Make free money from online bookmakers

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Make free money from online bookmakers

Postby Gavin » Thu Feb 14, 2013 10:49 pm

Hi,

I have never bothered to do it myself but there is nothing to stop you making hundred of £££s, perhaps even as much as £1000 by just signing up with a number of online bookmakers and doing simple offset bets that will enable you to guarantee a profit against the free-bets that bookmakers offer new customers.

For example, I can see one well known bookie offering "Place a single bet of £5 or more and we’ll match it with a Free Bet up to £50".

I think the general idea is this:
Use the £50 to make the free bet on the bookie website, for example BACK £50 that a soccer team will win a match, lets say at odds of 2.0.
Then go to your Betfair account and LAY £25 that the team will lose, to make it simple lets suppose you get odds of 2.0

If the team loses, you win £25 on Betfair and loses nothing on the bookie site (the stake you lost was just the money they gave for a free bet).
If the team wins, you lose £25 money on Betfair, but you win £50 on the Bookie.
So either way you win £25 (less a little bit of Betfair commission, depending on the outcome).

The formula appears to be: Betfair Stake = (£Bonus x (Bookie odds - 1)) / Betfair Odds

The formula uses decimal odds and ignores the little bit of Betfair commission, but if you want to be picky and include the Betfair commission you could adjust the Betfair odds part of the formula.

Example 2,
Back £50 on bookie at 7
Odds to lay on Betfair are 7.5
Using the formula, Betfair Stake = £50 x (7 -1 ) / 7.5 = £40
If the team loses, you win £40 on Betfair and loses nothing on the bookie site (the stake you lost was just the money they gave for a free bet).
If the team wins, you lose £260 on Betfair, but you win £300 on the Bookie.
Win £40 any result!!!

Example 3,
Back £50 on the bookie at 2.5
Suppose the odds to lay it on Betfair are 3.0
Using the formula, Betfair stake = £50 x (2.5 -1 ) / 3 = £25
So you lay £25 on Betfair at 3.0
Win £25 any result.

So it would appear that you can win more the higher the odds that you do the bets at. The limiting factor is probably having enough funds in your Betfair account.

Check the terms carefully of each bookmaker's bonus offer, just to make sure there is nothing that can catch you out or make it hard to withdraw your free bet's winnings without delay.

The method isn't likely to be a way to make an income that helps you quit your job, but it could provide you with a nice little windfall if you can be bothered to open the accounts and do a little bit of leg work.

Cheers for now,
Gavin
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Re: Make free money from online bookmakers

Postby esling » Sat Feb 16, 2013 5:30 pm

Hi Gavin

Funnily enough it was following the same formula that got me involved in betting in the first place and led me into trading. Before I started with the system for hoovering up all the bookie bonuses last year I'd never placed a bet in my life. In my opinion it is well worth doing and you can generally make around £650 of free cash, which sets you up with a nice betting bank to move forward with.

I'm not pitching this as a sale, but there is a guy who runs an automated service for doing this. It's what I used and it makes life simple as he send you all the bets with instructions for each bookie. Makes life easy and you can normally complete the process with him in about 6-8 weeks. He also tags on some similar bonuses with a couple of spreadbetting companies when you've finished. If anyone is interested they can google "bonus bagging". The guy who runs the site is Mike Cruikshank. He's a gneuine guy, don't be fooled by all the usual sales nonsense on the sales page though, it isnn't going to make anyone a millionaire!

Cheers, Paul
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Re: Make free money from online bookmakers

Postby Gavin » Wed Feb 20, 2013 3:26 pm

Hi Paul,

Thanks for posting your experience of using the method, it is very interesting. Its nice to hear that the theory works so well.

Best wishes,

Gavin
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Re: Make free money from online bookmakers

Postby Juan » Thu Feb 21, 2013 5:15 pm

Hi Guys

Yes - I can vouch for Mike. Number of people doing this - but he is far & away the best I've come across. His site contains a be calculator which covers 'qualifying' bets & free bets (stake returned or not). He's also come up with some very good spread bet offers - but I steer clear - not experienced in thatarea.

