money back offer
12th March 2019
It’s the week we’ve all been waiting for!
Cheltenham Festival Week!
Let’s make some money!
Paddy Power are offering up this fantastic money back offer for Day 1 of the Cheltenham Festival. They will refund our stake of up to £10 as a free bet if our horse finishes 2nd, 3rd or 4th.
This gives us a fantastic opportunity to make potential profit using the matched betting strategy.
- The maximum free bet refund is £10, so we want to place a back stake of £10 on the selected races.
- Applies to bets placed on the first day of Cheltenham.
To search for close odds for our qualifying bet, I will be using the Oddsmonkey Oddsmatcher, by placing Cheltenham and the time of the race that you are looking to bet on, in this example I am using the 13:30 race, in the filter search bar and limiting the bookmaker to Paddy Power. As seen below:
At the time of writing it is too early to search for close odds on this race, so for the sake of this example I will make up fictional odds and say that Al Dancer is available to back at 4 at Paddy Power and to lay at 4.3 at Smarkets. However, do make sure to find close odds if attempting this offer.
Ideally, we want to search for low odds to minimise our qualifying loss and to increase our chances of the horse finishing in the top 4.
As you can see from the calculator above, we would make a qualifying loss of 85p on these odds, (these numbers are based on using the Smarkets exchange with a commission rate of 2% and we are using fictional odds).
However, if our horse finishes 2nd, 3rd or 4th in the race, we will receive a £10 free bet which we can extract profit from.
If Al Dancer wins the race or places outside the top 4, then we will have lost our qualifying loss of 85p.
However, if Al Dancer does finish 2nd, 3rd or 4th in the race, that means we will receive a £10 free bet. We should be able to extract about £8 from this free bet, which would leave us with a profit of £7.15.
If you did this on all 7 races on Day 1 of Cheltenham and your bets came in, you would be able to make a potential profit of around £50.
There are loads of offers surrounding Cheltenham this week, where we will be able to make big profits, so be sure to check out my other guides.
If you are unsure about matched betting on the horse racing, then be sure to check out my free guide Horse Racing for Newbies.