Beginners Guide: Make £500 From Matched Betting

This Guide Will Help You Make Your First £500 If You Are New To Matched Betting. 

You’ll have probably read or heard of various substantial sums of money you might make per month from matched betting. If you are new to matched betting, these amounts may be inspiring, but the first thing to focus on is learning the basics by starting simple and growing your initial starting bank using the new customer offers.

I wanted to put something together that would help people reach a starting goal of £500 from matched betting. Reaching this goal will help people learn the basics and build confidence using matched betting strategies.

The aim of this guide is to help you avoid getting overwhelmed. There are well over 50 new customer offers you can profit from. This is great, but it can be difficult to know where to start. I will list the best offers to focus on first to help you make £500 from matched betting the easiest and fastest way, even if you have a limited starting bank.

Why £500?

While it’s true you can make much more than £500 from matched betting, I wanted to make a guide to a very achievable target for anybody attempting matched betting for the first time. £500 represents a healthy amount of money that could be spent on a holiday or Christmas. A £500 target also caters for those of you who don’t really relish the idea of matched betting longer term but want to earn a nice chunk of money doing the easier offers.

How Long Will It Take To Reach £500 Profit?

It should take you approximately 1-2 months to make £500 from the new customer offers. This rough estimate is based on starting with £200 and spending an average of 30 minutes to an hour each day working through the new customer offers listed below.

If you start with more money, you can achieve £500 faster. A larger starting bank will enable you to tackle multiple offers simultaneously rather than doing one offer at a time.

Making profit faster by starting with a bigger bank may seem appealing. However, if you are a complete beginner to matched betting, I’d advise you to take it slow and make sure you are confident carrying out the back and lay process. One offer at a time is fine to start off and will help you master the basics. You can start doing more than one offer at a time when you really understand how it works and you feel more confident.

Before You Start

You will need:

  • To be 18 years old or above
  • To be a UK resident
  • At least £200
  • Either a Laptop or Desktop PC
  • Internet access
  • A bank account with a debit card

You will also need:

  • Patience – This isn’t a get quick rich scheme. It takes time to learn the basics, so if you are new to this, be patient and take it at your own pace. Matched betting is a legal way of making tax free money ‘working’ from the comfort of your home on your computer. Be patient and put in the work and you will make £500 from matched betting.
  • A way of recording details and profit – It’s really important to record your results. It helps keep you motivated to see all the small profits accumulating into a good sum of money. You can record your results however suits you best. I still use an excel spreadsheet that I made when I started, if you would like a blank copy, contact me.

Not essential but also helpful:

  • A separate bank account solely for matched betting – This makes it easier to track your deposits and withdrawals to and from bookmaker accounts. It also keeps your regular spending separate from your matched betting. This will really help avoid spending your matched betting earnings. At the start, you ideally want to be using any profit to generate more money by taking on more offers. Treat matched betting as your own little business, a separate bank account helps get you into that mindset.
  • A separate email address solely for matched betting – Again this just keeps things more manageable. If you have an email address dedicated for matched betting, you will receive all free bets and bonus emails in one place and not be distracted by work or personal emails.

Stage 1 – Making Your First Profit

For each stage, I’ve listed the offers I’d recommend working through first. It’s a good idea to start with offers which require the smallest deposits first, particularly if you are starting with a smaller starting bank around £200.

Alongside each offer I’ve put very achievable expected profit values, you should be aiming for these amounts as a minimum.

CORAL: BET £5 GET £20 FREE BET (Expected profit = £13.00)
BETFRED: BET £10 GET £30 FREE BET (Expected profit = £19.50)


Your first job is to sign up for a free Oddsmonkey account. The signup process is very quick and easy, you only need to enter your name, email, username and password. Oddsmonkey is a matched betting service that makes matched betting easy. They provide detailed tutorials that will take you step by step through each offer you attempt.

It makes good sense to do the Coral and Betfred offers first. This is because you will get access with your free Oddsmonkey account to two tutorials on how to complete these offers. 

Completing these two offers successfully will give you your first profit. Taking your time to work through these two offers will give you a feel for how matched betting works. Also, you should have a good idea if you do want to continue matched betting or not.

If you do want to continue, the good news is that there are plenty more opportunities to work through.

Before going to the next stage I would recommend using £17.99 of your profit from stage 1 to invest in an Oddsmonkey’s premium membership. This is a monthly recurring payment, but does not tie you into any sort of contract and you can easily cancel at any time. Alternatively, if you can see yourself doing matched betting longer term Oddsmonkey have an annual membership option at £150. This is great value but only worth doing if you plan to continue matched betting after completing the new customer offers.

