Can You Make a Living from Matched Betting

Can You Make a Living from Matched Betting?

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I’ve talked about matched betting a few times on this blog. It’s a way of making risk-free (and tax-free) cash by taking advantage of bookmaker special offers and promotions.

Matched betting is perfectly legal and (done properly) it’s not gambling. You can read my introduction to matched betting here, and why I believe it can be a good money-making sideline for older people here.

I am writing about it again now because I’ve seen a number of questions posted recently in Facebook groups and forums asking, if matched betting is so good, can you make a full-time living from it? As a reasonably experienced matched bettor myself, I thought I would share my own thoughts on this subject here.

Don’t Believe The Hype

Don’t get me wrong, I am a big fan of matched betting, but it’s important to understand what it can (and can’t) realistically deliver.

It’s not hard if you search online to find people claiming to make thousands of pounds a month from matched betting. These claims do need to be treated with a degree of scepticism, however. Here are just a few reasons…

1. Some people when describing their matched betting earnings include money they make from affiliate programmes. As you may know, the main matched betting advisory services all run affiliate schemes that pay commission for referring new members. I am an affiliate myself, but I wouldn’t ever count affiliate commissions as matched betting profits.

2. The inflated earnings figures typically include money from casino offers. While there is undoubtedly money to be made this way, it is not matched betting and it is not risk-free. Casino offers are really a whole different ballgame. I don’t touch this type of offer myself, except occasionally when I am offered free spins by an online bookmaker.

3. Some of the people making big money are doing so by setting up multiple accounts, e.g. in the names of friends or relatives. They then take advantage of bookmakers’ introductory offers several times over. This is of course completely against bookmakers’ rules and regulations, and may well be illegal. It is not something I would ever advocate doing myself.

Also, despite the claims that matched betting is suitable for everyone, there are some people who probably shouldn’t do it at all. I am thinking especially here of people who may have (or develop) a gambling addiction. Matched betting itself isn’t gambling, but if you think it might draw you into it, then you may be best looking elsewhere to generate a sideline income.

There are also some people who struggle with the practical aspects of matched betting. It’s not rocket science, but you do need a basic grasp of mathematics, and to be well organised and logical. If not, there is a real risk you will get stressed out, make mistakes, and lose money as a result.

The Reality

One key fact about matched betting is that the best opportunities are presented by the introductory offers. By following matched betting principles, you can earn a genuine risk-free thousand pounds or more from these.

Once you have exhausted these offers, however, it does become more difficult (and time consuming). There are so-called reload offers, but these are typically not risk-free. An example is horse-racing refunds. This is where you back and lay a horse in a race and hope that a particular outcome occurs that triggers a refund from the bookmaker.

An example would be if a bookie offers to refund your stake if your horse comes second in a race. If the horse does come second, you get your stake money returned by the bookmaker but also win the lay bet, giving you a net profit. This type of offer can be profitable in the long run, but a lot of the time you will lose a small amount backing and laying when the refund-triggering event doesn’t occur.

For all these reasons, as you may have guessed, I don’t recommend looking to matched betting to provide a full-time income. And I definitely don’t recommend giving up your job to do it full-time. After the first month or two you will be relying on reload offers, and this is no way to generate a reliable monthly income that you – and perhaps your family – can live off.

In my opinion matched betting is best regarded as a tax-free moneymaking sideline which you can use to supplement other sources of income. If you are new to matched betting the welcome offers can also provide a quick financial boost – maybe to pay off debts or fund a holiday or other large purchase. But bear in mind that after a month or two, making money this way is likely to become a lot harder as the sign-up offers run out.

Advisory Services

I’ve said this before, but if you’re new to matched betting, I strongly recommend joining up with a matched betting advisory service. As well as providing tutorials to get you up to speed, these services provide essential online tools, including oddsmatching software and calculators. They will also alert you to a wide range of money-making opportunities, and offer support and advice if needed.

There are various advisory services you can use. I currently recommend the popular Outplayed service (formerly Profit Accumulator), This is a dedicated matched betting website. You can join free initially and they will provide details of two offers you can take advantage of straight away. These should make you up to £40 in net profit.

If you wish to proceed further, you can then pay a monthly fee (currently £29.99) to become a ‘Platinum’ member and get access to Outplayed’s full range of betting offers and services. If you are interested in casino offers as well, you can sign up to their ‘Diamond’ service, which additionally gives you access to casino offers and software and costs £49.99 a month.

