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Scoofer

Smarkets signup offer - help please

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Hi,

I'm new to this and am gradually getting to grips with it! Managed to make a £72 profit in my first week, although now awaiting withdrawals to get to my bank account!

Can anyone advise .... I just  signed up to Smarkets to enable me to lay a Paddy Power bet. 

I now realise the introductory offer I got from Smarkets was the first £10 that I lose will be refunded. However the lay stake against my Paddy Power bet was less than £10.

So how do I take advantage of this offer? Do I keep placing £10 bets on Smarkets and lay them on Betfair until one loses, and then use the £10 refund as a free bet?

Thanks,

Dave

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5 minutes ago, Scoofer said:

Hi,

I'm new to this and am gradually getting to grips with it! Managed to make a £72 profit in my first week, although now awaiting withdrawals to get to my bank account!

Can anyone advise .... I just  signed up to Smarkets to enable me to lay a Paddy Power bet. 

I now realise the introductory offer I got from Smarkets was the first £10 that I lose will be refunded. However the lay stake against my Paddy Power bet was less than £10.

So how do I take advantage of this offer? Do I keep placing £10 bets on Smarkets and lay them on Betfair until one loses, and then use the £10 refund as a free bet?

Thanks,

Dave

Hi @Scoofer,

Just to check, are you sure you didn't get the £50 risk-free Premier League offer?

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>Just to check, are you sure you didn't get the £50 risk-free Premier League offer?

I asked about this in a chat, and they said I had not selected a team when I signed up (even though I thought I had).

Would it be better for me to swap to this offer if they allow me to change it?

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1 hour ago, Scoofer said:

>Just to check, are you sure you didn't get the £50 risk-free Premier League offer?

I asked about this in a chat, and they said I had not selected a team when I signed up (even though I thought I had).

Would it be better for me to swap to this offer if they allow me to change it?

Yes definitely! The one you are referring to is £10 risk free whereas the Premier League one is 5 x £10 risk free 🙂

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13 minutes ago, Tom Portlock said:

Yes definitely! The one you are referring to is £10 risk free whereas the Premier League one is 5 x £10 risk free 🙂

Thanks. I've got them to change the offer to the 5 x£10.

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26 minutes ago, Scoofer said:

Thanks. I've got them to change the offer to the 5 x£10.

Nice one! 🙂 Now just remember the refund is on NET losses over the whole market - so basically dont have anymore bets other than your £10 on the whole game on smarkets 🙂

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So now I'm confused..... (easily done!)

Having selected Burnley as my team, do I now place a £10 bet for them to win on their next 5 Premier League Matches, AND lay those bets as normal on Betfair? (and hope they lose so I get the £10 back). Or do I just place the £10 bets and NOT lay them at Betfair, and just hope they win some of the matches so I pocket the winnings?

Help please!

Dave

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3 minutes ago, Scoofer said:

So now I'm confused..... (easily done!)

Having selected Burnley as my team, do I now place a £10 bet for them to win on their next 5 Premier League Matches, AND lay those bets as normal on Betfair? (and hope they lose so I get the £10 back). Or do I just place the £10 bets and NOT lay them at Betfair, and just hope they win some of the matches so I pocket the winnings?

Help please!

Dave

Back£10 on Smarkets, and Lay on betfair 🙂

It has to be on their 5 next Premier League matches too - so Champs League + FA cup etc do not count

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Hi Tom.

 

On the same subject I wanted to check whether I have understood the guaranteed profit method correctly.

Example

Odds on a team to win are 3.4; laying odds are 3.45.

If I use the standard calculator I have to rely on my £10 back bet losing to make money - a lay stake of £10 and liability of £24.50 means a 50p loss if the back bet wins.

However, if I reduce the lay bet stake to something smaller, say £6 (£14.70 liability), this means:

- A back bet win provides £9.30 profit (+£24 from back bet, -£14.70 liability on exchange)

- A back bet loss provides £5.70 profit (+£5.70 from exchange -£0 from back bet because money is returned)

 

I my mind, whilst this does reduce my potential profit, it does at least ensure a return. Over the five bets that the offer provides, with the same odds, it means a worst case scenario of £28.50 and a best case of £46.50

 

My question is - have I understood this correctly or am I missing something silly?

 

Thanks for all your support!

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3 hours ago, Hermann said:

Hi Tom.

 

On the same subject I wanted to check whether I have understood the guaranteed profit method correctly.

Example

Odds on a team to win are 3.4; laying odds are 3.45.

If I use the standard calculator I have to rely on my £10 back bet losing to make money - a lay stake of £10 and liability of £24.50 means a 50p loss if the back bet wins.

However, if I reduce the lay bet stake to something smaller, say £6 (£14.70 liability), this means:

- A back bet win provides £9.30 profit (+£24 from back bet, -£14.70 liability on exchange)

- A back bet loss provides £5.70 profit (+£5.70 from exchange -£0 from back bet because money is returned)

 

I my mind, whilst this does reduce my potential profit, it does at least ensure a return. Over the five bets that the offer provides, with the same odds, it means a worst case scenario of £28.50 and a best case of £46.50

 

My question is - have I understood this correctly or am I missing something silly?

 

Thanks for all your support!

Hey @Hermann

You've understood that exactly right 🙂 The guaranteed profit method works just like that, and is far better than just betting and hoping, as you might take a 50p loss as in your example and actually not end up getting a free bet.

Using the Oddsmonkey Risk Free Equal Profit calculator will also make sure the profit is the same either way. So rather than having £9.30 or £5.70, it will adjust your lay stake so that you have a guaranteed £7.50 for example, no matter whether it wins or loses.

Hope this helps, but it seems you've got it 🙂

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