Are you thinking of starting a Betfair account and you're wondering which of their bonuses to go for? Or are you an existing customer who has seen a new customer offer and you want Betfair to throw some of that new customer candy your way? Then read this article to help you decide and get the right bonus for you.
If you are someone who uses twitter or any of a number of forums and social media sites you would have noticed that Betfair periodically offer free bets to new customers.
The best way to start off your campaign to make loads of money on Betfair is to win some free money, but unfortunately because it is free money, we tend to be a bit blasé about it. As the saying goes; easy come, easy go.
If I came up to you in the street and said; “I'm going to give you an online voucher that will enable you to make between £50 and £250, it’s not guaranteed, but it won’t cost you anything.”
You’d probably say “Thank you very much!” and go on to try and make £250 with my voucher and if you didn't do so well at first, you’d have the fact that I’d implied that you should make at least £50 and you’d act accordingly, making lower risk bets.
However if I came up to you and said; “Here’s a £200 online voucher to spend on whatever bets you like.”
Then chances are you’ll blow the lot on a string of high risk gambles, hoping to turn that £200 into your retirement fund.
So you see how you act when given a reward is totally down to a psychological viewpoint which is dependent on what is said to you when you’re given that reward.
If you’re aware of how the Betfair exchange betting works, you may ask;
“But what has Betfair got to gain by giving you a bonus and then encouraging you to lose it? The money doesn't go back to them 95% of it goes to another user on Betfair.”
Of course that is true, but if you use your bonus, which is their money, to win money from other people then they’re just getting commission from money that’s already in the system. But of course you are much more likely to waste your free bet very quickly and get onto spending your own money.
The point is, start as you mean to go on, treat that free money, not like free money, but as part of your bankroll.
Remember whether you are taking a free bet on the sportsbook side or the exchange you won’t get the stake back, so if you put £10 at odds of 2 (evens) your return would usually be £20, comprising of your original stake, plus your profit, whereas with a free £10 bet placed at odds of 2 your return would be £10.
Even though I think Betfair should be used for exchange betting only, I'm not suggesting you necessarily take a sportsbook bonus over an exchange bonus, I'm just saying that whichever one you do take, you need to trade smart and try and get as big a return as possible on that free money, which immediately puts you in a trading frame of mind and get’s you thinking like a trader should.
Beware The Enhancer
What most people come to Betfair for, is to become traders and you can only do that if you are placing your bets on the exchange, so a tactic you might use would be to try and win money with an enhanced bet on the sportsbook side and then, terms and conditions allowing, use that money on the exchange and start trading.
A valid tactic and some enhancers can be great:
ENHANCED ODDS ON MANCHESTER UNITED TO BEAT NEWLY PROMOTED LEICESTER 5/1
Offers like this are often restricted to a £10 bet, so it looks like they’re just trying to give you a bit of money to kick-start your account with.
However I've been monitoring enhanced bets over the last year or so and by and large they are offered on games which on the surface look easy for the, odds on team that they enhance, but scratch beneath the surface with a bit of research and you’ll see that it’s not such a formality after all.
This invariably ends up with the enhanced team losing or drawing thus being a complete waste of time, now you’re in a situation whereby you've got a Betfair account with only your own money to play with; this is why I tend not to promote enhancers as I’d rather my readers make money from my tips.
Does this mean all enhancers are bad and should be avoided?
Most, but not all, as far as the enhanced match odds are concerned, I wouldn't say definitely don’t take them, but you should definitely research them before you take them and if you’re a complete newbie to the world of betting and trading and you’re not sure how to research, then follow the link and check out my article called; How To Turn Research Into Betfair Exchange Profits
Note: Some enhanced odds offers that Betfair gives out are money back enhancers, whereby your money is refunded to you either as cash or a free bet if your selection losses, depending on terms and conditions. These are obviously better than standard enhancers but the same rules of research need to be applied.
There is another type of enhancer though that you should look out for, these are a lot rarer and I've only ever seen a couple of these so it’s not a case of waiting for one to come around, but more a case of being lucky enough to spot one.
The gimme enhancer
ENHANCED ODDS 4/1 FOR LIVERPOOL TO WEAR RED AT ANFIELD!!!!!
Now clearly, this is an absolute gimme, it should still be researched, just to make sure that there’s no weird cup rule or something that’s being invoked about Liverpool not being able to wear red at home, but once you've confirmed it, jump all over it.
The two examples I've given were actual enhancers by the way; the Liverpool one won and the Man United one lost.
Matched Exchange Bet Bonus
These type of bonuses are still used with other online bookmakers, but their popularity does seem to be waning. Betfair does not offer them any more, I suspect because they were considered too expensive to run. Put simply Betfair would match each bet with an equal free bet up to the tune of 200 units, whether it be pounds, euros or Aus dollars.
These bonuses you have almost carte blanche to use these on single bets, there will be terms and conditions which limit the odds you can go for, you can go as high as you like; though check the Ts and Cs to confirm that, but they usually limit how low the odds are.
Not Just For New Customers
It is a little known fact but simply by asking you sometimes get, if you are already a Betfair customer try emailing them and asking if you can have the latest new customer offer. Put in the mail how you've been a loyal customer since whenever and you would like to share some of this new customer candy that they're giving out.
Betfair are apparently the best company for this and don't forget these are people who receive these emails and they've been given discretionary powers. So if you're nice and charming and you get someone on a good day, you may just get a bonus come your way.
So in summary you can get a free £20 exchange bet to use on the Betfair exchange or you can take the bet £10 and get £30 sportsbook offer, keep an eye on my Twitter feed where I'll post the odd gimme enhancer and don't forget ask and ye (might) receive.
Good luck and happy trading
The Zen Trader