Convert Your Free Bets Into Easy Money!
By now your Skybet account should be showing the free bet amount - go to "My Account" to see the free bet balance (in fact Skybet will have credited this as soon as you placed you bet)
You now need to convert your free bet into cash at the bookmakers site (in this case SkyBet).
To do this you simply repeat the process all over again with a few changes.
Firstly you need to be aware that you will need to increase your balance at Betfair in order to take full advantage of the Free Bet. If cash flow is a problem don't worry - you can withdraw all the profits after this next process.
We will talk about how much you will need in your Betfair account soon.
If you noticed in Step 3, we were looking for sporting events with low odds to minimise losses.
For taking advantage of a Free Bet, we need to look at odds higher than 6 to release as much of the free money available from the free bet. The higher and closer the odds, the more money you will release from the free bet and turn it into cash. This is the difference between the free and qualifying bets. (higher odds required for free bets). The reason for this is when you are betting with your own cash, you are liable to get the profits PLUS your stake returned (SR). With a free bet only the profit will be returned, the amount of the free bet is kept by the bookie (SNR).
A typical example would be to search for a correct score on a football match, a half time/full time result or just the non favourite in a one sided contest e.g. Man Utd v Acrington Stanley.
Make sure you have 3 windows open:
Search through the fixtures at the bookies site ie SkyBet for odds around 6 or 7. (see below)
The fixture we are looking at here is Arsenal vs West Brom. In addition to the usual bets, there are extra bets (as highlighted above) which offer greater choice.
We have chosen Arsenal to win 1-0 at odds of 7. We immediately checked the same fixture at Betfair to find the Lay odds of 7.8. (see below)
By finding fixtures / events with closer odds you will maximise the amount of cash you can release from the free bet.
Lets see how these figures look in our Free Easy Money Calculator (below).
NOTE THE BACK PROFIT - WE HAVE CONVERTED THE FREE BET INTO A GUARANTEED PROFIT OF £36.77 WHATEVER THE OUTCOME!
ALSO NOTE THE STAKE FORFEIT BOX HAS THE SAME AMOUNT IN AS THE BACK STAKE. THIS IS BECAUSE YOUR FREE BET STAKE IS NOT RETURNED - ONLY YOUR WINNINGS.
Take off the small cost of your qualifying bet and you are left with FREE EASY MONEY TAX FREE!
In reality - you would find the odds at the bookies, the lay odds at Betfair and use the calculator all at the same time.