Extracting a SR Bonus

Extracting SR bonuses requires a slightly different approach, though the basics remain: you have to find a selection with similar odds with both bookie and Betfair.

With bonuses, however, you must also consider that they have minimal rollover requirements before they can be withdrawn. They usually are between three and six times the bonus amount, though there are exceptions.

Know what the rollover requirement is before you sign up with a bookie. The minimal rollover requirement and the minimal odds of bets which count towards it (usually 2.0) are specified in the T&C’s.

Similarly to free bets, bonuses must be cashed in by placing a back bet with bookmaker and a lay bet with Betfair on the same selection.  The good thing about bonuses is that they do include their stake in returns, thus the lay stake can be almost the same as the bonus stake.

However, Betfair commission and discrepancies in odds can result in one outcome being more favourable than the other one, thus I recommend using Matched Betting Calculator for calculating the lay stake for extracting bonuses as well.

For example, you’ve acquired a bonus of £20 with a bookmaker. Its minimum wagering requirement is four times the bonus amount at odds of 2.0 or above.

To cash in this bonus, you place £20 bets on a selection that has odds of 2.2 with both bookie and Betfair. If the selection loses, which happens most of the times, the bonus transfers to Betfair and you can move on to the next bookmaker.

If the selection wins, you lose £24 in Betfair and win £24 with the bookie. Unfortunately you cannot withdraw the bonus at this point, so you have to repeat placing lay bets with Betfair and back bets with the bookie.

It has to be done until you’ve either transferred your money and the bonus to Betfair or met the rollover requirement. Once the rollover requirement is met, you can withdraw your funds and the bonus from the bookie.

It’s very unlikely, yet possible that you experience a winning streak with the bookie, thus there’s a chance of running out of funds in Betfair. To avoid such occasions, I recommend having enough money in Betfair to be able to meet the rollover in case all your selections win.

In the example above, the rollover requirement is four times the bonus, which equals £80 that have to be placed at odds above 2.0. I would recommend having at least £100 in the Betfair account (liability of £80 at 2.25) before cashing in this bonus, as you may need that much to cover the liabilities of a winning streak.

To meet the rollover more easily, use low odds (2.0 – 2.5) for extracting bonuses.

There are some bookmakers that don’t allow any wihdrawals before the rollover is met; be particularly careful with them. The majority, however, simply deduct bonus amount if you withdraw funds and haven’t met the rollover. Refer to each bookmaker’s T&C’s to clarify this.

Winning streaks, however, occur very rarely and should not intimidate you from cashing in bonuses. The possibility of running out of money in Betfair can be further reduced by placing bets with smaller stakes if your first selection wins, because if you place many small bets, the chance of winning them all gets very, very low. This, however, is more time consuming than placing larger bets.

Alternatively, you can increase your stakes to meet the rollover faster, but that requires large funds.  If you are new to matched betting, start with cashing in free bets as they don’t have any rollover requirements to worry about.

Next: Matched Betting Flowchart

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