Refund guide - Part 2
Following on from Part 1 we will now look at what is required to qualify for a refund offer and how to lay the bet off at a betting exchange.
Lets look at a typical refund offer below:
“We’ll refund your losing Correct Score bet on the Chelsea v Arsenal match if it finishes 0-0.”
This is a fairly straight forward offer, if the match finished 0-0 your bet will be refunded so we need to look at the following:
- Make sure the bet you place is on the right game and on the correct score market.
- Make sure the bet you place is on a score other than 0-0 (as this is the refunded score so will not count).
- Find a correct score bet at the bookmaker that has odds very close to that of the betting exchange.
- Take a note of any special terms and conditions associated with the offer (such as maximum refund or timescale of placing the bet).
Right so the next thing is to understand how to use a betting exchange if you dont already.
If you signup to Betfair (the main UK betting exchange) then navigate to the correct score market for the match you are betting on you will be greated with the this screen.
The screen is split into two the left (blue) area being the betting or backing side (same as using a typical bookmaker) and the right (pink) area being the lay area.
The idea being that you compare the bookmakers odds for a score with that of the betting exchange to find a score with as close a match as possible.
For example say the bookmaker offered decimal odds of 7.0 on a 1-1 score, from looking at the betfair screen this can then be layed (the pink area) for 7.2 decimal odds.
This is seen as a close match as by using the refund calculator there will be a 70p loss per £10 bet, in another words for each £10 which qualifies for the offer it will cost you 70p (which is a lot better than risking £10 of your own money!).
So by placing your £10 bet on 1-1 at the bookmaker and laying it at Betfair you have risked 70p of your own money, if the match finishes 0-0 then you will receive a refund of £10 and make a profit of £9.30 (£10 - 70p on the qualifying bet). If it ends any other result then you would lose 70p and move onto the next refund offer.
Thats the end of Part 2 of the refund guide, Part 3 will look at how the refund calculator works.
