Matched betting is sometimes portrayed as a way to make money from home. But what is matched betting, and is it legal? We’ll answer these commonly asked questions in this Wizard Slots post.
Is Matched Betting Gambling?
Matched betting involves using free bets offered through promotions by bookmakers online. It works by placing 2 opposing bets on a particular sports event, one using the free bet on a bookmaker and the other on a betting exchange.
One bet is placed on “win” and another “lose”. By doing this, you are supposedly covering all bases. The idea behind matched betting is to try to turn free bets into real money.
Is Matched Betting Legal In The UK?
Matched betting is legal in the UK. UK gamblers can take part in matched betting, provided that they are over the age of 18. The money is entirely tax-free if you win any money with your free bets at online bookies.
Bookmakers want to attract as many new customers as possible, so they often have offers such as “£30 free bets for new players”. Once a customer has signed up for the offer, they can use their free bets however they want. It is illegal, however, to make several accounts with the same bookmaker to match bet.
Does Matched Betting Actually Work?
While matched betting can technically work, and you can win money from it, it is not always worth it. The fact that you don’t have to part with real money initially and can win real money is what attracts many people to matched betting.
However, like with any form of gambling, it is never risk-free. Players need to be very careful of matched betting. Mistakes can easily be made, which can lead players to lose money. Matched betting should not be seen as a “surefire” way to make money but simply entertainment. If you are thinking of using a matched bet offer, make sure to do thorough research first.
Can Matched Betting Affect Your Credit Rating?
There is no reason that matched betting could affect your credit score. Your credit score is based on your ability to borrow money responsibly and whether you are able to pay it back; it isn’t concerned with how you spend your own money.
Are There Any Downsides To Matched Betting?
While matched betting offers the potential to make money, there are some possible downsides.
One of the possible downsides to matched betting is that it can be difficult to understand, especially if you don’t typically gamble. Because of this, mistakes can easily be made, and you could lose money.
Additionally, there aren’t as many matched betting offers as there used to be, so they may be difficult to find. Bookmakers clued onto this activity and have acted to try to combat it. So, if you find a matched betting offer, there are typically numerous conditions that need to be met in order to claim it.
Another downside to matched betting is that it is still gambling, and nothing is ever guaranteed in any form of gambling.
