Convert Your Bookmaker Bonus into Cash
16 May 2019
The competitiveness in the world of sports betting means that bookmakers must offer extremely tempting welcome bonuses in order to entice new customers.
These bonuses sometimes look like they’re too good to be true, but each online bookmaker wants you to choose them so the bonuses get better and better. However, bonuses have many conditions and minimum wagering requirements attached to them and most customers have no idea how to make the most of them.
Here, we will give you some tips on how to make the most of your bookmaker bonus by converting it into actual cash you can withdraw from your betting account.
Types of Bookmaker Bonus
The main types of welcome bonus are:
• Free Bets – The bookmaker will offer a certain amount of free bets depending on the size of your first deposit with them. For example, the welcome offer may be 1 x £10 free bets for every £10 deposited, up to a set limit. Sometimes, you may find the bookmaker offers a free £5 bet for simply signing up in an effort to give you a risk free bet and then stake actual cash money afterwards. All of these free bet offers will come with wagering requirements and expiration dates.
• Matched Deposit – The matched deposit bonus means the bookmaker will match your first deposit amount up to a set limit. For example, the offer may say “Deposit £20, bet with £40”. This offer is a way of giving you more chance to see what the betting site has to offer without the need to spend a fortune doing it. Be aware, there will be several wagering requirements attached to this type of offer with the customer possibly having to bet more than triple the amount of the bonus before being able to withdraw real money.
• Money Back on First Bet – This one gives you what is essentially a risk free bet, offering you your stake back if your first bet is unsuccessful. For this welcome bonus, there will be a limit to the size of stake refunded and also the money back offers will usually be in the form of a free bet.
How to Convert your Bookmaker Bonus into Cash
There are two main ways to use your bookmaker bonus to turn it into real cash money you can withdraw into an account of your choice.
Back Both Outcomes
This may sound counter productive to back both outcomes in a two-horsed race but it can allow you to withdraw actual cash money if done correctly, and because you will only be staking real money for one of the bets you should at least break even.
Let’s take a football match where the odds are 4/5 for over 2.5 goals and evens for under 2.5 goals. This is a perfect way of using your free bet, if it is a one off matched free bet, or matched deposit amount. If you deposit £50, you will be given £100 to play with. So, you bet £50 on each outcome, using your real money on the lower odds.
• £50 real money on over 2.5 goals at 4/5
• £50 free bet/matched deposit on under 2.5 goals at evens
Many bookmakers will eliminate the free bet from any payouts, so you will only receive the win part of the bet and not the free stake. But, you will at least break even regardless of the outcome.
• If there are over 2.5 goals you will win £90, meaning a profit of £40 from your initial stake
• If there are under 2.5 goals you will win £50, meaning you break even
This isn’t an ideal way of using your bookmaker bonus but it does ensure you don’t actually lose anything.
Use the Betting Exchange
The second way of turning your bookmaker bonus into real cash money is by using the betting exchange, as well as your new bookmaker account, for a risk free bet.
The betting exchange allows you to lay your bet, with you essentially becoming the bookmaker. You must ensure your lay bet is as close to the same odds on the exchange as on the betting site you have bet with and also that your maximum loss with the exchange is the same amount as you stand to win at the bookies. Also, it’s best to bet on a popular sporting event such as a Premier League football match.
An example, to explain things a little clearer, is you back Arsenal to win a football match at even money (2.00). You bet £20 of your own money, as well as the £20 matched deposit or free bet. So, you have £40 going on to an even money shot, which will pay out £80. A profit of £60 from your initial stake.
On the exchange you lay this bet, so you find someone willing to bet against Arsenal and you ensure your overall liability will not exceed £40 and try to get as close to even money as you can, possibly around 6/5 (2.20).
If Arsenal win, you win £80 at your new betting site. Meaning a profit of £60. Even if you cannot actually withdraw the money straight away due to minimum wagering requirements, you are up and can repeat this process until you win on the exchange or meet minimum requirements.
If Arsenal lose or draw, you win on the exchange. At odds of 6/5 you would win £88, minus your £20 stake at the betting site. So, your winnings would be a total of £68, a profit of £28 to withdraw immediately.