Originally posted by d000hg
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For instance, sometimes it'll be like bet £30 get £30 free bet once its settled.
So, you place a bet for £30 (e.g. liverpool to beat everton) then you lay the bet on betfair (basically, take on role of bookie so that people get paid out by you if they bet on liverpool). So you cant lose. (well you do lose a bit its not that simple because bet/lay odds are different)
You do need a bit of a float in betfair to cover the lay but if you do it properly you should lose only about 5% of your stake. (e.g. £1.50 in this case).
But now you've got a free £30 bet to play with. Do the same again (losing 5%). So now, from your bet you lost £1.50 from their bet you lost £1.50 but with the free £30 bet your now £27 up. Profit.
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