How to Convert Deposit Bonus into Cash
Whenever you sign up with a sports book, you’re most likely to receive a free of cost bet or a sweet deposit bonus. However, unfortunately, a large majority of sports books won’t allow you to withdraw any such bonus until you’ve wagered that entire amount, a certain number of times, and at some pre-specified minimum odds. You may ask, how is it possible then to transform such bookmaker bonus into a sure bet, and then guaranteed cash?
The most popular of such bonuses is the £ 200 bonus handed out by Bet365. However, as also mentioned above, it won’t allow you to withdraw that bonus until you’ve bet that complete amount at least thrice, with every bet having minimum 1.50 odds.
How is it then possible to meet all these conditions and ensure that you derive maximum value from such bonus? Not many people are aware that there’s actually a risk-free way of doing that!
How to convert bookmaker signup bonus into cash
Once you’ve created an account with a sports book of your liking, you must make a certain deposit in order to receive the bonus. Follow the below mentioned steps once you’ve done that:
i) Create an account with some betting exchange
Why? When you sign up with a betting exchange you get the authority of functioning as a bookmaker yourself. Hence, not only are you able to wager on your own, but most importantly, you’ll also be able to lay bets!
The bottom line is that it’s important to open an account with a betting exchange, not which betting exchange you sign up with. It could be Betdaq, Betfair, Matchbook… whichever one you prefer. However what’s significant is the amount of commission you hand out on the exchange bets. We’ll take Matchbook as the opted-for betting exchange as a part of this write-up, as it has one of the lowest commission percentages.
ii) Wager with the selected bookmaker
Once you’ve opened an account with a bookmaker of your choice, you should wager on any sport of your liking. It’s recommended to bet on some major football league like English Premier League. Why? The following step will reveal why?!
iii) Place the exact opposite wager with the betting exchange you signed up with
Now go ahead and place the exact opposite bet with Matchbook. For instance, if you’ve wager a certain amount of money on the likelihood of Manchester United winning an upcoming English Premier League game, with your bookmaker, you must go ahead and place the exact opposite bet against that possibility on Matchbook. This is referred to as Lay Betting, wherein you place a bet with another client, as any bookmaker would do.
Why it’s important to wager on a major sports league like English Premier league is because then you get the ability of the laying your bet on any betting exchange of your liking, which in this case is Matchbook. It may not be possible to do that if you opt for some obscure tournament or league. You may find no takers for your bet in that scenario.
You may also need to offer comparatively higher odds when laying your bet on Matchbook, compared to the odds you got with the bookmaker. The closer your odds with the Matchbook are to the odds with the bookmaker, the better it would be for you.
Example of converting bookmaker bonus into a sure bet via a Manchester United vs Liverpool game
Let’s say your preferred bookmaker’s Bet365 and you’ve deposited £ 100 with them after creating your account. As a result, you receive a 100% bonus, in the form of complementary £ 100 added to your account. So, you’ll have effectively £ 200 to place bets with.
Bet365 bonus fine print
As discussed earlier, you’d not be allowed to cash out your bonus right away. You must turn over your bonus a certain number of times before cashing it out. This number may vary from bookmaker to bookmaker. While some require a single turnover, urging you to bet the entire bonus amount in one go, others put the condition of turning over the bonus a pre-specified number of times.
The lesser these number of turnover times are, the better it’d be for you. The amount you get to withdraw in the form of cash in the end will greatly depend on this. Hence, any bookmaker that requires you to turn over your initial deposit more than 5 times may be asking for too much. Why? Whenever you bet with your deposit amount, you’ll not only be risking your bonus amount, but the bookmaker commission will also take a significant chunk from the bonus. Hence, the fewer times that happens, the better it is.
Another important thing is the minimum required odds when placing those bets. A large majority of bookmakers require such basic minimum odds to be at least 1.50.
Talking specifically about Bet365, you should turn over your bonus at least 3 times, hence requiring you to have a £ 600 total turnover in the above-mentioned scenario. As you’d have to bet with minimal odds of 1.50, there’ll be a high risk of losing the complete bonus amount.
