Today, there are literally dozens of quality online bookmakers taking bets on sports from all over the world. Experience has taught each of them that competition for new customers is going to be fierce. With that in mind, it’s no surprise that every site now offers some type of welcome bonus promotion. What sports bettors seem to want the most are free bets, and most online bookmakers are happy to oblige.
Free Bet Welcome Bonuses
When bookmakers offer free bets, they usually do so in one of two ways. Some require the bettor to place a real cash bet before receiving an equivalent amount in free bet monies. Other online bookmakers offer free bet monies based on the amount of the customers first cash deposit with a rollover rate of 1x the bonus amount. The bonus bagging concept is applicable in either case.
What Is Bonus Bagging?
Bonus bagging is a betting strategy that allows a bettor to turn free bets into real cash with little to no risk involved. The underlying process that makes this possible is called match betting or arbitrage betting.
In the past, match betting took a lot of patience on behalf of the bettor. They had to invest a lot of time looking for competing bookmakers who were offering wildly varied lines on a single match or game. In the last few years, the process has been made infinitely easier for the bettor due to the advent of exchange betting. Exchange betting allows the bettor to set their own line on one side of a match or game. Theoretically, that line will offer enough of a variance to a bookmaker’s line to create a match betting opportunity.
Here’s How It Works
You have to start by opening two accounts. The first one would be with one of the aforementioned online bookmakers. For the sake of argument, you should choose the one with the largest free bet offer and/or the lowest turnover requirement. The second account would be opened with a betting exchange website like Betfair.
Once the accounts are opened, you can begin bagging your bonus. Let’s assume the offer from bookmaker A states you will get a $100 bonus after placing a $100 real cash bet on any European football (soccer) match. Let’s further assume you want to bet on the match between Chelsea and Liverpool. Chelsea sits at +180 for the win, +200 for a draw and Liverpool sits at -120 for the win. The matched betting system allows you to choose any of these options. You choose to bet on Chelsea.
You bet $100 on Chelsea at the +180. Now, you go to your exchange account and you offer the general public a chance to take Chelsea at +170. Assuming someone accepts your offer, you now have a wager on both sides of Chelsea. Let’s take a look at the potential results.
Chelsea Wins: You collect +$180 from the bookmaker and pay -$170 on the exchange bet for a net profit of +$10.
If Liverpool wins or the game ends in a tie: You lose -$100 with the bookmaker but collect +$100 from the betting exchange -$5 for the 5% fee to Betfair, this creates a very small loss of -$5. BUT….. You now collect your bonus of $100 from the bookmaker for a net net profit of +$95. If there is a 1x rollover requirement, repeat the process until the bonus money is yours.
That’s the bonus bagging system. Now imagine the possibilities. If there are 20 online bookmakers making similar offers, you can “bag” 20 bonuses. If each of them is the same $100 bonus, that’s slightly less that $2,000 in your pocket with no risk. Best of all, neither the bookmaker nor the exchange care if you match bet. What more can you ask for from a betting system. At the end of the day, it’s both a legal and lethal way for you to build your bankroll.