Chances are you’ve seen many adverts on TV or Magazines from Bookmakers offering you FREE BETS or DEPOSIT MATCHES!! when you sign up. Many people simply pass these up thinking they are some sort of a scam or untrustworthy. Well it’s certainly not a scam (if it was they would have been shut down by the ASA or Gambling commission years ago).
How it works is betting companies want to entice new customers to join their site, in order to do so they will give you free bets or deposit matches when you do. Let’s take betfred for example, when you signup and make your first bet of £10 or more you will get a £30 free bet token to use on any market. Matched betting is when you use this offer to guarantee a profit using a betting exchange like Betfair.
So, lets say you want to get a £30 free bet from Betfred, so you signup and make a deposit of£10. Now you place this £10 bet on Man utd to beat Hull at odds of 1.6, but what if Man Utd don’t win? You will be out a tenner. So you can guarantee a minimal loss by ‘laying’ it on Betfair. This is simply betting against an event to happen, so we would lay a Man Utd with on Betfair in order to return £10. This means whatever happens we get a return (it will be a slight loss) but we will get a free £30 bet to use.
We can do the same with our £30 free bet too. Find a market to place the £30 bet on, then lay it of on betfair so there is a guranteed return no matter what the outcome.
A few things to bear in mind.
When using a free bet token the stake isn’t returned in winnings. i.e. you get a £30 token and you use it on odds of 4.0 and it wins. Your return is actually £90 not £120.
Never lay of an even on the same sportsbook as you are getting the free bet on, this is seen as minimal risk betting and you will get bonus banned (restricted from future promotions) and you current bonus may be cancelled. At worst you will just get your deposit back.
Use a spreadsheet to keep track of which bets you’ve placed and where as well as the sites you’ve claimed bonuses at. Eventually you will have quite the database of sites which will come in useful in the future.