It’s time for a Betway Cheltenham offer! Simply place a race winner bet on the Betway Champion Chase (15:20, Wednesday 11th March) and if Sire De Grugy wins, Betway will refund losing bets as a free bet up to a maximum of £50.00. Translated into matched betting terms, this gives us a risk-free potential profit of £21.09 and here’s how…
Qualifying Bet:
If you’re unsure about how to place qualifying bets, check out my Qualifying Bet Strategy page for a walkthrough guide on how it should be done.
All we need to do for this offer is place our qualifying bet on any horse other than Sire De Grugy. This ensures that if Sire De Grugy wins the Champion Chase, we will automatically be eligible for the free bet refund as our qualifying bet will have lost. Having looked at the odds on offer, I’ve opted to place my qualifying bet on Sprinter Sacre.
Place £50.00 at Betway on Sprinter Sacre @ 4.50 = Potential profit of £175.00
Lay £48.39 at Betfair on Sprinter Sacre @ 4.70 = Potential liability of £179.04
Let’s have a look at our potential profit/loss for the possible outcomes…
| Sprinter Sacre wins | +£175.00 – £179.04 = £4.04 loss |
| Sire De Grugy wins | -£50.00 + £45.97 + £40.00 (extract 80% from our £50.00 free bet) = £35.97 profit |
| Neither wins | -£50.00 + £45.97 = £4.03 loss |
So as things stand we will make £35.97 profit if Sire De Grugy wins. Unfortunately, we also stand to lose a maximum of £4.04 on any other outcome and so we need to insure ourselves against this by laying Sire De Grugy to win at the betting exchange. In order to calculate our lay stake, we need to divide £4.04 by 0.95 to account for the 5% commission. This gives us a lay stake of £4.25.
Lay £4.25 at Betfair on Sire De Grugy @ 4.50 = Potential liability of £14.88
Let’s have a look at our overall profit/loss for the possible outcomes…
| Sprinter Sacre wins | -£4.04 + £4.04 = £0.00 |
| Sire De Grugy wins | £35.97 – £14.88 = £21.09 profit |
| Neither wins | -£4.03 + £4.04 = £0.01 profit |
So if Sire De Grugy wins the Betway Champion Chase, we will make £21.09 risk-free profit. If he doesn’t win, we will break even and there’s no harm done.
If you’re unsure how to extract 80% of our £50.00 free bet, check out my Free Bet Strategy page for a walkthrough guide on how it should be done.
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Matt Kirman – Matched Betting Blogger
Since 2014, I’ve blogged over £85,000 worth of profit, and made it my mission to make matched betting accessible to everyone.