£16 – £38 expected profit in just 5 easy steps.
- Open betting exchange account (if not completed yet)
- Open bookmaker account
- Place qualifying bet with bookmaker
- Place lay bet with betting exchange
- Complete rollover if required
Step 1 – Sign up to Betfair (betting exchange)
The first thing you need is a betting exchange account so you can place ‘Lay’ bets to cover your ‘Back’ bets. The biggest betting exchange out there is Betfair (owned by the bookmaker PaddyPower), click here to open an account with Betfair. (opens in a new browser tab)
Open Account with Betfair (opens in a new browser tab)
Step 2 – Sign up to Redbet (bookmaker)
Open account with Redbet (opens in a new browser tab)
Once your Redbet account is open deposit €100 and make sure you enter the bonus code welcome1 in the deposit window.
Once you have completed your deposit you will immediately receive a €50 bonus.
Please note: If you deposit via debit/credit card it will automatically choose €euro’s as your deposit currency which you have to use for this offer. This bonus needs to be wagered eleven times (€550) before withdrawing.
Check the T&C’s to make sure no mistakes are made. For the Redbet offer our €150 qualifying bet must be placed at odds of 2.0 or above.
Decimal Odds – You can set the odds to decimal format in account settings.
Step 3 – Place qualifying ‘Back’ bet with Redbet
Open both Redbet and Betfair websites in your web browser so you can quickly find a good match or use a free tool like Odds Search (free signup) to find a match, remember the back odds need to be equal to or above 2.0.
Step 4 – Place ‘Lay’ bet with Betfair
- Select “Normal” at the top as it is your qualifying bet
- The bookmaker stake is €150
- Enter the Redbet back odds
- Enter the exchange lay odds
- Enter the lay commission (5% for Betfair)
- Click on to calculate
The lay stake and the liability will be shown, remember the “liability” is the amount you need to deposit into the exchange to cover your bet.
If possible: try to bet at high odds to increase the chance of winning at the Betfair exchange so that you don’t have to do the rollover. Make sure you have the funds to continue the rollover if the bet does win at Redbet though.
Step 5 – Rollover
If your bet lost with Redbet then you are done with this offer, however, if your free bet won with Redbet you need to “roll over” your bonus 8 x (€400 total). You can split this into bets of any size but remember that each bet must be at odds of 2.0 or above.
Please note: Redbet charge a €2.40 conversion fee for deposits in £s and the rollover must be completed within 30 days otherwise Redbet will remove it from your balance.
You should expect to make around £16 and £38 profit from this offer depending on if you had to complete the rollover.