Sportingbet Offer – 1.15 Cheltenham

There’s a big day of racing at Cheltenham today and Sportingbet are getting in on the action. If our horse finishes 2nd or 3rd in the 1.15 at Cheltenham, Sportingbet will refund our stake as a free bet up to £25.00. Translated into matched betting terms, this gives us a potential profit of £17.90 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.

This offer does not apply to bets on unnamed selections such as “the favourite”, or to selections in multiple bets.

It’s entirely up to you which horse you go for, but it would make sense to select a horse with fairly short odds in the hope of a 2nd or 3rd placed finish.

At the time of writing, the lay odds are pretty poor so I’ll use fictional odds in the following example and I’ll update the bottom of this post with my actual selection after the race.

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…

Back Bet (Bookie)

%

Lay Bet (Betting Exchange)

%

Min £
Max £
Lay stake required: £
Bookie
Exchange
Cashback
Total
If back (bookie) bet wins
£
£
£
= £
If lay (exchange) bet wins
£
£
£
= £
Total profit: £

Optimal Underlay

Lay stake required: £
Exchange liability: £

If back (bookie) bet wins: £
If lay (exchange) bet wins: £

Optimal Overlay

Lay stake required: £
Exchange liability: £

If back (bookie) bet wins: £
If lay (exchange) bet wins: £

As you can see, the calculator tells us that our lay stake should be £23.36…

Sportingbet logo

Place £25.00 on Un Temps Pour Tout @ 4.00 = Potential profit of £75.00

smarkets white

Lay £23.36 on Un Temps Pour Tout @ 4.30 = Potential liability of £77.10

Let’s have a look at our potential profit/loss for the possible outcomes…

Un Temps Pour Tout wins +£75.00 – £77.10 = £2.10 loss
Un Temps Pour Tout places 2nd or 3rd -£25.00 + £22.90 + £20.00 (extract 80% from our £25.00 free bet) = £17.90 profit
Un Temps Pour Tout finishes outside top 3 -£25.00 + £22.90 = £2.10 loss

So we will make a nice profit of £17.90 if Un Temps Pour Tout places 2nd or 3rd and we stand to lose £2.10 on any other outcome. Risking £2.10 to make £17.90 profit gives us effective odds of 9.52, which I’m sure you’ll agree, makes this a profitable offer in the long run.

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.

* I actually placed my qualifying bet on Viva Steve at back odds of 9.00 and lay odds of 9.60. Viva Steve finished outside the top 3, meaning I made a loss of £1.98 on this offer. *

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Matt Kirman - Matched Betting Blogger

Matt KirmanMatched 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.