Matched betting with BonusBank; is Bonus Bank worth your time?

BonusBank review from an experienced and long term investor and side hustler. Read for a full Bonus Bank review

The Good

  • Detailed guides, walk throughs and worked examples
  • Multiple tools and calculators available
  • Discord and Facebook community
  • Dedicated personal support

The Bad

  • Takes time to learn how to Matched bet
  • Easy to make costly mistakes by rushing
  • If not done correctly you will get banned (‘Gubbed’) from bookies
  • Potential to become addicted to gambling

Verdict: Bonus Bank is one of the Leading Matched betting training providers.
CaptainFI readers can get a massive 20% discount on BonusBank training packages using code “CaptainFI”

I was highly suspicious and very dubious of matched betting or ‘Dutching’ when I first came across it – but I have learned that it is real, it does work and it is kind of the same concept of ‘counting cards’ at the casino or credit card churning for sign up points.

Basically you are ‘Playing with FIRE’  here – Bookies and online gambling sites offer bonus bets, sign up bonuses or matched bets to try and entice customers to gamble more frequently, because they know that in the long run the house always wins, right?

So can you really make money Matched betting with bonus bank? Read on to find out!

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Matched Betting training with Bonus Bank

An Introduction to Matched betting with Bonus Bank

The House always wins? Well not anymore! Bonus Bank is a tool that was created by Aussie’s Nico and David who bucked the system; between full time work and getting banned from countless online betting sites they somehow found time to create this useful FIRE tool. Bonus Bank now provides a subscription service with all the tools you need to make actual money by casually placing ‘stacked’ or ‘Dutched’ bets.

You effectively bet on both sides winning in a proportion determined by the bonus bets available, to try and extract the maximum value of the sign up bonuses the bookies give you. You wont make millions, and average bonus extraction rates are usually around 60% to 80% of the ‘gifted’ bonuses, depending on how efficient and skilled you are at matched betting.

Most people should be able to get at least $20 per hour (tax free) if they can afford to ‘invest’ at least $1000 into matched betting, but with a bit more capital and skill you could be making more like $50-100 an hour and a couple of thousand per month with this sneaky side hustle.

Lurking my way through the online forums and chatting to people about Matched Betting, it turns out some people actually even do this as a full time job – David from Bonus Bank even pointed out one bloke who had made over $20,000 from his matched betting side hustle which blew my mind.

So it turns out, matched betting is real and does actually work. It is not gambling – it is a form of mathematical arbitrage (technically called promotional arbitrage) that allows you to take advantage of bonus offers and bet matching that many bookies use to try and lure in new customers or repeat business.

You are effectively draining their promotional budgets, and I kind of see this as a form of ‘internet justice’ since bookies do promote problem gambling and ‘help’ ruin thousands of peoples lives.

Matched betting is not passive money, but it is fairly easy. The Gambling industry is worth Billions, and they want you to play (and lose!), so they spend millions on bonus schemes to keep people hooked.

Matched betting is very similar to credit card sign up churning in concept. However, if the Bookies find out you are doing matched betting – they will BAN you – just like how a casino will throw you out if they know your counting cards!

I have now interviewed dozens of people who have successfully used this to make between a few hundred to a couple of thousand of dollars per month.

How much you will make will depend on how much capital you have to play with (bet with), how much time you are willing to invest and how much you actually care about doing this. I am actively experimenting with this now, and will report back once I have made some ‘winnings’!

bonus bank review
Betting on the trots is more challenging, but can be done with Bonus Bank

How much do I need to bet with Bonus Bank

To be honest, you can bet with as little or as much as you want; you can start with as little as a few hundred dollars. If you want to get serious and make a good side hustle income though, $2,000 is going to give you the best return on your time. It does require a fair bit of time to learn, and then go out and research and implement the bets themselves. Investing $2000 should let you net an hourly rate of around $50 per hour, and obviously the more you are willing to put up as capital to start with, the more you are potentially going to be able to make by distributing it amongst the various bookies to secure bonus sign ups (until you start reaching the match caps and upper bonus limits).

