So after much prevarication, I have finally stopped being so pathetic and given Matched Betting a go. I had a week’s holiday, so had thought that this would be a good time for me to get cracking with it. I honestly think I was putting it off for so long because it seems that this is going to be the thing that’s going to be key for me in reaching FIRE, and I was afraid to start in case that turned out not to be the case. I’ve pretty much got myself to a point where I will have my mortgage paid off by the time I’m 60 and should have enough with my defined benefit pension and dividends to live reasonably well until the state pension kicks in to top things up for me. Really though I don’t want to be working until I’m 60. If I could get myself to the point where I could afford to cut back on my working around the age of 55 then I think that would do me just fine. So that gives me just over six years to get my mortgage paid off so that I can afford to live on a lot less than I do at the moment. I figure if I can make about £400 a month on top of my salary then I’ll be rid of my mortgage in seven years, so not quite on target, but that gives me something to work towards.
So how did I get on with Matched Betting then? Well honestly, it was a bit of a rocky start. I heeded some advice and set up a separate email address and bank account. The latter was particularly important as my bank is also my employer, and whilst I’m sure they’re not allowed to be poking around in my bank account, I’d rather avoid any questioning around my newly developed betting hobby! I signed up to OddsMonkey, as I was pretty sure I was going to need a fair amount of support to get going with this. I have to say OddsMonkey is working well for me, and it’s definitely something I’m going to continue to subscribe to. For £17.99 a month I would say it’s money well spent.
So I was really nervous to get started, but realised that I just needed to get on with it. So I followed the tutorials to the letter on OddsMonkey, it really does talk you through things step by step. I was able to get use TopCashback when setting one of the bookie accounts up, so that was a nice little bonus. So I managed to do some qualifying bets without too many problems. It takes a bit of time to register for the accounts, but you know it’s effectively just putting your personal details in to a form. Not exactly riveting stuff, but if it’s going to bring some cash in for me I’m happy to tap away.
The problem came when I was looking at different events to compare the odds and ended up with multiple tabs open on my laptop. I then inadvertently managed to back and lay different races. I was finding it a bit difficult to navigate my way around the different websites to check what I’d bet on, so I ended up thinking I’d done everything ok, but actually I hadn’t. So rather than gaining twenty odd pounds I ended up being £82 down. You know when you just can’t believe how stupid you’ve been? There was part of me that just wanted to chuck it all at that point and say that this wasn’t for me. This was exactly what I was afraid would happen, and I’d been proved right.
I then had a bit of a word with myself and realised that yes I’d made a stupid mistake, but it wasn’t the end of the world and that I was pretty sure I could make the money back. I know myself pretty well I think and it always takes me a while to learn new things. I’m always worried about making mistakes and ironically this makes my brain freeze and I mess up. I always get there in the end though, and once I’ve got something I’m usually pretty good at it.
So I’ve pressed on. I’ve now successfully managed to make my first lot of profit of £24 (well, you know obviously I’m still down the 80 odd quid – but I’ll just keep chipping away at that) so I’m pretty happy with that. I’ve got more qualifying bets settling today, so once the free bets are credited I’ll get some more bets placed. I’m quietly confident that before too long I’ll have made back the money I lost and covered the OddsMonkey subscription and can start thinking about putting the profit towards extra mortgage payments.
I’ve spent a bit of time getting myself organised to hopefully avoid any more cock ups. I’ve set myself a spreadsheet up where I can keep track of the bets that I’ve placed and what the special offers are. And the key learning I’ve taken from the whole experience has been not to have multiple tabs open. So the process I now follow is:
- Go into OddsMonkey and check the OddsMatcher.
- Click the event information button and use the calculator to work out the amount I need to lay and how much the liability will be.
- From there I click the link to take me directly to the bookie site and also the exchange site.
- Set up the bets on both the bookmaker site and the exchange site, double checking that I am both backing and laying the same event and team
- Make sure I have enough money deposited in both accounts
- Confirm both the bets.
- I then go straight to my spreadsheet and log the details.
- One final check of the open bets in the bookie and exchange sites gives me confidence that I have in fact done things properly!
I’ve already had an email through from one of the bookies offering me a follow up offer, so I’ve just done the qualifying bet for that today. It’s taking up a fair bit of my time, but I think that’s mostly because I’m double and triple checking everything now. I’m sure it will become much more second nature for me. But honestly I’m not minding the time that I’m spending on it. Saying that, when the sun was shining last weekend I was out on the sun lounger rather than on the laptop, but considering I live in Scotland I’m not sure that’s going to curtail my Matched Betting activities all that much. We had hailstones today for goodness sake!
So I’m really happy that I’ve made a start on Matched Betting. It will be interesting to see how I get on with it moving forward. I’ve still got plenty of the sign up offers to do, so hopefully there’s plenty of profit to be made from those. I think it probably is something that I can just fit around my normal life when I’m just pottering around the house. I’m a bit of a home body, so I quite like just faffing about the house, so I can’t see any reason why I can’t just grab the laptop every once in a while and make some money. Hopefully I’ll get in the habit of doing a little bit every day, although to be honest I’m not sure how much I’ll be doing on nights where I have running clubs. I guess though as I get quicker at it I’ll just be able to grab a few minutes here and there to place some bets.
So I feel like I’ve made some real progress in my journey towards FIRE. Although I’m actually a little bit worse off financially, I’ve got the potential there to make a great difference to my finances. I’ve been focussing a lot more on the income growing mind set since I started the Matched Betting rather than just sitting starring at my net worth figures and hoping that they’ll miraculously improve.
It’s useful to track your figures, and it certainly is motivating to see your situation improving. It gives you something to aim for and keeps your mind on keeping your expenses as low as possible. At the same time though I don’t want to become obsessed with my net worth and how long I’ve got to go until I reach FIRE. I want to be out in the world living my life to the fullest. I want to enjoy spending time with my friends and family and experiencing all that the world has to offer. So my plan is to keep monitoring my expenses, bring in extra income from Matched Betting, get my mortgage cleared as quickly as possible, keep investing and most importantly live the most fabulous version of my life.