When it comes to managing your bankroll, I would always recommend keeping your matched betting separate from your everyday finances.
You can use your main bank account if you wish, but keeping things separate has a few benefits you might not be aware of.
In this guide I’ll explain why you might want to use a separate bank account and I’ll take you through the best options currently available.
Do you need a separate bank account for matched betting?
Generally speaking, using a separate bank account for matched betting isn’t a necessity. It’s more a matter of personal preference.
The only exception to that rule is if you’re planning to apply for a mortgage sometime soon. Potential lenders may take a negative view of your betting history, so it’s best to keep things separate. If you do that, matched betting won’t affect your suitability in any way.
The majority of matched bettors use a separate bank account for their betting activity. If your bookmaker deposits and withdrawals are all mixed in with your day to day spending, it can be difficult to keep track of things.
If you keep everything separate, it’s a lot easier to manage your bankroll. It’ll save you a lot of time, which is time you can spend doing offers.
If you’re undecided, feel free to use your main bank account and see how you go. You can always set one up later on if you decide it’s something you want to do.
If you decide to get yourself a separate bank account, Monzo are one of easiest ways to go about it.
Monzo are one of the market leaders in app-based banking, with over 4 million customers. They’re a fully authorised and regulated UK bank and you can open a standard current account in minutes.
Provided you’re a UK resident, you just need to download the Monzo app on your phone and sign up. You’ll need to have some valid ID to hand and once that’s been approved (only takes a few minutes) they’ll send out your contactless debit card in the post.
As you can see, they have an excellent rating on Trustpilot, which is based on 12,000+ reviews.
Sadly, the same can’t be said for a number of high street banks whose names you’re probably a lot more familiar with!
High street banks
I’ve included those Trustpilot ratings to illustrate just how good a reputation Monzo have built for themselves. That doesn’t mean you should overlook high street banks as a viable option though.
You’re not looking for anything fancy here, just an account that you can use to send and receive money. You can open a standard current account with any high street bank. It usually takes a few days to complete the process.
I actually set up a separate bank account with my existing bank. It seemed the easiest option and it helps having access to all of your accounts in one place.
If you don’t fancy setting up a bank account, you could get yourself an e-Wallet. PayPal, Neteller and Skrill are all viable options.
All three wallets are accepted by Betfair and Smarkets, but there are restrictions with some bookmakers. Some of them don’t give promotions to new customers who deposit funds via an e-Wallet. This means less sign up offers to do and ultimately less profits.
You should also bear in mind that there can be fees involved when using e-Wallets to deposit at bookmakers. Again, this will eat into your profits, so you might want to consider other options.
Finally, prepaid cards are another option. The main benefit with these is that they’re not linked to any bank accounts. You simply top them up like you would a pay-as-you-go mobile.
It’s a perfectly safe way to deposit funds, but unfortunately you can’t withdraw to them, which leaves you looking for an alternative withdrawal method.
Everyone’s situation is different, so it’s entirely up to you what you decide to do.
My advice is to get yourself a bank account with a debit card. You’ll be able to deposit instantly and withdraw funds without hassle.
It really does help having your matched betting activity separate from everything else. You’ll find managing your bankroll a lot simpler, giving you more time to focus on making money!
Learn matched betting the free, easy way.
The Matched Betting Academy
- Logically structured to tackle strategies and offers as you’re ready for them.
- Bag profits every step of the way. About £600 from welcome offers, and another £500 monthly.
- Make £15 from your very first offer.
Got a question?
Leave me a comment below…
I usually respond within 24 hours.
Matt Kirman – Matched Betting Blogger
Since 2014, I’ve blogged over £70,000 worth of profit, and made it my mission to make matched betting accessible to everyone.