When you start matched betting, you will quickly learn that it is a way to turn bookmaker offers into cash. There are quite a few different kinds of offers that are listed by bookmakers though, one of which is a ‘Free Bet On Loss’.
Essentially, this means that the bookmaker will give you a free bet only if your qualifying bet with the bookie loses. So, how do we ensure a profit then? Well, for this you will need the use of a matched betting calculator, which can be found on a premium site such as MatchedBets.com. More information on them can be found in our MatchedBets review.
Qualifying Bet
Once you are on the calculator, we can make use of a Free Bet On Loss option. As the qualifier is essentially a risk free bet, it works differently to a normal ‘bet and get’ offer. Thus, the calculator needs to have different settings. The risk free bet aspect means this offer could actually be complete in just one step.
The way the offer works means that if your qualifying bet wins with the bookmaker, you will have made your profit from the difference between what you win with the bookmaker and lose on the exchange. This is due to the matched betting calculator working out the ideal amount for your lay stake. This works by entering information such as the back odds, lay odds, stake and betting exchange commission. Once making your profit you can withdraw your money and you will be finished the offer after just one step. As easy as it gets.
Free Bet
If your qualifying bet was to lose with the bookmaker, you will have made a small qualifying loss as the exchange winnings won’t fully cover your back stake but you will also be credited with a free bet. The terms of each free bet will be different depending on the bookmaker, but the sooner you use it the better, as most will expire within a few days.
Once you have your free bet, it can be used in a similar way to any other free bet offer. You will need to find a selection with a good match and then use the matched betting calculator’s ‘Free Bet’ option to work out the ideal lay stake. Then, place a back bet on a selection to win with a lay bet against the same selection. You will then make roughly the same amount of profit whatever the outcome.
Offers such as these are made easier if your matched betting subscription comes with an odds matching tool. You will be able to choose from a list of selections that will be automatically found for you, in order to ensure you get the most value from each offer.