Making The Most Of Your Bookmaker Bonus
You've just signed up with a new bookmaker and received a deposit bonus. Today Joachim tells us how to make the most of it.
There is no easy answer, because the bookmaker often requires that you:
- Use the bonus over several bets.
- Use a set minimum rate.
An Example: The Bet365 £200 Bonus (with bonus code MAXBONUS)
With Bet365 you must use your bonus over 3 bets and you cannot use it on a bet of odds less than 1.50.
These conditions bring disadvantages and the risk of losing the Bonus. However there is an almost risk free way of saving the bonus.
How the Bonus Trick Works
After you have opened an account with the bookmaker of your choice, you make a first deposit and receive the bonus. Now you need to take the following measures:
Step 1: Open an account with Betfair
In principle all that matters is that you have an account with a betting exchange, it doesn’t necessarily have to be Betfair. Particularly with regards to football, Betfair has a huge customer base, which guides you easily through the process. Even their rival Betdaq is suitable for your betting purpose, and for American professional leagues Matchbook.com is to be particularly recommended.
Step 2. Make a bet with your bookmaker
Now you are simply looking to make your bet. Although in theory it doesn’t really matter which sport you choose, soccer betting is however recommended for big leagues due to the high volume of betting.
Step 3: Make the exact opposite bet with Betfair
If you have made a bet with a bookmaker on Manchester United, with Betfair you will bet AGAINST Manchester United. You are able to do this so called lay betting (using the pink boxes), whereby you make a bet with another customer, like a bookmaker.
You will probably need to offer slightly higher odds on Betfair than the odds you received with your bookmaker for this bet. The closer your Betfair odds are to the bookmaker’s betting odds, the better it is for you.
A practical example: Everton against Liverpool
Bonus with Bet365
Let’s say that you have opened your Bet365 account and you have deposited £100. This means you get a 100% bonus, so £100. You are paying £100 in, but you have £200 to play with.
The small print of a Bet365 Bonus
The only problem: You can’t cash the bonus , you must instead use it over 3 bets. So you need a total turnover of £600. As you can also not bet odds below 1.50 - the risk of losing the entire bonus would be relatively high in the traditional way.
Pick your bet
Now you bet with Bet365, betting the entire sum on an Everton home win against Liverpool: So the entire £200 is bet at odds of 2.00.
...And bet the opposite with Betfair
Now you bet the exact opposite with Betfair, i.e. a lay bet against Everton. This gives you odds of 2.06. Set yourself a maximum possible loss of £200. This is the amount that you will lose with Betfair if Everton wins. Should Everton not win, you make exactly £179 profit.
Scenario 1: Everton draws or loses
|£100 + £100 Bonus||£0||-£100|
|Total:||£300 + £100||£379.24||£79.24|
As you can see, in this case, you have no money left in the Bet365 account. Instead, you now have significantly more money in your Betfair account - so effectively you have transferred the majority of your Bet 365 bonus to your Betfair account. And you can withdraw this money at any time.
Scenario 2: Everton wins
|£100 + £100 Bonus||£300 + £100 Bonus||+£200|
|Total:||£300 + £100||£300 + £100||£0|
This is the least desirable outcome, however it is not a disaster. You may have lost your money with Betfair, but there is now a 1:1 on your Bet 365 account. You can now repeat the whole process with another bet until either the bonus finally ends up in your Betfair account, or you meet the wager requirement for Bet365.
Always Follow The Same Pattern
This pattern can be applied to every bookmaker bonus. Therefore there are only two things to keep in mind.
- The Lay bet with Betfair should be as close as possible to the bookmaker’s odds. Anything else is a waste of money.
- Your maximum possible loss with Betfair should exactly match the bookmakers.
The residual risk: the devil in the detail
The great thing about this bonus trick is that you can save yourself a majority portion of the bonus with almost no risk. However even in rare instances, things can go wrong.
Always pay close attention.
For example, there is the possibility of making an error when entering your bets. So you should always double and triple check that all entries are correct. You could for example accidentally bet on a Gladbach win with both Bet365 and Betfair. And even with a risk free Bonus transfer, you could place a bet of more money than you intended.
The Bookmaker's Rules
In instances where games are cancelled, sometimes the bookmakers have different rules for training and repayments. In football, cancellations are rare, and so the rules are very consistent; in tennis however things are very different. It is therefore important to become familiar with the specific rules of the bookmakers in advance in order to avoid unpleasant surprises.
Especially for anyone who has not yet opened an account with a bookmaker, this explanation of how to use bonuses provides an excellent means of bolstering your betting capital quickly and efficiently. Unlike, for example, trying to gain poker bonuses, this takes comparatively much less time. Calculated as an hourly rate, it is something you can be pleased with!
This article was originally published at bettingexpert blog DE