Best bank account for matched betting
When you are doing matched betting, it is a very good idea to open a separate bank account to keep your matched betting detached from your other affairs. This is recommended as it will make it easy to see your bankroll building as well as providing a very easy way to see how much profit you are making each month. I keep my matched betting separate and each month I do a bank reconciliation whereby I ensure all the deposits and withdrawals tally up and so I know my profit figures have a very high degree of accuracy.
Of course I do matched betting as part of my living so I take it very seriously which is why I opened a separate bank account from my other expenditures. Whilst it is not crucial to do this, I would do it if you plan on making several hundred pounds in profit each month so that you can quickly work out your monthly profit figure.
Don’t use e-wallets and internet bank accounts
Many people who do matched betting use other payment methods such as Paypal or Skrill. The main reason people use these providers is because the withdrawals are processed much quicker than the withdrawals back to your bank account. This makes it quicker to build a bankroll using a small bank as you don’t need to wait 3-5 days for your money to come back to your bank account before you can start matched betting again.
The reason I would not recommend using these providers is because the bookies make it very clear in their terms and conditions that you will not be able to qualify for free bets and promotions if you deposit via these payment methods. At least when you deposit via a bank account, you will qualify for the free bets and therefore stand a good chance at making profits from your matched betting activities. Some people at Oddsmonkey have mentioned in the matched betting forum that they haven’t qualified for free bets because they have used these payment providers.
The only time I would use Paypal would be if I was using Betfair’s exchange to lay my bets off as you will only really get free bets from the bookies and very rarely at the exchange. If you do decide to do this, be careful and make sure you read the potential charges for using these services opposed to normal bank accounts.
Ways to pay
Don’t use credit cards (if you can help it!)
The one main reason I would never use a credit card to deposit funds at a bookies or exchange is because they charge you a fee (usually in the form of a percentage) of the amount of you have deposited.
The above image is taken from the Smarkets deposit page. I have highlighted in red why it is important to read the terms if you are planning on depositing with a credit card. They charge 2.5% of the deposit, so if you deposit £1,000 you will be charged £25 which quickly eats into your profit margins. Not only that but you could also receive a charge from your credit card company for making the transaction.
Use credit cards wisely
If you don’t have much money in your bank account and you decide to use a credit card, that is okay but be very careful to not get carried away and ensure you pay off your credit card in time. You will have to accept that you won’t make as much money because of the credit card charges but you will basically make money from using the bank’s money.
For example, using £1,000 of your credit limit used towards matched betting will actually cost you £25 approximately. Then say you do an offer with matched betting that makes you £80 profit overall. You will still walk away with £55 profit but be sure you pay off the credit card immediately after withdrawing to ensure you don’t receive further charges.
Making money in this format is the same as property investors who make money from their mortgages. The advantage you have is that there is no need to place a hefty five figure deposit down and you will likely make a bigger profit percentage from matched betting than with property investing.
Most properties yield a 6% return on the house value and matched betting can be known to return 1000% returns in a lot less time frame than 12 months!
Use a bank account to do matched betting
There is no perfect bank account for matched betting as each person’s banking needs can be different to another person. Some people may want an increased overdraft limit to make money from using the bank’s money. They may also want an overdraft if they don’t have a big enough bankroll. Other people who have a plenty big enough bankroll may not want any overdraft facility and an account which pays them a small reward as long as they have a specific amount of money going in each month.
In truth, the only person who knows which is the best bank account to use in matched betting is the person themselves. It all depends on what your needs are and what you want from your matched betting bank account. There are many different high street banks out there to choose from and each bank can offer you a different bank account which can also be tailored to your individual needs.
Ask yourself the following questions:
- Do I need an overdraft in case all my bankroll is already in bookmaker accounts?
- How much will I likely have going into the account each month? The reason this is important is because some banks offer you a reward (like giving you £5 a month) provided you have so many direct debits and have a certain amount of money going in each month. For example Halifax offers £3 a month provided you meet their criteria, click here for more info.
- Will you want to earn cashback from the bookmakers?
By doing a little bit of research online, you can very quickly find a bank account that is most suitable for you. Another great thing is you can also apply online so there is no need to go into a branch anymore as it can be done very quickly online with a same day approval. You can also discuss this on the Oddsmonkey forum as I used this for help when I opened a separate bank account and found it helpful.
With bank accounts for matched betting there is no “one size fits all” option as everybody is different. If you have a big enough of bankroll of £3,000+ it will be best to go for an account with no overdraft facility but if you have a small bankroll of less than £500 then it would be more ideal to go for an account with an overdraft option to help cover and shortfall.
If you are interested in reading in more detail, try my Oddsmonkey review and Smarkets review today.
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