With betting world becoming more and more competitive every day with more new betting operators added to the online landscape nearly on daily basis, bookies needed to find a way to cut the queue and sit in the front row in order to attract and retain customers.
One of the most common ways to do it is free bets.
Whenever a punter opens a new betting account at a bookmaker’s, they are likely to be presented with a welcome bonus that traditionally comes in a form of a free bet. What separates good bookies from the best ones are the amount of the free bet and terms and conditions that are required to be met so that customers can claim their free money.
Those amounts can vary from £5 up to £200 at Bet365 which still stands as the single highest welcome bonus in the entire online betting world. Widely recognized as arguably the most reputable name in the industry, Bet365 will match your first deposit 100% up to the aforementioned amount, which is an offer as good as it gets.
It needs to be noted, however, that most of the bookies will not allow you to withdraw your bonus money until you’ve spent a certain amount, but fortunately there is a way to convert your free bets into cash.
Converting Free Bets into Cash
In order to illustrate how a free bet can be turned into cash, we will use a football match as an example, since football includes three variables. The more variables, the bigger risk but also the bigger returns.
First thing you need to do is to find a value bet and a football game that will offer decent odds to work with. So let’s say you have a Home Win at 6/4, Draw set to 2/1 with a betting exchange and Away Win of 7/4 betting odds.
In order to make most of your free bet, you will be required to invest some more of your own money. Therefore, we advise you to do it through a betting exchange where there is a greater chance your counter selection will yield result and help you get most out of your free bet.
Here’s how to describe it more graphically:
- Place £10 free bet on Draw at 2/1 betting odds
- Place £10 cash bet on Home win at 6/4 betting odds
- Do not back Away win outcome
Once you have identified a game in which guests have no chances of pulling an upset, you are free to back up your choices and sit back for winnings that are as follows:
- Home Win – £25
- Draw – £20
This way you have covered yourself and protected your investment given the fact you will be presented with an opportunity to earn more than you placed. Free bets on a three-way outcome involve risk, but pay better than two-way bets such as Over/Under goals or Both teams to Score selections.
Do remember that you don’t receive any stake back on free bets, but with the aforementioned model spread between a bookie’s free bet and an exchange offer you will be able to get the most out of it albeit with a certain risk.
But that’s why we’re all here for and a little adrenaline rush will do us no harm.