Using Free Bet On Multiples
How To Convert 80%+ Of Your Free Bet To Profit Risk Free
If you're reading this article, you are likely familiar with the concept that higher odds means more profit, as explained in the 'Free Bet Profit Explained'.
That article deals with how to convert up to 75% of your free bets to cash profit by choosing back odds of 6.0. This is great when you are building up your matched betting bankroll through Welcome Offers.
However, when you are looking to get the best possible margins from your Football Accumulator Refunds and similar offers, you want to get the maximum from your free bets.
Two popular options are:
- Betting on an 8.0+ odds popular football team (e.g. Sunderland away at Man City)
- Betting on an 8.0+ odds horse racing team
The issue arises when there aren't any popular football teams with high odds (or you would prefer not to keep doing this on your account on every free bet) or you do not usually bet on horses.
A third option is to use your free bet on multiples!
Before going into this, let's quickly cover the exact maths of converting free bets to cash.
Free Bet % To Profit Explained
There is a very simple formula to work out the % of the free bet that converts to profit risk free.
(Back Odds - 1) / Lay Odds
For example, if you have 9.0 back odds and 10.0 lay odds, this is 8.0 / 10.0 = 80%
The reason this works is because you do not receive the stake back with free bets . Therefore, you deduct the back odds by 1.
Note your actual % will be slightly lower due to the exchange commission. Continuing the 9.0 back odds and 10.0 lay odds example, you make 76.4% on Betfair (which charges 5% commission on winning bets) or 78.2% on Smarkets (which charges 2% commission on winning bets).
So in summary, if you are looking to achieve 80%+ conversion from your free bet to cash profit, then you will need to aim for back odds of at least 9.5 or higher given the commission.
How To Use Free Bets On Multiples
Rather than having to find popular teams with odds of 9.0 or higher, instead you could place a 'double' or a 'treble' (these are often referred to as multiples, as you are placing one bet on multiple teams).
Note each game must not overlap timewise i.e. choose one team that kicks off at Saturday 3pm kick off and another team that kicks off at Sunday 1.30pm.
Also if your first leg loses, the free bet is complete and you have made the 80%+ profit! You do not then lay the second leg.
I can lay this bookmaker bet by using a spreadsheet, as explained below. Let's start with two examples of choosing 2 teams for a double:
Example: 10.0 Back Odds
Here is the weekend Premier League fixtures:
I have circled in orange:
Saturday 3pm: Middlesbrough to beat Crystal Palace (3.7)
Saturday 5.30pm: West Ham to beat Watford (2.7)
This has an accumulated back odds of 3.7 x 2.7 = 10.0
Using realistic lay odds of 3.85 and 2.85 respectively, the lay odds are 11.0.
Excluding commission, this gives us 9.0 / 11.0 = 82% conversion of free bet to profit.
Including commission, this decreases to 76% on Betfair and 80% on Smarkets.
The total liability needed for this, £83, as shown in the spreadsheet section below.
Note if Middlesbrough draw or lose (i.e. my bookmaker bet has now lost) the bet is complete, I have made my 80% profit and I don't lay the West Ham game.
Example: 17.0 Back Odds
Alternatively, I could place a double on:
Saturday 3pm: Middlesbrough to beat Crystal Palace (3.70)
Sunday 1.30pm: Tottenham to draw with Stoke (4.60)
This has an accumulated back odds of 3.7 x 4.6 = 17.0
Using realistic lay odds of 3.85 and 4.8 respectively, the lay odds are 18.5.
Excluding commission, this gives us 16.0 / 18.5 = 86% conversion of free bet to profit.
Including commission, this decreases to 80% on Betfair and 84% on Smarkets.
The total liability needed for this, £152, as shown in the spreadsheet section below.. This is because your bookmaker bet has now lost, and you have made a profit by placing a relatively smaller lay bet.
Lay Multiple Spreadsheet
The easiest way is to use a simple Lay Multiple spreadsheet. A big thanks to Ultimatcher who built this free to use spreadsheet. Click the green button below to download the spreadsheet (to do this, once you have clicked on the green button, please then click the arrow on the top right ):
To use this spreadsheet, enter:
- Column H: Select your multiple type e.g. double, treble
- Column D: Event (optional)
- Column E: Outcome (optional)
- Column F: Back odds and lay odds
- Column G: Bookmaker and Exchange (optional)
- Column H: Exchange commission %
- Column J: Back stake
The spreadsheet will then automatically calculate:
- Column J: Your lay stake
- Column N: Your liability for each team
- Column X: Your profit
Plus you can also see a profit breakdown based on the outcomes in lower right hand side, starting from cell R21.
In the spreadsheet linked above, you can see the calculation for the 17.0 back odds and 18.5 lay odds. Note the liability you need is the total of both liabilities in column N (in case both lay bets lose).
Tip: Use Higher Odds For The First Team
If your first bet loses on the bookmaker, then you do not need to lay off the 2nd match. This is because your bookmaker bet has now lost, and you have made a profit by placing a relatively smaller lay bet.
To save a bit of time, choose higher odds with your first team as this will increase the likelihood that your first team in your bookmaker bet will lose, so you don't need to place the 2nd lay bet.
Tip: Use Your Free Bets on Friday/Saturday Morning
As there are lots of popular games running at different times on Saturday and Sundays, a good time to use your free bets is on a Friday or Saturday morning and use the wide selection of games available.
Additional Advice: OddsMonkey Community
There are 3 ways to ask for help with Team Profit: