Prefer to listen offline? Download the audio file (mp3, 22MB).
Is Matched Betting full-time possible? Can I quit my job and do matched betting for a living? Meet Josh who does exactly that!
I met Josh on the OddsMonkey forum which is a great community for those of us who make a side income doing matched betting.
Members help each other by discussing various offers, different bonus rules, share their profit stories and whine too!
So I felt I had to invite Josh for an interview to let us know how he does matched betting for a living! Feel free to download the audio file (mp3) or be brave enough to read the transcript below.
Michael: Hi everyone, this is Michael from FoxyMonkey.com and today I welcome Josh.
Josh: Hello, hello!
Michael: I met Josh at the OddsMonkey forum, which is a place where all the matched betting members gather together and discuss offers, rules and different do’s and don’ts. For those who have never heard of Matched Betting before, it’s a way to basically exploit offers in a legal way making betting risk-free and profitable.
Josh: Basically, it’s exploiting a loophole, isn’t it.
Michael: Josh is the expert on that. I was very impressed to hear that he’s been doing it full-time. Basically, that’s his job. Right, Josh?
Josh: Yeah, that’s my only income. That’s all I do. Matched betting.
Michael: Tell us a little bit about you. How did you first hear about matched betting?
Josh: Basically I came about matched betting in September last year (2016) and I have been doing it for 7 months now. I reached a point where I was working full-time for very little money and I decided it was just not good enough.
I wanted more out of life so I started looking for ways to make money online. So I opened up a blog/website. That was my first adventure into online money making through affiliate marketing.
Then one thing led to another and through my website, I started exploring other ways of making money. Matched betting came up which I thought I’d give it a go, see what’s this about.
I was a bit weary at first, it seemed a big dodgy. Despite I wasn’t 100% sure about it, I tried it. I did a sign-up offer with Coral and it was very easy! I made £15 in less than half an hour.
It just clicked! I’m very good with numbers and because matched betting is not based on chance but an application on a mathematical process, I found that was something I was good at. The rest is history 🙂
Michael: And here you are, doing matched betting for a living right?
Josh: I’m doing something I enjoy, that’s the main thing. I enjoy my work and it gives me the freedom to do what I want to do. It’s amazing.
Michael: How long have you been doing it?
Josh: About 9 months.
Michael: What does a typical day look like for you?
Josh: I wake up about 10 or 11 o’clock in the morning. Then I get prepared because the horses start at 1 o’clock, which is the main bread and butter for a matched bettor.
So I’ll check my e-mails, I’ll look at the notifications on the OddsMonkey forums and make a list of all the offers I’m going to be doing that day.
Then I will work from about 1 pm to 5 pm and get a break for a bit. Sometimes in the evening, I may do casino offers.
Michael: You spend like 5 or 6 hours per day basically, don’t you?
Josh: Probably more, it depends! I’ll spend 4 hours in the day and then maybe 4 or 5 hours in the evening but it depends. Sometimes I’ll have an evening off and only work 4 hours.
Depending on how hard I want to work, I can do 2 hours or I can do 8 hours if I want. I’ve had days where I had worked 12 hours straight through!
Michael: That’s a lot of money I guess. Haha!
Josh: But the rewards are there you know. I’ve had weeks where I earned £500-£600 a week and I had the occasional week where I’d earn £1000! That’s not very often though.
Michael: Wow! I’m proud of £400 I made in 3-4 days during the Cheltenham Festival. I know that’s not too much because I’ve seen other people make £2000 during those days.
Josh: You made more than me, I did terrible at Cheltenham, I hated it!
Michael: Keeping a sustainable advantage is what matters though. Doing matched betting consistently and doing it long-term makes the real difference. Kudos to you, you’ve achieved that.
Please tell me, how much money can one make in a month doing matched betting?
Josh: I’ve said to myself: As long as I can earn the same amount I was earning at my job, which was £1000 a month (£253 a week) then I’m happy. But on average, I’m earning something in the region of £2000 a month. About £500 a week is about right.
I was only doing it part-time when I had a job and I’ve been doing matched betting full-time since January 2017.
Michael: I assumed you had to wake up much earlier at your previous job, follow orders etc.
Josh: Oh yeah, it was horrible I was late all the time and getting in trouble. I was getting home tired all the time and I never had any life. Matched betting has given me the lifestyle I’ve always wanted. It is amazing yeah.
Michael: What was your previous job if you don’t mind?
Josh: I used to work at a warehouse. It was just mundane labour, I used to prepare lighting equipment for exhibitions 8 hours per day.
Michael: If I start matched betting today, can I lose any money? What are the risks?
Josh: You can lose money but it’s not the same as gambling. In gambling, if you put £10 on a horse you risk to lose £10. In matched betting, you can lose money by making a mistake.
I made mistakes. When I first started, I remember there were days that from inexperience I’d do something wrong. However, provided you work everything out accordingly and use calculators that will do the math for you, it is completely risk-free.
To begin with, there are sign-up offers that offer you free bets for just depositing and wagering £10. And the way it works is this:
You will lose a small amount on those £10, you may lose 20p or 30p. That’s regardless of the outcome, but then you’re looking at a guaranteed profit of £15.50 on a “Bet £10 Get £20” offer. That’s £15.50 risk-free profit.
But again, mistakes can be made so you got the human error which is a risk. Your computer could crash or you could lose internet connection as a potential risk.
To do matched betting professionally, there is always a risk. You have to jump on every single offer and a lot of the offers that are sustainable on a day-to-day basis are horse racing offers. Horse offers are risky because of the market volatility.
Michael: Is it because the odds move very quickly?
Josh: Basically, yeah. You’re dealing with odds that can change in a second’s notice. Professional matched betting comes with a small amount of risk but the maths works as such that you can never be down over a period of time. Unlike gambling, which is
completely different, it’s not the same at all.
Michael: Gambling is basically guaranteed that in the long term you will lose whereas with matched betting you will always be ahead.
Josh: Yeah, statistically speaking it’s impossible to lose. I’ve had days where I’d be down £20 or £30 quid compared with days where I’d be £200 or £300 up.
Michael: I’ve heard people before saying “Matched betting is just gambling, stay away”. Is it because they don’t understand it?
Josh: The hardest thing about matched betting is trying to convince someone that it isn’t gambling! That’s what I’ve experienced.
Michael: Haha, this is so true. Especially, you know, people that are close to you and you’ve bet a few pounds together in the past and you’re now trying to convince them.
People in your circle, your friends and family, do they know about your new job? Do they believe you?
Josh: My friends and family do, yes. That’s because they have seen me leave my job and support myself just with matched betting.
But when I was working full-time, a lot of my colleagues could not get it. If it was risk-free then everybody would be doing it.
That’s the problem! Because everyone has that attitude, everyone isn’t doing it. It’s also something that you need to have a good head for numbers. And a lot of people I know, maths isn’t really their strong suits. They don’t really get it.
Michael: I understand it’s not for everyone. I’m trying to convince people to make money. I’m even guiding them through it. Then, half of them will say this is too much work, I don’t want to be doing this. The other half will probably say this will never work, it looks like a scam.
Just a 2-5% of people will actually try it and try to make money. I was probably in this small percentage because I really wanted to have the upper hand in betting and I’m good with computers and numbers as well. It helps.
Michael: The profits are tax-free, right?
Josh: Ermmm… I’ll be honest, I don’t exactly know. As far as the tax office is concerned, I am a professional gambler.
I’m not going to try to tell them I’m matched betting. I’m not going to try to convince them it’s a form of income. I want to have the argument that I’ll lose the money as much as I can earn the money.
I’ll put it this way: I haven’t had a letter at my door asking me to pay tax. Gambling is tax-free but even then, I’m not 100% sure it’s tax-free if it’s your ONLY source of income.
Michael: It’s a grey zone if you’re matched betting full-time. It’s definitely tax-free if you do it on the side, and make £600 or so per month like I do.
Let’s go the opposite direction. What are some things that you dislike about full-time matched betting?
Josh: I do it every day, I don’t have a day off. I go to bed and I’m dreaming about staring at numbers. Sometimes you just have to take a day off.
Also, there are days where you could lose money. I had a day the other week where I lost £240 cause I wasn’t paying attention.
Michael: Was it because you gambled? Was a bet not laid?
Josh: No, it was a mistake. It was Swansea against Everton. I backed 1-0 Everton and laid 1-0 Swansea. It finished 1-0 Swansea which means I lost £240 at the exchange and won nothing at Betfred! It was really annoying.
But I made that back up within 48 hours 🙂 It didn’t take me long to make that back up.
Michael: I’ve lost money as well.
I would say that people that are into gambling or had gambling problems, matched betting will probably trigger their gambling nature.
Josh: Definitely, I agree. I agree completely. It’s hard for a gambler not to gamble when they are surrounded by it.
I have played slots before, and I had to show a lot of discipline to not carry on gambling.
Michael: Yes, you have to be a very disciplined person to do matched betting. You handle tens of thousands of pounds across 20 different accounts.
Basically, it’s really hard to see the big numbers and say I can bet £100 on Chelsea and make a quick profit, Chelsea will definitely win. You can lose £1000 in an hour if you are not careful.
Josh: I have the occasional punt. I probably have gambled a couple of times per month but I’ll probably do a £5 bet on the dogs or whatever. I will say that, you know, I don’t want to lose more than £25 so I’ll do 5×5 bets. Sometimes I win sometimes I lose.
I had a bet today because a horse was named Eddy, and one of my friends is named Eddy! I only put £3 on it and he won. I was going to put £10 on it but I reconsidered.
Gambling is becoming a problem when it interferes with your profit margins. When matched betting your money only needs to go one way and that’s up.
It’s ok to have a gamble every now and then but if you start gambling every day, £20 every day is £600 a month.
Michael: Totally agree, it’s like when you have a normal job. If you start gambling here and there it takes its toll. You’re probably an expert in this field.
What advice would you give to someone who has heard this interview and said:
“Wow, ok, I’ll go tomorrow tell my boss that I quit my job and will start matched betting for a living because Josh said so?”
