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Betfred Sign Up Offer

Level: Beginner
Updated: January 19, 2023

In this guide, I’ll walk you through making another £23 profit, this time from Betfred’s sign up offer. I recommend taking your time and completing this guide at your own pace. So, if you’re ready, let’s get going…

1. Open a Betfair account

Before placing any bets, you’ll need to open a betting exchange account. If you already have your Betfair account set up, you can skip ahead to the next step. I’ll use Betfair in this guide as it’s the largest betting exchange, which makes it easier to match bets with other users.

Matched Betting Blog receives a small commission when you sign up to Betfair via the link above. It helps support the site and keeps it free for everyone to learn matched betting.

Sign up to Betfair using the link above, and you’ll pay just 2% commission on winning lay bets instead of their standard rate of 5%.

2. Open a Betfred account

Betfred are offering new customers a £30 free bet when they place a bet of £10.

There are bigger welcome offers elsewhere, but I always recommend starting small and working your way up. Once you’ve completed your first couple of offers, you’ll feel more confident and have a bigger bankroll for completing the larger offers.

3. Switch to decimal odds

Betting exchanges use decimal odds by default, so it makes sense to switch to decimal odds at Betfred. You’ll be able to compare odds a lot easier that way. You can learn more about decimal odds in my ‘Betting Odds Explained‘ guide.

You can usually switch to decimal odds at the top of the page, in the sidebar, or in your account settings.

Betfred

4. Qualifying bet

Now you have your accounts set up, you can claim your offer! The bet you’ll place to qualify for your free bet is your ‘qualifying bet’.

The key terms of your Betfred sign up offer state that you can place your qualifying bet on any sports market, but it must be at odds of 2.00 (evens) or greater. It’s important to check the terms of each offer, as there may be specific requirements you need to meet.

You should place your bets on popular events that regular people will be betting on. This will make it easier for you to match your bets. Football matches are usually the best option.

Qualifying bets should always be placed at low odds. You should also look for close odds between your back bet at the bookmaker (Betfred) and your lay bet at the betting exchange (Betfair).

Doing both enables you to claim your free bet by losing just a few pence overall. If you need to go in-depth on qualifying bets, please see my ‘Qualifying Bets Guide‘.

Place your back bet

At the time of writing, I’ve found odds of 2.20 for Newcastle to beat Leicester at Betfred. This is your back bet. On Betfair (your betting exchange), you can lay Newcastle at odds of 2.32. (Remember, ‘laying‘ means you’re taking the role of bookmaker and therefore betting on Newcastle NOT to win).

Betfred
Betfair

So, your outcomes will be covered as below.

A graphic that demonstrates that a Newcastle win is covered at Betfred and a draw or Leicester win is covered at Betfair.

You can now place your qualifying bet at Betfred. You know you need to place a bet of £10 to qualify, so you can do that now.

Simply click the ‘2.20‘ button for ‘Newcastle United‘, enter your stake of £10 and click ‘Place Bet‘.

Betfred

Place your lay bet

You need to know how much to stake at Betfair to even out your bets. This is where my Matched Betting Calculator comes in!

You simply select the ‘Qualifying Bet’ setting and input the stake and odds from your back bet, plus the odds of your lay bet. The calculator will then tell you how much you need to stake at Betfair to be as close to breaking even as possible. Based on my Newcastle example, that is a stake of £9.57, resulting in a slight overall loss of 63 pence. You can see the calculator populated with my numbers below.

Select bet type

Back Bet (Bookie)

Advanced
%

Lay Bet (Betting Exchange)

%
Lay stake required: £
Bookie
Exchange
Cashback
Total
If back (bookie) bet wins
£
£
£
= £
If lay (exchange) bet wins
£
£
£
= £
Total profit: £

Now, you can place your lay bet. Click on the ‘2.32lay button at Betfair and enter your stake of £9.57.

Betfair

It tells you that your liability is £12.63, and it’s good practice to check this figure against the expected betting exchange loss on the calculator. As you can see, they’re both the same, so you know you have entered the correct lay stake.

