Matched Betting – The Good, The Bad & The Ugly

Matched Betting – The Good, The Bad & The Ugly

I am writing this from the understanding that most readers will already be familiar with what matched betting is. What follows is a frank, honest and sometimes embarrassing account of my experiences with matched betting over the last 3 years. I am going to focus more on the bad and ugly parts as these are what I want to share more so. This in no way is referring to any intrinsic good and bad experiences that everyone will find if they pursue it but is simply my own story as it were… here goes.

The beginning

Roll back the clock around 3 years ago and I was reading some posts from TheFireStarter (as you do…) and I couldn’t help but notice Matched betting as an income source in his monthly reports. This really confused me at the time as I thought ‘The poor guy is gambling? How long will this last!’. It wasn’t for a couple of months and after some email exchanges that I finally realized that it might not be gambling per say. I started reading into it and researching what it was and how it supposedly worked. It really did seem too good to be true at the time and I was hell bent on trying to find the negatives. I was searching for terms like ‘matched betting scam’, ‘matched betting doesn’t work’, ‘matched betting is illegal’ etc… Even though I couldn’t find negatives I still thought to myself, why don’t more people know about this? There’s gotta be some downsides surely? It dawned on me that I had to at least try it to see if it worked for myself. I eventually did the Coral free bet offer, fully understood how it worked in the process and never looked back.

The Good

This has been an incredible side hustle for me. I have earnt more than I thought would be originally possible. It has enabled me to fully pursue my FI targets while still having money for big expenses such as a new phone, tablet and holidays etc. If it wasn’t for the ridiculous profits that TheFireStarter reports, I would feel thrilled about what I have made (shakes fist at you…..). Joking aside. This has been a great side hustle financially speaking.

As for other good things. There is no need to leave the comfort of your own home, you can do this whilst still in your pants as it were sipping a Pina colada (not that I do). There is guaranteed risk free money to be made as long as you do things properly. This last point is where I myself have feel down previously but I will get to that later.

The Bad

I think when I look at my experience with matched betting, the main bad thing that sticks out is how much time it has taken from me when I am doing it. I won’t go into specifics of what particular matched betting I was doing but it certainly would take up a big part of my week especially the weekends. I would be almost engrossed in thinking what matches are coming up, working out my profit pipeline, filling in my tracking spreadsheets etc. I remember once being out having a meal and I was on my phone placing bets and checking scores etc, I got a stern telling off at the time but this is what I was doing for a long period of time. I found it exciting to be fair so it wasn’t like it wasn’t enjoyable but it was distracting me from everyday normal stuff a bit too much. I had a break from matched betting for a good many months last year and I couldn’t believe how much free time I had as a result. It was really noticeable.

The other bad thing for me personally was, should I be doing this? Even if not illegal – the terms and conditions were starting to change to clearly state, you cannot use methods to lock in guaranteed profits etc. You are clearly breaching terms and the threat of withholding winnings is increasing. I guess the is this morally dubious thoughts were appearing. The exchange usually wins and those are likely real people placing bets and losing money after all.

The Ugly

This is the part where embarrassment comes in. I have no doubt that this is down to my personal character traits and failings but this could be helpful for others to bear in mind as it could happen to a small number of us. In typical easy matched betting, there is no real risk or perhaps it’s better to say very minimal risk. There are the risk of errors made by yourself whether it’s reading their terms of offers, placing bets on the wrong team or twice or laying the wrong amount etc. This of course can and does happen the opposite way. I have layed the wrong team and then happened to win that game as well. I have forgot to finish sequential laying an Acca and the Acca has won. My errors going for and against me have probably evened out by now however my own psychological failings could have destroyed me… I don’t say destroyed lightly.

My problem boiled down to the old classic of not accepting your losses. I had a profit pipeline. I expected a certain amount of profit from the different bets I was doing. I feel like I already had counted this money as my own even though I might not have earnt it yet. Most of what I discuss now is going back 2 years ago.

I place the bet on a horse. I am just about to click the lay button on an exchange and the odds disappear…I can no longer make £18 as expected. I place the bet anyway hoping someone will snap it up. Nothing… and the odds that are offered increase. My profit goes down even further. Screw it… I just place the same amount of money on the horse. It’s 17/1 anyway so prob won’t win. I overlay in terms of odds and liability. Guess what happens? The horse wins and instead of £18 up, I am down £18. This annoys the hell out of me. So.. I do a real bet that Italian series b team 1 v team 2 will not win 3-2.  It currently 1-0. I risk £300 to make back that money. The game finishes 3-2.

