Following on from my qualifying bet strategy, you can now secure some profits from the free bet that you've been awarded at the bookmaker.
For this example, we got a £10 free bet to use as soon as the Bournemouth v Newcastle match went in-play.
As per the terms of this offer, it is a free bet with the Stake Not Returned (SNR). You will find that 99.99% of free bets are like this but always check the T&Cs just in case.
Turning our free bet into a guaranteed profit
Screenshots of the actual bets will be here by 5pm on Saturday 7/11/15 but for now, here is a general scenario.
At half-time, the match is delicately poised at 1-1.
A quick look at the correct score markets shows us that 2-2 is available to back at odds of 8.00 and on Smarkets this is available to lay at 8.80.
We then use the matched betting calculator to tell us exactly how much to lay on Smarkets at odds of 8.80.
On the calculator you need to do the following (actuals from this example in brackets):
- Make sure that Free Bet is selected
- Enter the stake (£10)
- Enter the odds you backed at (8.00)
- Enter the odds available to lay at (8.80)
- Enter the exchange commission (2% for Smarkets)
- Click calculate
It should look something like this:
So on Smarkets we can now lay 2-2 at odds of 8.80 with a stake of £7.97 and this will give us a liability on Smarkets of £62.17.
You click the lay/against button (dark blue on Smarkets, pink on Betfair), enter your stake and check that the liability corresponds with what was in the calculator.
I'll run through the calculations but please remember that the bookmaker stake is not returned in this example
If the bet wins at the bookmaker, then we will have made a profit of £7.83
- £10 x 8.00 = £70 returned= £70 bookmaker profit
- £70 bookmaker profit minus £62.17 loss (liability) on Smarkets = £7.83 profit
If the bet loses at the bookmaker, then we will have made a profit of £7.81
- Nothing lost at bookmaker as it was a free bet
- £7.97 won at Smarkets minus 2% commission = £7.81 profit
Now in this example we lost 48 pence on our qualifying bet but overall we've made over £7 of easy risk free profits.
The newsletter will wind its way to your inbox each weekend and I'll make sure I include some offers in there for you too, so sign-up just below and you'll be the first to know when a great offer is around for the weekend.
If you're new to matched betting, then make sure you read all of my articles in order :
- Matched Betting Guide
- Betting Exchanges
- Qualifying Bet Strategy
- YOU ARE HERE >>Free Bet Strategy
- My Matched Betting Blog