There’s a big day of racing at Leicester today and Ladbrokes are getting in on the action! Place a bet of £5.00+ on the 15:30 at Leicester and if our selection wins by 3+ lengths, Ladbrokes will double our winnings as a free bet, up to a maximum of £100.00. Translated into matched betting terms, this gives us a potential profit of £77.73 and here’s how…
If you’re unsure about how to place qualifying bets, check out my Qualifying Bet Strategy page for a walk-through guide on how they should be done.
Qualifying bets must be placed between 08:00 and 15:30 on Tuesday 17th October 2017, to be eligible.
To qualify, we must place a £5.00+ bet on the 15:30 at Leicester. If our selection wins the race by 3+ lengths, Ladbrokes will double our winnings in free bets, up to a maximum of £100.00. If eligible, free bets will be credited within 24 hours of our bet being settled and will be valid for 48 hours. Free bet stakes are not included in any returns.
It’s entirely up to you which horse you go for. At the time of writing, the lay odds aren’t quite tight enough, so I’ll use fictional odds for Vibrant Chords in the following example and I’ll update the bottom of the post with my actual selection after the race.
In order to work out our back stake, we need to divide £100.00 by 2.00 (back odds minus 1.00). This gives us a back stake of £50.00, which is perfect as it’s best that we stick to round numbers when placing our qualifying bet.
I like to place my exchange lay bets with Smarkets as they have great liquidity in the run up to races, 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 stake using my matched betting calculator…
As you can see, the calculator tells us that our lay stake should be £48.70…
Place £50.00 on Vibrant Chords @ 3.00 = Potential profit of £100.00
Lay £48.70 on Vibrant Chords @ 3.10 = Potential liability of £102.27
Let’s have a look at our potential profit/loss for the possible outcomes…
|Vibrant Chords wins by less than 3 lengths||+ £100.00 – £102.27 = £2.27 loss|
|Vibrant Chords wins by 3+ lengths||+ £100.00 – £102.27 + £80.00 (extract 80% from our £100.00 free bet) = £77.73 profit|
|Vibrant Chords doesn't win||- £50.00 + £47.72 = £2.28 loss|
So, we’ll make a nice profit of £77.73 if Vibrant Chords wins the race by 3+ lengths and we stand to lose a maximum of £2.28 on any other outcome. Risking £2.28 to make a profit of £77.73 gives us effective odds of 35.09, which I’m sure you’ll agree, makes this a profitable offer in the long run.
If you’re unsure how to extract 80% cash from a £100.00 free bet, check out my Free Bet Strategy page for a walk-through guide on how it should be done.
* See my Horse Racing Offers page for a full list of money back offers available today! *
* I was unable to find a suitable qualifying bet, so I decided to give this offer a miss. *
Click here to take advantage of this Ladbrokes offer