What is Gnoming? I remember the first time I saw the word my imagination immediately conjured up a scene of a dark and dingy corner of a park and some goings-on between consenting adults. Luckily for me and my Internet search history, it has a perfectly normal meaning. Well almost.
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So if you are unfamiliar to Matched betting then the first thing to do is let you know that it is pretty much the number one side-hustle available to most people to earn large sums of cash very quickly.
If you are looking for more information before continuing in this post then head over to my guide to matched betting.
So, hopefully, if you are reading from here you know a little about matched betting and its amazing ability to earn you lots of spare cash in your spare time. I use a matched betting website. They help me by showing me the latest offers and this saves me so much time.
Not only that but they have a great matched betting calculator. Have a look below at their fantastic offer for new members.
The Grey Area
What is Gnoming then?, Well if you have been lurking around any matched betting forums you may have heard the term Gnoming. It may have been whispered in the corner. Generally, it is a bit of a grey area and not many people like to talk about it openly.
I first heard about it when I was on a forum discussing Bet365. This is one of the biggest bookmakers in the UK. It is essentially the practice of having more than one account for matched betting with one bookmaker.
When working through all your initial sign up offers with multiple bookmakers and using a matched betting calculator it is quite possible to make around £1500. If you’re unconvinced then see above how it is possible with Profit accumulator. The lure of Gnoming is being able to do this with multiple accounts. I’m sure you can imagine how tempting it is to do all these offers with say 5 accounts.
So most bookmakers do not allow more than one account per household. This means that you cant open other accounts under your wife or brother or sisters names and then use that account to do all the new member offers and make loads of profit. There are the occasional partner-friendly bookies. These usually allow you to sign up your wife or husband etc. Usually, though they only allow one member of the household to use the best offers.
What generally happens and how matched bettors such as myself find out about Gnoming is when you’re relaxing with friends. You are waxing lyrical about how much spare money you are making each month with matched betting.
You start explaining the process and most of your friends decide they want to try it out. The easiest way to do this is to gather at your house and show them.
When you try and explain matched betting it sounds super complicated. In reality, if you watch someone do it while explaining it then it becomes a lot clearer a lot more quickly.
The problem you have is when you try and sign someone up using your computer the bookmakers reject you. All bookmakers have complicated tracking software that is installed on your computer when you initially sign up. This sounds illegal but it isn’t, you can apply to the bookmaker to get instructions on how to remove it.
This software recognizes that you are using the same laptop to sign up a new member and they refuse. This software can also track your IP address. This means even a different computer under the same location will end in the same result.
You can, of course, get a VPN which is a virtual private network which essentially sends out confusing signals about your IP address. This may work for a while but the bookmakers are smart. They have spent so much money on trying to stop matched betting and dual accounting or gnoming that trying to fight it and hide your identity is quite hard.
Is Gnoming Illegal
As I stated at the start it is a little bit of a grey area. Some people who are making more than £2000 upwards per month are probably Gnoming. The only problem is because of the massive amount of profit they are making they are very unwilling to talk about it and tell people how they are doing it.
Not only that but discussion of gnoming is forbidden on most matched betting sites, I know it is on Profitaccumulator. So for that end, it is quite difficult to work out if it is 100% illegal. Not only is it forbidden on all bookmakers, but also if they find out you are using multiple accounts they will shut all your accounts down regardless of how much money you have in them.
Technically pretending to be someone else and setting up accounts in other peoples names is fraudulent. In reality, are you going to get the police knocking on your door and arresting you for fraud?, Not really. They have bigger fish to fry and most bookmakers just spot the gnoming then shut your accounts and that is the end of it.
Of course, while Gnoming is going to eventually get your accounts closed and lead to you being gubbed it is not the end of the world. Where Gnoming or multi-accounting can cause you untold grief is when you get family or friends involved and you set up accounts for them.
Money and family/friends dont mix that well. There will always end up being a row over money or access to accounts etc. Trust me you dont want to end up in small claims courts fighting family and friends over cash.
There is also the risk of your bank account being closed and or investigated. The fact that banks keep a close watch on any suspicious activity and moving large amounts of cash into and out of accounts means it could raise suspicions at the bank.
Is Gnoming Worth It
I have seen people on forums claiming that they are making £5000 upward per month from matched betting. Now after doing matched betting for over 2 years, I know this is not possible. You used to be able to make £2000 a month with one account but now it is more like £1000-1500. So these claims are either outright lies or they have multiple accounts.
As tempting as these earning claims seem in the long run I just dont think it’s worth it. I’m sure if you manage to find someone willing to talk about it you might be able to form a different opinion than mine. However, with all the risks involved, I would rather spend my time mastering one account and making £1000 tax-free cash each month with no risks.
Just a short word of warning, I am experienced in matched betting but I have no experience in Gnoming. I am just laying out some of the facts. Should you wish to continue and start Gnoming for yourself then perhaps you should seek further advice from someone who has participated in this before making a decision.