Percentage Bonus added to Winnings. . . . . . . Zero Risk

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Typical bookie offer :- “Bet on the xxx and if you hit a winner, we will double your winnings up to a max £50.”
An offer to double our winnings is a 100% bonus.
Offers may be a 50% or less refund.
A 100% refund pays very well, with smaller percentage refunds paying less of course.
An upper limit is usually put on the bonus payment.

Other “Winnings Added” offers may be – – “Bet on xxx and if you hit a winner we will match your stake as a free bet up to £25”.
The Excel file below contains 2 spreadsheets – one for a percentage added to winnings and a 2nd sheet for cash added.
We know that if we are awarded a free bet instead of cash we can expect to make about 70% or more of the cash from trading the free bet.
To profit from a Free Bet refund, all that we need to do is set the Cash refund to slightly less in the spreadsheet if the refund is a free bet.
For example, if we qualify for a £25 free bet, set the refund to £20 in the spreadsheet instead of the full £25, and then if we hit a winner and need to trade a free bet afterwards, we should still come out with a profit.
If we hit a loser with our initial bookie bet and lay in Betfair, we still have an ok profit.

The strategy for a percentage added bonus is a straightforward bet with the bookie and a lay of the same selection in Betfair.
We bet with the bookie so that our winnings are equal to the upper limit of the bonus payment.
In the percentage added example above, we would bet to win £50 with the bookie.
We then lay the same selection in Betfair.
If we hit a loser, our lay liabilities are less than our bet winnings with the bonus payment added – we have an overall profit.
If we hit a loser, we have a successful lay that is bigger than our losing bookie bet – we have an overall profit.
Big odds pay best.
These offers are quite rare these days, but if you live in Australia or New Zealand, at the time of writing, IASbet and Sportingbet.com.au offer this kind of incentive almost every week.
Unfortunately, those 2 bookies eliminated UK and other customers from these offers some time ago.

The strategy for a cash bonus is also a straightforward bet with the bookie and a lay of the same selection in Betfair.
We enter the cash bonus amount into the spreadsheet and then bet with the bookie and lay the same selection in Betfair.
If the bonus is in the form of a free bet, just set the cash bonus to an amount slightly smaller than the free bet, just in case we hit a winner and need to trade the free bet afterwards.
That will reduce the profit by a small amount, but will ensure a profit whatever happens to our trade.
Small odds will probably pay best for a cash or free bet added bonus.