Hi all,
I have a free £50 bet with a bookmaker but the stake isn’t included in the winnings and I wondered if anyone had a better idea than mine to get that £50 into my Betfair account?
Before I’ve done this with a £20 free bet (stake not included in winnings):
With the bookmaker placed a back bet of £20 on a horse @ 3.75 (£20*3.75)-£20=£55 potential return
Layed the same horse on Betfair (£20+£2)/0.95=£23.16 @ 3.75 (so it was matched straight away) and then backed it with £2 @ 34 (hoping it will lose and get matched in-play)
That meant if the horse won I win the £55 with my free bet and £23.16*(3.75-1)= -£63.69 + (£2*(34-1)= £2.31 -commission. That did happen and I was happy but it was a bit risky.
If the horse won and the £2 @ 34 wasn’t matched I would have lost £8.69 – is there a better way for me do this?
The free bet is because I lost a bet and it got refunded which is why I don’t really want to lose any more money.
Hedging doesn’t work either because the stake isn’t included in the winnings. Any help would be grateful!
Thanks,
Whitey
