OddsMonkey sells software and training for matched betting, a method that uses bookmaker sign-up offers and free bets, and covers the outcome on a betting exchange so the result of the match matters far less. It is one of the best-known names in the field, and it says it has helped more than 500,000 people. The pitch is appealing, but the method carries real risks, it depends on bookmaker offers that are finite, and the subscription is not cheap. Here is how it works, what each plan costs and what to weigh up before paying.
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What is matched betting?
Ordinary betting means backing an outcome and hoping it happens. Matched betting means placing two opposing bets on the same outcome: a “back” bet at a bookmaker that it will happen, and a “lay” bet on an exchange such as Smarkets or Matchbook that it will not. Whichever way the event goes, one bet wins and the other loses, and the aim is for the two to cancel out with only a small loss.
That small loss is the cost of unlocking a bookmaker’s free bet. The free bet is then also backed and laid, and because the free bet stake is not your money, the two sides can be balanced to leave a profit on most outcomes.
A worked example
Say a bookmaker offers a £10 free bet when you place a £10 qualifying bet at odds of 2.0 or bigger, and the exchange charges 2% commission, the standard Smarkets rate.
- Qualifying bet: you back Team A for £10 at 3.0 with the bookmaker and lay Team A on the exchange at 3.1 with a stake of £9.74. If Team A wins, you gain £20 at the bookmaker and pay out £20.45 on the exchange. If Team A does not win, you lose £10 at the bookmaker and collect £9.55 on the exchange after commission. Either way, you are down about 45p.
- Free bet: you back Team B with the £10 free bet at 5.0 and lay it at 5.2 with a stake of £7.72. If Team B wins, you collect £40 from the bookmaker (the free bet stake is not returned) and pay £32.43 on the exchange. If Team B does not win, you collect £7.57 on the exchange. Either way, you are up about £7.57.
- Net result: roughly £7.12 from the offer.
That is in line with OddsMonkey’s own claim that, done correctly, you can typically keep 75% or more of a free bet’s value. The arithmetic only holds if every step is done correctly, at the prices you planned, and both bets stand.
How OddsMonkey works
OddsMonkey does not take bets. It is a subscription service run by Liquidity Trading Limited, which lists its address in Gibraltar, and it gives you the tools and instructions to do the steps above at speed. Members get a list of bookmaker sign-up offers in a suggested order, weekly offers for existing customers, step-by-step tutorials, a community forum and support from its team.
The core tool is the OddsMatcher, which compares bookmaker prices with exchange prices so you can find the closest match and keep the qualifying loss small. Alongside it sit free calculators for matched bets, accumulators, dutching, each way bets, Lucky 15s and Yankees, an odds converter, and customisable alerts for new opportunities. OddsMonkey also lists 0% commission deals with exchange partners among its Starter plan features. Smarkets confirms that it runs 0% commission deals with certain matched betting partners.
Higher plans add specialist tools: a Best Odds Guaranteed Matcher and Price Boost Matcher for racing and boosted prices, a Bet Builder Finder, and expected value (EV) tools such as 2UP EV, Extra Place EV and Lucky Finder EV. EV betting is a different idea from matched betting. Instead of locking in a result, it looks for bets the software rates as mispriced, which means individual bets can and do lose, and profit only appears, if at all, over many bets.
OddsMonkey pricing: plans and costs
OddsMonkey publishes four tiers on its homepage. There is no contract, and you can cancel at any time.
| Plan | Monthly | Annual | What it adds |
|---|---|---|---|
| Starter | £39.99 | £249.99 | Bookmaker sign-up offers, weekly offers, matched betting tools, alerts, 0% commission deals, team support; 14-day money-back guarantee |
| Advanced | £49.99 | £349.99 | Everything in Starter, plus casino sign-up and weekly offers, casino tools and training, BOG Matcher, Price Boost Matcher; Bet Builder Finder listed on the monthly plan |
| Pro | £149.99 | £999 | Everything in Advanced, plus 2UP EV, Extra Place EV and Lucky Finder EV |
| Elite | Not offered | £3,000 | Everything in Pro, plus Edge Finder, Golf Master and Steam Chaser |
OddsMonkey says the Starter plan’s bookmaker sign-up offers are worth £779 in total. That figure is the face value of the offers, not what you will keep: as the example above shows, you realistically retain a share of each free bet, minus qualifying losses. OddsMonkey also states that there is no guarantee of specific results each month.
A free trial lets you try the method before paying. The 14-day money-back guarantee is listed on the Starter plan only.
Which plan makes sense?
For a beginner, Starter is the obvious place to begin, because sign-up offers are where most of the value lies and the refund window applies. Advanced adds casino offers, which carry more variance than sports matched betting because casino bonuses cannot be laid off on an exchange. The Pro and Elite tiers are built around EV betting, which accepts losing bets in pursuit of long-term edge, and sit closer to gambling than to classic matched betting. At £149.99 a month or more, they only make sense for people already confident with the maths and comfortable with variance.
The risks of matched betting
Matched betting is not risk-free, and the Advertising Standards Authority has ruled against matched betting adverts, OddsMonkey’s among them, that played down the risk. The main ways people lose money are practical rather than theoretical.
- Human error. Laying the wrong selection, the wrong market or the wrong stake can turn a planned 45p loss into a real one. Mistakes are most common when people rush.
