What is Matched Betting?
Matched betting is a no-risk technique that can be used to turn bookmaker bonus bets into cash. This is done by placing two, or more, bets on the same event. By covering all outcomes it is possible to guarantee a profit no matter what happens.
You may also hear matched betting referred to as ‘Promo Arbitrage‘ or ‘Bonus Bagging‘.
Matched betting is an extremely popular side hustle in the UK and Europe. It requires no previous experience, and very little time commitment, so it appealing to a broad spectrum of society.
Matched betting is ideal for students who need money but don’t have time for a job. It is also great for stay-at-home parents who appreciate the flexibility of it. Retirees with some extra time on their hands can also use matched betting to top-up their pensions.
However, matched betting is relatively unknown in Australia. This is great news for Aussies because it means that there are more available opportunities to make money.
How Does Matched Betting Work?
There are many different matched betting strategies that can be used to extract profits from bookmaker bonuses and promotions. However, the easiest of them involves the welcome bonuses that most bookies offer to new customers.
Although they no longer advertise it, many bookies will give you a bonus bet after you sign up and deposit some of your own cash.
Matched betting involves placing this bonus bet on an event, and then using Betfair to place a lay bet on the same event.
A lay bet is a bet that something will not happen i.e. a team will not win their game. This is the opposite of the back bet placed at the bookmaker, so it means we are covered for all outcomes.
By using a matched betting calculator to work out our stakes, we can guarantee a profit from the bonus bet no matter what happens.
How Much Can You Make Matched Betting in Australia?
Your profits from matched betting will depend on the time and effort you are willing to commit. Your initial investment will also have an impact, but it is less important.
Our ongoing survey of new Bonusbank members suggest that most people will make at least $1000 in their first two months of matched betting. The most common result is around $2500, with some making even more than that.
Longer-term, by following the suggested value bets in our daily plays, and taking advantage of horse racing promos, it is realistic to make an additional $1000-2000 each month. Some of our members have done even better than that, as you can see in our testimonials.
Is Matched Betting Legal in Australia?
When people realise just how easy it is to make money matched betting, they often assume that it must be illegal. The good news is that this is not the case.
Matched betting is legal in Australia, and everywhere else in the world.
Bookmakers might not like us matched betting, but we are not doing anything wrong. Once they give us the bonus bet we are free to do whatever we want with it. If we choose to place a lay bet at Betfair to guarantee a profit that is completely fine.
What Do I Need To Start Matched Betting?
As previously mentioned, matched betting is open to just about everyone. In Australia, the only requirements are that you are over 18 and can prove that you have an Australian address.
You will also need some available cash to make your initial deposits into Betfair and the bookies. We recommend having at least $500 for this purpose, but more is better.
You will also need some matched betting tutorials and a matched betting calculator, both of which you can get by signing up to a free bonusbank account. You can also find them on our mobile app.
Two things that you don’t need are betting experience and sports knowledge. Both of those things can be useful at times, but they also have downsides.
Even if you have never placed a bet in your life, you can still make money from matched betting.
How Does Matched Betting in Australia Compare With the UK?
The overwhelming popularity of matched betting in the UK means that bookmakers are very reluctant to offer generous promotions.
For example, OddsMonkey – one of the biggest matched betting sites in the UK – recently sent out an email highlighting the best promos of the week. It included an offer from SkyBet. Let’s compare it to a similar offer from an Australian bookie…
Although these are both horse racing refund promos, that is where the similarities end.
The potential refund amount jumps from £10 in the UK to $50 in Australia. Depending on the exchange rate that you use, this is an increase of 250-300%!
The Aussie offer also gives a refund for 3rd place, as opposed to only 2nd with Skybet. So we are twice as likely to receive it.
Finally, and this is the big one, the Australian promo is available on twenty-seven races, compared to just one with Skybet. With so many races to target, we are bound to make a profit over the course of the day.
The difference in these two offers is incredible, and this isn’t a one-off situation. Some of the worst offers that we use for matched betting in Australia would be considered the best offers if they were in the UK.
The only area where the UK has the advantage is in the sheer number of bookmakers available. In addition to British bookies, matched bettors in the UK can access a large number of European bookies.
Due to laws regarding offshore gambling, this isn’t an option for Australians so we are limited to matched betting with Australian bookmakers.
Online casinos are also prohibited in Australia. Although it isn’t technically matched betting, people in the UK can also make money from casino bonuses. The good news is that if you are matched betting in New Zealand you can benefit from casino bonuses as well (contact us for more info).
What Are the Risks of Matched Betting?
In addition to ‘promo arbitrage‘ and ‘bonus bagging‘, another name you might see mentioned is ‘no risk matched betting‘. This name is mostly accurate, but it would be disingenuous to say that matched betting in Australia has zero risk.
The biggest risk in matched betting is human error. This can happen in a couple of ways.
Matched betting is a mathematical process, and we have calculators to do the hard parts, but we still need to enter the numbers and push the buttons ourselves. Fat finger errors happen to us all from time to time so it is important to double check all bets before confirming them.
The other, more serious, human error is to move away from the matched betting approach and start trying to predict outcomes in order to increase profits. Once you start doing this you are no longer matched betting, you are gambling.
If you have a history of gambling problems, or your think you might be tempted to gamble in future, we do not recommend matched betting.
Where to Learn More About Matched Betting in Australia?
If you want to learn more about this amazing side hustle there are a few places you can start:
Our free tutorials will teach you everything you need to know to start matched betting in Australia. You can access them on bonusbank.com.au by signing up for a free account, or you can download our matched betting app.
You can also join our Facebook group: Matched Betting Australia – Bonusbank, or follow us on Instagram, Twitter or YouTube.
Finally, if you have any other questions about matched betting in Australia that you can’t find the answer to, just get in touch and we’ll be happy to help.