Getting started with Matched Betting can feel like stepping into a whole new world. But with the right preparation, you can make the process smooth, stress-free, and more enjoyable. In this guide, we’ll focus on the non-technical side of matched betting, outlining steps to help you organize and prepare yourself for success.
Why Preparation is Key for Matched Betting Success
Matched betting is a straightforward way to make extra income, but preparation is essential to maximise your earnings and minimise mistakes. By setting up the right systems, you can save time, stay organised, and keep track of your progress. The following steps will help you lay the foundation for a successful matched betting journey.
Organise Your Accounts
Matched betting often involves creating multiple Bookmaker accounts and handling numerous promotions. Staying organised is essential to ensure a smooth experience and maximise profits.
Use a Password Manager
- Keep your login details safe and accessible using a password manager. This is especially helpful as the number of accounts you create grows.
- Organising credentials ensures you’re never locked out of important accounts or wasting time resetting passwords.
Separate Email Address
- Use a dedicated email account for matched betting to manage promotional emails without cluttering your personal inbox.
- This approach ensures that you don’t miss any valuable offers and keeps your personal email organised. It’s also easier to filter and search for specific bookmaker communications when using a separate email.
Open a Dedicated Bank Account
One of the first steps you should take is opening a separate bank account specifically for matched betting. Here’s why:
- Track Your Profits: Keeping your betting transactions separate from personal expenses makes it easier to see how much you’re earning.
- Simplify Budgeting: Avoid accidental overspending by limiting matched betting to a specific account.
- Stay Organised: It’s much easier to manage deposits, withdrawals, and transactions when everything is in one place.
- Get a Card: Having a card linked to your new account makes it simple to deposit money directly with bookmakers and exchanges.
At a minimum, consider setting up a new account with your existing bank to keep your matched betting transactions separate. Alternatively, you could open an account with a new bank if you prefer to keep things completely distinct from your personal banking. Look for options with online banking features to make transfers quick and easy.
Set Aside a Starting Bankroll
Matched betting requires an initial investment, known as a bankroll. Don’t worry—this money isn’t at risk if you follow the process correctly. Start with an amount you’re comfortable with, typically around £50-£100, and gradually build it as you earn profits.
- Avoid Using Essential Funds: Only use money you can afford to set aside for a few weeks. This ensures you’re not dipping into rent or grocery budgets.
- Grow Gradually: As your confidence and profits grow, you can reinvest earnings to scale up your bankroll.
Adjusting Odds Settings to Decimal Format
Many bookmakers display odds in fractional format by default, which can be more difficult to work with for matched betting. Decimal odds are often preferred as they provide a clearer representation of potential returns and simplify calculations.
How to Change Odds to Decimal Format
Most bookmakers allow you to adjust your settings to display odds in decimal format. Here’s how to do it:
- Log In to Your Bookmaker Account: Navigate to the account or settings section.
- Find the Odds Display Option: Look for a menu labeled “Odds Format” or “Display Settings.”
- Select Decimal Format: Choose “Decimal” from the available options and save your changes.
- Double-Check: Ensure the odds are now displaying as decimals before placing any bets.
(OddsMonkey will often show you where to change the odds for each bookmaker)
Why Use Decimal Odds?
- Tools like the OddsMonkey odds matcher work directly with decimal odds, so switching ensures consistency and reduces errors.
- To find out more about Odds, what they are, and how to read them, read our guide: How to Read and Understand Betting Odds
Learn to Use a Profit Tracker
Tracking your bets and profits is crucial to staying organised and understanding your progress. Here’s how to get started:
- Use OddsMonkey’s Profit Tracker: This tool simplifies tracking your bets and profits, saving you time and effort. It’s beginner-friendly and integrates seamlessly with matched betting workflows.
- Alternatively, Use a Spreadsheet: If you prefer manual tracking, you can create a simple sheet to log key details such as bookmaker name, bet type, stake, and profit/loss.
Schedule Time for Matched Betting
Matched betting is flexible, but it’s important to set aside dedicated time for it. This helps you stay focused and avoid rushing, which can lead to errors.
- Start Small: Begin with 30 minutes a day or a couple of hours per week. Gradually increase as you become more confident.
- Plan Around Quiet Periods: Choose times when you’re free from distractions, such as evenings or weekends.
Cultivate a Positive Mindset
Matched betting is a skill, and like any skill, it takes time to master. Here’s how to stay positive:
- Be Patient: Mistakes are a normal part of the learning process. Focus on improving with each bet.
- Celebrate Small Wins: Every profit, no matter how small, adds up over time.
- Seek Support: Odds On Campus is here to help with guides, tips, and a supportive community. For the technical side of matched betting, the detailed guides provided by OddsMonkey are invaluable resources that walk you through each step of the process with clarity and precision.
Ready to Start?
By following these steps, you’ll be well-prepared for your matched betting journey. With a dedicated bank account, a clear profit tracker, and the right mindset, you’ll have all the tools you need to succeed.