The best part – Gambling winnings are entirely Tax free, so this $50/hr side hustle does not need to be declared to the ATO! I personally now have $2,000 set aside that I am playing with.

Betting with Bonus Bank?

This is probably the best aspect of Bonus Bank; as an educator and premium match finder they provide detailed guides and walk throughs about exactly how to go out and actually do matched betting.

Basically, what Bonus Bank will do is provide you with a list of the best bonuses and matched bets on offer at the moment, as well as where you can use them. You will need to then go out and start up an account(s) with multiple online bookies, for example TAB, Betfair or LadBrokes.

Signing up to the bookies can be tricky, and my advice is potentially even create yourself a new separate bank account for doing this. Just trust me, you want to try and keep this as separate from the rest of your personal life as possible.

When you sign up to these bookies, they might give you a pretty lucrative sign up bonus of a few hundred dollars (some are up to $500!) with various criteria like it you must make a minimum deposit yourself, and place a bet within a set time frame. You can’t just withdraw the sign up bonus without actually ‘winning it back’ in a bet.

So – Easy right, just transfer your money, score the sweet sign up bonus and then make a bet (the back bet) on that bookies site – But what happens if your team loses? Well, it doesn’t matter because you have ‘Dutched’ the bet! You’ve placed another bet (the lay bet) on the opposite outcome on either a competing Bookie site, or on a matched betting exchange like Betfair – so no matter what happens, you’re in the Black, baby!

Of course, transaction and exchange fees, occasional human error, ever changing (real time) odds and of course slight differences in odds and rates between the Bookies and exchange mean these bets are never perfect; usually you will never be able to extract a 100% yield of the bonus unless you get really lucky.

Beginners will be lucky to get 75% out, and more experienced ‘Dutchers will be able to snake home upwards of 80%. Do it long enough, and your going to be able to make a nice little side income thanks to Bonus Banks training and tips

How much does a Bonus Bank subscription cost?

Membership to Bonus Bank is free, which gives you a baseline level of beginner educational content and should be more than enough to get started. To be honest though, if you want to get serious you will need the extra tutorials, calculators and software that only the premium subscription gives you – this is how Bonus Bank’s business model works.

Signing up for a premium membership gives you access to everything on the site, which is over 25 detailed tutorials and 10+ actual matched betting calculators, an online forum for the matched betting community to pose questions and answers, as well as ‘Todays Plays’ and ‘Future promos’ live feeds. The Bonus Bank software includes ‘The ATM’, ATM alerts, Dutching, Horsepower and 2UP.

The premium subscription is currently about $47 bucks per month, or $225 if you sign up for a six month block – you could easily make that back in a couple of bonus trades.

Verdict: Bonus Bank is one of the Leading Matched betting training providers.
CaptainFI readers can get a massive 20% discount on BonusBank training packages using code “CaptainFI”

My Experience with Matched Betting

I am still actively playing with Matched Betting to see how much I can make and what return for my time it brings. I decided to go ‘full throttle’ and have opened up a number of accounts with various bookies, as well as with Bonus Bank and the Betfair exchange. I am distributing cash into each of the Bookies and trying to figure out how to effectively play this game. I will let you know how my first few bets go, but so far I have spent around 10 hours reading, researching, starting accounts and of course, writing this article for you. As a natural skeptic I am expecting to somehow screw this up, but I am cautiously optimistic about the outcome and hope to at least make back all my capital, and then just keep playing around with my ‘extracted bonuses’.

A word of warning about Matched betting

Before even considering this side hustle, if you have an addictive personality, have ever had an issue with gambling, or are trying to secure finance like a home loan, you might need to give this a miss. I spoke to the team at Bonus Bank (Nic and David) and they reiterated that problem gamblers need to give it a wide berth, but also that their members hadn’t been discriminated against by lenders. There is actually a pretty big forum on this exact question and many of the Bonus Bank forum posters have said it didn’t effect their mortgage applications – but its worth checking with your lender just to be sure.

