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Risk free bet strategy: how to complete a risk free bet offer

Welcome to the risk free bet strategy. Learn how to profit from a risk free bet.

A popular offer is “refund if your first bet loses. Sign-up with a bookmaker and place a bet. If your first bet loses, the bookmaker refunds your stake as a free bet or bonus.

You need to back and lay a high odds selection (odds of at least 4/1). Then, if the risk free bet wins you can make guaranteed profit. Alternatively, if your first bet loses – there’s a free bet or bonus to come (minus a small qualifying loss).

Placing a risk free bet

Let’s look at Bwin £10 risk free bet. Horse racing is not eligible for this promotion, so we’ll focus on football.

Arsenal versus Standard Liege in a UEFA Europa league match. The draw (denoted by “X”) is available at odds of 4/1 (5.00).

Risk free bet (refund as a free bet)

1). Place a £10 bet on the draw at odds of 5.00 at Bwin. This is your “risk free bet”.

Bwin £10 risk free bet

2). Place a £7.58 lay bet at odds of 5.30 on Smarkets betting exchange. Your exchange liability is £32.59.

Laying £10 risk free bet at Smarkets

3). If the match result is a draw : your profit is £7.41 and the offer is completed (£10 risk free bet at 4/1 = +£40.00, minus lay liability of £32.59 = +£7.41).

4). If the match result is not a draw: your £7.58 lay bet wins. You have retained £7.41 of the implied £10 bonus (£7.58 lay win minus 2% Smarkets commission).

If your first bet did not win at Bwin – the bookmaker will now credit your £10 free bet refund.

Using your free bet refund

1). Now repeat steps 1 and 2 of the above process – backing and laying a high odds selection.

2). Place your £10 free bet refund on a high odds selection (4.00 or above) at the bookie (backing) and placing around £7 lay bet at the exchange (laying).

3). You should be able to lock-in £6-7 of the £10 free bet refund.

4). Therefore, your overall net profit is £3.50-4.50 from the original £10 bonus.

Risk free bet (refund as bonus)

The above example assumes that the bookmaker refunds your losing first bet as a Stake Not Returned (SNR) free bet.

However, some bookies offer a refund if your first bet loses as a Stake returned (SR) bonus with one times wagering. In this scenario, lay slightly more than normal on your first risk free bet, as a Stake Returned bonus is like a near-cash refund.

If your initial bet loses, find a close odds match to complete the 1 x wagering on the refund.


Remember Stake Not Returned (SNR) free bet offers with a low odds qualifying bet. A risk free bet is different. We use high odds and treat as if Stake Not Returned to lock in profit.

Any questions about this risk free bet strategy?, or matched betting in general, check the About page for MBZ contact details.

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