Matched Betting Cheltenham: How Much Can You Make?


29 Feb 2020

Updated: 24 Apr 2023

The Cheltenham Festival is a hugely popular 4-day horse racing festival that takes place in mid-March every year. 

This year, 2023, the festival will take place from Tuesday 14th March until Friday 17th March. 

If previous years are anything to go by, the bookmakers will be in all-out competition to both attract new customers and keep their existing customers betting with them over anyone else. All of the bookies will likely be pulling out all the stops to achieve this goal. Hopefully, this will mean lots of free bets and other promotional offers in the days leading up to the festival AND during the festival itself.

Thanks to this highly competitive environment among the bookies, in the Outplayed community, the Cheltenham Festival has become widely known as the biggest Matched Betting event of the year. So much so that it's even gained the nickname 'Cheltmas'. 


4-Year Average Cheltenham Profits Matched Betting = £694.43

Over the last 4 Cheltenham Festivals (2019-2022), during just 4-days of Matched Betting, the average amount made per person was £694.43.

This figure is based on a total of 409 members' reported profits in the Outplayed Community Forum and Facebook Group. 

Last year's (2022) member-reported profits can be viewed in our Facebook Group here

Profits reported by some of the most elite and expert Outplayed members, which were £3200 or more were excluded from the data as it was felt these were not amounts representative of a typical Matched Bettor. The highest reported profit by an elite member was well over £10,000 and would have required a Matched Betting bankroll of around that same amount to achieve PLUS a substantial time commitment during each day of the festival. Although these amounts show what is possible with Matched Betting, it is a side hustle and must never be considered as a replacement for a full-time job. 

Factors That Influence How Much Profit Can Be Made At Cheltenham

An Outplayed member’s profit over the Cheltenham Festival will depend on a number of key factors including (among other things):

  • Size of bankroll available;
  • Level of experience and knowledge;
  • Time spare to do Matched Betting;
  • How generous the bookies are feeling!

Already Started Matched Betting Before Cheltenham?

If you've started Matched Betting with Outplayed already, then we highly recommend starting to prepare for Cheltenham as early as you can. The key thing to do is to pump up your Matched Betting bankroll as much as you can before the week of the festival and make sure most of it is ready to go in your betting exchanges and bank account. The bigger your bankroll, the more offers you can do each day of the festival and the more profit you can make. 

Brand New To Matched Betting Just Before Cheltenham Or Have A Small Bankroll?

Even if you're new to Matched Betting just as Cheltenham starts, or have a small bankroll, you can still make a very decent profit for relatively little effort over the 4 days of the festival. 

Learning how to take advantage of shared liability can help you achieve good profits with a small bankroll.


Some of the bookies will push supercharged sign-up offers during big sporting events like Cheltenham to help them attract more new customers. As a beginner, you especially want to keep an eye out for the enhanced sign-up offers from the bookmakers as these have the potential to massively boost your initial Matched Betting profits.

As a quick example, a bookie might offer Bet £10 Get £40 in free bets rather than their usual Bet £10 Get £20 in free bets. 

When Matched Betting correctly, more free bets usually equals more profits.

How Much Can You Make Matched Betting Cheltenham?

Based on the factors mentioned above, it's impossible to say how much you could make over the 4 days of the festival.

We can get an extremely good gauge of what is possible though based on members' reported profits in the Outplayed Community from previous years.

Matched Betting Cheltenham – Past Years' Profit Records


The average amount made per person (based on 166 responses) was £576.15. 

Although this appears slightly lower than in previous years, the data came from the Facebook Group alone. It therefore likely includes a much larger proportion of newer Matched Bettors compared to data purely from the forum.

Our newer members made around anything from £50 - £500 profit during the festival.

Members with more time and a larger bankroll recorded some exceptional 4-figure profits! 

One extremely dedicated member reported a 5-figure profit.
(You'll have to browse the Facebook Group post to see what it was).



Average amount made per person (based on 99 responses) was £703.08

Our newer members made around £200 - £400 profit during the festival.

Members with more time and a larger bankroll, recorded some exceptional 4-figure profits!



Average amount made per person (based on 50 responses) was £748.51.

Members with limited time and/or experience and/or available bankroll tended to hit profits anywhere between £265 to £500 over the 4 day festival.

While members with much more time and/or experience and/or available bankroll hit profits over £1,000 and some even over £2,000. (Extra Places and Dutching often having a part to play in this.)

2019 wasn’t much different from this as well...


Average amount made per person (based on 94 responses) was £749.98

Newer members or those with less time and smaller/medium-sized bankrolls usually hit £300-£600 in profit.

Those experienced members hitting the Extra Places (EPs) and with hefty bankrolls again hit £1K or more...

'EPs'  which are mentioned in this post refer to Horse Racing Extra Places)


How Much Can You Make If You're Working Full-Time During Cheltenham?

Matched Betting is a way to make some extra money online in your spare time around your typical day job or other daily commitments. It is not a replacement for full-time employment or similar.

Whilst you may see in our communities that some very experienced Matched Bettors report that they will take time off over Cheltenham to make the absolute most of the festival, the vast majority of Matched Bettors are making money from Cheltenham around their full-time jobs.

Our key tips if this is your situation over Cheltenham would be keeping organized, jumping on every opportunity you can and not comparing yourself to others! You won't be able to make as much as those who aren't working at the same time as the races are on - but you can still give yourself a really top boost to your income for relatively little effort.

How To Make The Most Out Of Cheltenham

Apart from becoming a Platinum or Diamond member of Outplayed, where you then get access to all the Cheltenham offers (including super-charged sign-up offers), horse racing guides, tools and more - we'd also highly recommend joining our Facebook Group - which currently has over 50,000 of our members in. 


In the lead-up to Cheltenham, the Outplayed team will be sharing their advice and tips on how to make the most profit out of Cheltenham through a series of Live Q&A events, Cheltenham tips and more. 

Start Matched Betting Free

You can start learning Matched Betting and make up to £40 profit on our free trial.


Matched Betting is not an alternative to employment or a solution to financial concerns. Profits can vary dramatically based on time and effort.