Bookies are also generally just terrible things to get involved with – which is why I personally love the idea of snaking away some of their promotional and marketing budgets… it just gives me a sense of justice. In a previous life my (ex) partner suffered with parents who were gambling addicts, and they lost their family home as a result. It can seriously destroy lives, so be cautious. Also realise that this is NOT a passive side hustle, this is money for time and you will likely be able to earn around $20 to $50 per hour from the research I have done.

After a few months of successful Dutching, the Bookies will eventually weed you out and either ban your account or remove any bonuses you might be eligible for – so you will need to get creative with making new accounts and to be honest, this all sort of blurs the line between what is legal and what becomes illegal (for example using a fake profile or using family members profiles). If you start doing illegal stuff like making fake accounts, it can become a fraud and legal matter and could be referred to the police by the Bookies – they seriously don’t like any one gaming the system and will take great delight in seeing you charged.

An interview with Bonus Bank

I had the please of chatting to Nico and Dave from Bonus Bank about their Experience with Matched betting, and was able to interview Nico about his experiences. Nic had the following to say;

How did you discover matched betting ?

Completely by chance. I was working for a charity doing financial education work and used the moneysavingexpert.com website for a lot of information and resources. Within the forums of that site was a sub-forum called Gambling Introductory Offers & Loopholes, and that was where I first read about the concept of matched betting.

Put simply, how does matched betting work?

In its purest form, matched betting is a type of arbitrage. It exists because bookmakers give away free bets in order to encourage punters to bet with them. As matched bettors, we collect these free bets – which cost us nothing – and then go to a betting exchange where we can sell them for 70-80% of their face value. In practice there are a couple of other steps involved, but the basic concept can be broken down into 1. Collect free bets from the bookies; 2. Turn them into cash at the exchange.

How much have you made from matched betting?

I’d rather not give an exact amount, but it is comfortably into six figures

How many hours would you put into matched betting, and can you estimate an hourly dollar figure you would be able to make doing it?

This really comes down to the individual. We have members who treat matched betting as a full-time job, and others who spend just a couple of hours per week. If you were looking to maximise your hourly rate (as opposed to total profits) you could spend 4-5 hours on a Saturday taking advantage of any available promos on horse racing, AFL, & NRL, and expect to make $60-80p/h assuming you had a good grasp of the basic concepts. Experienced matched bettors will make $100+p/h during this period. The optimum amount of time to spend is probably around 8-10 hours per week. This will allow you to take advantage of mid-week opportunities as well, which will increase your overall profit, but reduce your hourly rate.

How has matched betting contributed towards you becoming financially independent?

I haven’t had a regular full-time job since 2010. In fact, matched betting allowed me to flip FIRE around and do the RE part first. Between 2010 and 2014 i lived in Latin America and the Caribbean and was able to support my lifestyle through casual matched betting and the occasional DJ gig. Since 2016, in addition to my own betting i have been focused on developing Bonusbank, so it’s not really an early retirement any more, but i have still been able to travel and live around the world thanks to the flexibility that matched betting gives me.

What are some of the risks or downsides of matched betting ?

The biggest risk is that someone veers away from matched betting and becomes a problem gambler. Matched betting is risk-free if you stick within the defined principles, but gambling addiction is a real thing, and bookmaker websites are designed to exploit that. We strongly recommend that anyone with a history of addiction stay away from matched betting. Another downside is that the best profits come on a Saturday afternoon, so it can take over your weekend. Our members would say that the returns are worth it though, and if you have a choice between matched betting or some other Saturday job then it really is a no-brainer.

What are your top three tips when it comes to matched betting ?

Patience, patience, patience. New matched bettors can get over-excited when they realise the potential profits that are available, and they rush into things that they’re not ready for. Having a strong understanding of the basics is essential if you don’t want to make mistakes. We recommend learning one strategy at a time and practicing it until you master it before moving on to the next one. The top two other tips would be: Join the Bonusbank Discord server and learn from the experienced members there. There is always someone online who is happy to answer questions from newbies. When you are ready to start horse racing promos, buy an extra monitor. Having two screens makes a huge difference.

How did you start Bonusbank and teaching people about matched betting ?

