Free Bet Guide
Once you have completed the ‘qualifying bet‘ part of the welcome offer we can move on to making our profit from the free bets that we have been credited by the bookmaker.
The matched betting strategy used to extract profit from the free bets is very similar to the qualifying bet. The key difference with the free bet is that we need to find an event that has a close odds match at higher odds.
Free Bet Strategy:
In the qualifying bet guide you learned that we needed to find matches/races with low odds in order to minimise our qualifying loss. With your free bet you want higher odds to maximise your profit.
What Should I Bet On?
As with your qualifying bet you can bet on any sport you like, however it is best to be consistent with your betting to avoid being gubbed. Personally I stick to football, horse racing and rugby targeting the major games or races where possible.
Sticking to this strategy will keep you off the bookies radar and allow you to make profits from reload offers for a longer period of time. To ensure that you have plenty of choice try and place your bets midweek or at weekends when there are plenty of matches to pick from.
Find Bets With High Odds:
For your free bets you want to look for games with higher odds available in order to maximise our free bet profit.
The table below shows our return and exchange liability for one of our Coral £5 free bets. As you can see from the table below the higher the odds (and relative closeness between bookie and exchange odds) the the better the return will be from our free bet.
In order to extract the higher profit you will need to make sure that you have enough funds in your betfair exchange account to cover the liability for the bet. You can see from the table that as profit increases at higher odds so does our your liability to cover the bet on the exchange.
|Bookie (Back)||Exchange (Lay)||Liability||Profit|
Finding Your Bet:
As with the qualifying bet you will need to do a bit of leg work to find a match or race with close between the bookie and the exchange. When doing your matched betting make sure there are some good sporting fixtures taking place that day or within a few days.
An alternative to doing this would be to use an odds checking tool like OddsMonkey which will do the leg work for you when hunting for your qualifying bets and free bets.
Once you have found a match that has the correct odds you will need to place the two parts of your bet.
As an example I have found a horse race at Newcastle to use as an example. Note that for horse racing the odds tend to tighten closer to the race start time. The closer you get to the race start the more volatile the odds so you need to quick.
As we can see the odds for Foxy Forever are at 8.00 on Coral and have lay odds of 8.4 on Betfair.
Next we need to check the odds on Betfair. Here we can see that the lay odds for Foxy Forever are 8.40
Calculating Your Lay Stake:
So now you have found a bet with low, similar, odds, we need to enter the information into the matched betting calculator to find our required lay stake to enter on Betfair.
In the matched betting calculator make sure you select ‘Free Bet (SNR)’ and enter the follwing information:
- Free Bet Stake = £5
- Back Odds = 8.00
- Lay odds = 8.40
- Lay Commission = 5% (Betfair)
Once we have entered this in the calculator we can see that our required lay stake is £4.19.
You can also see that we will make a profit of £3.98.
Place Your Bets:
Now we have our lay stake we need to place both parts of the bet. Once you have placed your bet with the bookie you will need to place the lay part of the bet on the exchange.
For the lay bet on the Betfair exchange you simply click on the lay odds for your selection (pink) . In this case Foxy Forever at 8.40 as shown below.
On the right hand side you will see the betslip where we type in our lay bet of £4.19 in the box labelled ‘Backers Stake‘.
Free Bet Profit:
As you will see from the bet calcualtor you win regardless of the result. If the BACK bet wins you win £35 with the bookie and lose £31.01 giving a profit of £3.99. If your exchange LAY bet wins we lose nothing at the bookie, as it is a free bet, and win £3.98
Free Bet Checklist:
- Select popular sports and sporting events to avoid being gubbed.
- Try to place bets mid-week or at the weekends so there are plenty of betting opportunities.
- The higher the odds the better the return. Make sure you have enough money in your exchange account to cover your lay bet liability.
- Use the matched betting claculator to work out your lay stake. Make sure that it is set to Free Ber (SNR)