Using A Free Bet
Checklist, before reading up on the free matched betting guide;
- You are aware of exactly what Matched Betting is.
- You know how to place a back and lay qualifier / Mug bet.
- You are signed up to the forum so I can assist you with any questions, or support and guide you with your bets.
Following on from the Qualifying bet guide, you will have placed your initial bet and now have your free bet sitting in your account.
The key thing to note here, is that you have only lost £0.65 so far and have £25 Free in your account.
The free bet works a little differently, as the stake is not returned with the winnings. This means if you back a horse at evens (2.0), instead of returns of £50, as it’s a free bet you only receive the winnings (£25).
We have a calculator that is set up exactly to deal with this, with a handy option of ‘Stake Not Returned SNR’.
To make as much profit as possible from the free bet, I advise to use odds over 5.0. This will enable you to lock in between 70-80% of the free bet value.
Placing the Free Bet
As I mentioned above, find a match with odds over 5.0. The higher the better, as it can enable you to lock in more profit, but be wary it will increase the liability required to place the Lay bet.
In this instance I have found Spain to win Czech Republic 2-0 is odds of 7.0, perfect!
I have also looked on Smarkets and to lay the same result, Spain 2-0 is also 7.0
This is perfect, it’s a close match and there’s plenty of money available.
Now, it’s time to open up the Matched Betting Calculator and calculate exactly how much we need to be laying here.
Most importantly, select Free Bet – Stake Not Returned!
Open the calculator, input the back and lay odds, aswell as commission. Note, I’m using Smarkets as they charge the least commission and they’re Very user friendly interface makes it super-simple to bet!
You are now given this on the calculator;
Lay £21.49 at odds of 7.0, you will require £129 in your Smarkets account, but you are then guaranteed £21.06 profit! Completely Risk Free!
Minus your initial qualifying losses and that’s still £20.41 of free money, now withdrawable to your bank account!
- Always use Free Bet – SNR when using a free bet, as it changes settings on the calculator to guarantee you profit from the free bet.
- Use high odds as possible as it enables us to lock in a higher profit.
- Remember Liability is the amount needed in the account, Lay stake is the amount you type into the box. I will be covering this on my next blog visit.