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.
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. Normally, you will open your bookmaker accounts in your own name and have one account per bookmaker.
Matched betting with multiple accounts, or gnoming, means opening multiple accounts with the same bookmaker. Because you are not allowed to hold multiple accounts in your own name, you would need to open your second account in another person’s name.
Is it 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.
Having multiple accounts though is a different story. Legally, it is a grey field with little clarity. It could be classified as fraud, although I have not heard of anyone being prosecuted.
However, most bookmakers have terms and conditions. These commonly state that you can only have one account. Therefore, matched betting with multiple accounts is against these terms.
The risks involved
Having multiple accounts does not come without risks:
- 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.
- 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.
How to do matched betting with multiple accounts
If you still want to proceed, there are several things you have to consider.
You have to obtain the permission of the person you are acting on behalf of. Otherwise, you are an actual criminal committing identity theft.
Therefore, consent is mandatory. You should get this in written form so you have some sort of evidence. While this may not be legally helpful, it may at least give you some security.
Operating multiple bookmaker accounts
Setting up multiple bookmaker accounts is much more difficult than simply opening your own accounts. You have to be careful or you risk losing money. Some things you should consider are:
- Using different devices for different accounts
- Using a VPN for one set of accounts
- Behaving differently for each set of accounts
Some bookmakers are partner friendly, meaning more than one person of the same household can have an account. For these bookmakers, it is generally assumed to be safe to use the same device, although you have to make sure to place different bets.
Exchange accounts do not care what you do as they are not making any money from them. Therefore, you only need one set of exchange accounts.
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.
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.
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.
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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