Setting Up Multiple Betting Accounts

First, please click “Start a GoFundMe” from our homepage. When you click “Start a GoFundMe”, you will automatically be prompted to sign in or sign up for a GoFundMe account. If you already have a. Multiple accounts. You can not create more than one account using the same information. Also, some bookies might not allow you to sign up for a new account through the same IP address. 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.

1. Setting Up Multiple Betting Accounts Receivables
2. Setting Up Multiple Betting Accounts Yahoo
3. Can You Have Multiple Betting Accounts
4. How To Make Multiple Betting Accounts
5. Setting Up Multiple Betting Accounts For Dummies

In this article we’re going to look at the subject of matched betting with multiple accounts – and by that we mean having more than one account at the same bookmaker. This is done by holding accounts that you run in other people’s name (friends or family members), not just your own.

In the matched betting community, this has been nicknamed ‘gnoming’. It’s also known as ‘multi-accounting’.

Honestly, you’re not going to find this written about very openly on the internet as it’s a taboo subject, even among matched betters. But it’s clear there are people doing it. Plenty admit to it on internet forums. And, of course, it’s allowing them to make much more money than if they had just one set of accounts. So maybe it’s worth a look.

In this article we’ll take a look at some of the things that you should consider if you’re going down this route.

Just a word of caution, though: this does not constitute any legal or tax advice. The below has been put together as a collection of viewpoints based on what others have told us about doing it. What you choose to do with this information is entirely your responsibility.

Is matched betting using multiple accounts legal?

In matched betting, you pose as a regular punter in order to harvest offers and freebies from the bookmakers – all the while you’re actually laying off your bets in a risk-free way so you’re guaranteed profits. Although it’s perfectly legal, some might view it as an inherently murky activity.

Doing matched betting on your own account is already not really in the spirit of what the bookmakers want you to do (and we know this, because they will close your accounts if they suspect you of being a matched better). But does the idea of running multiple accounts at a bookie – using the names of friends and family – cross an altogether different line? Might it even be illegal?

As we’ve said above, we’re absolutely not in a position to give you any legal advice on this. Whilst we haven’t seen anything definitive on the legality of operating bookmaker accounts on behalf of others – either saying it is or is not legal – if you choose to go ahead with this activity, you do so entirely at your risk. It’s extremely grey territory.

One thing, however, is clear. If you’re setting up accounts with bookmakers on behalf of other people then you must have their permission. To do so without that would be identity theft. And you won’t get far with it anyway, for the following reasons:

• You may be asked to provide identity documents, and background checks to open accounts.
• Bookies are likely to require you to fund those accounts using a bank account in the same name as the customer (and even if they don’t, making transfers from seemingly unrelated bank accounts is likely to arouse suspicion).

So, first things first, make sure that you have the permission of the other person, and tell them what you’re doing. If they’re not fully onboard with it, then leave it well alone.

Getting the cooperation of friends and family

Having explained the concept to the friend or family member, if they’re still prepared to listen to you, you’re going to need to agree with them how this is going to work.

They’re unlikely to let you make money using accounts in their name if there isn’t something in it for them. Get ready to give them some cash.

It seems that people have tried two methods to compensate the other party:

• Offer them a percentage of your profits
• Offer them a fixed monthly payment

From the feedback of those doing it, the latter option is the clear favourite. Giving them a percentage of the profits makes the arrangement more complicated. You’ll constantly have to calculate the amount due, and they may have suspicions you’re not being entirely honest / accurate anyway.

With a monthly fee, things are clearer.

Setting up and operating a multiple matched betting accounts

Keep in mind that the bookmakers are always on the lookout for irregular activity. So anything that doesn’t fit with the profile of a normal punter will raise suspicions. If the bookmaker realises what you’re doing, they will close your gnoming account, and may also gub your own one too!

The feedback, from those using multiple accounts, is that you’ll want to consider a number of important safeguards:

Setting Up Multiple Betting Accounts Receivables

1. Use different addresses and bank accounts

Whilst there are plenty of stories of people having opened up accounts at bookmakers in the name of their wives, not all bookies are open to that sort of thing. Ideally, you don’t want to open up too many accounts under one address. If a bookie sees that you’ve opened 5 accounts at one address for you, your sister, your mum, dad, and gran – they’re probably going to look into that.

But don’t just make up addresses, they need to be where the person actually lives! You may be asked for proof of address.

You also need to use different email addresses.

Equally, you want to be using different bank accounts. There’s more on that below.

2. Use different IP addresses

An IP address shows a bookmaker where you’re accessing the internet from. Again, too much activity coming from one IP address may result in your accounts being flagged.

