Why you should use a spreadsheet for matched betting
A simple article on the reasons why you should use a spreadsheet for matched betting.
If you are new to matched betting then this is the perfect guide for you. In this post I will explain why I think using a spreadsheet is a great idea.
Why use a Matched Betting Spreadsheet? There are many benefits to using a spreadsheet to manage your betting accounts. As you open more and more accounts with the bookmakers it can be hard to keep track of where your money is!
Benefits of using spreadsheets for matched betting
A spreadsheet can be used in many different ways when matched betting. You could use it to do things like:
Keep track of your matched bets
As you make more and more bets you need to keep track of where you have placed them and whether they are a qualifying bet or using a free bet.
Manage your risk
Knowing where your money is helps you keep track of how much you have available to match bet with. This reduces your risk of not being able to cover your bet with a lay bet.
Calculate your earnings
It gives you positive reinforcement when you see your accounts are growing with all that extra cash!
Generate reports
See how much you have made each week, month or year.
See what bookie is the most profitable and focus placing more mug bets to keep the account open for longer.
Keep your bankroll up
Bankroll is key in match betting. The more money you have, the more offers you can do and the more money you can make!
Track your wins and losses
Its good to track wins but also track your losses.
Losses do happen but 99% of the time they are down to human error. An example would be betting on one match and laying the wrong match so double check you have got the right matches selected before placing any bets.
Let your money grow
How to set up a spreadsheet to do matched betting
Matched betting is a fantastic way to make a profit. In fact, if you’re new to the world of matched betting, it’s almost certainly one of the best ways to start making money from online betting. If you want to get started with matched betting, then you'll need a spreadsheet to keep track of everything.
Firstly there are lots of different companies offering spreadsheet software that you could use for creating your spreadsheet.
Google Sheets is a free online spreadsheet software that can be used by everyone with internet access. You can also use Microsoft Excel which is the most popular spreadsheet software. Whichever one you choose to make your spreadsheet in just make sure to keep it up to date!
The process of setting up your spreadsheet
Once you have your chosen software it is time to start building a framework that you feel happy with. Personally I have 3 sheets. These are:
Bookie/exchange accounts opened with running totals of how much money I have in them
I have a list of offers that I am currently doing. Columns include if I need to use a free bet or if a qualification bet has been placed.
Profit and Loss (showing how much money I have made).
Examples of what your spreadsheets could look like:
Using the spreadsheet
At the end of the day, you need to be happy using it daily, so you can change the rows and columns to suit your style.
If you don't update your spreadsheet frequently, you may find that you're missing out on a lot of potential revenue. That's why we recommend using the spreadsheet regularly - you can then make changes as and when you need to.
Some simple but effective things to keep in mind when using the spreadsheet for matched betting:
When you open a bookie or exchange account write it down in the spreadsheet along with how much you opened the account with.
Keep track of when your identification documents are approved.
Some bookmakers require you to send photos of your utility bills and or passport/driving license to prove that you are who you say you are and not a robot.
When you place a bet write down the qualifying loss and the date you should receive the free bet. This is handy when you don't receive the free bet for some reason. You can then go onto live chat and ask them why you haven't received it.
Write down the expiry date of any free bets. Some need to be used within 24 hours!
Keep running totals of where your money is. If a bet won or lost at the bookies update the total to reflect this.
When you have placed your free bet update your profit and loss with the name of the offer and how much you have made minus the qualifying loss (QL).
Some tips to help you make money from matched betting
The best way to make money from matched betting is to sign up for an account with a company that allows you to do this.
Profit Accumulator is rated excellent on Trust Pilot and offers a free trial where you can learn how to match bet and make up to £40 whilst learning.
If you decide to continue using their service after the free trial, you can sign up to either the Platinum or Diamond membership.
Platinum gives you access to all of the website’s functions and features including unlimited matched betting offers and a number of other useful tools where as Diamond gives you this plus even more.
In summary… Matched betting can be a very profitable way to make money but it does require a bit of work. The first step is to choose the right website and in this case I would suggest you use Profit Accumulator as they have the highest rated website of any company that offers this type of betting.