I took up a sign up offer at SportNation for 7 x £2.50 free bets each day at Cheltenham. I pretty quickly realised that I wouldn't be able to lay them off at Betfair due to the £2 bet limit so I decided to just place the bets and not worry about laying them off, they were free anyway.
I know zip all about form so I thought I would just bet the favourites in each race. If even one a day came up I would be in profit, so that's what I did. Well, the only favourite that actually won made me the princely sum of 1.54, which was probably as much as I lost on the qualifying bet. Doh!
For some reason I had 7 x £2.50 bets for today as well so I have used them on Uttoxeter races. However it occured to me too late that if I had picked one race each day and bet the first seven horses I would have won a good amount each day.
The benefits of hindsight.
For future info, you can lay under £2 on smarkets, so that could have been an option.
Also, there is a way you can get betfair to take smaller lays, although it is a bit fiddly........
Click the bet you want and the betslip window will open in the top right of the screen. Enter LAY odds of 0.01 and put in the stake of £2 and place the bet.
This bet will not be matched. Click the Go to my bets button and update the £2 stake to include the stake you actually want to place. So if you want to place a £0.50p bet change the stake to £2.50. Click update and then go to my bets.
You will now see two bets, one for £2 and one for £0.50p. Click the small red x next to the £2 so it will be deleted when you update. Then change the odds of the £0.50p bet to the odds you want to actually place. Update again and then go to my bets and you should see your 50p bet.