Bonusbank started after i spent time in Australia and realised that, despite matched betting being more profitable there than in the UK, there was no dedicated matched betting service available for Aussies. All of the tutorials, tools, and software that make it easier for people to make money were missing, so we decided to create them.

Where can people learn more about matched betting ?

Free tutorials which will teach anyone the basics of matched betting are available via the Bonusbank website or app. We also have a Facebook group that is free to join.

How do you choose to invest your money?

I bought a property when i was 22. Initially i lived in it myself but for the last 10 years it has been a rental property. For a long time i focused any extra income towards over-paying the mortgage, so it is now almost completely paid off, but since learning more about FIRE over the last couple of years i have invested more in ETFs. The bulk of my investments are in tech stocks (NDQ & FANG).

What are your top three tips when it comes to becoming financially independent?

Start young if you can (although it’s never too late). Compound interest is your friend. Find a way to take advantage of geo-arbitrage. I earn money in Australia but live mostly in Nicaragua, so i’m able to save a high percentage of my income. It doesn’t need to be that extreme though. Just moving out of the city can make a huge difference. In these times of work-from-home geo-arbitrage is easier than ever. Find a side hustle and use the profits to invest. You can invest in shares, invest in growing your side hustle, or invest in your own education. Turn today’s profits into even more tomorrow.

What are your favourite three books on personal finance, investing and self development?

The book that really changed my life was ‘The 4-Hour Work Week’ by Tim Ferriss. It made me believe that a life outside of the standard 9-5 was possible. Not long after reading it i quit my job and bought a one-way ticket to Argentina, and i haven’t looked back since. I would also recommend ‘Tools of Titans’ by the same author. I haven’t read many investment books as I am quite happy sticking to index funds, but i did enjoy ‘Reminiscences of a Stock Operator’ by Edwin Lefèvre

Frequently asked questions about Bonus Bank

Answers to frequently asked questions about Bonus Bank matched betting.

How much is bonus bank taxed?

All profits from matched betting through BonusBank is tax free, as the Australian government does not tax gambling winnings.

How do I make money with Matched Betting Australia?

Matched betting in Australia works by making two bets in order to extract bonus bets or bonus sign up offers given out for free by bookies to try and attract new customers. By following a mathematical procedure, you can walk away with risk free profit.

Is matched betting worth it?

Yes, matched betting can be worth doing as a side hustle, depending on how much you value your time

How to get free bonus bets?

You can get free bonus bets by signing up with new accounts to a bookmaker (bookie) or by making regular bets with your existing betting accounts.

How to make money from free bets?

You can make money from free bets by ‘matching’ a bet – for every lay bet you place a back bet on a betting exchange, or simply place two opposite lay bets on competing bookies.

How does a bonus bet work?

A bonus bet works by giving you additional capital to bet. There are often criteria about how it needs to be played before you can withdraw the bonus bet as cash. Bonus Money explain strategies for how bonus bets work and the best way to extract them.

How much money can you make from matched betting with Bonus Bank?

Depending on your ability, matched bettors can easily make between $20 to $50 online. Advanced matched bettors using horse racing can make in excess of $100 per hour.

Summary of Bonus Bank review

Verdict: Bonus Bank is one of the Leading Matched betting training providers.
CaptainFI readers can get a massive 20% discount on BonusBank training packages using code “CaptainFI”

Matched betting is not for everyone. It is potentially a lucrative side hustle for those willing to invest the time needed to learn the new skill, sign up for all the various accounts and, front up a bit of capital (ideally you need $2000 or more to make it worth your time) and then spend the time actually setting and reviewing the bets. Be warned, a sudden spike in transfers from your bank account to online betting sites could work against you if you are planning on a loan application anytime soon, so make sure you speak to your mortgage broker or lender beforehand or just avoid this until after settlement.

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If you think you might have an addictive personality or have had issues with gambling in the past, please stay well away from this side hustle, as it could potentially drag you back down into the weeds. If your willing to put in the time, effort and money, then you could potentially make between $20 and $50 an hour from this lucrative side hustle thanks to Bonus Bank.

Further reading on matched betting

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