The Cheltenham Festival gets underway with the Supreme Novices’ Hurdle on Tuesday and TLCBET are getting in on the action. If our horse finishes 2nd or 3rd in the Supreme Novices’ Hurdle (1.30 on Tuesday), TLCBET will refund our stake as a free bet, up to a maximum of £50.00. Translated into matched betting terms, this gives us a potential profit of £35.51 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.
Only bets placed after 09:00 on Tuesday 15th March 2016 will be eligible.
If we are due a free bet refund, it will be credited by 09:00 on Wednesday 15th March 2016 and can be used on any of the 7 races on Day 2 of the Festival (Wednesday 16th March 2016).
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…
As you can see, the calculator tells us that our lay stake should be £46.44…
Place £50.00 on Min @ 3.00 = Potential profit of £100.00
Lay £46.44 on Min @ 3.25 = Potential liability of £104.49
Let’s have a look at our potential profit/loss for the possible outcomes…
| Min wins | +£100.00 – £104.49 = £4.49 loss |
| Min places 2nd or 3rd | -£50.00 + £45.51 + £40.00 (extract 80% from our £50.00 free bet) = £35.51 profit |
| Min finishes outside top 3 | -£50.00 + £45.51 = £4.49 loss |
So we will make a nice profit of £35.51 if Min places 2nd or 3rd and we stand to lose £4.49 on any other outcome. Risking £4.49 to make £35.51 profit gives us effective odds of 8.91, which I’m sure you’ll agree, makes this a profitable offer in the long run.
If you’re unsure how to extract 80% cash from a 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 Min at back odds of 3.00 and lay odds of 3.20. Min placed 2nd, meaning I made a profit of £36.23 on this TLCBET 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.