- Odds moving. If the price changes between placing the back and lay bets, the balance is off.
- Bets not matching on the exchange. An unmatched lay bet leaves the back bet uncovered.
- Different rules. Bookmakers and exchanges can settle the same event differently, for example when a tennis player retires or a race is voided, leaving one side of your position standing alone.
- Money tied up. You need funds in several bookmaker accounts and on the exchange at the same time, including enough to cover lay liabilities.
- Casino and EV offers. These involve genuine variance, and losing runs happen.
There is also the cost of the subscription itself, which has to be covered before any return.
Bookmaker terms and account restrictions
Bookmakers write their offers for recreational customers. Many terms allow them to withhold bonuses, limit stakes or close accounts they believe are only taking offers. Matched bettors call this being “gubbed”, and once it happens at a bookmaker, that account is unlikely to receive further offers. Some terms are explicit: Fitzdares excludes accounts referred through matched betting services from its welcome offer, and the Smarkets welcome offer excludes API and trading-software users. Offers also commonly exclude PayPal, Skrill and Neteller deposits, require minimum odds and allow one offer per person or household.
OddsMonkey cannot prevent restrictions. It can only point you to the offers that remain, which is why returns usually tail off once the sign-up offers are used up. Read every bookmaker’s terms before you place a qualifying bet. Our UK betting site reviews quote the key terms for each welcome offer.
Is matched betting legal, and is it taxed?
Matched betting is legal in the UK. You are placing ordinary bets with licensed bookmakers and exchanges, so you must be 18 or over and pass their identity and affordability checks. UK punters do not pay tax on betting winnings, though your circumstances may differ and you should seek advice if you are unsure.
Bear in mind that every bet shows up on your bank statement as a gambling transaction. Lenders may ask about frequent gambling transactions when you apply for a mortgage or loan, so think about timing if a big application is coming up.
What OddsMonkey members say
OddsMonkey holds a TrustScore of 4.1 out of 5, rated “Great”, from 999 reviews on Trustpilot UK. Positive reviews praise the tutorials and say steady, careful users do well. “Don’t expect everything in one go, but if you stay consistent and avoid silly mistakes you’ll be pleasantly surprised,” writes Adam from the UK. Ian H., also from the UK, says: “Anyone looking to try matched betting this is the place to be.”
The negative reviews are blunt, and the recurring themes are platform changes, bugs in tools and frustration over billing and cancellation. If you sign up, note the date you join so you can use the 14-day guarantee on Starter if it is not for you, and cancel through your account rather than relying on an email.
OddsMonkey: pros and cons
Pros
- A full set of matched betting tools and calculators in one place
- Detailed tutorials and an active community for beginners
- A free trial and a 14-day money-back guarantee on Starter
- No contract, with monthly or annual billing
Cons
- Not risk-free: errors, odds moves and rule differences can cost money
- Returns shrink as sign-up offers run out and accounts are restricted
- The Pro and Elite tiers rely on EV betting, which involves real variance
- It takes time and careful record-keeping, not a passive income
Alternatives to OddsMonkey
Other UK matched betting services include Outplayed, Profit Maximiser and Team Profit. They work on similar principles, with their own tools, training and pricing, so compare what is included in each and use any free trial before committing.
Safer gambling
Matched betting still means placing bets, and it can draw people into the gambling habits it is meant to avoid, particularly with casino and EV offers. Set deposit limits on every account, use time-outs if you feel you are chasing, and never use money you cannot afford to have tied up. GAMSTOP blocks every UK-licensed betting site and app at once. For free, confidential support, visit GambleAware.org or call the National Gambling Helpline on 0808 8020 133, open 24 hours a day.
OddsMonkey: frequently asked questions
How does OddsMonkey work?
It gives you a list of bookmaker offers, step-by-step guides and software such as the OddsMatcher to find matching back and lay prices. You place the bets yourself with bookmakers and on an exchange.
How much does OddsMonkey cost?
Starter costs £39.99 a month or £249.99 a year, Advanced £49.99 a month or £349.99 a year, Pro £149.99 a month or £999 a year, and Elite £3,000 a year.
Does OddsMonkey have a free trial?
Yes. OddsMonkey offers a free trial so you can try the method before paying, and the Starter plan carries a 14-day money-back guarantee.
Is matched betting risk-free?
No. The method aims to cover every outcome, but mistakes, odds movements, unmatched bets and different settlement rules can all lose you money.
Is matched betting legal in the UK?
Yes. You are placing normal bets with licensed bookmakers and exchanges. Bookmakers can, however, restrict or close accounts under their terms.
Do you pay tax on matched betting profits?
UK punters do not pay tax on betting winnings. If you are unsure how this applies to you, take independent advice.
What does “gubbed” mean?
It is the matched betting term for a bookmaker restricting an account, usually by withholding promotions or limiting stakes, because it suspects the customer is only taking offers.
Can I cancel OddsMonkey at any time?
Yes. OddsMonkey says there is no contract and you can cancel at any time. Cancel through your account settings and keep confirmation.
Who owns OddsMonkey?
The site lists Liquidity Trading Limited, with an address in Gibraltar, as the company behind it.
Which exchange should I use for matched betting?
You need an exchange with good liquidity and low commission. Smarkets charges 2% as standard, and Matchbook and easyBet run exchanges too. See our guide to the best UK betting apps for how their apps compare.
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