As well as detailed instructions on offers, Outplayed also provide various online tools you can use. Their oddsmatcher, for example, helps you find markets where the back and lay odds are as close as possible, so you can minimize your losses on qualifying bets and maximize the value of your free bets. They also have calculators, where you enter the back and lay odds and how much you want to bet at the bookmaker. The calculator then reveals how much you need to lay at the exchange to guarantee a set profit (or qualifying loss) with either outcome.

A further advantage of joining Outplayed is that you get access to the members-only community forum, where you can get any questions you may have answered by more experienced members and/or the Outplayed team.

For more information about Outplayed and its different membership levels, just click through this link [affiliate].

  • If you are at all sceptical about the Outplayed service, you might like to check out the reviews on the independent Trust Pilot website. They currently average 4.7 out of 5 stars, with 89% of respondents awarding them a five star (‘Excellent’) rating. That is one of the highest average ratings I can recall seeing on Trust Pilot.

As ever, if you have any questions or comments about matched betting, please do post them below.

Disclosure: This post includes affiliate links. If you click through and make a purchase at the site in question, I will receive a commission for introducing you. This will not affect in any way the cost of the service to you or the benefits you will receive.


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Should You Get a Smart Meter Installed?

Should You Get a Smart Meter Installed?

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If you haven’t yet been offered a smart meter, it’s highly likely that in the coming months you will.

The government requires energy suppliers to offer smart meters to all homes and small businesses across Great Britain by 2020. Smart meters are coming to Northern Ireland as well, though a definite timescale hasn’t been decided yet.

There is a lot of confusion about smart meters, so today I thought I’d try to shed a bit of light on the subject. I have had a smart meter myself for nine months, so will be offering some thoughts based on my own experience too.

What Are Smart Meters?

Smart meters are a new generation of gas and electricity meters that replace the traditional meters (including prepayment meters) most of us have under the stairs or in the hallway.

Smart meters are so called because they send readings automatically to your energy supplier via a dedicated wifi network. That means you will no longer need visits from a meter reader or have to submit readings yourself.

The other aspect of smart meters is that they come with an electronic in-home display (see picture above). This reveals how much energy you’re using in near real time (they update at least every 10 seconds for electricity and every half-hour for gas). The display shows what your energy is costing you in pounds and pence (or if you prefer, kwh or CO2 emissions). It can also show how much you’ve used over the last day, week, and month.

Are You Obliged to Have One?

The short answer to this question is no. There is no obligation to accept a smart meter and you can decline the offer if you wish.

There is one caveat, however. If your existing meters have to be replaced for safety reasons or because they break down, smart meters may well be fitted in their place, as traditional “dumb” meters will no longer be made and become obsolete.

All meters have to be replaced when they reach the end of their working lives, so sooner or later you will almost certainly end up with one. Note, however, that you aren’t obliged to view the in-home display and can unplug it if you want.

What Are the Pros and Cons?

Here are some advantages of having smart meters installed:

  • No more estimated bills.
  • No need to arrange for meter readers to gain access (or submit readings yourself).
  • Potentially there may be cheaper, smart-meter-only tariffs you can switch to (although this hasn’t happened very much yet).
  • With the aid of the in-home display you can check how much energy you are using at any time, helping you to see where you can make savings.
  • Getting smart meters installed is free (although of course we all pay ultimately through our energy bills).

Are there any drawbacks to having smart meters installed? Well, possibly. One is that currently if you decide to change energy suppliers, your smart meter may no longer work and you will have to revert to submitting meter readings yourself.

A new generation of smart meters (SMETS2) is coming that should work for any energy supplier – but for now, if you’re planning to switch suppliers, it may be a good idea to do this before getting a smart meter installed.

Another possible objection to smart meters is that they could encourage a miserly attitude to energy use and cause friction within couples and families. A female friend has refused point blank to have smart meters installed because (rightly or wrongly) she fears her husband would become an “energy fascist”, constantly turning down the heating and switching off the lights to save money. That is obviously an issue every couple needs to negotiate for themselves!

Getting a Smart Meter Installed

If you decide you want a smart meter, you can either wait to be contacted by your energy supplier or contact them yourself.

All the main suppliers have information on their websites about their rollout plans. There will also be a number you can phone to register your interest.

