Last updated in October 2020
Matched betting with multiple accounts is a way to make more money with matched betting. It is also referred to as gnoming. For many people, matched betting is an easy way to make tax-free money. Therefore, they often look for ways to increase their profits.
Advanced matched betting techniques take some effort to learn so it is often easier to open a few additional bookmaker accounts. As the number of bookmakers is limited, you will inevitably run out of new accounts. Thus, it may seem tempting to open accounts in another person’s name.
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Matched betting with multiple accounts
If you decide to open multiple accounts with the same bookmaker, you do so at your own risk. I do by no means recommend matched betting with multiple accounts. This post solely aims to provide an objective overview so you can stay as safe as possible whatever you decide to do.
What is matched betting with multiple accounts?
Matched betting is a tax-free way to make money from home in your own time. It is not gambling but revolves around placing sports bets and laying them at an exchange.
While there are still some people that frown upon the concept, matched betting is increasing in popularity because you can do it from home whenever you have time.
Normally, in matched betting, you will open your bookmaker accounts in your own name and have one account per bookmaker. You may close your account and open a new one but you can never have two accounts at the same time.
Matched betting with multiple accounts, or gnoming, means opening multiple accounts with the same bookmaker. There are two ways this can work:
- Opening the second account in your own name
- Gaining permission from someone else and opening an account in their name
Most people choose the second option as it is much easier to do. This is also the only method I have experience in. Note that just because I tried it, you should try it, too. Please carefully consider the risks before you start.
Matched betting with multiple accounts is certainly a way to make more money from matched betting. However, it is also quite a bit of effort if you want to be successful. And honestly, there are easier ways to increase your profits that you should try first.
For example, you could try signing up with Profit Accumulator. Profit Accumulator has more reload offers than any other matched betting service so you may be able to discover new offers you can take advantage of.
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Is matched betting with multiple accounts legal?
Matched betting is completely legal in all countries that allow sports betting. This is because all you do is placing bets like ordinary punters. Matched betting has a bit of a mixed image because all you do is exploiting bookmaker offers, it does not add any value to society. But then again, bookmakers make their money from gambling addicts which is nothing to be proud of either.
Matched betting with multiple accounts though is a different story. Legally, it is a grey field with little clarity. Making multiple accounts in your name is against every bookmakers’ terms. Generally, exposed matched bettors with multiple accounts will have their accounts closed and be banned from the bookmaker for the rest of their life.
However, I give no guarantee that this will be the same for you and I am not qualified to give legal advice either. You always have to carefully read the bookmakers’ terms and proceed with caution.
If you make an account in the name of another person, you could be accused of fraud. Therefore, it is vital that you have the individual’s permission. Plus, you should only ask people that you are sure you can trust to do matched betting in their name. This is because there is a risk that the person could blackmail you, threatening to report you for fraud if you do not do what they say.
I also recommend obtaining this permission in written form fo reassurance. It may not be enough to protect yourself if the worst case happens but it is at least a precaution you can take.
The risks involved
As you can see from the legal implications, matched betting with multiple accounts does not come without risks. Before proceeding you should consider the risks and asks yourself whether the potential profit is worth it. Some of the risks include:
- The bookmaker may close your accounts as you are violating their terms and conditions. This means you may lose money as they do not have to return your funds.
- Additionally, the bookmaker will likely also close your original account so you are losing potential profits from the offers you cannot complete anymore.
- The person you are impersonating can at any time withdraw your bankroll and keep it. You would be unable to take any action against this.
- You could get prosecuted for fraud, especially if the person in whose name you are acting claims you do not have their permission.
- If you do not pay tax on your earnings from any additional set of accounts, you may risk fines.
- The stress from knowing that you are venturing into a legally challenging area may negatively affect your mental health.
Mental health risks
Matched betting with multiple accounts is not for everyone. Some individuals may find it stressful to consider the different scenarios that can arise from it. For example, the person in whose name you are operating may suddenly pass away.
When the relatives will sort through their accounts, they will see multiple gambling transactions and frequent transfers to your own account. Nobody can dispute that this looks suspicious. If the relatives are unaware of your agreement, they may think you tricked the deceased person.
Another scenario is that the person you are acting on behalf on may become involved in a crime and police may inspect their bank accounts. What are they going to think if they see frequent gambling transactions and transactions to your bank account? Perhaps they may think you are an accomplice to whatever crime they person committed.
These scenarios may seem unrealistic. But at night when you are unable to sleep, your thoughts may run wild and the scenarios will appear more and more real. In extreme cases, you could become paranoid.
How to do matched betting with multiple accounts
If you still want to proceed, there are several things you have to consider. When doing matched betting with multiple accounts, it is important that you start correctly because one mistake can cost you your accounts.
Accounts in another person’s name
If you open accounts in another person’s name, you absolutely have to obtain their permission. Otherwise, you are committing a crime. And it will be very easy to catch you because you have to continuously transfer money between accounts.
