It’s the King George VI Chase at Kempton this afternoon and you don’t want to miss this Paddy Power offer! If Might Bite wins the 15:05 at Kempton, 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 £6.78 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.
We need to place our qualifying bet on any horse other than Might Bite. Having looked at the odds available, we could place our qualifying bet on Bristol De Mai.
We’ll need to place our lay bet with Smarkets as Betfair have merged with Paddy Power and are now part of the same group.
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 £9.47…
Place £10.00 on Bristol De Mai @ 5.00 = Potential profit of £40.00
Lay £9.47 on Bristol De Mai @ 5.30 = Potential liability of £40.72
Let’s have a look at our potential profit/loss for the possible outcomes…
| Bristol De Mai wins | + £40.00 – £40.72 = £0.72 loss |
| Might Bite wins | – £10.00 + £9.28 + £7.50 (extract 75% from our £10.00 free bet) = £6.78 profit |
| Another horse wins | – £10.00 + £9.28 = £0.72 loss |
So, if Might Bite wins, we’ll make a nice profit of £6.78. Any other outcome and we’ll lose £0.72. Risking £0.72 to make a profit of £6.78, gives us effective odds of 10.42. So, given that Might Bite is odds of just 2.10 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 75% of our £10.00 free bet, check out my Free Bet Strategy page for a walk-through guide on how it should be done.
* Might Bite won the race, resulting in a profit of £6.78 on this Paddy Power offer. *
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Matt Kirman – Matched Betting Blogger
Since 2014, I’ve blogged over £70,000 worth of profit, and made it my mission to make matched betting accessible to everyone.