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Maximising Your Bookmaker Sign Up Bonus Through Betting Exchange
By Brodey Sheppard - October 24, 2016
Here at HitYah, we understand how bettors are always on the lookout for ways to make the most out of their betting money. That is why we have aggregated the best sportsbook bonuses under one roof. We’ve weighed the pros and cons to make the selection process a lot easier for you.
One of the great things about finding new bookmakers online is discovering all the better bet bonuses that they are willing to give to newbies. If you want to get the best deals out of your wagering budget, the best thing to do is find new online sportsbooks with great bonuses. Once you’ve signed up with an online bookmaker, you will find that a welcome bonus is available, but you can’t withdraw it without meeting the wagering requirements.
For instance, if you create an account with Winner Sports, you will get a match bonus or a 100% bonus. This means that when you pay £30 (minimum deposit amount required), you will get £30 for free. With online sportsbook Winner Sports, your deposit can be matched for as high as £200! Want to try it for yourself?
To ensure that online bookies still make money while giving out free bets, they put up a wagering requirement. Before you can withdraw your winnings from your deposit bonus at Winner Sports, you have to wager eight times the value of your first deposit and the bonus. So if you deposited £100, you will get £100 for free, but you have to wager £1,600 on odds over 2.00 within 14 days so you can withdraw your winnings.
Turning Your Sportsbook Sign Up Bonus Into Cash
Now that we understand how to sign up deposit bonuses work, let’s take a look at how we can maximise our initial bets. You can do so by wagering on a betting exchange site. When it comes to online betting exchange, you are betting against other players instead of betting against the sportsbooks. What's also great about this betting scheme is that you do not have to take the odds that the betting exchange site offers. Instead, you can create your own. Here are the following risk-free steps you can take to make the most out of and to secure your sign up bonus through betting exchanges.
1) Create an account with a betting exchange
You may be wondering why the first step you should take is signing up with a betting exchange site. By doing so, you are giving yourself the opportunity to play the role of a bookmaker with some differences. You can do the wagering, and at the same time, you can also set the odds. Being able to set the odds is quite advantageous for bettors, and we will deal with this topic later in the article.
In this example, we will go with betting exchange site Matchbook because it offers the lowest commission rates. While some betting exchange sites apply as high as 7% commission rates on bets, Matchbook only applies a maximum of 1%, with some matches even having 0%.
2) Go to an online bookie and place a bet
Now, it’s time to place a bet with your chosen bookmaker. Theoretically speaking, the sport you choose does not really matter when it comes to this betting scheme. However, it is best to bet on a major sporting event like the football competition Premier League. The reason behind this is because there are higher chances that you can lay your wager on your choice of betting exchange. On the other hand, if you choose a minor sporting event, you may find it difficult to another bettor who would be willing to take your lay bet on the betting exchange. Moreover, this particular tournament or league may not even have their betting markets featured on the exchange at all.
3) Go to the betting exchange and bet the exact opposite of your previous wager
The next thing you would have to do is go to Matchbook and bet the opposite of what you placed with your sportsbook. For instance, if you went to Winner Sports and bet on Premier League team Arsenal winning an upcoming match at the Premier League, you have to go to Matchbook and bet against this team. This betting scheme also referred to as “lay betting,” allows you to play against a bettor. Basically, the site matches your bet with another bettor on the site who does not believe that your forecast will happen. Therefore, the winning bet takes the money of the losing bet.
It is also important to note that for this bet, you would likely be compelled to offer higher odds on Matchbook than the odds you received from Winner Sports. Remember that the closer your betting exchange odds are to the betting odds from the bookmaker, the better it is for you.
Online Sportsbook Sign Up Bonus Example
For our example let us go with depositing £100 at Winner Sports. With a 100% match bonus, you will get £100 for free so you will have £200 to play with. Let’s say you’re betting on Arsenal to win against another Premier League team Liverpool. Given that the odds for Arsenal is at 1.95 and you bet the entire £200 (your deposit and bonus), you will get a total return of £390. This means that you will get a profit of £190 if Arsenal wins.
The next thing you will do is go to Matchbook and lay bet against Arsenal. Remember that you should keep your liability exactly the same as the amount you can profit from your Winner Sports bet on Arsenal. So in this case, you have to bet £190 (£390 return - £200 bet stake).
To know the amount you have to enter as the “Backer’s Stake,” just use the formula below:
Backer's Stake = Liability / (Decimal odds – 1)
In our example, you can lay bets on Arsenal at odds of 1.976 and your maximum liability is £190. Remember that this will be the amount you will lose with Matchbook if Arsenal wins. There are two scenarios we can consider in this situation.
1st Scenario: Arsenal Draws or Loses
|Sportsbook||Balance Before Betting||Balance After Betting||Profit|
|Winner Sports||£100 + £100 bonus||£0||-£100|
|Total||£290 + £100 bonus||£384.67||£94.67|
If you review the calculation, you will see that you will not have money left in the Winner Sports account. On the other hand, you have significantly transferred a big amount of your Winner Sports bonus to your Matchbook account. You can withdraw this money any time you wish.
2nd Scenario: Arsenal wins
|Sportsbook||Balance Before Betting||Balance After Betting||Profit|
|Winner Sports||£100 + £100 bonus||£290 + £100 bonus||£190|
|Total||£290 + £100 bonus||£290 + £100 bonus||£0|
In this scenario, you may have lost £190 with Matchbook, but you made £190 from Winner Sports. This means that you’ve broken even and that is not bad at all.
Keep on repeating the three-step betting process until either you meet the wagering requirement for Winner Sports so you can withdraw your bonus, or the entire bonus amount finally ends up in your Matchbook account.
Things to Remember with this Betting Scheme
While this betting scheme can be applied to every bonus offered by a bookmaker, you have to remember two important things. Remember that the odds on your lay bet should be as close as possible to the odds from your bookmaker. If the values are far from each other, laying bets would be a waste of money. Another thing you should remember is that your maximum liability with Matchbook should be exactly the same as the possible profit amount from the wager you placed with Winner Sports.
As you can see, with this betting scheme, you can make the most out of your sign up bonus. You can keep your bonus safe by moving it to a betting exchange site or by finally meeting the wagering requirements of your bookmaker. All the while, you are either making profit or breaking even without essentially losing money at all.