You will need to book a date and time for a fitter to install your meters. This is likely to take a couple of hours, and your gas and electricity will need to be switched off some of this time. The fitter will explain how the meters work and demonstrate how to use the in-home display unit. He/she will also offer some general advice on how to save money on your energy bills.

My Own Thoughts

As mentioned earlier, I had smart meters installed six months ago. It was pretty painless, and I have found it interesting to see how my energy consumption goes up and down. Here are a few thoughts based on my own experiences…

  • Initially I found it disconcerting how the display jumped into the amber or red warning zone when using my electric kettle or toaster. However, I quickly realised that as you only use these devices for a few minutes at a time, they don’t add massively to your energy costs.
  • A particular benefit has been that if I glance at the meter and see that my current consumption is higher than normal, it nudges me to investigate why. A couple of times the cause turned out to be an electric heater I’d forgotten to switch off. From a safety angle as well as a monetary one, I was glad to be alerted to this!
  • The display unit has a budgeting feature, where you can set a daily target for your energy consumption. It then shows whether you are on target to achieve this or not. Initially I liked this, but as winter set in last year I realised that targets set in the summer are no longer realistic as the days get shorter and colder. I guess I could reset my budgets every month, but personally I just ignore this feature now.

All things considered, though, I do feel that having a smart meter has been beneficial to me and I am definitely saving on my energy bills (and feel reassured that they are more accurate).

Obviously it’s a decision everyone needs to make for themselves, but I think most people will benefit from having smart meters installed. And if they help reduce overall energy consumption, that has to be good for the planet as well.

That’s my view anyway, but what do you think? Please leave any comments (or questions) below.



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Guest Post: Saving and Making Money with Your Kitchen

Saving and Making Money with Your Kitchen

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Your kitchen is perhaps the most important room in your home. It’s where you spend time with your family, catching up on the day and cooking meals. However, it’s also important in terms of finance – you can end up spending a lot on your kitchen, and you don’t always need to. Here’s how you can save and make money on your kitchen.

Save Money

Renovate

If you’d like to have a new kitchen but you just don’t have the finances, you can save a lot of money by renovating it yourself. You can do it in stages too which will help you to spread the cost. Even if you can’t afford to change the whole kitchen, you can upgrade certain aspects on a budget, simply by being thrifty. Start with your units – paint costs less than £20 and can make an enormous difference – and once you have painted you can swap the handles for something different by heading to eBay or your local DIY store. Next, take a look at your worktops – granite is on trend and is currently quite affordable. There’s a lot that you can do to your kitchen without fully renovating it, and you may be surprised at the difference that it can make.

Buy Used/Ex-Display

Sometimes, only a new kitchen will do. It may be that yours is beyond saving, or that you have simply grown out of it. If that is the case, you don’t have to go all out on a brand spanking new kitchen from a showroom. Instead, you should look at used kitchens. Buying a used kitchen means that you can get a great (often designer) kitchen for a fraction of the price. However, avoid your local selling pages and go straight to a trusted re-seller such as Used Kitchen Exchange. Before you buy a kitchen, you’ll need to know information such as the measurements and what is included in the sale – you can get all of this information from the Used Kitchen Exchange website. The company has a wide range of kitchens in stock for every taste and size – from wooden kitchens to sleek, contemporary European kitchens.

Used Kitchen

Make Money

Sell Your Kitchen

If your kitchen is still in good condition and you’re just ready for a change, you can put some money towards the cost of your new kitchen by selling your current one. You can approach a recommended re-seller such as Used Kitchen Exchange, who will manage every step of the sales process for you – from photographing and listing your kitchen to finding a buyer. You can relax and wait for the money to come through.

Sell Your Appliances

Perhaps you have a coffee maker that you never use, or a spiraliser from the health kick you promised you’d go on but you never did. Whilst these appliances are collecting dust in your cupboard, they could be making you money! Sell them on eBay or Gumtree and put the cash towards your new kitchen.

 

Thank you to the team behind Used Kitchen Exchange for an interesting guest post (for which I am receiving a fee). The cover image and the article itself both show kitchens from Used Kitchen Exchange, by the way.

I had never come across the concept of buying and selling used kitchens before. I’ve had basically the same kitchen furniture and appliances since moving into this house 20 years ago, however, so it’s definitely something I shall consider now!

