Updated March 2019
Is travelling more on your list for 2019? If so, read on to find out how we saved for our 2018 holiday to St Lucia and how you could save for a holiday in 2019…
When we were on holiday in the Dominican Republic, Alex read a book called ‘The 4-Hour Work Week‘. It’s by Timothy Ferriss and is about his journey to work less and do more. Initially he set up his business and was working all hours to make it a success. What he realised was he could outsource a lot of the work meaning he had to do significantly less. Alex found the book really inspirational, so much so that he made me read it once he’d finished!
Once he’d finished the book, Alex spent some time on holiday looking to see how he could apply the principles he’d learnt to our lives. Sitting by the pool, sipping on cocktails he started doing some research. That’s when he first heard about matched betting.
What is Matched Betting?
Bookmakers are all over the place. You see the shops along most high streets and their offers on the tele and in the papers. Bookmakers have offers to try to entice new customers to bet with them – something along the lines of ‘bet £10 get a £10 free bet’. Sound familiar?
Matched betting allows you to make use of these offers and make no-risk money from them.
This works by placing two bets: the first one with the bookmaker and the second with a betting exchange service such as Betfair. The betting exchange service allows you to bet on the opposite result. For example, if you were to bet on a football match you might bet on team A to win with the bookmaker and so you would bet on team A not to win with the exchange service. You have to ensure that the odds at the bookmaker and the exchange are similar to ensure you don’t lose money. You then do this with the free bet, lo and behold you’re up the best part of £10!
It Sounds Awfully Complicated…
I would agree. When Alex first explained it to me I understood the concept described above but it sounded like a huge faff finding the matching odds. However, using a service like Oddsmonkey takes away a lot of the hassle and makes it very easy indeed. Oddsmonkey is an amazing tool that provides you with calculators allowing you to see all sporting events with all bookmakers. Set your filters to what you’re interested in and all of a sudden the whole process becomes significantly easier. Not only that but Oddsmonkey provide a daily calendar of all the offers currently available.
What Have we Gained From Matched Betting?
Well we started in April 2017 when we returned from the DR. When we saw how easy and feasible it was to make money we set ourselves a target. We had already booked our flights to St Lucia for Easter of 2018. Our aim was to be able to pay for our hotel in St Lucia. In our first seven months of matched betting, spending an average of 2 hours a week on it we made just under £2,200. I would call that a huge success!!
Three Tips For Matched Betting Success
1. Create a designated matched betting email address. You want to receive all the promotional emails from the bookmakers but this might get annoying to have them coming through to your usual email account.
2. Sign up for a free trial with Oddsmonkey. The free trial will walk you through the process and help you to make up to £45 within an hour. This will also pay for the best part of three months of premium membership!
3. When you sign up to Oddsmonkey make sure to follow their tutorials. There are really clear step by step instructions and video tutorials on Oddsmonkey which tell you exactly what you need to do for each type of offer. Following these through provides you with a risk-free way of saving for your next trip!
So what are you waiting for? Sign up to Oddsmonkey and get saving for your next holiday. Leave us a comment to let us know where you’re going with your matched betting profits!
The Rambling Travellers
Ps. Did we mention that whatever you make is tax-free?!