First Bet Refund offers will provide you with a free SNR bet only if your first bet loses. You can still extract these for a guaranteed profit and this will show you exactly how to do it. Read on to see how they work and how you can make a profit from them.
What is a First Bet Refund?
A first bet refund means that you will receive a free SNR bet only if the first bet that you place, loses. If your qualifying bet wins, you will not receive the free bet. The SNR bet will normally equal the stake of your qualifying bet. It’s a bit like giving you 2 chances of winning from the bookmaker. If you are using these for matched betting, they work in the same way as free SNR bet welcome offers, with the exception that you need to perform a slightly different calculation for the qualifying bet.
The first step in extracting guaranteed profit from a first bet refund is to place your qualifying bet. If you are a Premium Member of Yesbets, we will pull the best matched bets, with all the best bets and amounts pre loaded. If you aren’t a Premium Member, follow the steps below.
The first thing to do is find a close match. For this example We’ll use Dafabet, who offer a £30 free bet, if your first bet loses. You will need to open the bookmaker website (Dafabet), a exchange (Betfair) and the matched betting calculator.
For this example we’ll use the Everton v West Ham game. Fill in the odds into the calculator as shown below. This time you want to select First Bet Refund from the dropdown in the calculator.
The back odds are 1.95 and the stake is £30. The lay odds are 2.04 and it is telling us to lay £17.34 for a liability of £18.03. The bet type selected is First Bet Refund.
The first thing you will notice is that if the bet wins you will make a profit of £10.47, but if the bet loses, you will lose £13.53. This is because, if this bet wins, you won’t get a free bet, but will make an overall profit of £10.47. But if it loses, you will receive a £30 SNR free bet. You will then place this to make your profit.
If your bet wins at the bookmaker, you are done with the offer and will have made a profit. If you bet loses at the bookmaker, you will now receive a free SNR bet, in this case £30. To extract this you will need to matched bet this £30 free bet.
Let’s use the Man Utd V Wolves game as an example. Open the bookmaker site, an exchange and the matched betting calculator again.
This time we’re selecting Wolves to win at odds of 6.50 at the Dafabet. The odds are 7.20 at betfair. Select Free Bet SNR from the calculator and enter the details. It should look like this:
You can see from the calculations that you will make £20.23 from this offer. Once you have taken off the £13.53 loss from our qualifying bet, you will end up with an overall profit of £6.70.
Premium Members get access to our powerful OddsMatcher software, which finds all the best bets for you. Furthermore you don’t need to fill out any calculators, ensuring you make more profit from each offer. Let’s take a look at how you could perform using our OddsMatcher software.
There is a Qualifying bet that our OddsMatcher has found for Wolves v Burnley (draw). This would yield a profit of £16.68 if it wins, but lose only £7.32 if it loses.
With the free bet, you can see that using the OddsMatcher we have found a bet on a horse race at Curragh 16:50 with Idaho to win. This would make you £24.57 regardless of the result. Overall Premium Members would have made £17.25 profit on this offer.
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