You’ll need to deposit enough funds into your Betfair account to cover your £12.63 liability, as this is the amount you stand to lose if Newcastle win. Don’t worry, though. Your winnings at Betfred will cover this, but for a few pence.

Your Betfair screen should now update to display your potential profit or loss for each possible outcome.

Betfair

Outcomes

Let’s look at your overall profit/loss for the potential outcomes.

OutcomeBetfredBetfairProfit/Loss
Newcastle win+ £12.00– £12.63£0.63 loss
Newcastle lose or draw– £10.00+ £9.37£0.63 loss

As you can see, regardless of whether Newcastle win, lose or draw, you’ll incur a slight loss of £0.63. However, this loss is worth it, as you’ve just qualified for a £30 free bet!

5. Using your free bet

Nice work! You’ve just completed your fourth qualifying bet!

Now, you could just place your free bet on anything you like and see if it wins or loses, but you’d be relying on luck! With matched betting, you want to know that you’ll profit from the free bet. How do you do that? You simply repeat the process you’ve just done.

Betfred will credit your account with a £30 free bet within 10 hours of your qualifying bet settling. Again, check the free bet terms for any specific requirements.

As with most free bets, your Betfred free bet is ‘stake not returned‘. Your £30 stake will not be returned to you with any winnings. You only get back what would have been your profit on a regular bet. The free bet is valid for 7 days.

The only real difference in the process this time is that your free bet should be placed at high odds to maximise your profit. As always, the closer the back and lay odds, the better. If you need to go in-depth on free bets, please see my ‘Free Bets Guide‘.

Place your back bet

When writing this guide, the following odds are available for a football match between Man Utd and Burnley.

Betfred
Betfair

The odds for Burnley to win are pretty high, and back odds of 8.00 and lay odds of 8.40 are nice and close.

You can go ahead and place your £30 free bet at Betfred. The free bet should be available via a checkbox on your bet slip.

Place your lay bet

Again, you need to calculate your lay stake at Betfair. This time on my Matched Betting Calculator, you simply select the ‘Free Bet’ setting and input your odds and free bet stake. You can leave the ‘Stake returned’ box unchecked as your free bet stake is not returned for this offer.

Select bet type

Back Bet (Bookie)

Advanced
%

Lay Bet (Betting Exchange)

%
Lay stake required: £
Bookie
Exchange
Cashback
Total
If back (bookie) bet wins
£
£
£
= £
If lay (exchange) bet wins
£
£
£
= £
Total profit: £

As you can see, the calculator tells you that your lay stake should be £25.06. So, as before, you click on the ‘8.4lay button at Betfair and enter your stake of £25.06.

Betfair

It tells you that your liability on this bet is £185.44. It’s good practice to check this figure against the expected betting exchange loss on the calculator. As you can see, they’re both the same, so you know you have entered the correct lay stake.

You’ll need to deposit enough funds into your Betfair account to cover your £185.44 liability, as this is the amount you stand to lose at Betfair if Burnley win. Don’t worry; your winnings at Betfred will more than cover it. Once done, just as before, you’ll see your potential profit or loss at Betfair for each possible outcome.

Betfair

Outcomes

Let’s look at your overall profit/loss for the potential outcomes.

OutcomeBetfredBetfairProfit/Loss
Burnley win+ £210.00– £185.44£24.56 profit
Burnley lose or draw– Free bet+ £24.55£24.55 profit

So, regardless of whether Burnley win, lose or draw, you’ll make a minimum of £24.55 cash from your £30 free bet! Given that your qualifying loss was just £0.63, you’ve made at least £23.92 profit from Betfred’s welcome offer.

Learn matched betting the free, easy way.

The Matched Betting Academy

  • Logically structured to tackle strategies and offers as you’re ready for them.
  • Bag profits every step of the way. About £600 from welcome offers, and another £500 monthly.
  • Make £15 from your very first offer.
Screenshot of the Matched Betting Academy

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Matt Kirman - Matched Betting Blogger

Matt KirmanMatched Betting Blogger

Since 2014, I’ve blogged over £70,000 worth of profit, and made it my mission to make matched betting accessible to everyone.