Ok coral offer done
Smarkets one in the process of being done
And Iv just put in and waiting for the betfred one
I have a question
Done my qualifier bet so just done the 30 free bet
Followed the video to the letter where I noticed the same thing
In the video he selects Stake not returned as I now know that’s what u do.
He did his workings with the odds and what he needs to lay
Now here’s the thing
When on betfred he puts his bet on the winnings say 195... but when he changes it to use the 30 quid free bet it takes it down to 165.... which is bang (bar a quid or two) on what his stake plus liability is with Betfair
So if it’s stake no returned , if the bookie (betfred) wins how does he make profit ?
This happens when I did mine ?
The way I read it is if the exchange wins I’m making 22 odd quid like in the example but if the bookie wins I don’t make anything / a small loss
I’m hoping Iv got it wrapped round My arse
Can anyone explain it to me
Sorry to be a thicky
I don't know whether your free bet has settled yet but based on what you have said about the example above this is my take on it.....the back odds are 6.5. for a £30 bet this would return £195 (6.5 x £30) if you were using your own stake. If using a free bet - you take 1 off the back odds (in effect your stake) so effectively the odds are now 5.5, for a £30 Free Bet this returns £165 (5.5 x £30).
You mention that the example results in a profit of £22+ at the exchange if the lay bet wins. If the lay odds are for arguments sake 7.2 (based on 2% commission with the exchange) you would lay £22.98 (I used the odds calculator in stake not returned mode to arrive at this figure).
Going back to your question about how you make a profit if the back bet wins with the bookie, as your lay stake is only £22.98 your liability at the exchange is less than the profit you make from the free bet because you also subtract 1 from the lay odds making your exchange liability 6.2 multiplied by £22.98 which comes to £142.48.
£165 - £142.48 = £ 22.52 profit if you win at the bookies OR no stake lost at the bookies + £22.98 (£22.52 after commission) profit at the exchange if the lay bet wins.
Hope this is of some help.