This is the partner article to “Earn Cashback on a Bet That is Already Guaranteed to Win You Money – The Icing on the Cake!” which discussed using cashback sites to get an extra cash boost to your winnings from the bookies. In this follow up article we will look at the technique for guaranteeing that you make risk free cash using online bookies free bet offers.
The standard deal is that you sign up to an online bookie and deposit some money with them. After this you place a bet with them (usually for odds over 2.0), once this is settled you claim your free bet.
Just following the above procedure would not guarantee you free cash. There is another element that must be included. This is based around betting exchanges.
If you are unfamiliar with betting exchanges they are a relatively recent addition to online betting that have become very popular. Briefly, this involves patching two bettors together who have an interest in betting on one outcome of an event. An example could be for one soccer team to beat another.
If there were two bettors, Peter and Paul, who wanted to place a bet on a certain soccer team A beating another soccer team B then the betting exchange could patch them together. If Peter wanted to bet on team A beating team B but Paul wanted to bet against team A beating team B then whoever bet on the correct outcome would receive money from the other. Peter would be taking the traditional role in betting for team A to win, similar to betting against the bookie. On the other hand Paul would be betting against team A winning, in effect taking the bookie’s role. W88
Taking the position of betting against an event happening, such as team A winning in the previous example, is known as laying. This is what will allow us to guarantee that we win on each free bet that we receive from an online bookie – and there are many to take advantage of. For each event we will want to place two bets, a traditional bet with the bookie who is offering the free bet and a lay bet with a betting exchange. I will give you an example to clarify this technique.
Now, imagine that Paul has just found out about matched betting and wants to try it out. First he finds a bookie who is offering a free bet. Then he reads the terms and conditions of the free bet offer (very important – always read the T&Cs). He discovers that to get the free bet he must first place a bet with his own money for £25 then he will receive a free bet of the same value once the qualifying bet has settled.
He finds, for example, a football match where the bookie is offering odds of 3.0 for team A to win the match and the betting exchange is offering 3.1 for team A not to win (i.e. for team A to lose or draw). He then places £25 on this bet at the bookies and lays £24.59 at the betting exchange. This may sound like a strange amount to lay but if you work it out it will give exactly the same return on whatever outcome occurs in the match. That is a loss of £1.64 no matter what happens.