Back in 2007 I came across a sports forum called The Daily Gambler (I checked and it doesn’t exist anymore) where a bunch of guys were using free bets to guarantee themselves a profit every single time.
I quickly learned as much as I could and in the process made about £500 profit.
Needless to say I’ve exhausted all the free bet offers out there (for opening new accounts) so I guess there’s no reason not to share the system I used.
Here’s exactly how I managed to guarantee a profit from free betting offers:
What you’ll need to start
Before I get into the exact process you need to go through to produce the same results as I did you’re going to need a couple of things.
1) To bookmark this page so you can return and use the calculator below.
2) An account with Betfair (the worlds leading betting exchange) which you can open by clicking this link.
The Exact Process Step-by-Step
I am going to assume you’ve got yourself an account with Betfair now. If you aren’t familiar with how Betfair works then you really need to read this article I wrote about how to act as the bookmaker.
Once you’ve read that you’ll need to sign up and deposit the required amount for one of the many free bet offers currently available. You can find some in the table on this sites homepage here.
How To Release Your Free Bet Without Risk
I suggest you pick one of the £25 free bet offers available to get you started (I’ll use Betvictor’s in this example). There is a learning curve here and I’ve seen people make mistakes the first time around. Don’t waste the best offers until you’re sure you know what to do.
The goal now is to get the free bet released into our account but at the same time make sure we don’t lose any money in the process.
Releasing Your Free Bet
Open up Betfair and your chosen bookmaker at the same time (use 2 tabs side by side in your browser). You must now find a market where the back odds at your bookmaker and the lay odds at Betfair are as close as possible.
The closer these odds the better as you’ll lose a little less releasing. Remember though you will need enough money in Betfair to cover the lay liability.
To release my first ever £25 free offer I used Juventus in a football match who had back odds at my bookmaker of 2.0 and lay odds at Betfair of 2.1. I think it was between Juventus and Inter Milan… not that it matters.
At this point it is CRUCIAL to check the T&C’s of your free offer. Most state to release your free bet you need to place your first bet at odds of 2.0 or higher. If you place it at lower odds you won’t get the free cash. Read them or weep folks, it’s that simple.
This is the clever bit so listen up.
I used a calculator exactly the same as the one on this page of my website (the matched betting calculator) to work out how much I would need to back and lay the draw for in this game to release my free bet without risking any money.
Here’s what I did:
- Made sure the Free bet box was un-ticked as I’m betting with my own cash at this point.
- Put £25 in the Stake box.
- Entered 2.0 in the Back odds box.
- Entered 2.1 in the Lay odds box.
- Set commission % at 5 which is Betfair’s standard rate.
- Hit Calculate.
Here’s what it means:
The calculator worked out that if I use a lay stake of 24.39 at Betfair and back for £25 at my bookmaker then whatever the result of the match my overall profit will be -£1.83…
If the match is a draw I will have £25 profit at the bookies but lose £26.83 at Betfair meaning overall I will be down -£1.83.
If the match isn’t a draw I will have lost £25 at the bookies but made £24.39 on Betfair, minus the £1.22 commission, and that’s a loss of -£1.83.
BUT it also means that I will have released the free bet the bookmaker offered me for signing up. £1.83 is a small price to pay for a £25 free bet.
What’s Next… You Decide
What comes next is really up to you but I’ll list your options and let you know what I did as well.
Option 1 (the option I took) – Use your free bet and bet with it. Now that might sound stupid but you’ve essentially paid £1.83 for a free bet of £25 on anything you want. If your free bet loses then so be it, you’re free-rolling, and if it wins (even if only at even money) you’re £23.17 better off than when you started.
This is certainly the option to take if you’ve got a bit of gamble in you. I backed quite a few 3/1, 7/2 and 4/1 shots I fancied using this method because I knew if I lost I wasn’t really losing anything. When they come in you cash in, withdraw if you want, or have a nice boost to your bankroll.
Option 2 – Back and lay it out of your bookmakers account and into Betfair. This option is for the more cautious punter. It can potentially take a long time and you won’t have any big payouts but it does guarantee you make a profit on your free bet.
With this method you need to find a market on Betfair which has the same lay odds as the back odds are at your bookmakers. That or one which is very, very close in odds.
You back with the bookies at £25 and lay on Betfair for £25. Then you hope the bet loses and you’re money is out of the bookmakers and into Betfair where you can withdraw it straight away.
The problems come here when: a) your bet keeps winning at the bookmakers because you’ll have to put more money into Betfair to cover your liability b) you can’t find appropriate markets between Betfair and your bookmakers to use.
I don’t normally leave the comments open on my articles, because of the reams of spam you get, but this is a tricky process and I know you will have questions about it. I certainly did when I started.
If you’re not sure about any part just leave a comment below and I’ll do my best to help you out with it. Plus if you bag a nice winner using this method then be sure to let me know about it.
EDIT: Too many spam comments received so comments closed. Please contact me via the about page if you have any questions.