Whenever the subject of matched betting arises, I am always astonished at what people think it is and what it does. So because of that, here are five facts about matched betting that everyone thinks are true.
1) It’s a scam
Did you know that’s the one comment I hear the most? Matched betting might look like a scam to some just because they don’t understand it. Bookmakers give you bonuses and free bets to encourage you to join them. It’s free money that has a wager tied to it usually. But some of these wagers are so easy to do that it is like being given free money. There’s no catch. If you know what to do, you can quickly make money from it. Why do you think sites like Profit Accumulator have free trials? It’s to show users how to make free cash with some simple starting offers as well as giving a money back guarantee if their service isn’t for you? No brainer.
2) It’s hard to do
I thought that initially too. But I found a couple of sites after reading about it, and once I got backing and laying of bets with bookmakers and exchanges under my belt, everything fell into place.
3) You need lots of money to do it
No, you don’t. You only need enough money to cover your bet and to cover the liability of that bet. You can start matched betting with £100 or £10,000. It all depends on how high the odds are that you’re using. Use something with low odds, and you will only need a small bank balance.
4) It’s illegal
If it was illegal, do you think more than 40,000 people would do it in the UK alone? It’s perfectly legal. Bookmakers give away thousands of pounds of bonuses and free bets every day ready for the taking. If it were illegal, they wouldn’t be able to do that.
5) You have to declare it to the tax man
The government abolished betting tax in 2001 meaning tax no longer has to be paid on bets or winnings. The bookmaker has to pay 15% on their profits. All wins on sports bets; casino wins, lotteries and other forms of gambling are now tax-free. So you can enjoy what you make safe in the knowledge the tax man doesn’t want to know.
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