There are some pitfalls when it comes to value betting, arbitrage betting, and matched betting.

Here is a list of 8 tips to get you started with your own betting account, without making the most typical rookie mistakes.

But, before we go through the specific things to think of when setting up a new account at a bookmaker, we need to establish the single most important rule:

WE PLAY BY THE BOOKIE’S RULES

This implies that we need to be careful when we set up our account and do not give them any reason to withhold our hard-earned profits, because if they can, they will.

The bookies know that people use them for value betting, arbitrage betting, and matched betting, so they usually have different terms and conditions which are crucial to read.

This is especially important if you are thinking of using one of the free bonuses the bookie is offering.

The 3 proven ways of making money on betting are;

1. Value betting
2. Arbitrage betting
3. Matched betting

So the bookmakers obviously don’t like it. For the rest of the article please note that we are not affiliated with any bookmakers in any form or way.

In fact, the bookies don’t like us at all, as we help people beat them. For the article, we simply had to choose one bookmaker to use as an example and selected the major European ones (which also has a lot of edges on Trademate).

FURTHER RESOURCES ON MATCHED BETTING, ARBITRAGE BETTING, AND VALUE BETTING

1. This article explains the difference between an arbitrage bet and value betting
2. This article discusses the pros and cons of matched, arbitrage, and value betting.
3. This article covers the experiences and thoughts on the pros and cons of arbing vs value betting by the experienced Danish arber called Vida.

HOW TO GET FREE SIGN-UP BONUSES

Here are some bonus terms and conditions at one of the major bookmakers:

As we see marked in red, the bookie usually reserves the right to do whatever they want with the bonus.

If you are to read the general terms and conditions as well, you will see that it is a long list of disclaimers that underline the importance of always being careful when setting up the account.

When providing your personal details, be sure to double-check that it is the same as in your passport and credit card.

Remember, we play by the bookie’s rules, and there should not be any discrepancies that the bookie can catch you on.

The email address needs to be one you use because you sometimes need to verify the account through email. This is the same for your phone number.

2. ADDRESS AND PHONE NUMBER

The address you use needs to be a place you live, or where you get your bills.

You need a piece of paper with both your name and address on it for verification purposes when you are withdrawing your money later on.

This is to prove that you live where you live and to make it more difficult for you to have several accounts.

The mobile number needs to be in use as the bookie also can use this for verification purposes.

3. PASSWORD AND SECURITY QUESTION

Whether you are doing matched betting, arbitrage, or value betting you will usually have several betting accounts at once. When it comes to your password there are two main approaches:

1. One password for every site. This is easy to track but leaves you exposed if someone is to find out your password, so choose a difficult one!
2. Different passwords for every site. This can be hard to track, so it can be smart to use a password manager like Lastpass to keep track of all the different passwords. Lastpass is free to use. This will also help you log in to the bookmakers fast, saving essential time when placing value bets.

Security questions are rarely something you need to use but be sure to track them if necessary. Bookmakers use this to verify that it is actually you who is doing the betting.

4. TERMS AND CONDITIONS

This is maybe the most important part to remember because if you do not have control of this you could lose money.

If you are using a bonus provided by the bookmaker, you should read the bonus terms and conditions carefully.

This will give you all the parameters you need to consider for you to unlock the bonus. It is usually much shorter than the general terms and conditions and easier to deal with.

Some bookmakers also acquire you to tick off boxes before you make the account for you to be able to get the bonus, so be sure to tick off the appropriate boxes.

If you forget this, it is usually not a problem as the bookmakers want you to have the bonus. Customer service can be used if you have any problems, from experience, using the live chat is the most efficient choice.

5. DEPOSITS

Now that you have made your betting account you need to deposit money. The deposit button is usually the biggest one and should never be hard to find. When you click on it, you will usually get options for how to deposit money (Innskudd = Deposit in Norwegian).