Place a bet on any race at Cheltenham on Wednesday and if the starting favourite wins the race, Betfair will refund all losing bets as a free bet up to a maximum of £25.00. Translated into matched betting terms, this gives us a potential profit of £15.22 and if you’re a new customer, you are still eligible for their standard £50.00 free bet offer! And here’s how…
We need to select a horse and hope he doesn’t win the race, as only losing bets are refunded in the event of the race favourite winning. Having looked at the odds on offer, it makes sense to back a horse in the race with the strongest favourite (based on current odds). This is the Neptune Novices’ Hurdle at 13:30hrs and I’ve decided to bet on Red Sherlock.
Step 1:
Place £25.00 on Red Sherlock @ 5.50 = Potential profit of £112.50
Lay £23.91 on Red Sherlock @ 5.80 = Potential liability of £114.77
Step 2:
Let’s have a look at our potential profit/loss for the various outcomes…
|
Red Sherlock wins |
+£112.50 – £114.77 = £2.27 loss |
|
Favourite wins |
-£25.00 + £22.72 + £17.50 (we should be able to extract 75% of our £25.00 free bet) = £15.22 profit |
|
Neither Red Sherlock nor favourite wins |
-£25.00 + £22.72 = £2.28 loss |
So we will win £15.22 if the race favourite wins the race and lose a maximum of £2.28 on any other outcome which I’m sure you’ll agree is a risk worth taking as Faugheen (current favourite) is heavily fancied to win this one and has short odds at the time of writing..
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Matt Kirman – Matched 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.