Do I Need A Separate Bank Account For Matched Betting?
Getting into the habit of matched betting can take a bit of getting used to. You’ll want to make the transition from novice to confident bettor as quickly as possible. Being able to do it as if it’s second nature will allow you to become more productive.
More productive betting leads to more profit and that’s the goal everyone is aiming for.
To enable this some people set-up a separate bank account. What are the benefits of this and is it really necessary? We’ll discuss whether it’s something you should look into doing or if your time is better spent elsewhere.
Why Would I Need A Separate Bank Account?
One of the main reasons why people choose to open a separate account is for the very purpose of keeping their finances and betting separate.
You can start matched betting with a small amount of money but you are going to need to place bets as frequently as your budget and free time allows. This means that there is going to be money moving about very often.
It is necessary to have money deposited in several bookmakers to make matched betting possible. Everyone will have to get used depositing and withdrawing money.
While deposits might be instant withdrawals can take a few days to appear in your bank account. Even if you start with a reasonable bankroll it is likely that there are times when it will spread thinly. Meaning you will need to withdraw money from one bookmaker and put it into another.
When this happens you don’t want to be searching through your bank statements trying to decipher whether the cash has hit your account yet.
Keeping Track of Your Betting
This is one of the main reasons why you should think about using a separate bank account for matched betting.
It is much easier to keep track of profits.
You open the account with the amount you are willing to set aside for matched betting. For this example say £250. You then know anything coming in or out of this account is purely betting related.
Most bank accounts even come with analytics and mobile apps as standard. This makes it even easier to track your results.
When you use your existing bank account for betting it becomes much harder. Figures get lost between bills and fast food payments – speaking from personal experience.
You don’t want to be accidentally spending more than you have budgeted. Eating into your savings is a big no.
Signing up with a lot of bookmakers is one of the first things you will do with matched betting. Placing bets in one and then moving on to the next to make the most of those sign-up offers.
You then have to wait for those bets to settle. By having a betting only account it will act as a tracker for where your money is. It will be easy to see where you have deposited. This will help to make sure you aren’t leaving any money behind!
This sounds silly but with the high volume of bets, it is definitely possible.
Extra confusion is the last thing you need. By opening a separate bank account for matched betting it helps to streamline the whole process.
Another reason that people don’t think of when they get into matched betting is mortgage applications. Although it might not be applicable to everyone it is something that should be considered.
Lenders don’t take very well to excessive betting history. We know that matched betting is a sure-fire system where you aren’t putting your money at great risk.
However, they don’t. They class all betting activity as the same and considering the average punter loses more than they win it’s understandable.
It’s much easier to deal with this potential problem at this stage rather than later. While matched betting might not become a full-time job it becomes a second income for a lot of people that get into it.
Are There Any Negatives?
For a lot of people, the hassle of setting up another bank account will be enough to put them off doing it.
The truth is it is easier than ever.
All you need is a basic account and you can even open it online without having to go into a local branch. As long as you have forms of ID and proof of address available to scan and upload the whole process can be done in 10 minutes.
It will take a few days for everything to be set-up and you will receive a debit card in the post.
It doesn’t have to be a brand new account. If you have an old account that you rarely use, why not use that for matched betting?
It’s not necessary to open a bank account for matched betting but it does make it easier. We would recommend that if you are brand new to matched betting you wait before opening a separate account.
Give it a try first, make sure it’s something you can see yourself doing. Then look at opening an account. Chances are by having this separate account it will help to spur you on.
On the whole, the positives far outweigh the negatives.
Click here to view our picks for the best matched betting bank accounts.
About the Author
This post was written by Max. Max has been writing and editing for Beating Betting since August 2019. He's a massive sports fan and got into matched betting a few years ago.