I have messed up! Betfred freebet i thought it was a SR!
Hi. I think i have messed up and need help if possible.
Just did a £50 free bet from betfred but i thought it was a sr! just re-read the t&cs and i can see it is not! oops the odds i bet on were 1.1 and layed 1.13 is there anything i can do? thanks
im now doing that offer, dont think there is much you can do as on previous experience bookies will do anything to avoid giving free bets. just put it down to pilot error. i have made quite a few mistakes along the way and lost out because of it however i wont make those mistakes again. just play out for the second £50 free bet and make a killing off of that one.
Hope it loses, you will still get your £50 (or whatever you layed) into betfair then. 1.13 shots do lose.
Otherwise as said chalk it down to experiance and crack on, before this is through you will make much much more costly mistakes than that im sure. I know i have.
Have a plan and stick to it
I presume you laid £50.93 if your betfair commission was 5% and you thought it was a SR bet?
Originally Posted by Jono258
The actual amount you should have laid at 1.13 is £4.63, so to correct the problem you would have needed to place a back stake of 50.93-4.63 = £46.30 at 1.13 to create a guaranteed profit of just £4.40 no matter what the result.
HOWEVER, given the odds were so low personally I wouldn't have done that, I'd have just mug punted the free bet - left the back bet unlaid or traded out of the lay bet if I'd placed it - backed £50.93 (or whatever you laid) at 1.13.
Generally you want to aim for an 85% return on a free SNR bet - so you want to look to get out £42.50 from a £50 bet. You don't need me to tell you how far off you were on this one! We've all done it though (well I certainly have, even on more than one occasion!), just live and learn really, hopefully not too much of a costly mistake.
For any SNR bet, look at odds of an absolute minimum of 7, anything less and your return on the free bet will be very low. Ideally you want a match at the highest odds you can find where you can cover the lay liability at the exchange.
£100 Free SNR matched bet at odds of 1.1 / 1.1 returns just £9.05 (9%)
£100 Free SNR matched bet at odds of 100/100 returns £94.10 (94%)
See at back odds of 100, even if the lay odds you matched at on the exchange were 1000 you'd still make £9.41 which is more than twice what you would make if you had an exact match on odds of 1.1 to back and 1.1 to lay (although to be fair the lay liability on £100 @ 1000 would be nearly £10,000!).
Not suggesting you always look for odds of 100 to match a free SNR bet(!), just indicating that the higher the odds are, the higher the potential return on your free SNR bet and also the more 'loose' the match between back odds and lay odds can be, you've got more wiggle room.
It took me ages and ages to get my head around that when i first got shown the ropes, i wish you had been here last year Munk.
Ok to anyone who cares. I made a big mistake last night, I backed to cancel out most of this bet, but then I thought why not bet some more on him obviously he is favourite for a reason! (I know bad idea). Anyway the favourite lost so if I left it alone I would of been £48 up on a £50snr free bet, but instead walked away £180 down! not a good feeling.
Serves me right for rushing in! going to have a week off now i need it!
Cheers for your reply Jon, i just had a mad minute! going to concentrate on all the other SRs i havent done yet afte a few days off.
Originally Posted by joncolebet
Cheers for your reply Andy, i wish i had sat back and left it now!
Originally Posted by Andy
I do hope this was my first and last mistake, bet you £50 snr its not though!
Thanks for the reply and info, will just have to re-read the t&cs before i do anythng.
Originally Posted by munk
Without trying to sound like a preacher, I always find copying out the t&cs to a text file on my craptop helps me digest the info before deciding on a strategy, i.e. if I forget the qualifying terms or whether a free bet is SR/SNR I don't have to go looking for it on the bookie's website. It's tedious but it helps in the long run.
Originally Posted by Jono258
I will have to start doing that, and slow down as i made another stupid mistake with the £50 sportingbet offer.
I use a program that I think Munk mentioned - Gadwin Print Screen. I open the T & Cs for the offer, take a screen print and post this into a word document together with any other info I need, such as TGT notes / cashback site link, that sort of thing. It automatically saves a copy of the screengrab in a documents folder too.
I also use it (when I remember) to take copies of withdrawal screens for reference numbers etc.
It has been very helpful.
Ok, thanks i will look out for that.