In this risk free bet strategy guide, discover 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.
How to do a risk free bet offer
You need to back and lay a high odds selection (odds of at least 4/1). Then, if the risk free bet wins you’ll make guaranteed profit. Or, if your first bet loses – there’s a free bet or bonus to come (minus a small qualifying loss).
Let’s look at Bwin £10 risk free bet for new customers. Horse racing is not eligible for this promotion, so let’s 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 (5.0).
Risk-free bet (refund as a free bet)
1). Place a £10 bet on the draw at odds of 5.0 at Bwin. This is your “risk free bet”.
2). Place a £7.58 lay bet at odds of 5.3 on Smarkets betting exchange. Your exchange liability is £32.59.
3). If the match result is a draw: £7.41 profit (£10 risk free bet at 4/1 = +£40.00, minus lay liability of £32.59 = +£7.41). You’ve finished the offer.
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 (4.0 or above) at the bookie (backing). Also, place around £7 lay bet at the exchange (laying).
3). You should be able to lock-in £6 to £7 of the £10 free bet refund.
4). So, your net profit is £3.50-4.50 from the original £10 bonus.
Risk-free bet (refund as a bonus)
The above example assumes the refund is a Stake Not Returned (SNR) free bet.
But, some bookies offer a refund if your first bet loses as a Stake returned (SR) bonus with one times wagering. 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 one times 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.
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