Earlier this year I started to look into ways of generating money from free bets from online bookmakers using the matched betting method. At the time I wasn’t really updating this blog, but I was writing one elsewhere and I have kept records of what happened and how much money I made.
I’ve just been revisiting those postings and here is what happened when I cashed in a £30 free bet from Coral last March.
I actually opened the Coral account via the cash back site, Top Cash Back, as they were offering a £20.00 cash back for opening an account and placing a bet (I’ve just checked and it is currently £12.62 to do the same at the moment).
I placed my qualifying bet with Coral (I needed to do this to entitle me to the free bet) on a 50 Over Cricket match, as it was a 50 Over game, it was only a two horse race. This made matching up the trade much easier and allowed me to just back the other team on Betfair for a scratch trade.
I then placed the £30.00 Free Bet on Anzhi in the Russian league at 6/5 (with Coral), which would have won £36.00. After I had placed the free bet I then placed my lay bet of Anzhi on Betfair, leaving me with just under £20.00 red on Anzhi and £16.90 green (£16.05 after commission) on an opposition win and the draw.
This guaranteed me a return of around £16.00 risk free no matter what happened. Had Anzhi won, I would have picked up £36.00 from Coral, and lost £20.00 on Betfair, giving me £16.00.
Had Anzhi not won, I would have lost nothing with Coral as it was a free bet, but I would have picked up £16.05 from Betfair for my lay. It was a no lose situation.
That meant I got a return of just over 50% profit on the free bet, which is a general rule of thumb I try to hit.
The added bonus in this transaction came in the form of the cash back. It took a few weeks to come through, but when it did arrive at the start of May, I got another £20.20 from Top Cash Back site.
So in the end I made £36.25 just for opening an account and placing a qualifying, and then a free bet.
Of the Anzhi match, the game actually finished 0-0 which resulted in the Betfair side (the lay) of the trade winning (£16.05). I would always rather have the money end up in the Betfair or Betdaq account rather than the online bookmaker account.
The more often you lose with the bookies, the better the customer you are in their eyes. This should result in the bookmaker wanting your custom, meaning in some cases they might offer you more free bets to entice you to use them more.
When/if they do, I will just do what I’ve done with this trade – and use them for a nice profit instead, rather than the other way around.