Matched Betting: How to Start for Beginners

Matched betting is a type of wagering where you stake a certain amount of money on the outcome of an event, such as a horse race or sports game. Matched betting lets you experience the thrill of wagering without risking large sums of money. For example, you could stake $100 on each of the 12 horses in a $10,000 race and make a profit of $1,200 if all horses win!

Matched betting is a legitimate way to gamble and is frequently used in casinos and race tracks around the world. However, it is not intended for everyone. If you’re looking to get started in matched betting, here’s how you can do it legally and safely.

Register As A Business

The first step to matched betting is to register your business. This entails getting a Business Tax ID number from the IRS or, if you’re in Europe, registering your business with your local tax office. The process is not complex and shouldn’t take much time at all. You can find help online or at your local library if you’re stuck.

Get A Viable Solution

You’ll need to next choose a software solution that is suited to your needs. The most popular software for matched betting is BetVictor, but there are also several other viable options. It’s important to find a solution that is user-friendly and has a good reputation.

Open A Bank Account

After you’ve registered your business and chosen a software solution, you’ll need to open a bank account to receive payments. You can do this at any financial institution, but it’s important to choose one that offers the best customer service.

Make Sure You Follow The Rules

You must follow the rules when you’re matched betting. This means registering with the right software provider, following their guidelines, and abiding by all restrictions imposed by the IRS. Violation of any of these rules can result in serious legal ramifications. Additionally, you must fully disclose your activities to the IRS and report all winnings above $10,000 as income. The same applies to losses as well – you must report all of them. Filing false income tax returns is a serious offense and can carry heavy penalties. Make sure you’re aware of all the rules and regulations before you get started.

Make Sure Your Software Is Up-To-Date

It’s crucial to keep your software up-to-date with the latest releases so you don’t run the risk of being hacked or having a bug that was left uncovered by the developers. You can find maintenance updates online or through your software’s installation disk. If you’re using a personal computer, it’s usually recommended to update via the internet so you don’t disrupt your regular activities by needing to stay connected to download the updates. Make sure you’re always connected to the internet when you’re using a PC. If you have a Mac, you can download the updates through the app Store.

Keep A Regular Record Of Your Wins And Losses

You must keep a regular record of your wins and losses in matched betting. This is simple enough – just enter the names of the winning horses and the amount you wagered on each win into a spreadsheet or similar record-keeping tool. You must file a report with the IRS every month so they can verify your winnings. This ensures that you’re not trying to hide any information about your activities. The IRS does maintain a list of approved gambling operations and individuals who meet the criteria may apply for an Individual Participant Identification (IPI) number. You don’t have to be approved to register, but you must abide by the criteria set forth by the IRS in order to be eligible to apply for an IPI number. This includes:

  • Adherence to legal and regulatory requirements
  • Use of a cash register or computer or other technological device for recording wagers and payments
  • Regular reporting of wagering and winning activity to an IRS agent
  • Limits on the amount of wagers and the number of bets per person, per day, per week, or per month
  • Disclosure of your activities to the Internal Revenue Service

If you’re looking for a way to gamble legally and feel like all of the above makes sense, you can get started in matched betting. Make sure to do your homework first and find a reputable company that has a good reputation and a solid track record. It’s also wise to learn the rules and regulations beforehand so you don’t run the risk of breaking them. You can’t break the law unless you know what it is you’re supposed to be following. Last but not least, make sure to keep all your winnings above $10,000 in a separate bank account and not put it on top of your regular checking account. This is to ensure that you always have access to the money in case you unexpectedly lose it all in one bet and need to retrieve some funds.