How To Complete Refund Offers
Reading Time: 10 mins
A big congratulations with completing the Bet X Get Y Welcome Offers - you rock!
There is plenty more profit up for grabs with the 'Refund Offers'.
In this guide, you will learn:
What is a Refund Offer?
The difference between Refund offer and Bet X Get Y offers is that with Bet X Get Y, you will receive a free bet regardless of the outcome.
With refund offers, you will only receive one if your trigger bet loses.
So what happens if your trigger bet wins?
You don't get the free bet, boo!
But not to worry. You can guarantee a profit using the Team Profit 'Refund' calculator even if your trigger bet wins. Nice!
So let's now find out how you do this.
How do I complete Refund Offers?
There are two ways you can attempt refund offers.
Option 1: Back, Lay and Hope ✌️
You can simply back and lay a bet using the normal calculator and hope your bet loses and then receive the free bet.
This isn't great as you will be taking a small loss and you won't necessarily receive the free bet as your trigger bet may win.
Option 2: Guaranteed Profit 😁
You can guarantee profit using the refund calculator. So we recommend this!
The refund calculator gives you a lower lay bet that the normal mode on the calculator.
This means that:
If your trigger bet wins (and so you don't get the free bet) our bookmaker winnings are now higher than the liability, so we make a profit.
If our trigger bet loses then we make a bigger qualifying loss (as the lay stake is less), however we get the free bet to still make a profit.
Let’s explain this further using the examples below 👇
Refund as a free bet
Bet £10 and get a refund as a free bet if your bet loses.
Using the refund mode on the standard calculator:
-Enter your back stake as £10
-Enter your back odds and lay odds. *Higher odds are ideal for these types of offers. For this example, we'll use back odds of 4 and lay odds of 4.3.
-Enter reward as £10 as this is the value of the refund.
We now need to enter our retention %. Since the refund is in the form of a free bet, we would enter this retention% as 75%. Why is that you wonder?🤔 (read more in the next section of this guide)
The refund calculator then gives us a lay stake of 7.59
*If your bet goes on to win, you are instantly in profit in the amount of £4.95 and job done!
*If your bet goes on to lose, you will be at a loss of £2.40 but then you will receive a £10 free bet and make £7.50 from this (75% retention) which will bring you into profit in the amount £4.95
What is Retention % in the Refund Calculator?
This is the % that your free bet will convert to cash that will be yours to keep i.e. retain.
You don't actually know the exact % yet as you have not received the free bet.
So it is best to enter the typical free bet retention you believe you can achieve.
You should be regularly making at least £7.50 from a £10 free bet.
This should be at least 75%, so you should enter 75 in the free bet retention box!
What Back Odds should I choose?
With Bet X Get Y offers, you have been choosing low odds to keep your liability low.
With Refund offers, you want to choose higher odds, around 3.0 to 10.0
This is because you will make more profit from the offer 🙂
You do not need to know the nerdy maths as to why this is.
But if you are a bit nerdy like me, the reason is that when you choose higher odds for the trigger bet, your trigger bet is more likely to lose.
So if you choose odds of 3.0, this has a 33% chance of winnings (67% chance of losing). If you choose odds of 5.0, this has a 20% chance of winnings (80% chance of losing).
This means the higher odds you choose, you are more likely to lose your bet, and so more likely to receive the free bet.
The more likely you are to receive the free bet, the more valuable an offer is.
So by choosing higher odds for the trigger bet, you will see the calculator gives you more profit!
Should I just choose very high odds, such as 20.0 or higher?
No, not this high!
This is because the difference between the back and lay odds will be too high and will remove the benefit of choosing high odds.
So go for odds around 3.0 to 10.0 with the closest odds between the bookmaker and the exchange.
Just make sure you have enough liability to cover the trigger bet liability.
If the trigger bet is quite big, such as Unibet's £40 trigger bet, you may wish to choose odds closer to 3.0 to 5.0.
What if the refund is in Cash?
You would enter retention as 100% as cash doesn't have to be wagered and therefore you would retain it all, hence 100%.
Alternatively, you can use the free snr mode on the standard calculator as an option and that will give you the same result as doing 100% retention on the refund calculator.
Hope you found this guide helpful!
Happy profiting folks! 🤑