Horse Racing Refunds

What are Horse Racing Refunds?

Horse racing refunds are a type of daily offer that the majority of major bookmakers run regularly for existing customers and thanks to Matched betting we can take advantage of these refund offers.

The basic principle of horse racing refunds is that a bookmaker will offer the punter a 'refund' in the form of a free bet IF a certain event in the race happens. Because there is a chance that the refund doesn't occur, we must be aware that these kinds of offers are not risk free, however, if we can minimise the qualifying loss of the trigger bet these are definitely profitable in the long run!

When To Complete Racing Refund Offers?

As explained in the 'How To Make £100 To £1,000 Every Month' guide, I recommend firstly to profit from the Sports and Casino Offers to make up to £250 a month.

To take your matched betting monthly up to the next level and make up to £500 per month, you can make an additional £250 per month on Saturdays by completing Football Accumulator Refund offers and Racing Refunds.

In terms of Racing Refunds, Saturday is the best day because the bookmakers offer their best promotions on the ITV televised racing (formerly Channel 4 racing), which runs usually between 2pm to 4.30pm. You can place your bets either on Saturday morning or afternoon depending on which suits you best, except for the Bet365 offer which requires you use your free bet on the next race as explained below.

intro jon circleOffers & Profit

Most major bookmakers run Racing Refund offers. Usually they have a maximum stake of £25. They vary in generousity, based on how likely you will receive a free bet.

Refund If... % Refund Chance Bookmakers Expected Profit
(£25 Stake)
Horse comes 2nd or 3rd 30%  Skybet
Saturday: First race
£6
High odds horse wins 15 to 20% bet365
Saturday: 6 to 8 races
Midweek: 2 races
betfair logo small
Saturday: 6 to 8 races
Bet365: £6 to 8 (£50 stake)
Betfair Sports: £3 to £4
Horse comes 2nd 15% Betway, Will Hill and more
Varies: 1 or 2 offers daily
£3
Horse comes 2nd and favourite wins 5% Paddy, Will Hill and more
Daily: 6+ races
£1
Others - fallers, beaten by a length 5% Coral and more
Daily: 6+ races
£1

The exact % chances depend on the horse's odds and the size of the field, I cover this in the Estimator below.

As you can see from the above % chance of refunds, the SkyBet, Bet365 and Betfair Sports offers are great. We have a 15%+ chance of a refund.

The fourth and fifth types of offers are not so good, with only a 5% chance of a refund.

Expected Profit Explained

To explain the 'Expected Profit' in the above table, using the SkyBet offer as an example, if I have a 30% chance of a £25 free bet, this has an 'expected' free bet value of £7.50 (30% * £25). If I convert this free bet to cash profit at 80% (using a high odds horse), this has an expected profit of £6 (80% * £7.50).

Whereas if I have only a 5% chance of a free bet, then my 'expected' free bet value is only £1.25 (5% * £25). This means I only have an expected profit of £1 (80% * £1.25).

Minimising The Trigger Bet Loss Is Key!

The expected profit table above does not include your trigger bet loss. Your trigger bet loss from a £25 stake will be anything from 50p to £3. It is very important to minimise the trigger bet losses by finding the horses with the closest odds between the bookmaker and the exchange.

For example, the 'Finish 2nd and Starting Price Favourite Wins' is worth only £1 expected profit. Therefore, if you made a £1.50 trigger bet loss, you would make a 50p net loss.

To help you to find the horses with the lowest trigger bet loss, I highly recommend using the OddsMonkey Racing Matcher which does exactly this - as explained in the next section.

Racing Refund Profit Estimator

profit-estimator

To help you check the profits of each type of offer, I have built this Racing Refund Profit Estimator for you to use!

Important: To edit the Estimator, create your own version by clicking File > Make a copy > Okay

Racing Refund Profit Estimator - Click Here

The Estimator is for demonstration purposes, to help you see how different horse odds and different trigger bet losses will impact your net profit from each type of horse racing offer.

Simply enter your horse odds (highlighted in blue) and your trigger bet loss (highlighted in red) and you can see the expected net profit in bold.

 intro jon circleHow To Complete Racing Refund Offers

OddsMonkey Racing Matcher

I highly recommend using the OddsMonkey Racing Matcher. It is part of the OddsMonkey account which costs just £15/month with a 30 day money-back guarantee -  a no brainer to give them a try!

racing-matcher

This tool:

  • Shows all the offers available for every race
  • Shows the lowest trigger bet losses for each offer
  • Shows the exact lay stake
  • One click to the bookmaker and exchange markets

To use this:

Step 1  Check with offers are available today in the OddsMonkey forum.

Step 2  Open the Racing Matcher for the offers you wish to complete.

Step 3  Place your bookmaker bet, lay bet and hope your free bet refund comes in!

 intro jon circleOffer Tips

I Am New To Horse Racing Offers, Which Offer First?

Skybet

I would recommend starting on a Saturday morning with the SkyBet offer. This is the most profitable offer and you can place any stake up to £20.

bet365

If you feel comfortable, you could also try either or both of the Bet365 and Betfair Sportsbook offers.

The more familiar you become, you can then add in Bet365 midweek offers and the 'Finishes 2nd' offers, there are typically one or two of these each day.

How Much Do I Need In My Exchange(s)?

Skybet

You will typically be betting £20 on a horse with odds no greater than 6.0. This would require a liability of £100 in the exchange.

For the Betfair offer, you will typically be betting £25 on a horse with odds no greater than 6.0. This would require a liability of £125.  The free bet can be used within 48 hours.

