We live in a time (maybe not for long) where bonus bets and deposit matches are highly sought after, but what do we do with the free bet money that we get?
There are two trains of thought that most punters follow when it comes to using bonus bets. On one hand we have the safer, low return option, which involves betting both sides of a line to try to guarantee profit. Alternatively, there is the high risk, high odds, go for glory bet.
The Safe Option
This is the option that a majority of punters use to bet the bonus bets. This involves trying to turn the freebie over on low odds bets from $1.50 to $2, thinking that it is a safer option and almost a guaranteed profit on the free money.
The other safe way is to play both sides of a line bet and arbitrage bet between separate bookmakers. So place $50 bonus bet on Team A at a – line, then place a $50 bet on Team B at the + line, so they risk $50 to win $90 or risk $50 to lose $10 if the bonus bet wins as you only get to keep your winnings. Other similar methods involve using the different bookies, as the lines may vary by a point or two and then you can hit the sweet spot for a double win. This almost never happens, but you may just get that lucky. One of our preferred ways is to make a bet with the bonus money then allow your yourself a live bet to cover or middle a bet depending on how the initial bet is going.
The Risky Option
Few like this option, and even fewer bet the bonus bets this way. The risk is high, but with high risk comes high reward. In very basic terms you find a higher paying underdog, or use on horse racing where you can get good pricing on any number of horses and back a horse. Generally this method works best with horse racing as you can quite often find a horse that is over the odds and is worth backing at the high odds.
I am one of the few that likes to back the risky way, high risk for high return!
Look at it like this; it’s a free bet, what have you really got to lose? The turn over requirements on the bonus bets generally mean that you have to turn the bet or winnings over anywhere from 1.5 times up to 3 times depending on your bookie.
So if you choose the safer option, realistically by the time you turn the bets over at the minimum odds of $1.50 you are mathematically likely to lose the bet.
It’s not always easy to find a bet at $1.50, and the probability of that hitting is 66%, leaving 34% chance you still won’t win and when you start to turn it over your luck just may run out.
Look for the extra value (not a 50-1 shot) but try to find a game where you have an edge or a race where a runner is over the odds. Every day we see an underdog get up and afterwards we go “why didn’t I get on that I just knew they had a shot”. You only have to look at any sport over the past couple weeks to know there is big value that can be bet on.
Instead of lumping all your eggs in one basket maybe the best strategy is a mix of both safe and risky options. Try to maximise some of your investment in some bigger odds even on a futures bet which can be easily hedged at the end of a season, but also look at some shorter odds events or using some of the bookies other promotions to get a return faster. Most weeks the bookies give you promotions where you can find odds boosted events on favourites, so it’s easy to use bonus bets elsewhere to hedge the bet.
Don’t be in a hurry to spend the free money, yes they have an expiry date but don’t just bet it for the sake of betting it. Be smart and be patient, you will kick yourself if you waste the bets.