Finding Suitable Bets To Qualify For Your Free Bet Money
Ok, in the example below we have shown what each bookie screen will look like (if you have never placed a bet before).
In order to help with finding suitable bets, we have an oddsmatcher tool which searches for the best odds over a variety of sports including football, horse racing, cricket and tennis. If you can't find anything to suit you try some DIY as finding your own bets can be fun. Just remember to have a browser window open for each bookie, select the same markets and then compare the odds between the 2 companies. Easy!
You can click on our ODDS MATCHER link next to the home button to check for the matches if shown. Select Skybet (or simply go to the Skybet page by clicking the Skybet link on the right of the page). A full list of events will usually appear and the top most event will have the closest odds. You are looking to find any odds you can for Skybet (there are no minimum odds here, but other bookies may have a minimum odds requirement for the qualifying bet - read our reviews to check (and the bookies terms and conditions to be doubly sure). If in doubt choose odds over 2.0 (it makes financial sense to lose at the bookie and win at the exchange (more of this later) When you have found a selection you like click on it and the Lay odds for betfair or betdaq will be shown along with the full details of the event.
BEFORE YOU PLACE THE BETS YOU MUST CHECK AT SKYBET AND BETFAIR/BETDAQ THAT THE BACK AND LAY ODDS ARE AS CLOSE AS POSSIBLE. THE CLOSER THE NUMBERS ARE TOGETHER THE MORE PROFIT YOU WILL MAKE - READ MORE ABOUT THIS IN DETAIL.
Go to SKYBET and BETFAIR/BETDAQ, find the event in question and compare the odds for the selection of your choice, to check they haven't drifted.
Firstly, make sure you are viewing all the odds as decimal numbers.
In our example we have circled K Kitajima to win outright in the 200M Breastroke final (2008 Olympics)
Notice we have circled Kitajima - the odds for him to win outright are 1.12.
Check the odds for the Back bet we recommend are the same as in our scrolling window. If they are the same odds simply tick the bet we recommend and hit the BET NOW button. You will now see something like this:
Notice we have entered a £50 Back stake on this bet. YOU WILL BE BETTING ONLY £10 HERE - THIS IS JUST AN EXAMPLE
You can do the same with your chosen bet (either from the oddsmatcher or one you have found for yourself)
DO NOT PLACE YOUR BET UNTIL YOU HAVE LOGGED INTO BETFAIR OR BETDAQ AND CHECKED THE LAY ODDS ARE STILL WHAT WE SAY THEY SHOULD BE IN THE SCROLLING WINDOW (OR VERY CLOSE)
Now go to Betfair (click below to open Betfair in a new browser window)
Here is our example Lay bet:
Notice how close the Back odds are compared to the Lay odds: 1.12 vs 1.19 (This is our aim when looking for a qualifying bet)
If your recommended Lay odds are similar to the odds we specified in our scrolling window you are now ready to place your bet at SkyBet.
Once you have placed your bet, return to Betfair and we can show you how to Lay the correct amount of money to compensate for your bet at SkyBet.
To help us find the Lay Risk, see our FREE MONEY CALCULATOR below:
At this point you will need to spend 30 seconds registering to to see how the maths works in practice. Remember it's completely free and we only require an email address which we will never share with anyone, so no need to worry. Once you have registered you can click a link to bring you straight back this part of the tutorial (step 3).
Now enter these figures:
Back stake = £50 (this is the £50 we deposited for example purposes REMEMBER when you do this for real you are only depositing £10).
Stake Forfeit = 0 (You are not forfeiting your stake as this is not your free bet)
Back Odds = The Back odds for the bet you just placed at SkyBet - our example shows 1.12 (enter your selected odds for your Back bet)
Lay Odds = The Lay odds for the same event at Betfair - our example shows 1.19 (enter your selected odds for your Lay bet)
Back Commission = 0
Lay Commission = 5%
Now hit CALCULATE and scroll back down to see the calculator figures.
Look at your Back Profit and Lay Profit boxes. you will see they are identical which means you will win this amount whatever the outcome. Subtract this figure from your £50 stake which you deposited. This sum will be in the region of £0.50 to £5 and is the cost of your free bet depending upon the closeness of the odds between the Back and Lay bets placed (the closer the odds are together, the less the cost of your free bet)
Whatever the LAY STAKE is - this is the figure you need to enter at Betfair. (Below)
Follow the instructions above.
You will see in our example that the total liability on these bets is £9.33 - this figure should match the figure for the Lay Risk in your calculator.
Don't worry, you are not actually betting the Lay Stake amount here. Whatever the calculator says for the Back Profit and Lay Profit is the amount that will be returned from either SkyBet or Betfair (usually SkyBet on the qualifying bet)
Place your Bet!