Therefore, consent is mandatory. As a decent human being, you should also explain the risks to the person and give them a part of your winnings. There are different arrangements for this, some give the person they are placing the bets for a percentage of their profit, others pay a fixed sum every month.
A percentage fee will be better for you because your profits will vary every month. For example, while football is on summer break, you will not be able to make as much as in other months.
Accounts in your own name
If you open multiple accounts with the same bookmaker in your own name, you have to use different details. Obviously, your name and your birth date cannot easily be changed. It is absolutely not worth forging your documents for the sake of matched betting with multiple accounts. Not only are you committing a serious crime, but the profits also do not outweigh the risk.
Therefore, you have to focus on the details that are more under control. For your second account you should use a different:
- Email address
- Bank account
- Identification (e.g. driver’s license instead of passport)
- Internet protocol (IP) address
- Device (e.g. mobile phone instead of a computer)
However, I still do not recommend that you do not go down this route. Bookmakers are aware that people try to make duplicate accounts. This is not limited to matched bettors but mostly people who actually have malicious intent and try to scam the bookmaker. Therefore, bookmakers have appropriate methods of detection.
Bookmakers are always on the lookout to find people abusing their bonuses or trying to scam them. Thus, you need to make some preparations in order to avoid being caught. Firstly, you should use a different device and IP address for your second account.
To achieve this in a convenient manner, consider setting up a virtual private network (VPN). A VPN gives you online privacy and anonymity by creating a private network from a public internet connection. VPNs mask your IP address so your online actions cannot be easily traced. You can take out a free 30-day trial with NordVPN to see whether this method works for you.
Additionally, you should regularly check your devices for tracking software. Bookmakers sneakily install this to monitor your behaviour without you even knowing. You can use the free software CCleaner to check for tracking software such as IEsnare.
Bookmakers only allow deposits from bank accounts in the name of the account holder. This is to prevent fraud and money laundering. The easiest way around is setting up a PayPal account in the name of the person you are acting on behalf of. You can then transfer money to this PayPal account and deposit at the bookmaker.
However, often you will find that depositing with PayPal will exclude you from certain promotions. Thus, the next best option is to have the person you plan to impersonate open a new bank account. You can then take control of that account (with their permission) and use it for matched betting.
Be aware that the account owner can at any time withdraw any money in the bank account. Hence, you should only keep the bare minimum of money there.
Some bookmakers require you to verify before you can use an account. Thus, you should ask the person you are acting on behalf on for:
- Photo of passport or ID card
- Proof of address
- Recent bank statement
- Photo of them holding their passport or ID
Chances are not many people will provide you with this. If your chosen person does not want to give out these documents, you should under no circumstances fake them. Instead, you should stick to the major bookmakers which often do not require verification.
For each set of accounts, you should try to behave differently. This means betting at different times, on different outcomes, and for different promotions. This will make you look like you are two different people and bookmakers will have a harder time finding out that you are matched betting with multiple accounts.
Additionally, mug bets are particularly important. They may help you with establishing a different betting profile for each set of accounts.
Exchange accounts do not care what you do and love matched bettors because they are pumping money into their markets. The more you bet, the better it is for them. Furthermore, they also do not offer promotions so there is no need to exploit them with matched betting with multiple accounts.
This means you can lay bets that you place from your second account at your main exchange account. For example, you (person A) make an account in the name of person B. Bets placed from the account of person B can be laid from the account of person A. Therefore, you only need one exchange account.
Matched bettors often keep large sums in their exchange accounts to ensure they can lay their bets. If you create an exchange account in the name of another person and that person decides to withdraw it all, you may end up with substantial losses. Thus, it is less risky to only use an exchange account in your name.
Matched betting is generally tax free in the UK as your income is classified as gambling winnings. However, if you are matched betting on behalf of someone else, you are no longer a matched bettor. You are a service provider. As such, you would need to pay tax on your matched betting income.
However, matched betting with multiple accounts is a legally challenging area. Therefore, you may not want to tell HM Revenue & Customs (HMRC) what you are up to. In the UK, there is a tax-free allowance of £1,000 per year. So the only way to avoid having to declare your income from matched betting with multiple accounts is to stay below that allowance.
Whatever you do, remember that I am not a tax advisor. If you are doing matched betting with multiple accounts in a grand fashion, it may be worth talking to a professional.
Matched betting with multiple accounts summary
Matched betting with multiple accounts is a way to double or triple your profits. However, it is also associated with risks. Therefore, you should think twice before you venture into multiple accounting.
Personally, I do not think the benefits outweigh the risks. Instead, I think you should consider other, less risky ways to increase your matched betting profit. For example, you could sign-up to Profit Accumulator (free trial here) and learn more advanced techniques to make use of your existing accounts.
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Another alternative is to focus more on casino offers. Bonus Accumulator (sign-up here) has the most complete list of reload offers so you are likely to find something even if you have already lost some accounts.
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