If you wanted to do multiple offers before the races start, then you would need the combined liability amount.

bet365

For the Bet365 offer, if you are betting the full £50, you will need to have sufficient exchange funds for both your first bet and the second risk free bet (in case your first bet wins).

Each bet would require a liability of approximately £250 if you were using odds of 6.0, so a minimum of £500 is required. Though you could start with smaller bet amounts whilst getting used to how the offer works.

 intro jon circleOffer Formats Explained

Refund If Your Horse Loses

Refund if your horse loses is the most profitable racing refund offer. Anytime a bookmaker runs this offer, definitely take them up!

You should complete these offers exactly the same as the Refund Welcome Offers that you have very likely completed. To recap, there are two methods:

Method 1: Back, Lay And Hope!

Simply back and lay a horse for a small trigger bet loss and hope it loses. By choosing a high odds horse, most of the time it will!

For a £10 bet, you should aim for a trigger bet loss no more than £1, ideally around 50p.

Pro Tip: When calculating your lay bet, use the 'Advanced' mode in the Calculator and use the 'underlay' amount. This will give you a slightly lower lay bet, so that if your horse does unfortunately win, you trigger bet loss will be zero! 

Method 2: Guaranteed Profit Method

This method involves using the OddsMonkey Equal Profit Calculator. This gives you a significantly smaller lay bet, so that even if your horse wins, you will still make a guranteed profit.

For more details on this method, please read the Guranteed Profit Method guide.

How Much Profit Do I Make Per Offer?

The higher odds you choose, the more likely your first bet will lose and so you will receive the free bet! Note this will require a highly liability in your exchange.

Example

If you choose odds of 5.0 for a £10 bet, then 80% of the time you will receive a £10 free bet refund.

This has an expected free bet of £8 (80% * £10). This is the equivalent of £6 expected profit (assuming you convert free bets to cash at 75%).

Refund If Your Horse Is Second

Refund if your horse finishes 2nd is a popular offer run by the bookmakers. Anytime a bookmaker runs this offer, take them up!

How Do I Complete These Offers?

Back, Lay And Hope!

Simply back and lay a horse for a small trigger bet loss and hope it comes 2nd!

It is best to choose a horse with odds around 2.0 to 7.0 as these are more likely to come 2nd than a very strong favourite or a rank outsider. By choosing odds of 2.0 to 7.0, your horse will have approximately a 20% to 25% chance of coming 2nd.

It is also very important to choose a horse with a low trigger bet loss (ideally under £1).

How Much Profit Do I Make Per Offer?

You will make around £2.50 expected profit per offer. Note you could get unlucky and the horses you choose don't come 2nd for many races in a row, but this should even out over time.

Example

If you choose odds of 3.0 for your £20 bet, then approximately 23% of the time you will receive a £20 free bet refund.

This has an expected free bet of £4.60 (23% * £20). This is the equivalent of £3.45 expected profit (assuming you convert free bets to cash at 75%).

So long as your trigger bet is no more than £1, then you will make an expected £2.45 expected net profit.

For more details on the % chance, please see the Profit Estimator.

Refund If Horse 2nd To SP Favourite

Refund if your horse finishes 2nd is starting price (SP) offer run by the bookmakers. This means that both:

  • Your horse needs to come 2nd
  • The SP favourite needs to win the race

The SP favourite is the horse that is the favourite at the time the race starts.

Therefore, do not back the favourite as you would never receive the refund! (this is because it couldn't win and come 2nd which are the two criteria to receive the refund).

Given both criteria need to happen, this is a low profit offer, so I'd only recommend it if you were a very regular matched better.

How Do I Complete These Offers?

Back, Lay And Hope!

Simply back and lay a horse for a small trigger bet loss and hope it comes 2nd (or 3rd for Boyles offer) and the SP favourite wins!

It is best to choose races where there is a clear favourite.

This maximises the chance of it both winning and staying as the Starting Price Favourite (when there are two horses both with low odds, it isn't easy to know which horse will be the favourite by the start of the race).

In terms of approximate chances to receive a free bet refund based on the odds of the SP Favourite and assuming you choose a horse with odds of between 3.0 to 7.0:

SP Favourite 1.5 odds = 12% likelihood of refund (24% for Boyles 2nd or 3rd Offer)
SP Favourite 2.0 odds = 9% likelihood of refund (18% for Boyles 2nd or 3rd Offer)
SP Favourite 2.5 odds = 7% likelihood of refund (14% for Boyles 2nd or 3rd Offer)

It is also very important to choose a horse with a low trigger bet loss (ideally under £1).

 intro jon circleOddsMonkey Top Links

I highly recommend OddsMonkey, not just for their Racing Matcher but they also have the following very helpful articles and forum discussions, in particular:

Offers Forum Thread - Discuss today's horse racing offers, particularly useful for Saturday's when it can get up to 500 comments!

Rule 4 Guide - How your bookmaker and exchange odds change if a horse withdraws after you have placed your bet.

Non-Runner Notifications - Notifies you for non-runners if you would like to check the rule 4 impact.

oddsmonkey

Oddsmonkey provide the above 'Racing Matcher' tool plus a full rounded service for those taking matched betting seriously.

Including; Daily Offer Calendar, The Odds Matcher, The Each Way Matcher and full forum for the Oddsmonkey Community.

Oddsmonkey is only £15/month with a 30 day money-back guarantee, so if you don't enjoy it, it won't cost you a penny!

OddsMonkey Free Trial

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