Picking the bet
Now, let’s say you’re betting on Manchester United to win their home game against Liverpool. You see that Manchester United has odds of 1.75 on Bet365 to win that match. Hence, you go ahead and wager the complete £ 200 on that result, since, at those odds you may potentially earn £ 350 in return, scoring a handsome profit of £ 150.
…Now go ahead and bet the exact opposite on Matchbook
As also explained earlier, you’ll need to go ahead and bet on the exact opposite possibility on Matchbook; that is place a play bet against Manchester United. It’s also important that your liability is exactly the same as your profit potential from the bet on Bet365. Hence, the maximum you can bet is £ 150 (£ 200 subtracted from £ 350 total return).
You can ascertain the amount to be entered as ‘backer’s stake’ by simply entering different amounts until your liability is exactly equal to the amount you stand to gain from your Bet365 bet. Alternatively, you can make use of the following formula, depending on the commissions that must be taken into account:
Backer’s Stake = Total Liability / (Decimal Odds -1)
In the example stated above, you can lay Manchester United at 1.776 odds. Your maximum liability would be £ 150, which is the amount you’ll stand to lose in the event that Manchester United wins.
Let’s now go over each scenario.
Possibility 1 – MU loses or draws
Bookmaker / Balance / Net Profit / Points
Bet365 / £ 100 plus £ 100 bonus / £ 0 / - £ 100
Matchbook / £ 150 / £ 343.52 / £ 193.52
Sum Total / £ 250 plus £ 100 bonus / £ 343.52 / £ 93.52
As is evident from above, you’d have no money left in your Bet365 account. On the other hand, there will be a significant balance in the Matchbook account. Hence, essentially you’d have transferred majority of the bonus earned on Bet365 (i.e. £ 100) in the form of £ 93.52 on your Matchbook account. You’ll be free to withdraw that amount any time you like.
Possibility 2 – MU wins
Bookmaker / Balance / Net Profit / Points
Bet365 / £ 100 plus £ 100 bonus / £ 250 plus £ 100 bonus / £ 150
Matchbook / £ 150 / £ 0 / - £ 150
Sum Total / £ 250 plus £ 100 bonus / £ 250 plus £ 100 bonus / £ 0
This would be the least wanted outcome for you, however, it can’t be termed as an outright disaster. Although you may end up losing £ 150 with Matchbook, you’d have made a handsome profit on Bet365. So, you’d have broken even without any harm.
At this point, you can repeat the exact same process one more or multiple times until the entire amount gets transferred into your Matchbook account, or you fulfil the cash withdrawal requirements at Bet365.
Follow the exactly same pattern every time
You can apply the same routine to every bonus with every bookmaker. Just keep the following two things in mind:
– Keep your lay bet with the betting exchange as close as you possibly can to the odds provided by the bookmaker. Veering away from this may be a complete waste of money.
– The maximum possible loss you can afford with the betting exchange must be exactly same as the amount you can profit from the bookmaker bet.
Things you must remember
What’s great about this conversion trick is that you’re able to extract almost the entire amount without facing any major risk. However, as with anything, things may go wrong occasionally. For instance, you may make some error while entering your bets. Hence, it’s important to always double check when making such entries. What if you accidentally wager on Manchester United win at both Matchbook and Bet65?! You could also mistakenly bet a significantly higher amount, over and above the risk-free bonus!
Bookmakers may apply different repayment rules in the events when the games get cancelled. For instance, in football games, such rules are pretty consistent, as cancellations are rare. However, when it comes to tennis, things can be very different. Therefore, it’s important to familiarise yourself with the rules applicable to the concerned bookmaker, so as to avoid any unpleasant surprises later.
If you’re someone who hasn’t opened a bookmaker account yet, this explanation may serve as just the right reason to go ahead and do so. After all, you’ve got nothing to lose if you play your cards right!