Free bets are an essential part of matched betting, which is a betting strategy that involves placing bets on all possible outcomes of a sporting event to guarantee a profit.
Free bets are offered by bookmakers as an incentive to attract new customers or retain existing ones. They are essentially free money that can be used to place bets without risking any of your own money.
To understand how free bets work in matched betting, it is important to know the basic principle behind this strategy. In matched betting, you place two bets on opposite outcomes of a sporting event, using free bets and your own money. By doing this, you cover all possible outcomes of the event, which means that you are guaranteed to win regardless of the result. The profit comes from the difference between the back and lay odds, which is the commission charged by the betting exchange. Free bets are used to reduce the amount of your own money that is required to place the bets, which increases your potential profit.
What are Free Bets?
Definition of Free Bets
Free bets are a common promotional offer that bookmakers use to attract new customers and retain existing ones. A free bet is essentially a wager that a bookmaker gives to a customer for free. The customer can use this free bet to place a bet on a sporting event without risking any of their own money. If the bet wins, the customer receives the winnings, but not the stake. If the bet loses, the customer does not lose any of their own money.
Types of Free Bets
There are several types of free bets that bookmakers offer. Some of the most common types include:
- Matched Free Bets: This is the most common type of free bet. The bookmaker matches the customer’s first bet with a free bet of the same value. For example, if a customer places a £10 bet, the bookmaker will give them a £10 free bet.
- No Deposit Free Bets: These free bets do not require the customer to make a deposit. The bookmaker simply gives the customer a free bet to use.
- Risk-Free Bets: With a risk-free bet, the bookmaker will refund the customer’s stake if the bet loses. For example, if a customer places a £10 bet and it loses, the bookmaker will refund the £10 stake.
- Enhanced Odds Free Bets: With an enhanced odds free bet, the bookmaker offers the customer higher odds than normal on a particular event. For example, if the normal odds for a football match are 2/1, the bookmaker might offer odds of 4/1 for a customer using an enhanced odds free bet.
Overall, free bets are a great way for customers to try out a bookmaker without risking any of their own money. However, it’s important to read the terms and conditions carefully before using a free bet, as there may be restrictions on which events the free bet can be used on and how much can be won from it.
How to Find Free Bets
Online Bookmakers
One of the easiest ways to find free bets is by signing up with online bookmakers. Many bookies offer free bets as a welcome bonus to new customers. These free bets can range from £5 to £100 or more, depending on the bookmaker and the promotion.
To find free bets from online bookmakers, simply visit their website and look for their promotions page. Here, you’ll find all the current offers and bonuses available to new and existing customers. Some bookies also send out emails or text messages with exclusive free bet offers, so be sure to sign up to their mailing list or opt-in for SMS notifications.
Matched Betting Websites
Another way to find free bets is by using matched betting websites. These websites offer a range of tools and resources to help you make money from free bets and promotions.
Matched betting involves placing bets on all possible outcomes of a sporting event or race, using free bets and promotions to guarantee a profit. Matched betting websites provide step-by-step guides, calculators, and other tools to help you find the best free bet offers and calculate your potential profits.
Some popular matched betting websites include OddsMonkey, Profit Accumulator, and MatchedBets. These websites charge a monthly subscription fee, but many users find that the cost is easily covered by the profits they make from matched betting.
Overall, finding free bets is easy if you know where to look. By signing up with online bookmakers and using matched betting websites, you can take advantage of a range of free bet offers and promotions to boost your betting profits.
How to Use Free Bets in Matched Betting
Qualifying Bet
To use a free bet in matched betting, you first need to place a qualifying bet. A qualifying bet is a bet that you place with your own money in order to qualify for the free bet. It is important to choose a qualifying bet that has odds that are as close as possible between the bookmaker and the betting exchange. This will ensure that you minimize your losses in the qualifying bet.
Free Bet
Once you have placed your qualifying bet, you will receive a free bet from the bookmaker. You can use this free bet to place another bet on the same event or a different event. It is important to choose a bet that has odds that are close between the bookmaker and the betting exchange. This will ensure that you maximize your profits from the free bet.
Calculating the Profit
To calculate your profit from using a free bet in matched betting, you need to use a matched betting calculator. This will help you to calculate the amount of money that you need to place on the betting exchange to ensure that you make a profit from the free bet. The calculator will also take into account any commission that you need to pay on the betting exchange.
In summary, using a free bet in matched betting requires placing a qualifying bet, receiving a free bet, and using a matched betting calculator to calculate the profit. It is important to choose bets with odds that are close between the bookmaker and the betting exchange to minimize losses and maximize profits.
Tips for Using Free Bets in Matched Betting
When using free bets in matched betting, it is important to keep a few tips in mind to maximize your profits and minimize your risks. Here are some tips to help you make the most of your free bets:
1. Choose the Right Bookmaker
When selecting a bookmaker to use for matched betting, it is important to choose one that offers a wide range of free bets and promotions. Look for bookmakers that offer regular free bets, as well as those that offer sign-up bonuses and other incentives. You should also consider the terms and conditions of each bookmaker’s free bets, as some may have stricter requirements than others.
2. Read the Terms and Conditions
Before using a free bet, it is important to read the terms and conditions carefully. Make sure you understand the requirements for using the free bet, including any minimum odds or wagering requirements. You should also check whether the free bet can be used on any sport or market, or whether it is restricted to specific events.
3. Use a Betting Exchange
When using free bets in matched betting, it is important to use a betting exchange to lay off your bets. A betting exchange allows you to bet against other users, rather than against the bookmaker. This means that you can lock in a profit regardless of the outcome of the event.
4. Don’t Chase Losses
One of the most important rules of matched betting is to never chase losses. If you lose a bet, don’t try to recoup your losses by placing another bet. Instead, stick to your strategy and wait for the next opportunity to use a free bet.
5. Keep Track of Your Bets
Finally, it is important to keep track of all your bets when using free bets in matched betting. This will help you to stay organized and ensure that you don’t miss any opportunities to lock in a profit. Use a spreadsheet or other tool to track your bets, including the amount staked, the odds, and the outcome of the event.
Frequently Asked Questions
What is a free matched bet?
A free matched bet is a promotional offer provided by bookmakers to attract new customers or retain existing ones. It is a type of bet that is given to a customer for free, and it is matched with an equivalent amount of their own money.
What is the purpose of free bets?
The purpose of free bets is to give customers an incentive to sign up with a bookmaker or continue betting with them. It is a marketing strategy that helps bookmakers stand out from their competitors.
Can you earn money through matched betting without free bets?
Yes, it is possible to earn money through matched betting without free bets. However, free bets can help increase the profit margin of a bettor.
Do free bets result in winning money?
Yes, free bets can result in winning money. If a bettor uses a free bet and the bet wins, they will receive the winnings from the bet.
Is matched betting a safe practice?
Matched betting is a safe practice as long as it is done correctly. It involves placing bets on all possible outcomes of an event to guarantee a profit, and it does not rely on luck or chance.
Is matched betting legal in the UK?
Yes, matched betting is legal in the UK. It is a legitimate way of making money through betting, and it does not involve any illegal activities such as insider trading or match-fixing.