Matched betting is a popular betting strategy used worldwide and has gained considerable traction in Australia in recent years. In 2023, this is still a great way to make money without leaving your home.
This method involves placing bets on all possible outcomes of an event, which effectively cancel each other out. You might think that to be a pointless exercise if you neither win nor lose anything. However, when combined with a bookmaker promotion, you can use it to claim bonus bets for next to nothing. You repeat the same process to turn that bonus bet into cash you can withdraw.
This article will explore the basics of matched betting in Australia, its legal status, available promotions, and how to get started.
Legal Status of Matched Betting in Australia
Matched betting is legal in Australia, as it does not involve fraudulent or deceptive activities. It is simply a strategy that takes advantage of promotions and bonuses offered by bookmakers. Bookmakers know about matched betting and that customers can abuse their promotions this way. However, they also know that the average customer is likely to carry on placing bets, but this time the odds are firmly in the bookmakers’ favour. They make a long-term profit for a short-term loss and accept matched betting as an unavoidable consequence.
Certain restrictions have been put in place by the Australian government to regulate bookmakers’ promotional activities. While ‘free bets’ and ‘sign-up bonuses’ are prohibited, several loopholes exist, and bookmakers continue to provide promotions in the form of ‘bonus bets’ and ‘money-back specials’.
Unlike other countries, legislation prohibits bookmakers from displaying their bonuses until after you’ve created an account. So you won’t find promotions displayed publicly. The profit is still there; you just need to look a little further to find it!
Signing Up and Being Verified at a Bookmaker
Australian bookmakers must ask for and verify ID within 90 days by law. They’ll try and verify you automatically using a credit checker. Being on the electoral roll at your address should be sufficient.
If automatic verification isn’t possible, you’ll need to provide 100 points of ID. This will include scans of documents such as your driving license, passport and proof of address.
To withdraw your winnings, you’ll need to send a scan of your bank card and, occasionally, a scan of a bank statement.
Australian gambling winnings are tax-free unless the Australian Tax Office considers your activity a professional endeavour.
The Matched Betting Process
Step 1. Select a bookmaker offer
There are over 70 bookmakers in Australia, with plenty of promotions available. In this example, let’s say the bookmaker is offering a $10 bonus bet when you place a bet of $10.
Step 2. Cover all outcomes
For simplicity, let’s take a coin toss as the event you need to bet on. If you place a $10 bet on heads and another $10 bet on tails, your two bets will cancel out. You won’t have won any money, but you will have met the requirements to claim your $10 free bonus bet – without taking any risk.
Step 3. Use your bonus bet
You can use your free bonus bet however you like, but to guarantee a profit, you repeat the same process by covering all outcomes of another event.
It’s not just the sign-up bonuses that are lucrative. Bookmakers offer ongoing promotions every week.
There are many ‘Multi’s’ offers where if one leg loses, you gain a bonus. Not to mention promotions on horse races each weekend, such as a bonus bet if your horse comes 2nd or 3rd. There are plenty more variations, including cash back, extra places, bet boosts and more.
Overall, these ongoing promotions can add up to well over $1,000 per month in expected value.
As Aussie rules, rugby league, and the Big Bash cricket matches are rarely drawn, there is not much need for a betting exchange – of which Betfair is the only one available to Australian residents.
Bonusbank Matched Betting Service
If you’re going to do matched betting, you need a service that compiles all bookmaker promotions into one place. Otherwise, the leg work would make it not worth your while.
At Matched Betting Blog, I provide in-depth guides for all UK offers. In Australia, you’ll need a specialist Australian service.
This is where Bonusbank steps in.
They provide a complete list of all bookmaker promotions, the tools needed to turn in weekly profits, and an active community on Discord.
A particular favourite is HorsePower, a Chrome extension that simplifies the process of betting on and profiting from horse racing.
If you’re in doubt, they offer a free tier which lets you explore a limited set of tools and guides you through your first tutorial, where you can make $70.