Fund Management By now, you should understand that part of the matched betting process involves money being moved across between bookmaker and exchange accounts as bets become settled, i.e. your money is moved across to
By now, you should understand that part of the matched betting process involves money being moved across between bookmaker and exchange accounts as bets become settled, i.e. your money is moved across to your bookmaker accounts on ‘winning’ bets, or it’s moved across to your exchange accounts on ‘losing’ bets.
As regular matched bettors, part of our job is to keep all of our active accounts replenished with sufficient funds to cover all of the offers and promotions that we wish to matched bet on, especially as we continue to open new bookmaker accounts and add more offers and promotions to our matched betting routine. Unless you have a considerable sum to play with, you will be active in moving your money around, making regular deposits and withdrawals across your accounts in order to keep them sufficiently replenished.
Because of this, you will have a lot of transactions between your bank account and your bookmaker and exchange accounts on a daily or weekly basis. Therefore, good fund management, i.e. being able to manage your money and transactions well, is crucial to long-term success in matched betting!
Keys To Fund Management
The keys to fund management are:
- To ensure that you always have sufficient funds for all of the offers and promotions that you wish to matched bet on, including covering your liabilities; and
- To ensure that you are always on top of your money, in other words, you can track where all of your money is going in real-time
You can certainly use your main bank account to fund your matched betting activities. However, the issue with traditional banks (e.g. Lloyds, HSBC, Barclays, Santander, etc) is that transactions are slow to appear on your bank statement. Transactions typically show on your statement after 1-3 days, making it less convenient for you to stay up-to-date with your money!
We strongly recommend having a separate bank account for full-time or even part-time matched betting!
Having A Separate Bank Account
The benefits of having a separate account are:
- You are not cluttering your main bank account with daily or weekly matched betting transactions. You certainly do not want your main bank statements to display your everyday life transactions mixed with a long list of matched betting transactions!
- If you are planning to make important life expenditures, such as buying a house or a car, or paying for a wedding or university, we recommend keeping your matched betting transactions separate from your main bank account in order to not adversely affect your credit score or discourage banks from allowing you to borrow money!
For these reasons, we personally use and highly recommend Monzo!
For those of you that don’t know, Monzo is an extremely popular smart banking app with over 2 million users and growing!
Monzo offers the following features:
- Real-time tracking – Your transactions are tracked in real-time, so they appear on your statement the instant any money comes into or goes out of your account – cutting your waiting time completely and ensuring that you are always up-to-date with your money! You can even receive instant push notifications on your transactions!
- Manage your spending – The app can help you to set targets if you are looking to save money for a specific purpose, i.e. a house, holiday or car, etc. It can also help you set budgets, as well as help you split bills with other people. If you set up regular payments for bills, the app will even tell you when the bill changes so that you don’t get caught out by price hikes or end up on a bad deal when your contract expires!
- No fees on spending abroad – if you are travelling abroad, you can exchange currencies and pay anywhere in the world for free! Unlike traditional banks, Monzo do not charge fees for exchanging currencies or for spending abroad!
Monzo is also covered under the FSCS, so your money is protected up to £85,000.
In general, Monzo is designed to help you keep your finances as lean and efficient as possible! The ability to monitor your account balance and transactions in real-time is a feature that makes Monzo ideal for matched bettors!
Download the Monzo app on your phone and sign up for a new account!
Our ultimate goal is to enable you to build consistent profit!
Please note that Worth A Bet takes no commission for referring members to Monzo, or to bookmakers and betting exchanges.
Once you’re able to see positive results for yourself and are able to profit from following our guide, we hope you can consider supporting us with a kind donation!
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