There’s a big day of racing at Cheltenham on Tuesday and you don’t want to miss this Money Back Special from Paddy Power! Simply place a bet of up to £10.00 on the 15:10 at Cheltenham and if Wholestone wins, Paddy Power will refund all losing bets as a free bet, up to a maximum of £10.00. Translated into matched betting terms, this gives us a potential profit of £7.30 and here’s how…
Key Terms:
- We must place our bet between 10:00 on Monday 31st December 2018 and 15:10 (race-off) on Tuesday 1st January 2019.
- Offer applies to single bets or the win part of each way bets.
- If less than 5 runners take part, this offer will not apply.
- If our horse loses and Wholestone wins the race, Paddy Power will refund our stake as a free bet, up to £10.00.
Qualifying Bet:
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.
For our qualifying bet, we need to back and lay any horse other than Wholestone. At the time of writing, the lay odds aren’t quite tight enough, so I’ll use fictional lay odds for Old Guard (10/3) in the following example and I’ll update the bottom of the post with an actual selection after the race.
We can calculate our lay stakes using my matched betting calculator.
Aim to lose no more than £0.70 on our qualifying bet
Outcomes:
Let’s have a look at our potential profit/loss for the possible outcomes…
| Outcome | Bookie | Exchange | Extracted | Profit/Loss |
|---|---|---|---|---|
| Old Guard wins | +£33.33 | -£34.03 | £0.70 loss | |
| Wholestone wins | -£10.00 | +£9.30 | +£8.00 | £7.30 profit |
| Another horse wins | -£10.00 | +£9.30 | £0.70 loss |
So, if Wholestone wins, we’ll make a nice profit of £7.30. Any other outcome and we’ll lose £0.70. Risking £0.70 to make a profit of £7.30, gives us effective odds of 11.43. So, given that Wholestone is odds of just 2.25 (5/4) to win the race, this is a profitable offer in the long run.
If eligible, free bets will be credited within 2 hours of the race ending and will be valid on horse racing for 7 days.
If you’re unsure how to extract £8.00 cash (80%) from the £10.00 free bet, check out my Free Bet Strategy page for a walk-through guide on how it should be done.
* Midnight Shadow was available at back odds of 8.50 and lay odds of 9.40. Midnight Shadow won the race at Starting Price (SP) odds of 9.00, resulting in a profit of £3.90, courtesy of Paddy Power’s Best Price Guarantee. *
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Matt Kirman – Matched 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.