Matched Betting Mistakes That Could Kill Your Profits

Once you get your head round the premise of matched betting, you quickly realise that it really is simple and straightforward, and that you really can create profits by leveraging free bets from bookies, without risking your own cash.

It’s true that if you closely follow the tutorials and guidance from Profit Accumulator, you won’t go wrong. But it’s also true that we’re only human, and the nature of that means sometimes we make mistakes. We have a lapse in concentration. We neglect to read something properly. We forget about an important part of the process, and we end buggering things up and knocking ourselves off track.

I’m pleased to say that I’ve only made a couple of very minor errors on my matched betting journey, and they’ve cost me just a few quid. As I earned more than £1,120 in my first three months, it’s really not too big of a deal.

If you’re not on the ball though, matched betting mistakes can seriously damage your profits, so it pays to know what you’re up against. Forewarned is forearmed, and all that. Let’s take a look at the common matched betting mistakes, and how you can avoid them.

SPENDING MONTHS READING ABOUT IT BEFORE GETTING STARTED

Are you here, having never placed a single matched bet, already worrying that you might make a mistake and therefore think you need to read a little bit more before dipping your toes in the water? I see you! And I get it. It can seem a bit scary in the beginning, and you want to make sure that you know what you’re doing.

Here’s the thing though… Between first discovering matched betting and actually getting started, I let FIVE WHOLE MONTHS pass me by. I’d estimate that if I’d just bloody well got on with it, I’d have earned an extra £2,500 on my journey. Not an insignificant sum, in anyone’s book.

Yes, you absolutely should take your time in the early days. Rushing things isn’t advisable. But there’s a fine line here. You do your best learning ‘on the job’, and even if you just commit to carefully completing one offer per week, that’s going to help you much more than months of reading and studying.

LETTING YOUR FREE BETS EXPIRE

When you’re credited with a free bet, it’ll almost always have an expiry date. So you’ll have five days from it being awarded to actually use it, for example. After that, it’s gone forever, and you’ll have missed out on your profit. Annoyingly, I’ve been guilty of this one a couple of times!

The good news though is that it’s really easy to avoid. It’s just a case of being on the ball, and keeping good records. Now, I make a note of any free bets that I’m due to receive, and I jot down the date that they have to be used by. You could even set up a reminder on your phone, if you think that would work for you.

NOT READING THE INSTRUCTIONS CAREFULLY

If you follow the instructions, you can’t go far wrong. That’s why it’s vital that you follow the step-by-step guide that Profit Accumulator gives you for every single offer you complete. Though the overarching premise is the same, the terms and conditions of each offer can vary slightly. You might need to choose bets minimum or maximum odds, for example, or you might have to place your bet via mobile.

If you don’t follow the terms carefully, then you’ll miss out on your free bet. The bottom line here? Don’t just skim over the instructions and get stuck in. It’ll usually only take a few minutes to read everything thoroughly, and that’ll make sure that you know exactly what you’re doing.

FORGETTING TO CONFIRM YOUR BETS

The vast majority of bookies and betting exchanges require you to click ‘confirm’ after you’ve clicked to place your bet. They’re basically saying ‘hey, you sure you actually want to do this?’. Handy if you’ve clicked the wrong thing by accident, but not so helpful if you forget, as it’ll mean that your bet won’t be placed.

This is one of those things that quickly becomes second nature, but be sure to watch out for it when you’re just getting started.

LOSING TRACK OF WHERE YOUR MONEY IS

You’ll be moving your cash around between your bank account, bookies, and betting exchanges, and if you’re planning to really get down to business and fire through the offers, it’s surprisingly easy to forget where exactly your money is. I’ve said it before, but I’ll say it again because it really is vitally important – you MUST be on the ball with your organisation and record keeping.

There’s a few things you can do here to make life easier. Firstly, I’d strongly recommend opening a dedicated bank account for your matched betting. This way, you can keep your day-to-day spending separate, and you’ll always be able to easily check out all your matched betting transactions. You’ll also need to find a way of keeping records that works for you. Profit Accumulator has an excellent profit tracking function that makes it super simple to make notes around how much you’ve earned from each offer, and where your cash is.

