Kick-off time (GMT): 14/05/2016 : 20:00
It’s the Eurovision Song Contest 2016 tonight and Betfred are getting in on the action! Place a pre-event single bet of £10.00 or more on the 2016 Eurovision outright market, and Betfred will give us a £5.00 free bet to use on Sunday. Translated into matched betting terms, this gives us a guaranteed profit of £3.05 and here’s how…
If you’re unfamiliar with qualifying bets, please see my Qualifying Bet Strategy page for a walk-through guide on how they should be done.
Qualifying bets must be placed pre-event on the ‘Eurovision Song Contest 2016 Outright market’ to be eligible. It’s entirely up to you, which country you place your qualifying bet on, but having looked at the odds available, I’ve opted to place my qualifying bet on Russia.
I like to place my exchange lay bets with Smarkets as they have great liquidity, the site is really easy to use and they only charge 2% commission in comparison to the 5% charged by other betting exchanges.
We can calculate our lay stakes using my matched betting calculator…
As you can see, the calculator tells us that our lay stake should be £9.23…
Place £10.00 on Russia @ 1.80 = Potential profit of £8.00
Lay £9.23 on Russia @ 1.97 = Potential liability of £8.95
Let’s have a look at our potential profit/loss for the two outcomes…
|Russia win||+ £8.00 – £8.95 = £0.95 loss|
|Russia don't win||- £10.00 + £9.05 = £0.95 loss|
So, regardless of the outcome, we’ll lose £0.95 in qualifying for our £5.00 free bet.
Our £5.00 free bet will be credited by 12:00 on Sunday 15th May 2016.
By using straightforward matched betting, we should be able to extract 80% out of the £5.00 free bet as cash, so £4.00. If we take into account our qualifying loss of £0.95, this gives us a guaranteed profit of £3.05 on this Betfred offer!