to win would be known as 'backing' them. But if you did not think Chelsea would win, you could 'lay' a Chelsea win. As long as the result was a draw or a win for Arsenal, laying Chelsea would be a winning bet.
In matched betting, you would back Chelsea to win on a betting site. Then, to cover the other outcomes, you would lay them on the betting exchange. If Chelsea wins, the back bet wins. If they do not, then the lay bet wins.
This only works if you are able to access free bets and promotions from betting sites. The good news is that matched betting is very easy due to the sheer number of these offers. Bonuses and promotions are regularly offered by betting sites in Ireland in a bid to persuade people to sign up for an account. With so much competition out there in the industry, these offers are needed to try to make a betting site stand out from the crowd.
By using a free bet to back an outcome, then laying it on the exchange, profit can be guaranteed. A matched betting calculator can be used to show you exactly how much money you should be placing on each wager in order to make the most guaranteed profit.
What is important to note about matched betting is that, as long as the rules are followed correctly, it should always be possible to bank guaranteed money. This makes matched betting completely different from normal sports betting, where you need your chosen outcome to happen.
This is a tough question to answer. The more time that you are able to devote to matched betting, the more money you are likely to earn as a result.
But it does not have to be something that takes up a lot of your time. Some people do matched betting for a few hours a week and they are still able to earn a decent amount of money.
Others get really into using matched betting and find that they can do it as a full-time job. There are benefits and downsides of doing this, but it is certainly possible to do it full-time.
When you start matched betting, it will take more time as you get used to how it all works. After a while, though, the processes become second nature and it is a lot quicker to place the bets.
Matched betting does not need you to be a sports expert, as we mentioned earlier. Neither is it necessary for you to know a lot about online betting, although this can be somewhat helpful.
A starting bankroll is needed in order to get up and running with matched betting. The more money you are able to make available for this, the larger profits you can make straight away.
Even a small bankroll will be enough to get cracking, but it is going to take more time in order to build up that amount of money through matched betting.
It is also useful to be able to use the profits from matched betting to fuel the practice further. Eventually, enough money will be made to withdraw cash from matched betting activities, but in the beginning, keeping it in the bankroll can be very beneficial.
Access to a matched betting calculator is also a must for anyone who wants to try this one. The calculator will be able to tell you how much to back and lay on each bet for the maximum profit.
Accounts on betting sites are a must too. The more betting site accounts a person has, the faster they will be able to make cash from matched betting.
It is only possible to have a single betting site account on each site, but there is nothing to stop people signing up for as many different bookmaker websites as possible in order to move forward with matched betting.
Many different betting site accounts are also a must. This is because to make money in matched betting, you need to get the best possible odds that are available on a particular wager.
It is difficult to put an exact figure on how much money can be earned from matched betting. But many who start the practice find they can bring in the equivalent of a full-time income from this.
Using a spreadsheet can be a good way to keep track of profit and loss from matched betting. The spreadsheet does not have to be particularly complicated in order to be useful, as long as it shows which accounts you are using and where your money is being held at any one time.
Setting a target from matched betting is also something that might be handy. That way, you have something tangible to work towards when placing your matched bets on bookmaker sites.
Betting exchanges often take a small commission from your winnings, so this has to be taken into account too. It is only usually a couple of per cent, so should not eat into your funds much.
There are no laws banning the practice of matched betting, so it is 100 per cent legal.
Betting sites are also aware that people use matched betting, but there is not too much they can do about it. After all, if they make bonuses and promotions available, people will use them.
Not only is matched betting legal, but it is also often recommended as one of the best ways to make tax-free money with a minimum effort.
Publications such as The Guardian newspaper in the UK have previously featured matched betting, encouraging even more people to try it out for themselves.
With no knowledge about either sport or betting needed, anyone can make money from matched betting.
This means it can be useful for people with busy lifestyles who need to make some extra cash.
For example, someone who is at home looking after children all day will be able to do some matched betting through the day to bring in more money to the household.
Another advantage of matched betting is that it is not gambling. This is as it is risk-free, so there should be no way of losing cash or becoming addicted to betting as a result.
There is also a friendly, welcoming community around matched betting. Newcomers are likely to find matched betting experts are more than happy to share some of the top tricks and tips.
There are plenty of pros to matched betting, but there are some cons that should be noted too.
If you already have accounts on a lot of betting sites in Ireland, then you might find it harder to make money from matched betting. This is due to the fact that new bookie accounts are a must when matched betting.
It is also necessary to delay withdrawing profits from matched betting for a while. It may therefore not be suitable for people who are hoping to make money quickly. The need for a decent bankroll to get up and running could also rule out people with no cash to spare.
To put it simply, the more money people can put towards matched betting, the more they can make the and faster they will be able to start taking out their profits.
Using a matched betting calculator is a top tip for anyone planning to take up matched betting. While it is possible to do matched betting without one, a calculator makes it a lot easier.
While there are no laws against matched betting, bookmakers have been known to close down accounts if they suspect people are using this tactic. To make a long-term income out of matched betting, it is, therefore, necessary to keep these betting accounts active.
Making a betting account look like it is used by a normal customer is, therefore, a good tip. To do this, it is worth placing some normal bets through the account, rather than just matched bets.
Many people who do matched betting find that a dedicated bank account is handy. This helps to make it easier to see how much money is being made as a result of matched betting.
Among the ways that people use the Betfair exchange is if they are doing matched betting.
For those who have never heard of matched betting, this is a tactic that is growing in popularity at a rapid rate due to the fact it allows people to guarantee profits from sports betting.
The key to matched betting is to use free bets and bonuses from traditional bookies to place wagers. The betting exchange is then used to cover the other options in a market. What this means is that players can ensure that whatever happens in a sporting event like a horse race of a football match, they are going to come out on top.
Being able to use the betting exchange on a site like Betfair is key to matched betting success. This is because laying bets is typically used to cover the bases after placing a typical back bet with a bonus on a sportsbook site.
Many people have been able to earn a large amount of money through matched betting. While bookmakers have signalled their intention to clamp down on those using matched betting, there are no laws against it and some find they can even make a regular long-term income with it.
Learning matched betting can take some time but it is very worthwhile for those who are hoping to use their knowledge of sports betting to earn some money each month.
But even those who have never bet on sport before will be able to do matched betting. No specialist knowledge of gambling or even sport is necessary, though it can be helpful. Using the Betfair exchange for matched betting can be particularly helpful due to the points system we outlined earlier on in this guide.
As players can reduce the commission they pay on winning wagers at the Betfair exchange, this further increases their profits made through a matched betting strategy.