Dafabet £30.00 Risk Free Bet (or any other risk free bet) - I don't understand how the profit is made!

[LouLou42]

Hi,

Apologies if this has been posted elsewhere. I have searched Oddsmonkey and on here and can't seem to find the answer.

So I have gone through the sign up offer and found my bet and opened the calculator on Oddsmonkey and all good and it tells me I will make a profit of £18 something.. I just don't understand how.

So I put my £30.00 on and match it.. I then lose so I don't get the £30.00 free bet, how does that make me a profit? I think I am probably being really slow but I just can't seem to understand it. I can trust Oddsmonkey that it will happen and I will get the profit either way but I would like to understand how that happens?

Thanks,

 

[homie]

Hi,
Apologies if this has been posted elsewhere. I have searched Oddsmonkey and on here and can't seem to find the answer.
So I have gone through the sign up offer and found my bet and opened the calculator on Oddsmonkey and all good and it tells me I will make a profit of £18 something.. I just don't understand how.
So I put my £30.00 on and match it.. I then lose so I don't get the £30.00 free bet, how does that make me a profit? I think I am probably being really slow but I just can't seem to understand it. I can trust Oddsmonkey that it will happen and I will get the profit either way but I would like to understand how that happens?
Thanks,

Ok. Lets pretend you are betting on a match in the championship tonight. (figures are examples and may not be the exact odds being offered right now.)

Offer £30: risk free bet.

Place a £30 bet on Rotherham to win at odds of 5

Underlay* Rotherham to win at the exchange at odds of 5.2 for £24.23 *(this means laying less than usual so you will make a profit if Rotherham win)

The possible outcomes are:

Rotherham win = Thanks to underlaying you win more from the bookies than you lose into the exchange so you make a profit of £18.23 with nothing else to come.

Rotherham lose = You lose your £30 at the bookies but win the £24.23 that you laid from the exchange.
So at the moment you are £5.77 down, but with a £30 free bet to come. Your final profit from using your free bet minus the £5.77 should still be in the region of £18.23.

Oddmonkey always tries to balance the figures out so you will make exactly the same amount win or lose and takes into account extracting the profit out of the free bet, although you won't know exactly what you will end up with until you use the free bet.

There are other ways to play it but this is the usual approach.

 

[LouLou42]

Hi,

Thanks for much for the explanation, it makes a lot more sense to me now!