One of the biggest benefits of matched betting is that it severely diminishes the risk element of betting. One offer that enables you to completely eliminate this is a ‘risk-free’ bet. These are regularly offered by bookmakers on major events and they are a great way of locking in a profit.
Our latest matched betting tip looks at how they work:
What is a risk-free bet?
Risk-free bets mean that if your bet loses you receive a full refund. This refund is either in the form of a free bet or cash. Obviously, you could just have a punt and be safe in the knowledge that you’re getting a refund in the event of a loss. However there is a way of ensuring you walk away with a profit regardless of what happens.
How to profit from risk-free bets
We’ll use the example of a £10 risk-free bet on Liverpool v Arsenal. This free bet is awarded in the form of cash.
An Arsenal victory is available at 6 and can be laid at 6.2. (NB - Longer odds work better for risk-free offers).
In the matched betting calculator, you can input these odds and insert a value for the ‘Bet Retention’. This is the percentage of the bet you receive in the event of a loss. If, as in this case, the refund is in cash, then the bet retention value is 100%. Alternatively, if the risk-free element is paid in the form of a free bet, then the bet retention should be inputted as 80%.
If we apply that to our £10 risk-free bet, we get the following calculations and results:
Bet Value: £10
Back odds: 6
Lay odds: 6.2
Free bet value: £10
Bet retention: 100%
If Arsenal win then you are immediately in profit. You will win £50 at the bookies, but lose £41. 91 at the exchange. Therefor your profit is £8.09
If Arsenal lose, then you are £10 down at the bookies, but £8.06 up at the exchange. However, you also receive £10 back into your betting account as per the terms of the offer. The net result is that you are £8.06 up.
So whatever happens in the match, you are guaranteed to make a profit of just over £8.
If the £10 refund comes in the form of a free bet, your profit will be a couple of pounds less, as you will need to match the free bet. But you can still lock in a profit of £6.
Thanks to matched betting calculators, risk-free bets are a very easy way of locking in a profit. You can guarantee making a profit of around 80% of the value of the free bet. Yes, you could punt the risk-free bet, but in the long run, matched betting will give you larger and more regular profits.
It’s highly recommended that you join a matched betting service such as Oddsmonkey or Profit Accumulator, as they will do the legwork for you and find the matches for risk-free bets. They will also help you to keep track of all your bets and profits. Good luck!