What are Sports Refund Offers?
Sports Refund Offers are a type of sports free bet offer that bookmakers run regularly for existing customers and thanks to Matched betting we can take full advantage of their potential profits.
The basic principle of sprts refund offers is that bookmakers offer existing customers a 'refund' in the form of a free bet IF a certain event in the event that they've bet on 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 then these are definitely very profitable.
Existing customer offers come in the standard 'Bet X Get Y' format (usually for particular high-profile football matches) and then there are refund offers whereby a certain event needs to occur within a match for a free bet to be triggered.
When to do them
There's refunds offers each week during the football season and then they'll be available on major sporting events too for golf, tennis, boxing and more!
To know when and where the offers are, Oddsmonkey provide a fantastic weekly offers calendar - which is updated real time.
Your Profit Explained
We use the exact same principle as we do when completing the welcome offers - place a risk free bet on the match to trigger the free bet, which we then profit from. The only difference being that these offers aren't all risk-free, as it could be the case that the event within the match does not occur, so it is important to detect when these refund offers are profitable or not, dependant on the trigger bet loss.
So, Boylesports are offering a free bet of your stake (up to £25), refunded if your bet loses AND the crossbar is hit at any point during the game. They run it for every televised Premier League game. Things you need to bear in mind:
- Chances of the crossbar being hit in any game = around 1 in 3
- £25 Free Bet value = around £18
- The trigger bet qualifying loss
So for this to be profitable we need the expected cash from the free bet to be more than we lose in qualifying losses.
If we're expected to win £18 from the free bet 1 in 3 games, the expected value of this offer is £6. So as long as the qualifying loss is less than £6 we should expect to make money from these offers.
Being on televised premier league matches we can expect a max qualifying loss of around £1, so it's definitely a profitable offer to do!
What You Need
To complete sports refund offers with maximum effectiveness, I strongly advise subscribing to an Oddsmonkey premium account. The reasons being:
Free Bet Calendar
There is no set routine to sports refund bets, sure they often run over weekend fixtures, but they sometimes run for mid week games and the bookmakers running them varies regularly. So to keep on top of all the running refund offers you will need to use the Oddsmonkey Free Bet Calendar - which provides a real-time feed of all the running 'existing customer' offers.
This is the most important asset needed when looking to complete sports refund deals. The key to making these offers profitable is keeping the qualifying losses as low as possible and to do this we need the oddsmatcher.
Some of the refund offers will require you to place your trigger bet on a specific market, for example a 'correct score' market. Using the Bet365 offer as an example, "Get a refund on losing 'correct score' bets of up to £50 if the game ends 0-0". Using the oddsmatcher we can set a specific filter (and save it for future use), which is really handy.
With qualifying odds of around £5 for £50 back bet and the chances of 0-0 in this game being 16/1 means the above example would not be profitable with those back and lay odds. We would instead need to choose a match with lower odds of it ending 0-0 and also wait until nearer the kick off and hope the closeness of odds improve.
I've said it many times before, that a matched betting forum/community is an invaluable tool to maximise your matched betting profits and this is a practical example of why. At Oddsmonkey they have a community thread dedicated to real-time updates from fellow matched bettors highlighting the best offers and associated bets for particular offers.
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