Should I cover free bet?

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DonkeyKong
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DonkeyKong

Should I cover free bet?
« on: September 06, 2014, 02:03:21 PM »

Hey. I received a 50eur free bet on an exchange. I was wondering what is the best way to use it.

If I win I only get the winning so there is no point covering this as an arb I guess. Should I just bet it on some high odds and not cover the other side?
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ppintaluba
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ppintaluba

Re: Should I cover free bet?
« Reply #1 on: September 06, 2014, 02:20:39 PM »

If you want to win money for sure you should cover it.
For example, if you can bet 50 at odds 6 and bet 210 at odds 1.2 (0% arb), you will get around 40 profit. (I did not consider commissions)
You can bet on negative arbs and get less profit.
Or you can gamble and make a normal bet. You cannot lose but maybe you don't win anything.
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DonkeyKong
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Re: Should I cover free bet?
« Reply #2 on: September 06, 2014, 09:53:31 PM »

Before I had  a free bet on betfair and I made the mistake of betting it on 1.5 odds or something and covered the other side. I ended up just winning the arb % profit because the free bet won.

It seems like a much better choice would have been to gamble with it. But maybe it didn't even matter.

Anyway betting the free bet on odds 6.0 or smth sounds good, Then I can cover the other side on low odds which will win much more often and I get to get my free bet made in cash.
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ppintaluba
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ppintaluba

Re: Should I cover free bet?
« Reply #3 on: September 06, 2014, 11:42:30 PM »

Before I had  a free bet on betfair and I made the mistake of betting it on 1.5 odds or something and covered the other side. I ended up just winning the arb % profit because the free bet won.

If you arb it, you must take into account the stake is not returned. And you must chose high odds.
A normal arb calculator does not work. If you look at my example, if it was not a free bet the stakes should have been 50 @6 and 250 @1.2. But I said 50 @6 and 210 @1.2 because of the free bet. This way you win 40 on both sides.
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DonkeyKong
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Re: Should I cover free bet?
« Reply #4 on: September 07, 2014, 07:17:26 AM »

Thanks, this makes sense :)
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