The chat amongst matched betters is that you want to use a different device and connection for each set of accounts. Many of them have got cheap phones (on a SIM only plan – do NOT connect it to WIFI or it will use the same IP address as anything else using that WiFi connection) to avoid it looking like there are multiple people using the same IP address and device

If that seems a bit much, you could always try getting a decent VPN, which will hide your real IP address when you use the internet.

3. Vary behavior between accounts

Here, the advice seems to be to try logging into accounts at different times and varying user behaviour slightly. If you’re doing identical bets across all accounts at much the same times then that could raise some questions.

Laying bets at the exchange, for multiple bookmaker accounts

The betting exchanges, where you place your lay bets, don’t care if you’re matched betting. They’re also not the ones giving you any bonuses where you make your profits.

So, even if you’re running accounts at the bookies in a dozen different names, you can just use a single account at the exchanges. There’s no problem with that, but bear in mind that you might need to increase the size of your cash float in order to have enough capacity for your lay bets.

Bank accounts for multiple matched betting accounts

Transferring into a betting account from a bank account that doesn’t match the user’s name is suspicious, and in many bookies might not even be possible. So you need to make those transfers in from account in that person’s name

The banking situation is, for us, the greyest area out there. Some people recommend that you set up a new account in the person’s name (obviously with their permission) and you have control over it, and the debit card is in your possession. Not a single bank out there would consent to, or recommend, this arrangement – but people clearly do it. This arrangement has clear risks for both the person whose name is being used, and the person setting up the account.

So many new bank cards that you’re going to need a new wallet

Having control of that account also makes it possible for you to get your profits out of it too. Otherwise, if you don’t control the account, you’re relying on the other person to constantly make transfers out to you and in to bookmakers. If that person is on board with the whole idea then that may not be a problem, but it’s going to slow the whole process down a little. It may also take quite a bit of explaining over why various payments need to be made.

Note that it might also take some explaining to them if you’re making very big profits in relation to the amount you’re paying them!

Tax implications of matched betting on behalf of others

Whilst winnings from bookmakers are tax free, we’re not in any position to tell you what the tax situation is where you’re matched betting on behalf of other people. We’ve seen nothing authoritative that clears this up.

Is there an argument to say that you’re providing a taxable service on behalf of others? Do they need to pay tax on the money that you might be paying them for this arrangement? These are all things that you’re going to have to consider for yourself – and for full disclosure you may want to mention this risk to the person you’re doing it on behalf of.

Conclusion: Matched Betting using other accounts – is it worth it?

We mentioned right at the start, this isn’t something we’ve got into ourselves. The whole thing is fraught with issues – which we’ve covered above.

Aside from the legal and tax uncertainties, a significant issue is having to explain the idea, and the risks involved to someone else. On top of that, you need their help – or permission – to manage the cash payments and receipts. Unless the person trusts you a lot, they’re likely to be a little suspicious of the whole idea. Most instances where we’ve heard of people operating multiple accounts is where they’re doing it on behalf of a spouse.

Trust between you both is paramount. These sort of arrangements can end in tears, with suspicion or jealousy causing a fall-out. If the other party becomes difficult and decides to complain to the bank or bookmaker then it is going to cause you a lot of trouble and your own accounts will most certainly get gubbed. At worst, you might even end up in court.

Whether you get involved in this is, ultimately, something for discussion between you and the other person. For many, like us, it’s not something we’ll be rushing into soon. But, plenty of people are – and perhaps it’s that which explains some of the seemingly unbelievable matched betting profits you hear people reporting.

Whatever you choose, good luck!

Multiples betting explained: What is a Multiple bet?

Multiples betting, perhaps unsurprisingly, is a form of betting that combines multiple bets into one. Whether it’s a Money Line, Handicap or an Over/Under (or any other available market type), when you place a bet with one selection it’s known as a Single. When you combine more than one selection into one bet it becomes a Multiple.

Bettors may know a Multiple by various different names. To some it’s a parlay, while others might know it as an accumulator. Regardless of the name, the concept for this type of bet is the same. Just like the selection you make for a Single bet must win for your Single bet to be a winner, all of the selections in a Multiple must win in order for that Multiple bet to be a winner.

Setting Up Multiple Betting Accounts Yahoo

The most common type of Multiple bet simply multiplies the odds for each selection by each other in order to calculate the odds for the bet overall. Below is an example of how to calculate the odds for a Multiple bet.