If you have any comments or questions about this post, as always, please do leave them below.

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How to look after the pennies...

How to Look After the Pennies…

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I was having a sort-out in the kitchen and came across a jar of small change. There were a few pounds’ worth, so I thought I’d change this into something more useful. It turned out to be a bit more complicated that I expected. So I thought I’d set out the options here and reveal what I did in the end, and what I plan to do with my small change from now on.

Banks

In the small town where I live there is now only one bank left (Barclays) and this is not a bank I have an account with. I went in there anyway to ask if they would accept change from me. I was told that if I didn’t have an account with them they wouldn’t be able to assist me.

So far, so disappointing. In these days of multiple bank closures, it’s a shame the banks can’t co-operate a bit more to help their local communities, but there we are.

So I had to travel a bit further to find a branch of HSBC, one of two banks I have accounts with. They kindly provided me with a supply of clear plastic coin bags. They are a standard design as far as I know and bear the following message:

£1 in 2p or 1p

£5 in 10p or 5p

£10 in 50p or 20p

£20 in £1 or £2 coin

NO MIXED COIN

I must admit I misunderstood this initially. I thought it meant you could have a £1 bag of mixed 1p and 2p coins, a £5 bag of 5p and 10p coins, and so on.

The nice lady at HSBC in Lichfield told me this wasn’t the case. The bag has to be all of the same denomination – so a £1 bag of 1p coins, a £5 bag of 10p coins, etc.

I do still think the instructions are a bit ambiguous, even if it does say NO MIXED COIN. Anyway, she kindly still accepted the bags I gave her and changed them for a note and some pound coins.

  • I’ve heard it said that some banks have change machines that let you pay in coins and count them automatically, but I’ve yet to see this myself. If you have seen any with your own eyes, I’d be grateful if you could tell me where!

Coinstar Machines

This is the commercial alternative for dealing with your small change.

These machines are generally installed in supermarkets, including Tesco, Morrisons and Sainsbury. You just pour in your change and the machine automatically counts it and prints out a credit note to use in the store. You can either put this towards the cost of your shopping or redeem it for cash at the store’s customer services desk.

Of course, this service isn’t free. According to the Coinstar website, they charge a 9.9% processing fee for cash transactions “but fees may vary by location”. The fee is deducted from the amount you put in at the time of your transaction. You can also opt to donate your money to charity, in which case there is a lower 7% charge.

You can find the location of your nearest Coinstar machine by entering your postcode in the box at the top right of the Coinstar site. This doesn’t appear to be updated very often, though. It is still saying there is a machine in my local Morrisons, despite the fact that this was removed over a year ago (and didn’t work for some time before that).

Coinstar machines offer a quick and easy solution if there is one near you, but with the 10% charge (or thereabouts) you do pay a premium for the convenience.

My Advice

My advice then is to go to your bank and ask for a supply of clear plastic coin bags and fill them with coins of one denomination only. You can then either pay them into your account or change them for something more convenient.

As a result of my experiences, in my kitchen I now have a set of jars for coins of each type (pictured above) and periodically sort my small change into them. In due course I will count them and take them to the bank in coin bags (which I keep handy in the kitchen drawer).

You can, incidentally, also buy coin-sorting moneyboxes from Amazon (see below), but aside from the novelty value I’m not sure how useful or reliable these would prove!

Over time we all inevitably accumulate loose change, which can weigh down our pockets or purses and is easy to regard as a bit of a nuisance. This money adds up, though. Saving and sorting it really is worthwhile, and can provide a handy cash boost when you pay it in.

As ever, if you have any comments or questions about this post, please leave them below. And finally, for some additional ideas on saving money and making money with apps, check out this great post by my fellow money blogger Grainne on her Wannabe Debt Free blog.



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10 Ways to Raise Money Quickly to Pay Bills

10 Ways to Raise Money Quickly to Pay Bills

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We’ve all been there. An unexpected bill comes in and you don’t have the money in your account to pay it.

There are various possible solutions to this dilemma, so in this article I’ll set out some options that are open to you.

1. Short-term borrowing

If you know you will have the money within a few weeks, short-term borrowing can be a sensible solution.

If you have a credit card – and can pay the bill this way – you can take advantage of the interest-free period. So long as you pay off the balance by the due date on your monthly statement, it won’t cost you anything extra. I don’t recommend drawing cash using your card, however, as interest starts to accrue immediately if you do this and rates are generally high.

