How to Profit from Risk Free Bets (First Bet Refund Offers)

It’s common for online bookmakers to offer risk free bets these days and there’s two methods that can be used when matched betting to take advantage of these so called risk free bet offers. Which method you settle on is down to personal preference, the difference being that one method is risk free and guaranteed profits and the other you may incur a small loss if unsuccessful but higher profits can be expected overall. We’ve outlined both methods below …

Just to clarify a risk free bet is generally as follows. Place a bet on the following event or outcome and if your bet loses the bookmaker will refund your bet stake with a free bet (sometimes this may be cash)

The Guaranteed Profit Method

In order to lock in a guaranteed profit from a risk free bet offer, you need to treat both bets i.e. Qualifying / Free Bet as if you we’re in fact betting with a SNR free bet on both occasions. SNR Free Bet stands for stake not returned free bet. We already have a pre-defined bet type for this particular risk free bet offers on Automatcher called ‘ Refund Bet ’ and these bets are calculated in the exact same way as a free bet.

Let’s say for instance we have a £25 risk free bet and as instructed we place £25 (our money) at odds of over 5.00 but we set the offer type on Automatcher to Free Bet. In this example, backing at odds of 5.50 and Laying at odds 5.60.

You can see that if the bet wins we will make a profit of £19.26

£112.50 profit in Bookmaker
Minus
£93.24 in the Exchange
Equals 
£19.26 PROFIT

However if the bet loses we are £5.74 down

£19.26 profit in the exchange
Minus
£25 lost in bookmaker
Equals
£5.74 LOSS

We are £5.74 down BUT remember we get a £25 FREE BET back from the bookmaker

With the assumption that we’ll make £20 profit from the £25 free bet, our overall profit from this offer will work out to £14.26

£20 Profit from Free Bet
Minus
£5.74 Loss from first bet
Equals
£14.26 Profit Overall

To summarize

Always treat risk free bet offers like you are betting with an SNR free bet on your first bet.

If our first bet wins in the bookmaker we can keep our £19.26 profit and don’t need to place any more bets.

If our first bet loses in the bookmaker we’ll be down £5.74 but we will receive a £25 free bet back for this. We can safely assume we’ll make a £20 return from the free bet on our next bet, leaving us with an overall profit of £14.26 from this offer.

Either way using this method we’ll walk away with a guaranteed profit from the risk free bet offer. Remember you can select the Refund Bet option on Automatcher to calculate risk free bet offers  

The Maximise Profit Method   

Since we’ll be betting at high odds on our first bet using the method above. It’s highly likely that our first bet will lose in the bookmaker and we’ll need to bet the free bet again. As shown above each additional bet causes profits to get eaten up. Here’s another method that can be used to try and maximise your profit from the risk free bet offer that takes advantage of the likelihood that a first bet at high odds is likely to lose …

Instead of treating your first bet like an SNR free bet, with this method you treat it like a normal qualifying bet but again place the bet at high odds. Let’s take the same odds from the example above to try this out, betting £25 at Back odds of 5.5, Laying at 5.60

You can see if the bet loses in the bookmaker (highly likely) you’ll incur a small loss of £1.44 BUT gain a £25 free bet in the process. Remember you can expect a £20 profit from the £25 free bet on your next bet.

£20 Profit from Free Bet
Minus
£1.44 Loss
Equals
£18.56 Profit

If the bet wins in the bookmaker you’ll make a small £1.44 loss overall.

Which method you settle on is entirely up to you, both methods are good for making risk free profit from risk free bet offers.

 

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