The Grand National runs this Saturday 8th April at 5.15pm!
Bet365 are running their legendary 50% cash refund (up to £125) on Each Way Bets, this is worth up to £80 profit risk free.
This is a very profitable opportunity for matched betting, though I recommend this only for experienced matched betters given it does require quite a large liability. Note your bet(s) need to be placed before Saturday 8th April midday.
Note this offer is only available to existing Bet365 customers, those that signed up prior to Wednesday 5th April 23:59. If you have not yet joined Bet365, then when you reach the multi bet welcome offers, enjoy their £200 bonus (guide).
Grand National: Each Way Bets Explained
With an 'each way' bet, you are backing a horse twice, once to win and once to come in the top 5 places.
For example, if I place a £10 each way bet (£20 total stake) on the favourite Vieux Lion Rouge to win the Grand National, I am placing two bets:
£10 bet on Vieux Lion Rouge to win (11.0 odds )
£10 bet on Vieux Lion Rouge to come top 5 (odds 3.5)
I can then lay off Vieux Lion Rouge on either Betfair or Smarkets for small trigger bet loss, due to the lay odds being higher than the bookmaker back odds.
Grand National: Bet365 Offers Explained
As a special Grand National offer, Bet365 will refund you 50% of your total stake on each way bets (up to £250) as cash, regardless of the outcome of the race!
Continuing the example above, by placing a £10 each way (£20 total stake) I will receive £10 cash within 2 hours of placing the bet.
Bet365 offer terms: click here.
Note the total stake can be across multiple horses. By choosing multiple horses, it will help to lower your total liability required as explained below!
This means if we simply choose a horse(s) with small trigger bet losses and then we will make a very tidy profit from the 50% stake refund.
How To Choose The Horse(s)
You can use the OddsMonkey Racing Matcher or the Each Way Matcher (which shows compares the each way odds too) that compares the odds of every horse on the Grand National to show you the closest matches. This will be available from Friday evening.
Alternatively, you can manually check the markets:
So for example Vieux Lion Rouge is 11.0 (at the time of writing) on Bet365 so I will now check the lay price.
How To Lay Horses Each Way
Continuing the example of betting each way on Vieux Lion Rouge on Bet365 at 11.0, I now check the Betfair and Smarkets lay markets above.
Let's say closer to the start of the race, I will receive lay odds to win of 13.0 and lay odds to place of 4.0.
Entering this into the OddsMonkey Each Way Calculator with a £10 EW (total £20 stake) as an example:
I have entered in the above calculator screenshot:
Odds: 11.0 (Bet365 odds)
Stake: 20 (total stake, being a £10 EW bet)
Place payout: 4 (Bet365 EW odds are 1/4, see the below FAQ for more details)
Lay Odds: 13.0 and 4.0 from Betfair
The above screenshots shows I will place a:
£8.49 lay bet at 13 odds (£101.93 liability) on Vieux Lion Rouge to win, and
£8.86 lay bet at 4.0 odds on Vieux Lion Rouge to come Top 5.
This gives me a £3.51 trigger bet loss.
I have a £3.51 trigger bet loss from my £20 total stake (£10 each way bet).
However, I receive 50% of my total stake back. So I receive £10 cash from Bet365.
This gives me a £6.49 profit risk free!
This example is using a £20 total stake, however I could place a total stake up to £250, which would make up to £80 profit risk free!
As shown in the example above, a £20 total stake needed a total liability of £129 (£102 from the 'to win' £10 bet and £27 from the 'to place' £10 bet).
So if you were to bet on just one horse, you would need around £150 liability for every £20 staked if you choose 1 horse, which in turn makes you around £6.50 profit risk free.
Jon's Tip - Back A Few Horses To Keep Your Liability Down!
The betting exchanges are clever and automatically calculate that you don't need the total liability for each horse you lay on the 'to win' market. This is because only 1 horse can win!
In fact, you will only need one of your liabilities (the largest) on a horse on the 'to win' market, less the lay stakes you will win on the other horses.
Therefore, I would aim to place each way bets on at least 3 or 4 horses to keep your liability requirement down.
Note you will still need the combined liability for your 'to place' lay bets.
Overall, this should mean you will need around £1,500 liability for the full £250 total staked if you choose multiple horses, which in turn makes you around £80 profit risk free.
Mega Win If Your Horse Comes 5th!
Bet365 pay out your 'to place' bet if your horse comes in the top 5 positions.
Betfair and Smarkets 'to place' lay bets cover the top 4 positions.
Therefore, if your horse comes 5th, you win both your Bet365 'to place' bet and your exchange lay bet!
Using the £20 stake example above, this would be a £10 win on Bet365 for £35 profit, plus your £8.86 lay stake, for a profit of £43!
If your total stake is £50 on a horse, this could be a £100+ win! On top of your profit risk free.
It's unlikely to happen, but it's a very nice extra profit if your horse finishes 5th!
FAQ: How Are The EW Place Odds Calculated?
You don't have to know this in order to place your bookmaker bet and lay bet, but it's still helpful to know!
Bet365 give 1/4 of the fractional odds for the horse to win, as the odds for the each way place odds (Top 5).
Taking the example above, Vieux Lion Rouge has 11.0 decimal odds (which is 10/1 fractional odds as you subtract 1 to get fractional odds). Therefore:
(10 / 4) = 2.5
We then add back the 1 to return to decimal odds, so 2.5 + 1 = 3.5.