Cheltenham Festival 2021 Offer – Bet365

Cheltenham Festival 2021 is here and you don’t want to miss this Bet365 offer! Simply back a winner at odds of 4/1 or more in any live ITV race and Bet365 will give us a risk-free bet equal to our stake, up to a maximum of £50.00. Translated into matched betting terms, this gives us an overall potential profit of £100.00+ and here’s how…

Key terms

  • Offer applies to win or each way single bets placed on any horse running in a race broadcast live on ITV Racing.
  • Applies to our first bet on each eligible race.
  • If our horse wins at odds of 5.00 (4/1) or greater, we’ll qualify for a risk-free bet to the same stake, up to £50.00, on the next ITV race.
  • Risk-free bets must be placed using our own funds and if it loses, Bet365 will refund our stake in cash.

Qualifying bets

This offer is available on the first six races each day…

13:20, 13:55, 14:30, 15:05, 15:40 and 16:15

I’ll take you through a worked example below anyway, but for more information about ‘Back a Winner’ type offers and a walkthrough of how they should be done, please see my Bet365 4/1 Offer guide.

If you’d like more information about qualifying bets and how they work, please see my qualifying bets guide.

Having looked at the odds available, Saint Sam is back odds of 6.00 (5/1) to win the 16:15 on Tuesday. The lay odds are currently 6.20.

Either exchange works for this offer

Option 1:

We know that if our horse wins, we’ll be able to convert our £50.00 risk-free bet into 75% cash. We can therefore add 0.75 to the back odds to get our effective odds…

6.00 + 0.75 = 6.75

Using my Matched Betting Calculator, we simply enter 6.75 as our back odds instead of 6.00 and lay the amount shown. Overlaying like this is fine, but the guaranteed profits are likely to be small.

Option 2:

Our second option is to lay our bets as normal and hope some of our horses win for bigger profits.

We can calculate our lay stake using my Matched Betting Calculator…

Back Bet (Bookie)


Lay Bet (Betting Exchange)


Min £
Max £
Lay stake required: £
If back (bookie) bet wins
= £
If lay (exchange) bet wins
= £
Total profit: £

Optimal Underlay

Lay stake required: £
Exchange liability: £

If back (bookie) bet wins: £
If lay (exchange) bet wins: £

Optimal Overlay

Lay stake required: £
Exchange liability: £

If back (bookie) bet wins: £
If lay (exchange) bet wins: £

As you can see, the calculator tells us that our lay stake should be £48.54…

Bet365 logo

Place £50.00 on Saint Sam @ 6.00 = Potential profit of £250.00

Betfair logo

Lay £48.54 on Saint Sam @ 6.20 = Potential liability of £252.40


Let’s have a look at our potential profit/loss for the possible outcomes…

OutcomeBet365BetfairRisk-Free BetProfit/Loss
Saint Sam wins+ £250.00– £252.40+ £37.50£35.10 profit
Saint Sam loses– £50.00+ £47.56£2.44 loss

So, we’ll make a nice profit of £35.10 if Saint Sam wins, otherwise we’ll lose £2.44. Risking £2.44 to make a potential profit of £35.10 gives us effective odds of 15.39. So, given that Saint Sam is odds of just 6.00 (5/1) to win the race, this is a profitable offer in the long run.

ITV are covering 24 races across Cheltenham Festival 2021, giving us an overall potential profit of £100.00+ on this Bet365 offer!

If any of our selections win, our risk-free bet will be valid on the very next ITV race. We must place our risk-free bets using our own funds and if our selection loses, Bet365 will refund our stake in cash, up to a maximum of £50.00. If our risk-free bet wins, we’ll qualify for another risk-free bet on the next ITV race.

If you’re unsure how to convert a £50.00 risk-free bet into £37.50 cash (75%), please see my risk-free bets guide for a walkthrough of how it should be done.

I’ll update the following table with some actual selections at the end of each day…

RaceSelectionBack OddsLay OddsProfit/Loss
14:30 TuesdayMilan Native7.507.80£2.77 loss
15:05 TuesdayEpatante5.505.80£3.38 loss
16:15 TuesdaySaint Sam6.006.20£2.44 loss
13:20 WednesdayBear Ghylls9.008.80£0.22 profit
16:15 WednesdayChosen Mate9.009.00£0.90 loss
13:55 ThursdayThe Bosses Oscar6.005.80£0.86 profit
14:30 ThursdayAllaho5.505.50£0.81 loss
15:05 ThursdayFury Road5.005.20£37.83 profit *
15:40 ThursdayFarclas6.506.40£0.08 loss
16:15 ThursdayRoyal Kahala7.006.60£2.12 profit
13:20 FridayTritonic5.005.30£3.60 loss
13:55 FridayYou Raised Me Up7.007.20£2.23 loss
14:30 FridayFakiera6.005.90£0.01 loss
16:15 FridayShattered Love7.007.20£2.23 loss

Don’t miss out on one of the most profitable weeks of the matched betting calendar! For a comprehensive list of available bookmaker offers, please see my Cheltenham Festival 2021 Offers page.

* Allaho won the 14:30 on Thursday, resulting in a profit of £37.83 on the 15:05 on Thursday.

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Matt Kirman - Matched Betting Blogger

Matt KirmanMatched Betting Blogger

Since 2014, I’ve blogged over £60,000 worth of profit, and made it my mission to make matched betting accessible to everyone.