There’s a big day of racing at Cheltenham on Saturday and you don’t want to miss this Paddy Power offer! If the Caspian Caviar Gold Cup (13:55) is won by 4 lengths or more, 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 £7.21 and here’s how…
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.
It’s entirely up to you which horse you go for. Having looked at the odds available, we could place our qualifying bet on Kings Odyssey.
We’ll need to place our lay bet with Smarkets as Betfair have joined forces with Paddy Power and are now part of the same group.
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 £9.91…
Place £10.00 on Kings Odyssey @ 8.50 = Potential profit of £75.00
Lay £9.91 on Kings Odyssey @ 8.60 = Potential liability of £75.31
Let’s have a look at our potential profit/loss for the possible outcomes…
| Kings Odyssey wins | + £75.00 – £75.31 = £0.31 loss |
| Kings Odyssey doesn’t win and race is won by 4+ lengths | – £10.00 + £9.71 + £7.50 (extract 75% from our £10.00 free bet) = £7.21 profit |
| Kings Odyssey doesn’t win and race isn’t won by 4+ lengths | – £10.00 + £9.71 = £0.29 loss |
So, we’ll make a nice profit of £7.21 if Kings Odyssey doesn’t win and the race is won by 4+ lengths, and we stand to lose a maximum of £0.31 on any other outcome. Risking £0.31 to make a profit of £7.21 gives us effective odds of 24.26, which I’m sure you’ll agree, makes this a profitable offer in the long run.
If eligible, free bets will be credited after the race has ended and will be valid for 7 days.
If you’re unsure how to extract 75% of a £10.00 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! *
* Guitar Pete won the race by 2.75 lengths, resulting in a loss of £0.29 on this Paddy Power offer. *
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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.