Cheltenham Festival 2021 Offer – Spreadex

Cheltenham Festival 2021 is here and you don’t want to miss this Spreadex money back offer! Simply place a bet on the first race each day and if the horse you back places but doesn’t win, Spreadex will refund your stake as a free bet, up to a maximum of £50.00. Translated into matched betting terms, this gives us a potential profit of £100.00+ and here’s how…

Key terms

  • Applies to bets placed between 08:00 on Sunday 14th March 2021 and 18:00 on Friday 19th March 2021.
  • Applies to losing singles bets on ‘day of the race’ markets.
  • Money back as a free bet, up to £50.00, if your horse places in the following races but doesn’t win:
    • Supreme Novices’ Hurdle (13:20 Tuesday)
    • Ballymore Novices’ Hurdle (13:20 Wednesday)
    • Marsh Novices’ Chase (13:20 Thursday)
    • Triumph Hurdle (13:20 Friday)

Qualifying bets

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

It’s entirely up to you which horses you go for. Having looked at the odds available for the Supreme Novices’ Hurdle, we could place our qualifying bet on Appreciate It at back odds of 1.727 (8/11) and lay odds of 1.83.

Either exchange works for this offer

Betfair and Smarkets are both great options for this offer. If you’ve not used one of them, now is a great time to give them a try.

  • Money back as cash up to £20
  • 0% commission for 60 days

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 £47.71…

Spreadex logo

Place £50.00 on Appreciate It @ 1.727 = Potential profit of £36.35

Betfair logo

Lay £47.71 on Appreciate It @ 1.83 = Potential liability of £39.59


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

OutcomeSpreadexBetfairFree BetProfit/Loss
Appreciate It wins+ £36.35– £39.59£3.24 loss
Appreciate It places 2nd or 3rd– £50.00+ £46.75+ £40.00£36.75 profit
Any other outcome– £50.00+ £46.75£3.25 loss

So, we’ll make a nice profit of £36.75 if Appreciate It places 2nd or 3rd, or we’ll lose a maximum of £3.25 on any other outcome. Risking £3.25 to make a potential profit of £36.75 gives us effective odds of 12.31, which I’m sure you’ll agree makes this a profitable offer in the long run.

This offer is available on the first race each day, so with 4 days of action to enjoy, that’s an overall potential profit of £100.00+ on this Spreadex offer!

If eligible, free bets will be credited upon settlement of our losing qualifying bets and will be valid for 28 days.

If you’re unsure how to convert your £50.00 free bets into £40.00 cash (80%), please see my free bets guide for a walkthrough of how it should be done.

I’ll update the following table at the end of each day…

RaceSelectionBack OddsLay OddsProfit/Loss
13:20 TuesdayAppreciate It1.7271.83£3.24 loss
13:20 WednesdayGaillard Du Mesnil2.8753.20£34.29 profit
13:20 ThursdayEnvoi Allen1.3631.44£2.97 loss
13:20 FridayZanahiyr2.102.38£6.40 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.

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Matt Kirman - Matched Betting Blogger

Matt KirmanMatched 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.