We’re heading Down Under for the Melbourne Cup on Tuesday and you don’t want to miss this Ladbrokes offer! If Bondi Beach finishes 1st or 2nd in the Melbourne Cup 2016, Ladbrokes will refund all losing mobile bets as a free bet up to £25.00. Translated into matched betting terms, this gives us a potential profit of £19.58 and here’s how…
Qualifying Bet:
This offer is only available to new and existing MOBILE customers.
If you’re unsure about how to place qualifying bets, check out my Qualifying Bet Strategy page for a walk-through guide on how it should be done.
Qualifying bets must be placed between 13:00 on Saturday 29th October 2016 and 04:00 on Tuesday 1st November 2016, to be eligible.
We need to place our qualifying bet on any horse other than Bondi Beach. Having looked at the odds available, I’ve opted to place my qualifying bet on Hartnell.
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 stakes using my matched betting calculator…
As you can see, the calculator tells us that our lay stake should be £25.08…
Place £25.00 on Hartnell @ 6.00 = Potential profit of £125.00
Lay £25.08 on Hartnell @ 6.00 = Potential liability of £125.42
Let’s have a look at our potential profit/loss for the possible outcomes…
| Hartnell wins | + £125.00 – £125.42 = £0.42 loss |
| Hartnell doesn’t win and Bondi Beach finishes 1st or 2nd | – £25.00 + £24.58 + £20.00 (extract 80% from our £25.00 free bet) = £19.58 profit |
| Hartnell doesn’t win and Bondi Beach doesn’t finish 1st or 2nd | – £25.00 + £24.58 = £0.42 loss |
So, if Hartnell doesn’t win and Bondi Beach finishes 1st or 2nd, we’ll make a nice profit of £19.58. Any other outcome and we’ll lose £0.42. Risking £0.42 to make a profit of £19.58, gives us effective odds of 47.62, which I’m sure you’ll agree, makes this a profitable offer in the long run.
If our horse doesn’t win and Bondi Beach finishes 1st or 2nd, mobile customers will receive their free bets within 24 hours of the race finishing and will be valid for 7 days.
If you’re unsure how to extract 80% of our £25.00 free bet, check out my Free Bet Strategy page for a walk-through guide on how it should be done.
* Hartnell finished 3rd with Bondi Beach finishing 13th, meaning I made a loss of £0.42 on this Ladbrokes offer. *
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Matt Kirman – Matched Betting Blogger
Since 2014, I’ve blogged over £90,000 worth of profit, and made it my mission to make matched betting accessible to everyone.