Making money while you backpack: a guide to the mysterious world of matched betting

Image from www.flickr.com/photos/12150532@N04/

Image from www.flickr.com/photos/12150532@N04/

 

Are you a person who’s inclined to making low-cost, independent international travels? Are you a photographer, traveler and nature-lover rolled into one? Are you a backpacker seeking for added income while enjoying the beautiful panoramas of foreign countries? Do you want to earn a few bucks to support your backpacking trip? Well, if your answers to these questions is a big yes, then this matched betting guide is really for you.

If you are worried about being associated to high-stakes gamblers, don’t worry because matched betting is not akin to gambling. It’s a rare legal example of playing the system, which is recognized by the gambling industry. Surely, a simple backpacker like you can benefit from this system.

Here, take a look at the things you have to remember before taking advantage of the free bet offers.

What is matched betting?

Have you heard about the completely legal, tried-and-tested method called ‘matched betting’?

Well, matched betting is a way of squeezing out the many free bets offered by bookmakers. All the bookies promote these offers (especially during big sporting events) to attract new punters to place wagers with them.

For example, “bet £25 with us and we’ll give you a £25 free bet!”

Basically, if you follow and do this method, you can take advantage of the free bet offers that the majority of betting websites (such as PaddyPower, Betfair and William Hill) promote to entice newbies like you. The said betting ranges from £10-£200.

How does it work?

Primarily, you don’t need to familiarize yourself with all the betting terms when you follow the steps below, but it’s essential that you do know the two types of bet which allow matched betting to work:

A ‘back’ bet

Backing a bet is betting for a certain outcome to come true. Eg. “I bet England will win.” If it comes true, you win the stake and the pots. If England lose or draw, you lose your stake. You can place a back bet at any bookmaker like Paddy Power, William Hill, Ladbrokes, etc.

A ‘lay’ bet

Laying a bet means betting against a certain outcome to come true. Eg. “I bet England will not win. If they lose or draw, you win the bet. You can only place a lay bet at a betting exchange such as Betfair.

Matched betting works by cancelling out the risk on the ‘back’ bet at the online bookies by having the so-called ‘laying’ a bet which you can do at a betting exchange. In other words, you are ‘matching’ your bet.

How much profit can backpackers make?

For each matched bet, you will be left with up to 95% of the free bet amount as profit. This is because betting exchanges usually charge a commission of 5% on one’s earnings. Another thing to remember is that there is a small chance of losing on the qualifying bet due to the minor difference in odds on each website. Rest assured that this is normal, and you will soon regain this when you use the free bet.

Well, the key to extracting a guaranteed profit is to repeat the process of ‘matching’ a bet once again, but this time you use the free bet rather than your own money. Whatever the outcome is, you are assured to ‘win’ prizes. Applying the same technique to extract free bet offers from the many other online bookmakers can result in a pretty impressive haul.

Besides, the best thing about matched betting is that your earnings from the gambling industry are currently tax-free. Sounds so interesting and tempting, right?

What’s the risk for backpackers?

Well, you can learn how to do matched betting and, according to the reports and testimonials of many people who have tried before, there is no risk involved because you are covering yourself by betting for and against the same event.

On the other hand, the risk might come when mistakes are made so, once more, you need to double-check everything and follow the steps carefully. On rare occasions, free bets do not always get through right away, so you have to be patient all the time. Remember, your goal is to earn extra bucks for your travel expenses. Being patient at betting will give you less or no errors eventually.

Once you’ve understood the process and become successful by following the steps below, you can then continue matched betting at many other online bookies with free bet offers – which can quickly give you plenty of money without risk.

It’s also worth knowing that depositing at gambling websites does not affect your credit rating.

7 Steps on how to gain profit from Matched Betting while backpacking

1. Sign up for Betfair

Betfair is a betting exchange where you can ‘lay’ bets to cancel out your risk at the bookmakers.

Unlike traditional bookmakers, Betfair is a place where you bet against other people.

2. Sign up for William Hill

The best offer by far right now is with William Hill that is offering £20 free bets on new sign ups when you bet just £10.

Always check the T&Cs of receiving free bet offers. There may be some restrictions on what you can bet on or an expiry date.

They will also tell you whether or not the free bet is returned with winnings.

3. Use decimal odds

Once you’ve logged into WilliamHill, change your odds display from fractions to decimal for easy comparison with Betfair. You can do this from the dropdown under the main navigation area (eg. in the middle of the sports homepage).

4. Find & place your qualifying bet

Ideally you want to find a sporting bet like football which has the closest odds on both William Hill (the bet to back) and Betfair (the lay bet).

5. Claim your free bet

6. Find & place a new bet

7. Cash out the profit

Done reading the given steps? Now, aside from the steps that I gave you, please don’t forget to try Freebetcalc, a site where you can find the odds from.

Some points to ponder on before you end this guide:

Take note of the importance of reading up and studying the different techniques. Furthermore, record all activities within a spreadsheet, so you can gain more understanding of the method.

Lastly, matched betting might not be a long term source of income but I tell you, it is a completely validated and risk-free method that you can try.

Always remember that life is always about taking risks. And engaging yourself into matched betting while traveling is also a risk. But this one will surely give you extra money for your backpacking adventure.

So, what are you waiting for? Try to match your bets now!

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