As they compete with one another for your custom many sportsbooks and casinos are thinking up ever more sophisticated ways of encouraging you to invest your money with them rather than with their rivals. What this leads to in practise is a whole host of bargains and special offers, many of which won't make it past your spam filter.
But do these offers provide any actual value to the bettor who is looking for that extra edge? The short answer is that in fact they often do.
What one has to remember is that unless the punter is in possession of some specialist insight or information, the battle between bettor and sportsbook is in effect a battle of wits between (optimistically) two equal parties in which one has a built-in head start, that is the house edge. Anything that counters or, better still, reverses that built-in advantage has got to be good news for the customer.
Of course much will depend on the nature of the offer. Sometimes a book or a casino will offer you a simple freebie to entice you back if a formerly active (and losing) account has been left inactive for some time. Typically the amount offered is low - a free fiver or ten free spins on a slot - but unless you have such a thoroughly addictive personality that you will inevitably be drawn into following through with your own funds (in which case you should avoid gambling completely) this is just free money. So take it - why shouldn't you?
Now you can let your free bet ride and hope that it wins, or alternatively you can lay it at a betting exchange such as Betfair and lock in a guaranteed small profit - it's entirely up to you. Always be certain, however, to check whether any winnings include or exclude your original stake. In the latter case this needs to be factored into your calculations when laying off your bet (e.g. a price of 2.50, when the stake is excluded from any returns, is really a price of 1.50).
It is less straightforward when there are conditions attached. For instance "Stake A�50 and we'll give you A�25 on top". Once again, you might lay your A�50 bet at a small loss and still be well in pocket when the A�25 bonus is activated. However, do take care again to read the terms and conditions. Does the whole A�75 have to be wagered a specified number of times before any monies can be withdrawn (the "rollover requirement")? And if so, how many times? If it is 3x, 4x or 5x then by laying at small losses until the requirement is fulfilled (or, preferably, your funds finish up with Betfair as opposed to the book that is awarding the bonus) you will still be up on the deal. If it is 30x this is less likely to be the case.
Likewise at the casino, some quite striking bonuses are sometimes offered but as always the devil is in the detail, or to put it more precisely in the small print. What is the rollover requirement (everything else being equal the lower it is the more alluring the offer)?
Which games, if any, are excluded? It is always wise to find out before you waste your time and money playing them.
In sports betting, then, an offer may be taken advantage of by laying at small losses (or even "arbing") in order to lock in an assured profit. This is called matched betting, and when combined properly with a free bet will always make you a profit. At the casino, whilst there is no guaranteed profit a win can be made more likely than a loss when the house edge is reversed.
So don't reject these offers out of hand - read them carefully and work out for yourself where you can benefit from them. Contrary to perceived wisdom sportsbooks and casinos do sometimes throw their money away, if they figure that by offering bonuses or free bets they might attract a good customer back, or keep an existing customer who has been a bit down on his luck interested. In online sports betting there is indeed such a thing as a free lunch, just as long as you are not obligated to sing for your supper afterwards.
But do these offers provide any actual value to the bettor who is looking for that extra edge? The short answer is that in fact they often do.
What one has to remember is that unless the punter is in possession of some specialist insight or information, the battle between bettor and sportsbook is in effect a battle of wits between (optimistically) two equal parties in which one has a built-in head start, that is the house edge. Anything that counters or, better still, reverses that built-in advantage has got to be good news for the customer.
Of course much will depend on the nature of the offer. Sometimes a book or a casino will offer you a simple freebie to entice you back if a formerly active (and losing) account has been left inactive for some time. Typically the amount offered is low - a free fiver or ten free spins on a slot - but unless you have such a thoroughly addictive personality that you will inevitably be drawn into following through with your own funds (in which case you should avoid gambling completely) this is just free money. So take it - why shouldn't you?
Now you can let your free bet ride and hope that it wins, or alternatively you can lay it at a betting exchange such as Betfair and lock in a guaranteed small profit - it's entirely up to you. Always be certain, however, to check whether any winnings include or exclude your original stake. In the latter case this needs to be factored into your calculations when laying off your bet (e.g. a price of 2.50, when the stake is excluded from any returns, is really a price of 1.50).
It is less straightforward when there are conditions attached. For instance "Stake A�50 and we'll give you A�25 on top". Once again, you might lay your A�50 bet at a small loss and still be well in pocket when the A�25 bonus is activated. However, do take care again to read the terms and conditions. Does the whole A�75 have to be wagered a specified number of times before any monies can be withdrawn (the "rollover requirement")? And if so, how many times? If it is 3x, 4x or 5x then by laying at small losses until the requirement is fulfilled (or, preferably, your funds finish up with Betfair as opposed to the book that is awarding the bonus) you will still be up on the deal. If it is 30x this is less likely to be the case.
Likewise at the casino, some quite striking bonuses are sometimes offered but as always the devil is in the detail, or to put it more precisely in the small print. What is the rollover requirement (everything else being equal the lower it is the more alluring the offer)?
Which games, if any, are excluded? It is always wise to find out before you waste your time and money playing them.
In sports betting, then, an offer may be taken advantage of by laying at small losses (or even "arbing") in order to lock in an assured profit. This is called matched betting, and when combined properly with a free bet will always make you a profit. At the casino, whilst there is no guaranteed profit a win can be made more likely than a loss when the house edge is reversed.
So don't reject these offers out of hand - read them carefully and work out for yourself where you can benefit from them. Contrary to perceived wisdom sportsbooks and casinos do sometimes throw their money away, if they figure that by offering bonuses or free bets they might attract a good customer back, or keep an existing customer who has been a bit down on his luck interested. In online sports betting there is indeed such a thing as a free lunch, just as long as you are not obligated to sing for your supper afterwards.
