Oddsmonkey Scam

Oddsmonkey scam

An old adage says, if something is too good to be true, it probably is.  This is good advice and will undoubtedly have saved yourself costly mistakes in the past, however let’s put that aside for a moment because matched betting is real and true.

Oddsmonkey is not a scam

Oddsmonkey is not a scam, it is the highest ranked matched betting site in the UK overtaking the previous leader profitaccumulator (source alexa.com).  It has over 20,000 paid UK customers and provides in-house software and support teams.

You have seen the ads, the forum threads and the posts on facebook for profit accumulator, oddsmonkey, profit squirrel, bank of bets etc etc and they all look spammy right?  This is because each of these providers have affiliate program and these people are desperate to promote their own affiliate link.

These people can actually do more harm than good, they can over advertise your earnings giving you initial unrealistic expectations.  That being said, the programs themselves are genuine, legal money making methods and have 10’s of thousands of customers in the UK.

 

Fact from Fiction

You can earn £2000 a month every month – FICTION

Very unrealistic, it is possible if there is a big sports event such as Ascot or a world Cup to have that sort of profit in a month, but month after month is pretty impossible and unrealistic.

You can’t loose money, it is risk free – FICTION

It is possible to loose money with matched betting, I have seen forum posts on Oddsmonkey where members have lost massive amounts, albeit majority of the time this is human error, let me give you an example..

Picture a horse race, 8 runners and Ms Jones backs runner 4 (let’s say Daisy) at 8.00 decimal, she switches to her exchange and lays a horse a 8.2 decimal however in the rush moments before the race off lays the wrong horse.  You can guess the rest, Daisy won, so Ms Jones lost her back stake on the Bookie = £20 and the exchange liability which was £164 (£20 x 8.2).  Ms Jones lost a total of £184 because of a wrong click, this was an example but it does happen, they key tips to take from this is never do matched betting rushed, set aside a good 60mins for your weekend bets, and if possible do they well ahead of the event start.

On occasions when people have placed the wrong bets, the support teams on the paid services do assist and help undo or minimize any losses.

Is that the only way to loose money, human error?

Note quite, it is possible bookmakers can restrict your account if they suspect your a matched bettor, and if this restriction occurs when your midway through a roll over requirement you could see some losses.

The topic of account restrictions (known as a mugged account) is widely discussed and various theories and tactics exist to try and maintain the longevity of your accounts.

 

I can make over £1500 just from the introductory bookmaker offers?  Fact

This is pretty believable, and we are just including the main UK bookmakers.  If you don’t have accounts with the following bookmakers it is easy money following the beginner guides.

Bet365

Paddypower

Skybet

Ladbrokes

Williamhill

Betfair

888sport

Coral

Betfred

Betvictor

These are the bulk of the bookmakers I use, and I have over the past 3 years averaged £4600 a year exploiting their offers.  Some have restricted me which is regrettable yet almost unavoidable, as more and more restrict you the less profitable the entire method of matched betting becomes.  As I noted above various theories and tactics exist to try and prolong the life of your bookmaker accounts and the guidance provided by the likes of Oddsmonkey and ProfitAccumulator are invaluable.