Bookmakers offer free bets to encourage people onto their sites during particular sporting events or to attract new customers. We are using Back and Lay betting to take advantage of these free bets, and make risk free cash.
Lets explain what these two types of bets are:
A Back Bet
A Back Bet is the type of bet we place at a Bookmaker.
For example, if we bet on Barcelona to Win a game – it is called a Back Bet because we are backing them to win.
A Lay Bet
We then place a Lay bet at a betting exchange (Betfair). This, for example, is a bet on Barcelona not to win the game. It covers the opposition team winning or the game being drawn. Back/Lay matching transforms any bet into a simple two way choice and greatly simplifies the process. This means we have all outcomes covered in the football match.
So our Back Bet and our Lay Bet cancel each other out. The point of this bet is that no matter what happens, we do not win any money and we do not lose any money. These bets we have just placed Qualify us for the Free Bet.
The Free Bet
This is where things get interesting and we start to make our profit. So the Bookmaker has awarded us with a Free Bet. We repeat the same process we used before – placing another Back Bet and another Lay Bet.
Once again our Back Bet and our Lay Bet cancel each other out. However, since we are using Free Bet money this time, instead of our own money – it guarantees us profit from our bets!