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Newbie – Free £50

  • Hi,

    I have had a couple of successful matched bets and thought I knew what I was doing. I recently signed up with Netbet and deposited £100 to get their £50 offer. My £100 bet won which netted me £75 profit. With the £50 offered I now have £225 in my Netbet account. I’m just now confused about transferring it to my smarkets account. Do I bet the whole £225 and lay the bet on smarkets, or do I treat the £50 as a free bet on the calculator, bet that and then withdraw my deposit plus winnings (if I can as the rollover terms might not allow this). With Netbet there is no option to ‘apply free £50’ as with other bookies, they appear to have just given me it but obviously I can’t withdraw it til I meet their rollover conditions.

    Basically I’m confused as to what to tick on the calculator because technically it is a free bet, but not the whole amount. Should I just treat it as a qualifying bet and hope it loses, thereby picking up my money in the smarkets account?

    Also, if I go to be the whole £225 I’m going to need to have a significant amount of money in my smarkets account so I would imagine I will have to do this in chunks which I guess will eat into the profit?

    Any help would be greatly appreciated.

    +0
    Scorer15
    0
    August 22, 2016 at 12:13 am

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    Scorer15 0 August 22, 2016 at 12:25 am

    I just re-read my post and not sure if it makes sense – essentially I want to get my money out of my Netbet account and can’t work out what the right thing to do is!

    +0
    Tony 16 August 22, 2016 at 12:52 am

    Nothing you do will guarantee getting that money out of Netbet and into Smarkets. Unless you ‘know’ which way a sporting event is going to turn out, which I guess you don’t otherwise you would need to bother match betting 😉

    You could whack the whole £225 on yes, lay accordingly and HOPE it goes the way you want it to. Obviously, you will need a decent float in Smarkets to do that (£225 if you back something at evens, £450 if you are backing a 2/1 shot…)

    However, if it keeps winning at the bookie you risk emptying out your exchange balance. This is why most seasoned MBers advocate leaving these high WR offer until you are well established, with a sound understanding of what you’re doing and an exchange float to match.

    In terms of what kind of bet you need to think of the bonus as, I believe Netbet is a bonus fund so it is effectively “your” money, not a free bet. That means that whatever you choose to do, you need to treat it like your cash and use the normal calculator accordingly.

    Good luck 🙂

    +0
    Scorer15 0 August 22, 2016 at 8:53 am

    Thanks Tony,

    I think I worked it out after sleeping on it too! I am tempted to put all the money on and hope it loses, but as you say, my float will need to be pretty big in smarkets. Even spreading it over a few £50 bets will eat into my profit I would imagine, and there’s no guarantee it will lose. I may need to bite the bullet and just withdraw it, losing the bonus and take it as a lesson learnt!

    +0
    Pavlon 3 August 22, 2016 at 9:04 am

    Why would you forfeit the bonus now? You can get tight back and lay odds and just keep doing it till you rinse out the account or satisfy the rollover. If you can’t afford/deal with big rollover requirements then stick to the smaller sign ups – don’t waste these good deals now when you can approach them with more experience at a later date. And as Tony says, the bonus funds is to be treated as your money, not a free bet.

    +0
    Tony 16 August 22, 2016 at 10:07 am

    One common technique with these kind of offers is to underlay your bets so that if they do win at the bookie you are not losing as much at the exchange and therefore you are not eating into your bonus money – almost like a compensation for not being able to empty to bookie balance into the exchange as desired.

    Obviously that means that if the bet does lose you have not realised as much profit as you could have, but you can take comfort in the fact that you will have achieved what you set out to do (i.e. empty the bookie balance)

    +0
    Scorer15 0 August 22, 2016 at 12:58 pm

    Thanks both. I think I am going to do exactly that, just underlay the bets and accept that I’ve not made the most of the deal. As I say, it’s a lesson learnt for future sign ups though.

    +0
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