Make Money Online | Matched Betting
Making Money Online - Legitimately - Tax Free
I was recommended this neat way of making money by a friend of mine a few years ago and I made £630 in my first two weeks then over £5,000 in my first year. After that the gains went downhill and I quit after two years, I will explain why further down.
What you need:
A few hours a day.
A bank account and ID (passport, driving licence etc).
A computer with online access.
A basic grasp of maths.
You also need to be good a record keeping.
Be able to find your way around websites.
Knowledge of spreadsheets is useful.
Some money to use as a float.
Legitimate tax-free gains as all profits are already tax deducted
The system utilises Cash Bonuses, Free Bets and other incentives offered by online bookmakers. But it is not gambling, it is utilising the offers to always make a gain. The business of bookmakers is to extract as much money as they can out of punters. One of the ways they do this is to offer incentives to get punters gambling. What we do is take the offers but do not gamble. We profit from the offers. This is called Matched Betting. The gains from betting is tax-free in the UK
How it works
In simple terms, a bookmaker may offer a deal eg. "Bet £50 and get a £50 Free Bet.
To claim our Free Bet, we need to bet £50. But rather than just gamble the money away we place two bets, one to win if an outcome happens, and another to win of the outcome does not happen. There may be a small loss, up to around 5% but either way we get the bulk of our money back. We are then credited with a free bet.
We do the same with the free bet. Bet to win if an outcome happens, and another to win of the outcome does not happen, the second bet is called a 'lay' bet and placed with a betting exchange site. There will be a higher cost cashing-in a free bet but any loss should be no more than about 25% of the free bet amount. You can choose how much you will gain or lose before being committed.
With the above fairly standard example the overall gain will be around £35.
It is very similar with bonuses, a bookmaker may offer a deal eg. "Deposit £50 and get a £50 bonus however the bonus amount may have a "wagering" requirement which means that the bonus amount needs to be re-bet several times over before being able to withdraw from the account balance.
So why did I quit?
Online bookmakers do not like people 'abusing' their free offers, but it is a bit like going to the supermarket and only taking advantage of 'Buy One Get One Free' offers. There is nothing illegal nor immoral, it's just they do not like it, as they know that you are simply working their system and that they are not going to be making much (if any) money out of you. They might even lose money. Someone has to.
If online bookmakers suspect you of doing this, they will heavily restrict your betting account to say a maximum stake of £1. They will stop offering incentives and so make it impossible to make any money. This practice is know as 'gubbing' or being 'gubbed'. Most of my online betting accounts eventually became gubbed but there is a way to avoid this.
For those who want to be in it for the long haul and make money this way every year there is a way to avoid being gubbed. It is worth doing this right from the start and getting in the habit of it. All you need to do is place enough 'Mug' bets, as if you are a mug punter taking a gamble, but instead of just gambling away the money, take an equal or opposite 'lay' bet with a betting exchange. This will ensure that you get your stake back, but makes it appear to the online bookmaker as if you are a just another mug punter. I wish I had done this earlier and I might still be going.
For more information have a look at Profit Accumulator
Profit Accumulator charge a monthly/annual fee but they do give full instructions and direct you to where the offers are. I subscribed for two years but since most of the bookmakers gubbed my accounts it became pointless to continue.
At this point I might say 'Good Luck!' But really, luck has nothing to do with it.