We know to calculate the return for each of these individual bets as a Single, we follow a simple formula:

€10 x 2.50 = €25.00

€10 x 3.69 = €36.90

However, to calculate it for a Multiple we must multiply each of the selections by each other.

2.50 x 2.35 x 3.69 = 21.678

Therefore, the return for this Multiple bet would be:

What are the different types of Multiple bet?

While the idea of a Multiple bet should be a fairly straightforward one to understand, there are some slight nuances as far as this particular bet type is concerned. We’ve already covered that a bet with one selection is a Single and anything above is a Multiple but as the number of selections increases, a Multiple bet can be split out to more than just one bet.

Two selections in one bet is a double, three a treble and anything above is a four-fold, five-fold and six-fold and so on (some might call these a four-leg or four-timer etc.). However, below are other bet types that might fall under the term Multiple in betting. Instead of all selections combined into one bet, these bet types cover various different bet combinations.

Patent – Seven bets covering different permutations across three selections (three singles three doubles and one treble).

Yankie – 11 bets covering different permutations across four selections (six doubles, four trebles and one four-fold)

Lucky 15 – 15 bets covering different permutations across four selections (four singles, six doubles, four trebles and one four-fold)

Lucky 31 – 31 bets covering different permutations across five selections (five singles, 10 doubles, 10 trebles, five four-folds and one five-fold)

Canadian – 26 bets covering different permutations across five selections (10 doubles, 10 trebles, five four-folds and one five-fold)

Heinz – 57 bets covering different permutations across six selections (15 doubles, 20 trebles, 15 four-folds and six five-folds and one six-fold).

Super Heinz – 120 bets covering different permutations across seven selections (21 doubles, 35 trebles, 35 four-folds and 21 five-folds and seven six-folds and one eight-fold).

Goliath – 247 bets different permutations across eight selection (28 doubles, 56 trebles, 70 four-folds, 28 six-folds, eight seven-folds and one eight-fold).

Multiples betting: Advantages and disadvantages

It’s clear to see, from the example provided earlier in the article, what the main attraction is for bettors when it comes the Multiples betting: the potential for a greater return on a smaller investment. This also highlights the main disadvantage to bettors. More selections increases the risk and reduces the likelihood of your bet winning because each selection must win for the bet to win as a whole.

It’s no surprise that this form of betting is a popular choice for more recreational bettors with little understanding of the probabilistic implications of such a bet. Those who are more serious about their betting will tend to warn against this type of betting as there is a greater chance for randomness or luck to impact the outcome of the bet given that its success is dependent on the outcome of more than one event.

If you have an edge and can beat the market, Pinnacle’s reduced margin on Multiples means you can get even more value out of your bets.

Can You Have Multiple Betting Accounts

Despite there being good reason to avoid Multiples betting if your end goal is to make a consistent profit, there is also a case to be made for why Multiples betting might appeal to sharp bettors as well.

The mechanic behind a Multiple bet is that it’s multiplicative and when you have a legitimate edge as a bettor, this can multiplicative too. This means that a Multiple bet could provide an opportunity for bettors to magnify their edge.

We can use an example to help calculate how much a bettor would expect to win when they have an edge using two Singles bets and a Multiple bet with the same selections combined.

To make things simple, let’s suppose the bookmaker has both the Houston Texans (-3) and the Green Bay Packers (-5.5) listed at odds of 2.10 on the NFL Handicap market. This suggests around a 47% chance of covering the handicap, but by your calculation they have a 50% chance.

This is what your different bets might look like with a €100 bet on each selection (€200 total stake):

The expected profit in this example would be as follows:

ROI = 10/200 = 5%

Now, we can use the same example but calculate the expected profit with a €200 bet on the Multiples (€200 total stake).

ROI = 20.5/200 = 10.25%

How To Make Multiple Betting Accounts

Multiples betting at Pinnacle

Those who have placed a Multiple bet with Pinnacle in the past may be aware that the odds for the selections within a Multiple bet were slightly different to the odds for the same selections being placed in a Single bet. This is because Pinnacle used to apply a slightly increased margin on Multiples bets in order to help manage the risk associated to these types of bet from a bookmaker’s perspective.

Now, however, you can combine Pinnacle’s low margin odds into a Multiple bet and the margin on your selections will be exactly the same as if they were a Single bet. This means you can take full advantage of your edge and win more when you bet with Pinnacle.

Setting Up Multiple Betting Accounts For Dummies

If you have an edge and can beat the market, Pinnacle’s reduced margin on Multiples means you can get even more value out of your bets. It doesn’t matter how much you want to bet or how much you win, Pinnacle is always the smart choice for bettors.