The feeling of needing a result desperately to go a particular way is heart wrenching. This is gambling, this is a problem. This is what can lead to compulsive gambling. The above example is one of many that I had done during this Period. Once I remember risking £700 to win back a £100 loss. I didn’t want the under dog team to win. It was 1-0 to the favourite at 65mins or so when I placed the bet. It then went 1-1. I went for a long walk in the cold with drizzly rain and every 5 minutes checked the score in my phone. Luckily it stayed 1-1 but this feeling was horrible. When I win back the loss,I would do no further actual gambling for many weeks or months until an error annoyed me that little bit too much that I chased. Chasing £5 turned into a £730 loss once and then onto my lowest moment of all. I risked £3000 to win back that £730 and I won. Pure luck of the draw. I dread to think what could have happened.. if I was chasing £5, then £730. What would I do to chase £3735. Due to being on the pursuit of FI, I had the money to risk after all…

You’ll be glad to know, I have never chased losses since the £3k bet. I feel incredibly lucky as I dread to think what could have happened if I did lose it. All my previous effort of matched betting would have been eliminated on top of losing the money, I would of felt like I had lost all the time and effort as well. How have I changed since? I don’t count any money as a given in any profit lines and it never feels like it’s my money already. I accept losses, mistakes and not earning what I thought I might. I feel like thankfully, that brief terror 2 years ago has been surpassed now. I am quite confident I have changed as around 3 months ago, I layed the wrong team with similar sounding names, lost £300 and just marked it down as an error. The thought of chasing never even occurred to me.

What’s next?

I am looking into no lay each way betting. The money I have put aside is not even included in my funds so it’s a punt really. I will look at it like an investment where it will have volatility but hopefully there is an upward trend like there is for others. I feel very comfortable with this as have already done something similar with 2up. The losing streaks never bothered me as long as I understood the variance would switch around and that it would likely work in the end. It is an exciting time, it’s a bit of an experiment. I have stopped normal matched betting because of the amount of time for me that it was taking. The idea of simply placing bets, no tracking other than totting up balances monthly really appeals to me. I will report back on how I get on :D..

For all intents and purposes, I have no regrets at all of getting into this and I have TheFireStarter to thank for helping me discover this. I feel I have gotten over the Ugly experiences as I no longer have any inclination to chase at all. I hope you don’t judge me to harshly on my failings as discussed, I just hoped sharing this might be of help to someone who was a bit like the old me.

Let me know how you have got on with your experience of matched betting in the comments!

Chris@TheFIJourney

6
Leave a Reply

avatar
3 Comment threads
3 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
4 Comment authors
JaseTheFIJourneyLittle Miss FireTheFIJourneyweenie Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
weenie
Guest

Hi Chris Thanks for sharing and sorry to hear that you had to experience the ‘ugly’ but you had unfortunately succumbed to gambling, notably chasing losses. Your mention of risking large amounts of money to win back losses made me shout out ‘Noooo’ at my screen as I read it! That is NOT matched betting and I’m glad you are no longer doing this. As a former gambler, I see matched betting as very different to gambling and where I’ve suffered losses, I’ve just lamented for a while but then moved on to the next offer. I still do normal… Read more »

Little Miss Fire
Guest

Hi Chris,

I appreicate your honesty in this post. I SUCK at Matched betting, Each Way Sniping AND ACCA’S! I don’t deal with loses lightly and I’m not mathematically minded and so playing the waiting game and trusting the statisitcs isn’t really me!

Good to see your back to blogging!

LMF X

TheFIJourney
Guest
TheFIJourney

Good to hear from you LMF. Thank you. I will see how this each way sniping goes, the money I have put aside for it is being treated a little bit like a punt so will see. Hope you are doing ok. Chris

Jase
Guest

Hey Chris – Thanks for sharing your story. I’ve taken a slight step back from each way betting this end. My job just keeps me away from the screen and each way betting does need that dedicated time to it! Apart from the odd footie bet of £25 using a waterfall type approach and banking at around £500 is enough to wet my appetite! Straight in the ISA it goes as well! The sweet sweet aroma of knowing the bookies money is going to pay out thousands in the next 2 decades as it grows!