Josh: Hehe, no. There are a few important things.
First, is having a big float. I had about £2,500 to play with when I left my job. That’s the minimum amount that you will need to do matched betting full-time.
It’s also having to do with experience. It’s like riding a bike. You cannot just jump on a bike and start riding. You’ve got to spend time learning and getting to grips with the betting exchange. That’s the most in-depth area of matched betting.
Once you have done it for two or three months and you have built up your money then you can start considering full-time matched betting.
Michael: You have to build up this experience.
Josh: Yes, some people do matched betting but they’re not great because they don’t fully understand the maths. It’s not something you want to you quit your job tomorrow.
It’s something you can do part-time. I was earning £100 a week doing it part-time when I was working at the warehouse.
Michael: What made you make the leap and say “This can work, I’ll do it full-time”?
Josh: It didn’t work like that with me. I lost my job and I was going to sign on, for a little bit, on benefits. And I didn’t realise matched betting would be sustainable on its own.
I had other plans, like continuing with affiliate marketing and was going to do software.
As it turned out, matched betting was very profitable. I didn’t realise how profitable that’s going to be. I didn’t leave my job to start matched betting, it just turned out it is profitable enough to be the only thing I’d do.
Michael: You also have to like it to do it full-time. Don’t just quit your job and start matched betting.
Josh: I have always liked math. I’m good with spreadsheets and a few years ago I started learning about coding and computers. At some point, I want to go to college and learn computer science.
Michael: By the way, I have a relevant article on the blog, how NOT to go to college to learn computer science. I have studied Computer Science.
It’s sarcastic to say that but despite having a Masters I believe you do not need a degree to get a decent job in IT. But that’s a different topic. You can learn everything online.
Josh: You know I don’t want to get a degree to get a job, I just want to learn computer science. I want to see what I can do with this skill, it’s just that I love learning about it that’s the main thing.
Michael: I’m playing devil’s advocate here. If this is so good, then why is not everybody doing this?
Josh: Well, like I said, some people believe if it’s too good to be true then it probably is. And a lot of people have that attitude. So it’s hard to convince someone this is one of the rare things it IS true.
Josh: The bookmakers are very keen to try and spot people matched betting. It’s like cat and mouse, where matched bettors are the mice and the bookies are the cats. They employ traders to look at all the accounts and look for matched betting activity.
So we have to try to disguise our activity to try and look like a normal gambler.
Michael: What are some tactics you employ to stay out of sight and not get banned by the bookies?
Josh: There is nothing set in stone. A lot of people throw around ideas, but no one really knows. What I do personally, is that I try and make it look like the free bets are not important to me. When I earn a £25 free bet, then I will bet £100 on a sports bet.
That’s called mug betting. Mug betting is when you put money through a bookie but you cover all outcomes and you sustain a small loss. I may lose £3 but that keeps the bookmakers happy.
If I’m putting a lot of money through them in non-promotional sporting events then
that gives the impression I am a normal gambler. I also never withdraw any money. That’s what I do a lot and it does seem to work with not all bookies, but some.
Michael: It takes a cut from your profits though right?
Josh: Yes, that’s right. You’re giving some back to the bookie to keep them happy.
Michael: You said don’t withdraw any money?
Josh: Yeah, I withdrew £1000 a day, then I got the e-mail saying “You’re no more eligible for our promotional offers”.
Michael: Oh, that’s the worst thing that can happen to someone.
Josh: That’s called gubbing. You’re now gubbed. So yeah, if you get that e-mail, that bookie is no longer profitable long-term.
Michael: Ok, this is my last question. How do you see your future as a matched bettor? How do you envision it?
Josh: I don’t know, to be honest. Matched betting is something I want to continue doing for 3 or 4 years. That’s because it gives me the lifestyle I want to have. Ultimately, I don’t think one can do it forever.
Matched betting is becoming more popular and it depends on how things change. The more popular it becomes the harder it’s going to be because the bookies will start clumping down.
It’s better at the minute because not everyone’s heard of it. However, if it becomes a really commercial thing then not only the bookies but also the tax office are going to start taking their cut. Therefore, I don’t know what the future for matched betting holds.
For now, I want to save up as much money as I can over the next few years. It’s just about working for myself and being on my own time.
Michael: Sounds very interesting. I assume you use the classic OddsMonkey for matched betting.
Josh: OddsMonkey yes. If you’re going to matched bet, my advice to anyone is that you have to pay for software. I pay £15 a month to OddsMonkey and it pays for itself within a day!
Michael: Josh, this was the end. Thank you very much for having this discussion with us. Good luck in the future.
Josh: My pleasure, thanks for having me.
Michael: I know I will continue doing matched betting on the side for an easy £600 profit every month. It’s definitely a way for people to earn more and follow their passion.
Josh: Yeah, you can do matched betting as a part-time job or as a full-time job.
Michael: Congratulations on making it full-time because I know it’s hard.
Josh: Thank you, nice one!
Have you been doing Matched Betting? What is your experience like?
Feel free to comment below and let us know how you find it 🙂