Another great way to make money from matched betting is to do a process called multi accounting. Multi accounting is a concept whereby you ask a friend or family member if they will allow you to do matched betting in their name in return for a share of the profits you make by doing matched betting in their name. This is a good way to top up your matched betting earnings and it also enables your friends or family to take a share of the profits from your matched betting activities. Whilst this may sound like easy extra cash it does come with its risks and is also a grey area in a legal point of view as it is potentially fraudulent behaviour. Not only that but it does go against many of the bookmakers terms and conditions which could see you have your funds confiscated if you get caught doing it. In this article I will weigh up the positive and negatives of doing multi accounting and the checks you will need to do so that you reduce your risks.
Doing multi accounting is a great way to increase your matched betting profits each month as you can essentially double your earnings. Say you earn £500 a month on your own accounts, with someone else’s accounts; you can essentially make £1,000 a month between the two sets of accounts. If you find 3 people to do it with you, you can 3x or 4x your money each month. As you do matched betting in your own name, you will find that restrictions and gubbings do come around more often and multi accounting is good to maintain sustainability by having no restricted accounts.
Your family or friends can also earn a share of the profits. You could offer them 30% of the total profit each month leaving you with 70%. If you earn £1,000 a month, that is £700 extra in your pocket! You could even pay someone upfront to use their accounts so that everything you make in their name is yours to keep thereafter. If you pay someone £500 upfront and make £500 a month for 12 months that is an excellent return on your initial investment, plus your friend or family member will have made £500 too!
Extra cash is really the only real positive thing about multi accounting. If you can find friends or family members you can trust wholeheartedly, then you can do multi accounting with them and give them a share of the fortune. If you can make them £5,000 extra a year, I’m sure they will allow you to do it for them. After all it is you that will be doing the work and using your own money so they won’t have to do anything apart from setup a bank account in their name and give you all the details. The work is then down to you so they are equally getting a very good deal out of it.
As you will be placing bets in someone else’s name and using their bank account and acting as though you are them is a very grey area legally. This gives rise to potential fraudulent behaviour and this is why you should only do multi accounting with those you can trust truly. I would not ever do it this for people you barely know or close friends who aren’t trustworthy. If your close friends don’t have much money or are desperate, you must be careful as they could login to their online banking and transfer the funds back to their account. Therefore only ever do this with people you can trust. If I was to do it, I would only ever do it for close family members to me.
If the bookmakers catch on to what you are doing, you could find that you will get your account suspended with whatever amount of money is left in there. This is very risky and must be taken seriously. I have known people lose thousands of pounds from not baring this in mind when placing bets in other peoples’ names. The bookmakers are against people betting from the same IP address and if you get tracked this way, you could find your account suspended. This is more risky than the people you are doing it for in my opinion.
There is also a tax issue if you do this for someone else as you can be perceived to be providing a service. This means your friends or family could keep their earnings tax-free but you may have to pay tax on the earnings you take from it. Of course at the same time, you are still matched betting which is gambling (in the eyes of the law) so if you decide to do multi accounting, make sure you have relevant legal and taxation advice. This would only be necessary if you were planning on doing this for a lot of people like 10 or more people as the earnings would be huge.
Reducing the risks associated with multi accounting
There are ways to reduce your risk when doing multi accounting and these must be taken seriously otherwise you could find yourself out of pocket massively.
- Use a different device for each different person you do matched betting for.
- Block iesnare from your computer. This article explains it very well, click here.
- Use a different IP address for each person you do matched betting for.
- Clear cache and cookies from your laptop after you have placed your bets, do this every time you place bets in a different person’s name.
- Use a VPN or your mobile phone with Wi-Fi turned off.
These are the best things you can do to reduce your risks with the bookies but you should also consider the risks with the people you decide to do matched betting for.
- Only do matched betting with people you know and trust. Close family members and friends are usually the best but ensure they are not desperate for money otherwise they could swindle you for a lot of money.
- When doing matched betting for someone else, tell them you will need them to create a new bank account and to give you the login details so you can change them and stop them from stealing your money. If they trust you as much as you trust them, this won’t be an issue. Tell them the account should have no overdraft facility for their added comfort.
- Don’t give them the login details for any betting accounts nor their online banking. Only do this when you have agreed to stop doing matched betting for them.
- Pay them on time also, you will begin to annoy your friends if you start going against your words so whatever terms you suggest, ensure you stick to them. If you start to annoy people they could seek revenge (in whatever form). It is also good to send them a spreadsheet with all the bets you have placed so they can see exactly how this is calculated. If you say you will give them 30% them pay them 30% of the total profit.
- This is probably obvious but ensure they are over 18. Ask them for their ID and proof of address documents also. Some bookies may even request a copy of the debit card they are using so ask for all these documents upfront before you place a bet in their name.
So multi accounting is a good way to double, triple your matched betting profits each month but you must be aware of the risks involved and prepare yourself for them extensively. Only do matched betting for people you know well and trust and you will be rewarded with excellent matched betting profits. If you prepare properly and follow the steps I have mentioned above, you could comfortably make £1,000 a month doing matched betting in 3 people’s names.
Please do not take this article as financial advice as this is just based on opinion.
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