OddsMonkey is a subscription based Matched Betting service that provides guides, tutorials, software and tools. They originally launched back in 2011 where they were solely an odds comparison service to other websites. Their software was so popular that in April 2016 they decided to rebrand the company and offer a complete matched betting service. They now currently sit as the number 1 matched betting service with over 30000 customers.
But considering that one of the main goals of matched betting is to keep the qualifying loss low, is it worth paying an extra £15 a month? In this review I intend to give my honest opinion by showing what they have to offer.
By far the best feature of the service is their oddsmatching software. It compares the odds from over 90 different bookmakers to the odds of the four major exchanges, meaning that you’ll always find the closest matches available. There are a range of filters you can apply as well such as the sport, rating, bookmakers, exchanges and market which mean you won’t have to sift through pages of data to find what you’re looking for. In my opinion however, for a normal matched bettor it is unnecessary for a couple of reasons:
- There’s typically lots of football and horse racing on. Finding a good match manually typically doesn’t take too long if you look at the big matches. Ideally you should only be looking at the big matches in the first place as a) they nearly always have the best odds and b) betting on obscure markets, especially if they have good odds, makes your account stick out like sore thumb.
- It encourages too much value taking. In the screenshot above you can see that there is a multitude of arbitrage opportunities. Betting on these selections, particularly if you have a new account, will result in either having your bookmaker account closed or severely stake-restricted within a few months. Even if you choose to go for ratings below but still close to 100% it is still a risk as bookmakers actively monitor for betting patterns. If you’re always choosing the best odds they will pick up on it.
Despite this I think the oddsmatcher is perfect for someone who has milked their bookmaker accounts dry and are no longer eligible for promotions. I personally made nearly £9000 from arbing using the oddsmatcher before I finally stopped from having most of my accounts either closed or stake restricted.
This is a similar tool to the oddsmatcher except it is specifically targetted at exploiting the way most bookmaker’s price the eachway odds for a horse. You’ll often see bookmaker’s write something along the lines of ‘Each Way @ 1/5 1-3’ at the top of a page for a race, which in this case means that an each way bet on a horse is a bet that it will finish in 3rd or higher and is priced at one fifth of its win odds. This allows us to exploit any odds discrepancy (i.e. Arbitrage) in the place market on the exchange while laying the win market to equalise profit/loss if the horse wins. The tool also allows us to find the best matches for extra place refunds, something that allows us to potentially profit on both our back and lay bet!
From my experience, and from what Oddsmonkey themselves advertise, it is not unreasonable to expect at least £300 a month from using this tool if utilised to its full.
Dutching is another tool in the Bettor’s pocket that can help with reducing qualifying losses or to help find arbs. The dutch search compares the odds of all the bookmakers in Oddsmonkey’s database and displays the opportunity and its profitability. It comes built in with a calculator so there is no need to frantically calculate the required stakes as they are done automatically for you.
Personally I used to use this quite a lot back when I still had all my bookmaker accounts so it is definitely worth considering.
Racing Offers Matcher
Most bookmakers have horse racing promotions such as a 2nd place refund. Oddsmonkey make it easy to find what offers are available and what’s the best horse to match in order to keep the qualifying loss low. This is a massive timesaver and can easily make you hundreds of extra £s a month by making sure you don’t miss anything.
Personally I never used to use the tool that much as I knew which bookies had the offers I wanted. It was then just a case of looking at the upcoming races and eyeballing a good match. This might be hard to do in a reasonable amount of time, especially for a beginner, so your experience may be different.
The acca matcher has a database of all the Accumulator offers for each bookmaker and their T&Cs e.g. specific leagues and odds requirements. It then compares the odds to the exchange and selects the best matches, which the user has the ability to change if they want to change some selections. For the selected matches it calculates the expected value and required lay stakes (if applicable). There are four options given for the calculator, namely no lay, lay at the start, lay sequential and lay sequential with a profit lock in.
Early on when I had little knowledge of exploiting acca offers I used the tool nearly everyday to make sure I was doing everything correctly since there are quite a few T&Cs to keep in mind with and the calculations are quite complicated. After a while however, much like with the oddsmatcher and the racing matcher, I felt I didn’t need it anymore as I knew I could quickly look at the upcoming matches for the day and compare them with the bookmaker odds and select the best matches. I also always preferred using the no lay method for simplicity and greater EV so I couldn’t benefit much from the calculator either.
Daily Offer Calendar
Probably the most useful part of their service if you’re busy is the Daily Offer Calendar. Whenever a new offer from a bookmaker comes up you will be notified by this calendar. Given the number of bookmakers, casinos and bingo sites there are it is nearly impossible to check or keep track of which offers to do which effectively means that the calendar pays for itself by making sure you don’t miss out on an offer. I found this was in fact the most useful of their services once I became an advanced matched bettor as keeping up with offers wasn’t something I got better with as I gained experience.
The only thing I disliked about the calendar was the way they calculated the expected value. They nearly always calculate it by taking the bonus value and minusing the house edge*wagering requirements. Not only does it give the wrong impression about the profitability of an offer by avoiding tricks we can use to increase the EV (e.g. Two Tier Betting) but it probably means that they don’t list a lot of offers which they deemed to have negative EV.
Comparison with MatchedBets
MatchedBets are a competitor to Oddsmonkey. They are slightly cheaper for the monthly subscription (£14 vs £15) however they have a real saving when it comes to a yearly subscription (£99 vs £150). They offer all the basics that Oddsmonkey does i.e. an oddsmatcher, daily offer calendar, and calculators. They also have some of the more advanced tools as well including the acca and racing matcher. The main drawbacks to MatchedBets are:
- No dutching matcher
- No EW matcher
- Limited community at present
- An inferior oddsmatcher that has less available bookmakers
They do seem to be better at showing available bingo and casino offers which is something Oddsmonkey don’t focus as much on.
In my opinion Oddsmonkey is well worth paying for particularly if you’re relatively new to matched betting or looking to increase your earnings. The £15/month (or £150/year) is rather cheap given that it takes just a few extra offers, matches with a lower qualifying loss, or arbs to be paid for. In my own experience Oddsmonkey served me well for about a year until I finally had so many account limitations and experience of doing everything manually that I felt I might as well keep the £15/month. I do feel that I could’ve savored my accounts for longer though as I did hit the arbs quite hard.
If you’re on the sidelines I still recommend signing up. Oddsmonkey normally have promotions going such as a one week free trial or 30 day money back guarantee. A few weeks back they even secured a deal with Betfair so that Oddsmonkey premium members have their commission reduced to 2%. If you’re ever confused about anything they also have a forum where you can ask questions and interact with other matched bettors.