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are my numbers right on this (noob)

  • SO having gone through the oddsmonkey tutorial to trigger the Betfred £10 for £30 free bet.

    Backed 2.63 £10
    Layed £9.96 (liability £16.53)

    Profit is £-0.24

    My followup bet (I looked at the current markets, as if I could bet again right now) – stakes not returned.

    £30 free bet on odds 5.5

    Lay £22.69 (liability is £113.45)
    Profit is £21.55 (from this bet)

    So I have had to deposit £10 + £16.54 + £113.45 = £139.99

    to make an overall profit of £21.55 – £0.24 = £21.31

    Which I guess is a 15% profit .. I just dont like the idea of an outlay of the large £113.45 … but I guess thats the part which looks tough – but actually when it all balances out you make 15%.

    Also how do I handle the following – I lose on the 2nd lay with a liability of £113.45. Then the next bet I make my ‘smarkets’ balance is £0. If I need a liability next time round of £50 I have to load it up again. I’m kind of pumping in money just to cover liabilities … and until I withdraw everything I am not seeing my profit. 3 or 4 bets requiring £100+ liability and I’m going to need £400+ cash just to get going ??

    Does the above all check out ? – Thanks !

    +0
    makria
    0
    August 5, 2018 at 11:58 pm

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    Dulcinea del Toboso 1 August 6, 2018 at 8:17 am

    I am 3 weeks into this so not much further ahead, haven’t checked your figures but you can check them on the calculator.

    I would suggest doing each free bet one at a time, let it settle and see where the money ends up, if it ends up in the exchange you have the liability in place for the next bet. That way you will most likely be able to use some of the exchange funds over again. The other advantage is that you can take it slower and cut down your risk of messing up, before doing any bigger bets, plus learn a bit more in the process.

    Doing my bets like this has helped me learn more about the exchange, the liquidity and how quickly and how much the odds can change both sides. while trying to figure out the lay amount.

    You are going to probably need to pick higher odds to get the most out of the free bets so I would say you will be needing around 60 or so minimum in the exchange to start this stage. Also better to put in more than the minimum £10 in the bookies.

    +0
    Mr Crispy 34 August 6, 2018 at 9:08 am

    You didn’t give us the lay odds.

    A way of increasing your return would be to do several offers at once and place the free bets on the same event. If you bet on three horse in the same race you only need enough money in your exchange to lay the biggest liability (laying the other two will reduce your total liability rather than increase it).

    That’s how it works though, you can start with a (relatively) small bank but it’s going to take more time as you’ll have to wait for bets to settle and then withdraw/deposit before you can do the next offer.

    +0
    makria 0 August 6, 2018 at 9:11 am

    Thanks.

    After each free bet is settled are you pulling money out of the Bookmakers ? Otherwise with 15 free bet’s across 15 different bookmakers – thats quite a bit of investment needed to cover against all bookmakers..

    Or are you withdrawing from one bookmakers to deposit into another?

    +0
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