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Here is a live working example of how to get money from free bets.
We have to open up a new bookmaker account, in this example it is Paddy Power.com.
Paddy Power.com will give you a £25 free bet when you bet £25 on a qualifying bet.
We now need to find a qualifying bet in order to receive the £25 free bet, here is what to do.
First we log on to our betfair account (if you dont have one you can open one here) and bring up the days football
matchs, in the example i bring up the days carling cup fixtures, see below.
The best sport to find bets on is football (always find your bets at least 1 hour before kick off)
Next we go to the Paddy Power.com website, login and open up the days football, again in this example i open up the days carling cup football matches like this.
Now that we have the the days carling cup football matches open on both betfair and Paddy Power, we need to find a qualifying bet, as you can see from the two screenshots, we have the same matches up but different prices on Betfair and on Paddy Power, what we need to do is find a match were the odds on the game are very close together (we need to look at the lay odds on betfair, which is the pink column)
As we can see from the matches above the Portsmouth V's Stoke game has the prices that are the closest to each other, Portsmouth are 2.00 on Paddy Power and Portsmouth are 2.04 to lay (pink column) on Betfair.
This will be our qualifying bet.
We now bring up our Free bet Calculater to find out how much money we need to bet.
Once the free bet calculater is open we then put in our information, so for our example we do the following
In the first row we need to click the qualifying bet radio button.
In the back stake box we nedd to put in £25, this is how much we need to bet.
In the back odds box we put the odds of the bet we want to back, in this case its 2.00
In the back comm (%) box, we can leave this blank, this is only for betting exchanges
In the lay odds bok we put the odds we want to lay at, in this example its 2.04
In the lay comm (%) box, we have 5 in there because betfair charge 5% commision
When all the information is in the calculater, we press calculate, it will look like this.
As you can see from the free bet calculater screenshot, all our information is inputed, and the calculater then tells us what we need to do in the summary part.
From our example above we can see that we need to place £25 on Portsmouth to win at odds of 2.00
We need to put £25.13 on Portsmouth to lose (lay bet) on Betfair at 2.04
If you dont know what lay betting is, click here for more imformation.
As you can see from the summary in the screenshot, we are going to lose £1.13 whatever the outcome of the match is
We lose this money because the odds we picked are different (we backed at 2.00 and layed at 2.04) The lay odds would have to be lower than the back odds in order for us to not lose any money, This will very rarly be the case, and you could spend 2 or 3 days just trying to find such a bet
So what i did when i was finding my bets and what i recommend is to find odd that are fairly close together like in the example above, these bets are easy to find
You can use the Free bet Calculater to put the different prices into, to find out how much you will lose on the qualifying bet
When i was using the system, i allowed to lose at most £1 for every £10 i bet, so if i bet £50 i might lose up to £5
Of course the reason i dont worry about losing any money on the qualifying bet is because when the bet is settled i will get a free bet, in the example above i am going to lose £1.13 on the qualifying bet but i am going to get £25 free We can also see from the calculations part of the calculater exactly what happens if our bet wins or loses
If Portsmouth win the game then we win £25 with Paddy Power, but we will lose £26.13 on Betfair
If Portsmouth dont win the game then we win £23.87 with Betfair, but we will lose £25 on Paddy Power
No matter what the result of the game is we will lose £1.13, but we will receive a free £25 bet from Paddy Power and this is how we make our money.
Click here to see the next step, and how we can make a profit from this.