Oddsmonkey Membership - make £500 from matched betting

Stage 2 – Taking Your Total Profit Over £100

Now it’s time to make your first £100 profit from matched betting. The offers below all involve using the same strategy as in stage 1. So if you completed stage 1, you should be quite comfortable working your way through stage 2. It’s simply a case of rinse and repeat, if you get stuck, you have access to guides for each offer with your Oddsmonkey’s premium membership.

SKY BET: BET £5 GET £20 FREE BET (Expected profit = £13.00)
*WILL HILL: BET £10 GET £30 FREE BET (Expected profit = £19.50)
888 SPORT: BET £10 GET £30 FREE BET (Expected profit = £19.50)
DABBLEBET: BET £10 GET £10 FREE BET (Expected profit = £6.50)
SPORT PESA: BET £10 GET £10 FREE BET (Expected profit = £6.50)
MOBILEBET: BET £10 GET £10 FREE BET (Expected profit = £6.50)
COMEON: BET £10 GET £10 FREE BET (Expected profit = £6.50)
138 .COM: BET £10 GET £10 FREE BET (Expected profit = £6.50)
TONY BET: BET £20 GET £20 FREE BET (Expected profit = £13.00)
POKERSTARS: BET £20 GET £20 FREE BET (Expected profit = £13.00)
MR GREEN: BET £20 GET £20 FREE BET (Expected profit = £13.00)
BETWAY: BET £30 GET £30 FREE BET (Expected profit = £19.50)
*Will Hill: You can expect to be sent some good offers in the days and weeks after you have joined Will Hill. They will send you emails with offers along the lines of, ‘Bet £10 Get £20 Free Bet’. So keep an eye on your emails. 

Stage 3 – Using ‘Risk-Free Bet’ And Profit Boost Offers

Now that you have mastered the ‘Bet X Get X Amount Free Bet’ offers, it’s time to work through some of the ‘Risk-Free Bet’ and profit boost offers. The strategy is slightly different and is explained clearly in the Oddsmonkey tutorial guides. It’s worth watching the video guides to see how they work.

GENTING BET: £10 RISK-FREE 1ST BET (Expected profit = £6.00)
GUTS: £10 RISK-FREE 1ST BET (Expected profit = £6.00)
BWIN: £10 RISK-FREE 1ST BET (Expected profit = £6.00)
SPORTINGBET: £15 RISK-FREE 1ST BET (Expected profit = £9.00)
PADDY POWER: £20 RISK-FREE 1ST BET (Expected profit = £12.00)
TOTESPORT: £25 RISK-FREE 1ST BET (Expected profit = £15.00)
UNIBET: £30 RISK-FREE 1ST BET (Expected profit = £18.00)
DAFABET: £30 RISK-FREE 1ST BET (Expected profit = £18.00)
GROSVENOR: 100% PROFIT BOOST £20 MAX (Expected profit = £10.00)
LEO VEGAS: 100% PROFIT BOOST £10 MAX (Expected profit = £5.00)


Stage 4 – Taking On Larger Deposit Offers

At this stage, you should have made over £200 profit. Hopefully, you will be feeling pretty confident that matched betting works and how to do it! So it’s now worth completing some of the larger deposit offers. These are very valuable and will be a great way to grow your profit fast. Just make sure you have enough funds in your betting exchange account so you can lay the bets you’re placing with the bookmakers.

188 BET: Bet 30 X £10 GET £75 CASH (Expected profit = £55.00)
LADBROKES: BET £50 GET £50 FREE BET (Expected profit = £32.50)
BET365: BET £100 GET £100 FREE BET (Expected profit = £65.00)

Stage 5 – Tackling More Time Consuming Offers

These final few offers should take you comfortably above £500 total profit. These offers involve using the same strategy as you’ve used before. They just require a bit more effort by repeating the process several times to be rewarded with the free bet. Although these take a little longer to complete, they are still great value and well worth doing.

12BET: BET 6 X £35 GET £35 FREE BET (Expected profit = £20.00)
FUN88: BET 6 X £28 GET £28 FREE BET (Expected profit = £16.00)
TLC BET: BET 6 X £30 GET £30 FREE BET (Expected profit = £17.00)
BOYLESPORTS: BET£130 GET £25 FREE BET (Expected profit = £15.00)

Total Profit = £500. What Now?

Congratulations! You’ve earned a tax-free £500 from matched betting.

Many people stop after completing these easier new customer offers and enjoy spending their profit. This is fine and well worth doing if you don’t particularly enjoy matched betting or struggle to find the spare time it requires. However, using this guide to make £500 from matched betting can just be the start. If you want to take matched betting further, I’d recommend keeping your profit to help you complete the rest of the new customer offers listed on Oddsmonkey.

The next progression is learning the ways you can make regular monthly profits from matched betting.