Short term loans are another possible solution if you need help paying bills. This method has the advantage that you get the cash straight into your bank account, and if you apply online you can often access the money within a day. Clearly if you use this method there will be interest to pay, so look for a company that will let you pay off the entire loan at once and aim to do this as soon as you possibly can.

2. Selling on eBay

Another good solution if you have a bit of time is to have a clear-out of things you no longer need and put them up for sale on the online auction site eBay. All sorts of things sell here, and if you have never tried selling via the site you will be pleasantly surprised by how easy it is.

Basically, you just log in and go to my eBay, then click on the Start Selling button. Enter a short description and eBay will display some similar items, each with a message under it saying “Sell One Like This”. Click on that and you can use the item in question as a sort of template (although clearly you shouldn’t copy it word for word!). This can be a great way to raise a useful sum of money quickly, and as long as you are selling your own possessions (not buying to resell) it’s tax-free too.

3. Visit a Car Boot Sale

This is the low-tech option for selling unwanted goods, but it can work very well as a way of generating cash quickly. Check the local paper for sales in your area – they are generally held at the weekend. You can also do an online search for “Car boot sales in Mytown” or whatever.

When going to a car boot sale, aim to arrive early to get a good spot, and take plenty of change with you. Assume everyone will want to pay with notes! Know the price you want for the products you are selling, but be prepared for people to haggle. It’s generally best to ask for a bit more than you expect to get, so you have some room to negotiate.

4. Sell on Shpock or Local Facebook Pages

This is another good option for selling unwanted items. Shpock describes itself as “the boot sale app”. It’s available for both Android and iOS. You can advertise products to people in your area via the app and buyers will come to collect the goods in person. This and Facebook local pages can be good ways to sell anything which is difficult for whatever reason (e.g. size or weight) to send in the mail.

5. Sell Unwanted Gift Vouchers on Zeek

If you have unwanted gift vouchers, did you know you can sell them for cash on the Zeek website? Both physical and electronic vouchers can be sold (and bought) this way. Obviously you won’t get the full face value and there is a modest charge to pay. But if you’re in a fix and need money fast this is definitely worth considering, especially if you don’t have any other use for the voucher/s concerned.

6. Try Matched Betting

This is a money-making method I have described on various occasions on this blog. It’s a way of making risk-free (and tax-free) cash by taking advantage of bookmaker special offers and promotions.

Matched betting is perfectly legal and (done properly) it’s not gambling. You can join an advisory service such as Profit Accumulator or Odds Monkey and they will take you through two or three money-making opportunities for free. After that, if you wish to continue, there is a small monthly charge. Note that matched betting may not be an option if you live in a state or country that bans online betting.

7. Get Temporary Work

Jobs may be harder to find these days, but there is still plenty of short-term/temporary work available if you look for it. Some of this is seasonal, e.g. many companies take on extra staff to help them cope with the Christmas rush (Amazon being one well-known example). Another option is helping at elections, e.g. as a poll clerk or vote counter. It is generally a long day but decently paid. Inquire with your local council if there are any opportunities in your area.

8. Become an Extra

If the prospect of appearing in TV shows or movies doesn’t put you off, being an extra has much to recommend it. The work is interesting and varied, although it can also involve a lot of standing around, and doing the same thing over and over until the director is satisfied with the shot. You won’t get rich working as an extra, but the pay isn’t bad either, and you get free meals as well! Apply via an extras agency in the first instance.

9. Do Online Surveys

This is another popular option for people wanting to raise money. Payments aren’t generous but the work isn’t too taxing, and over a few weeks (or longer) you can generate a decent sum. Prolific Academic and Panelbase are two of my favourite survey sites, but there are plenty more around if you look for them.

10. Offer Your Services as a Freelance

There are lots of possibilities here, from copywriting to photography, social media management to website design. Set up accounts on sites such as Upwork and People Per Hour and you will be able to bid for any job advertised that suits your skills and talents. Admittedly it can take a little time to get established on these sites, but once you have your first few jobs under your belt (and good feedback from clients) more work is very likely to follow.

I hope the list above will give you some ideas of ways to deal with cashflow problems caused by bills. If you have any other comments or suggestions, as always, please feel free to post them below.

Disclosure: this is a sponsored post for which I am receiving a fee.

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