138 – £10 Free Bet


Posted by Matt (administrator) Matt

If you want to know how to beat the bookies, you’re in the right place as I show you how to tackle the 138 sign up offer for new customers. Simply register today and place your first bet and 138 will match your stake with a free bet, up to a maximum of £10.00. Translated into matched betting terms, this gives us a guaranteed profit of £7.00+ and here’s how…

138 Welcome Offer

Qualifying Bet:

If you’re unfamiliar with qualifying bets, please see my Qualifying Bet Strategy page for a walk-through guide on how they should be done.

In order to qualify for the free bet, we just need to deposit and place one qualifying bet on any sport at odds of 1.80 (4/5) or greater. The minimum stake is £5.00 and the maximum stake is £10.00. If we stake £10.00, we’ll receive a £10.00 free bet.

On settlement of our qualifying bet, we just need to contact customer support, via email or live chat to request our free bet.

It’s entirely up to you what you place your qualifying bet on, but I’ve included an example using the odds from a football match between Newcastle and Brighton.

I like to place my exchange lay bets with Betfair as they have great liquidity and the site is really easy to use.

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 £10.05…

138 logo

Place £10.00 on Newcastle @ 2.10 = Potential profit of £11.00

Lay £10.05 on Newcastle @ 2.14 = Potential liability of £11.45


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

Newcastle win+ £11.00 – £11.45 = £0.45 loss
Newcastle don't win- £10.00 + £9.54 (£10.05 minus 5% commission) = £0.46 loss

So, regardless of the outcome, we’ll lose a maximum of £0.46 in qualifying for our £10.00 free bet.

Free Bet:

Our £10.00 free bet will be credited within 24 hours of requesting it and must be used within 5 days. Free bet stakes are not included in any returns.

By using straightforward matched betting, we should be able to extract 75% cash from our £10.00 free bet, so £7.50. If we take into account our maximum qualifying loss of £0.46, this gives us a guaranteed profit of £7.04!