A new peer-reviewed study from Bournemouth University has found a striking gap between how people perceive the risks of matched betting and what some experience in practice.
Matched betting involves using free bets given out by online gambling companies as a promotion to attract new customers. This allows people to bet on different results for the same event, such as a football match. It is frequently promoted online as a controlled or even ‘risk-free’ way of making money.
Researchers surveyed 2,112 UK adults currently engaged in matched betting and analysed 2,954 personal stories about whether they considered matched betting to be gambling, the difficulties they had encountered, and losses they had experienced. The study was conducted by a team of researchers from Bournemouth University, including Dr Reece Bush-Evans, Dr Helen England, Dr Elvira Bolat, Dr Emily Arden-Close and Dr Ruijie Wang.
“The contradiction between perceived and experienced risk was striking”, said Dr Bush-Evans. “Many participants described matched betting as risk-free or controllable, yet just over half reported having losing money at some point while matched betting”.
The study , published in International Gambling Studies , found that participants frequently distinguished matched betting from conventional gambling. However, their accounts also described gambling-related harms such as financial losses, mistakes, mental strain and emotional impulses.
One of the most notable findings was how participants explained losses.
“More than half of those we surveyed reported losing money through matched betting, but the losses were commonly attributed to mistakes such as incorrect calculations, misunderstanding promotions or pressing the wrong button rather than to risk inherent in the activity,” Dr Wang explained.
“What we found particularly interesting was that losses did not necessarily undermine people’s belief that matched betting was risk-free”, she added.
Some participants also described chasing wins or losses, betting additional personal money, or moving from matched betting into other gambling activities. The research team caution, however, that the study captured people’s experiences at a single point in time and therefore cannot establish whether matched betting causes later gambling behaviour.
The research team noted that people who regard matched betting as a financial strategy or side hustle, rather than gambling, may be less likely to recognise potential harmful gambling behaviours.
The researchers argue that matched betting deserves greater attention in gambling research and consumer-protection discussions. “Matched betting remains surprisingly under-researched despite its visibility online”, Dr Bush-Evans concluded. “We would welcome further research following matched bettors over time and examining how matched betting is promoted through social media, online communities and affiliate marketing”.
International Gambling Studies
Survey
People
“There is no risk, so long as you follow the rules”: perceptions of risk and illusion of control in matched betting
12-Jul-2026