Matched Betting remains a popular and risk-free way of making some extra money on the side. Recent changes to regulation with regards to how betting is advertised and how bookmakers conduct themselves have made seeking out those guaranteed winning bets that little bit harder. However, the offers are still around, and money is still there to be made. We just have to work a bit harder to find the deals and then make sure we are maximizing the offers.
One aspect of maximizing our gambling profits – be it casino, sports betting or bingo – is the payment method we use. Often overlooked, many newbies to gambling and matched betting, automatically use their debit or credit card as the default payment method. However, there are other payment methods available with their own pros and cons to use in matched betting.
When it comes to matched betting, there is a strong argument to keeping the account separate from your ‘everyday’ activities. Transactions don’t get confused with household expenses. Making your matched betting account separate will enable better tracking and better management as well as simplifying the whole process of seeing exactly how much money you’ve made.
The obvious choice for keeping matched betting activity separate is to set up a new bank account and just use that solely for matched betting purposes. However, setting up a new bank account could be restricted by credit rating, time taken and just the general effort needed to open a second bank account.
EWallets
When looking at alternative payment methods – EWallets are becoming an increasingly popular payment solution. Pioneered by online casinos and to a lesser extent bingo sites, EWallets such as Skrill, PayPal (see my Paypal Fee Calculator) and pasysafecard have become a standard payment method for many UK bookmakers. The big benefit of an internet wallet is the immediacy of transactions. Fund that have been withdrawn can be re-used immediately as they appear instantaneously in your EWallet account.
The downside to using EWallets are that there may be charges for making withdrawals from the wallet to your bank account. Although these charges may be small, they can add up if you dip into your profits regularly. but these will have little impact if you don’t dip into your profits too often. The biggest downside, and this is essential to matched betting, is that many bookmakers do not offer welcome offers if the deposit method was an EWallet.
Mobile Phones
Using your phone to make deposits to online casinos, bingo sites and sports betting brands is popular with some people in the UK. Companies such as Boku and Pay-by-phone offer a quick, hassle-free and cheap solution for depositing at gambling sites. However, as you can see here, payment methods such as Boku are only offered by a limited number of gambling sites.
Prepaid Cards
A good way of keeping your matched betting account separate for many people is by using a pre-paid card. Most EWallet providers offer a prepaid solution and this payment method is popular amongst online bingo, casino and sportsbetting sites. They offer a safe, separate and easily managed method of payment. However, a growing number of gambling sites restrict prepaid cards with deposit and withdrawal limitations.
Final Thoughts
With so many payment methods to choose from, when doing your own research there are five important questions that need answers to if you are to choose a separate account for matched betting:
- Are there welcome bonus limitations?
- Are there restrictions on deposits and withdrawals?
- What fees are involved?
- How convenient is it really?
- Are they secure?
If the answers are to your liking, then opening a new separate account may just make your matched betting journey easier and more profitable.
