Step 4: Your Free Bet
Check Offer T&C’s:
As with the qualifying bet in the previous step always check the T&C’s to see if there are any restrictions on your free bets. Generally their won’t be, however it is always worth checking.
Coral Offer T&C’s
- Deposit: £5
- Qualifying Bet: £5
- Stake Returned: No
- Minimum Odds: 1.5
- Free Bets: 4x £5 free bets
- Expiry: Must be used within 7 days
For the Coral offer the only item you need to be aware of is that the free bet stake is not returned in any winnings, so you must make sure you select the ‘Free Bet (SNR)‘ option when we use the calculator to work out our lay stake for the exchange.
Select Your Qualifying Bet:
The Free Bet strategy is similar to the qualifying bet strategy with one difference. This time we want to look for a match or race with a close match at higher odds.
Generally speaking you want to find close match odds of 6.00 or higher. The higher the odds the better the return, assuming that the back and lay odds are reasonably close.
For my free bets I tend to go with horse racing as there is a greater chance of finding a close match at higher odds.
Example Bet: For this example I have found the following bet:
Event: Dundalk 19:00
Horse: Corvus Glaive
Back Odds (Coral): 6.5
Lay Odds (Smarkets): 6.8
To find my bets I use OddsMonkey’s Oddsmatcher tool as it allows me to locate bets quickly. OddsMonkey is a monthly pay for service but well worth it to get through the offers quickly.
Calculate Lay Stake:
Before we can place our bets you need to calculate what your lay bet should be on the Smarkets exchange. To do this we use the matched betting calculator and enter the information as follows:
- Make sure you select ‘Free Bet (SNR)‘ mode
- Back Stake: £5 (Free bet stake)
- Back Odds: 6.5 (Win odds on Coral)
- Lay Odds: 6.8 (Lay odds on Smarkets)
- Lay Commission: 2% (Smarkets)
The calculator will then work out our optimal lay stake to minimise our qualifying loss.
As we can see in this case our required lay stake is £4.06 and we will make a free bet profit of £3.98.
Place Your Bets:
First you need to place your £5 free bet on Corvus Glaive in the 19:00 at Dundalk to win with Coral. Once you have navigated to the race you need to click on the odds button showing 6.5.
Once we have selected our bet you need to to select your free bet from the drop down in the bet slip and then click ‘PLACE BET‘.
Next we need to place our lay bet on the Smarkets betting exchange.
First you will need to navigate to the game in the Smarkets site. Once you have found it you need to select the lay odds for Fulham (1.59).
Lay odds on Smarkets are displayed on the right in blue.
When you click on the odds you will need to enter your back stake. For this bet the matched betting calculator tells us we need to lay £5.
Enter you £5 stake into the box marked ‘BACK STAKE’ and click ‘PLACE BET’
As you can see from the bet outcome box below you have covered all the outcomes and made a Free bet profit of £3.98.
The £20 free bet for Coral is awarded as 4x £5 bets so you will need to repeat this process for your three remaining free bets.
We should be able to retain 75%+ off our free bet as profit so in total we should make a profit of £15 – £16 from this offer.
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