NOT FIXING AN UNMATCHED BET

Betting exchanges are a little different to bookies, not only in the sense that you can bet AGAINST an outcome, but also in terms of where their money comes from. When you place a lay bet with the exchange, you’re essentially linked up with another person who’s placed a corresponding back bet. If enough back bets for that outcome haven’t been placed yet, then there’s not enough money in the pot for you to place yours. Your bet becomes unmatched.

Now in this instance, there’s a few possible scenarios to consider. If you do nothing, and no back bets are placed before the game starts, your bet will be cancelled. Obviously, that’s a problem. Your bet isn’t matched, so you’re risking losing your cash completely. It becomes nothing more than a gamble, and that’s not what we’re doing here.

Another option is to wait. If there’s still a few days, or even a few hours, before the game is played, then it’s often very likely that someone will come along and place a back bet. Their cash is added to the system, and your bet becomes matched again. It’s a risky move though, because there’s no guarantee that it’ll happen – especially if you’re really close to the time of the event.

The best option here? Profit Accumulator has you covered with a training video that gives you everything you need to get yourself out of the tricky situation. It explains how to avoid it happening in the first place, and how to fix it if it does occur. If it happens to you, don’t panic. Simply watch the video, and follow the instructions.

NOT HAVING A MATCHED BETTING ROUTINE

One of the big beauties of matched betting is that it’s entirely down to you how much or how little you do. No one is going to be on your back, telling you that you need to get stuff done. That’s a blessing, but it’s also a bit of a curse. If you want to really ramp up your earnings, you need to instil a bit of discipline. The reality is that if you don’t, your earnings will probably be a bit lacklustre, and it’ll also take you longer to get your head round the process.

I highly recommend that you create your own matched betting routine that you religiously stick to. Maybe you’ll decide to dedicate 15 minutes each morning before you go to work, when you’re feeling awake and refreshed and on the ball. Maybe you’ll set aside an hour a few nights a week once the kids are in bed. Or maybe you’ll make it your business to complete at least one matched betting task on your lunch hour, even if it just takes you ten minutes.

Of course your own routine will depend on how much time you have available and how much you want to earn, but creating a plan is going to give you a much better advantage than just dipping in here and there.

MISCALCULATING YOUR FREE BET

There are several different modes on the calculator that you’ll be using on Profit Accumulator. The details are all carefully detailed in the instructions, but when you’re getting started, it’s worth taking the time to really make sure that you’re selecting the correct option.

When you place a qualifying bet, you’ll usually be using the ‘normal’ selection. But when it comes to your free bet, you’ll usually be using the ‘free bet – stake not returned’ selection. If you get this wrong, then you probably won’t lose any money, but you’ll miss out on the profit that you could have created from the offer.

If in doubt? Double check the instructions for that particular offer. They’ll tell you exactly what you need to select to lock in your profit.

DABBLING WITH GAMBLING

Many of the matched betting mistakes that we’ve covered here are small blunders that might cost you a couple of quid along the way, and leave you kicking yourself. To a certain extent though, they’re par for the course, and they’re really not going to be a massive deal on your matched betting journey.

But matched betting is not about gambling with your own money, or leaving things to chance. It’s a system that you need to follow to the letter. Gambling is the worst possible thing that you could do, and it won’t just wipe out your profits. It could put you in a very serious financial situation for the longer term.

If you think that you may face an overwhelming urge to place extra bets, or have a flutter on the slot machines, I’d strongly advise you to AVOID matched betting altogether. Signing up to bookies and regularly being on their websites may prove to be just too much of a temptation. Yes, matched betting can be very profitable. But only when you follow the system.

Now that you’re aware of some common matched betting mistakes, you’re in a great position for making sure that you avoid them. Are there any additional lessons that you’d add to the list?

I’m taking part in the Monday Money linky with Lynn from Mrs Mummy Penny, Faith from Much More With Less and Emma from EmmaDrew.Info

 

 

 

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