Bookmakers sometimes offer welcome bonuses when you join and make a deposit. This tutorial will talk you through exactly how to take advantage of these offers to lock in a guaranteed profit whilst matched betting, so read on and let us walk you through exactly what you need to do.
Wagering means that you need to make a certain number or value of bets before you can withdraw your funds. This usually usually presented as either a value, for example £500 of wagering, meaning you need to make £500 worth of bets before you can withdraw. Or it can be presented as a multiple of the bonus, for example X10 wagering. This would mean if you received a £10 bonus with X10 wagering you would need to make £100 worth of bets before wagering is fulfilled.
Bookmakers will sometimes offer new or existing customers some bonus funds when you make a deposit. There are a few different ways that this may occur. One way may be to join and deposit using a code. For example, join a bookmaker site and deposit £50 using code F50 and get a 50% bonus. In this case you would receive a £25 bonus that would then need wagering before you can withdraw it.
Another version of the welcome bonus with wagering may be make a bet of a certain value, then receive a bonus that carries wagering. An example of this will look like this. Join bookmaker site and place a bet of £50 and get a £25 bonus. This bonus would then need wagering before it can be withdrawn.
Normally with welcome bonuses that carry wagering you will receive your stake back on any bets that you make if they win. This is different to both SNR free bet welcome offers and first bet refund welcome offers, so bear this in mind when completing the offer
For this example we will use the Mansion Bet welcome offer as the example. You need to open a Mansion Bet account and deposit £100 using the code MB50. Once you have done this you will receive a 50% bonus on your deposit, giving you £150 to bet with. You can deposit less than £100, but and you will receive less of a bonus.
If you elected to receive the full bonus, you must wager the deposit and bonus X6 before you can withdraw any winnings from the bonus. This would be £900 worth of bets.
When you are matched betting welcome bonuses, one thing to bear in mind is that if your bets all lose, you won’t need to complete the wagering and your money will go straight into your exchange account.
If you are a Premium Member, we will find all of the best matched bets for you to complete wagering. We’ll also prefill the calculator with how much to back and lay to secure a profit. We’ll also keep track of your wagering progress for you. If you aren’t a Premium Member, read on to see how to fill out complete a wagering offer.
The first thing to do is find a close match. You will need to open the bookmaker’s website, an exchange site and the matched betting calculator.
We’ll use Everton v West Ham as the example here, backing Everton to win at 2.05 at Mansion Bet. On Betfair the odds are 2.18 to lay. You need to select the bet type as normal. Take a look at the image below to see how the information should look in the calculator.
You can see from this example that you will lose £4.28 regardless of the result. However you have £50 of bonus funds to cover this loss.
You simply repeat the process above until you have completed the wagering requirements, or until there are no funds left in your Mansion Bet account. If all your bets lose, then your funds will be in your exchange account minus your qualifying losses.
Premium Members get access to our powerful OddsMatcher software. You can see that by using OddsMatcher you could have locked in a profit of £1.85 betting on High Wells at Bath 15:55 race.
When completing bonuses that carry wagering, it can be an option to underlay your bets. It is only really worth doing this if you can place one bet of your entire balance on your first bet. If your bet loses at the bookmaker, you are done with the offer and no further wagering will be required. But if it wins at the bookie, you have taken no qualifying loss and you have more funds to complete the wagering.
Underlay essentially means that you lay slightly less. As a result you will lose more if your bet loses at the bookmaker and wins at the exchange. Take a look at the example below.
You can see from this example, that we have bet the entire £150. If it loses at Mansion there is no further wagering required and you will have lost £23.20 of the £50 bonus, leaving you with an overall profit of £26.80. If it wins at Mansion Bet, you won’t have lost anything and can continue wagering.
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