A tip for anyone doing the free bets, or arbs - it's worthwhile opening a Moneybookers account. Completely free & much quicker to move money from bank to bookies & vice versa.

Finally - Gavin, thank you for the trading software - looks very good. The very best of luck with your venture.

Richard (aka Juan)
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Re: Make free money from online bookmakers

Postby Whatismyname » Fri Feb 22, 2013 12:00 am

It was a good strategy long time ago.. now there are the rollovers and free bets are not so high...
still there are some good sports arbitrage services to make some profit even if it is only 6% profit ;) but to make some "big" money we need to risk a lot .. imagine if you place a 1k bet and somehow the bet is canceled in one "house" well it is possible.
I am still searching for a good strategy, that one is good to start (i think that bet 365 sill have 200£ bonus)...one thing that i have been doing along this time is to write down my stupid strategies that lead me to loose.. and now it is like a stupidity bible .. i think the road to success is discipline and stick to the idea that little is better than nothing and much better than loosing.
Good luck to you all !
See you later :)

Best regards

David
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Re: Make free money from online bookmakers

Postby peleus » Tue Nov 19, 2013 7:09 pm

I was blown away with what this software could do. It also has tick offset where this is only provided on premium service from others. How do you get profit here since this is given away for free?
We only live once. Image
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Re: Make free money from online bookmakers

Postby Gavin » Wed Nov 20, 2013 12:12 am

peleus wrote:I was blown away with what this software could do. It also has tick offset where this is only provided on premium service from others. How do you get profit here since this is given away for free?

Thank you for your message. You have posted your message in a topic about making free money from bookmakers, but I will reply here.

The software uses the full Betfair API for which Cymatic is paying £200/month to Betfair. Of course, in the future Cymatic will eventually need to make an income, but I am not sure yet whether it will be from subscriptions or from other sources such as advertising, selling VPS solutions, or earning from referring customers to Betfair, etc.

So I can’t promise that the software will be free forever, but I don’t have any plans to change the pricing at the moment. Whatever the outcome in the long run, I really just want people to enjoy using it and be happy that it is still free.

Kind regards,

Gavin
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Re: Make free money from online bookmakers

Postby shaneforest » Sat Oct 11, 2014 1:32 pm

Comfortably, I do agree with you all. ................ Sure Bets (link removed by moderator) are the courteous mode to earn tons of money in minimum time


Awesome way.....!!!!
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Re: Make free money from online bookmakers

Postby Lavenham » Thu Jan 15, 2015 10:50 am

Hi
I have used arbitrage betting successfully for years. I use the following site for finding potential bets link removed by moderator(If links not allowed in this forum, just search under 'Bashthebookies'). The site is free, easy to use and pretty much common sense. You can use the arbs with bookie offers but if your odds are long you need a large Betfair bank to cover it. Only caution is that some arbs are often short lived. This is why paid for sites/arb services are difficult - by the time you open the bookie and Betfair site in response to the arb email, everyone else has probably beaten you to it!

You can use this site to find and set up your own arbs and it definitely has worked for me for years. I usually bet with the bookies first then offset on Betfair, just in case the bookie changes the odds and you are left with an uncovered lay bet with Betfair.

Hope this might help anyone interested - nothing more to say.
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Re: Make free money from online bookmakers

Postby Herman » Fri Jan 16, 2015 11:03 pm

If you have a few corals shops in striking distance, and you can talk your friends into obtaining Connect cards for you, they do offer some good deals. It does involve travelling to do them @ £25 per card per shop. I am lucky and can hit 5 shops and be home within an hour.
One offer per day. get on early if you can. your price is locked and is not affected by non runners. I have had an evens shot go off at 1/12 :o .
The world cup was fantastic, but sadly not so for the football once the season started. but watch out for Sunday, they chuck the the odd good one out then.
Trade them off as per.
An Arbitrage option in the already excellent software, if possible would be nice (no one else has one), where a fixed bet can be entered and the arb derived from that without the messing about with calculators.
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