10 Horse Racing Refund Offers – Ultimate Guide To Choose & Win The Best Value

31/07/2017

Horse Racing Refund Offers - How To Chose & Win Based On Value Feature Image
Estimated Reading Time: 15 minutes

Are You a Racing Fan? Do You Take Horse Racing Refunds Offers Regularly or Ignore? We Show You How To Chose Them Logically & Ensure Profits Smartly!!

Bookmakers Provide You With Various Types of Horse Racing Refund Offers Every Day. However, Many Punters Don’t Seem To Make The Most Out Of Them. Actually You Are Able To Lock-In Profit From Some Offers Risk-Free. It’s Time To Take a Fresh Look At Each Horse Racing Refund Offers, Evaluate & Prioritize Which Ones Are Worth Pursuing & How.


Firstly, we don’t do gambling but do advantage plays based on mathematical edge to beat the bookies. When it comes to the Horse Betting, we use Matched BettingMatched Betting Instructions to extract profits from various promotions provided by the bookmakers. We employ many customized tactics to get maximum return from each offer. Evaluating & Creating Specific Tactics on Each Horse Racing Refund Offers is one of them.

BTW, although we use UK / Ireland horse racing refund offers in this document, the underlying concept & tactics should apply to any similar offers in the other countries. In fact, as our name GEM – Global Extra Money implies, we would like all visitors from anywhere in the world to exploit advantage plays including matched betting. With that vision, we have issued How To Make Money From Offshore Sports Betting With 3 Advantage Plays.offshore sports betting, 3 advantage plays feature imageIn this document, you will find the specific methods that enable people from almost all countries to exploit the lucrative offshore advantage gambling opportunities you have overlooked. Very useful, worth your 10 minutes reading.

In Short, except 8 Countries (Cyprus, Poland, North Korea, United Arab Emirates, Singapore, Brunei, Cambodia) where on-line gamble is legally prohibited, all of you can make profit from matched betting, see the above report for full details.

Ok, let’s get down to the main subject of horse racing refund;

What Are Horse Racing Refund Offers?

Horse racing refund offers are extremely important for every punter’s long term profits. Let me list up & categorize them for you to understand which promotions we are talking about as follows;

Horse Racing Refund Offers Types

  • Back A Winner Refund – 4/1 or 3/1 Winner Refund, Win by 2 Length etc.
  • Runner-Up Refund – 2nd (& 3rd) Finish Refund, Beaten By Head or Neck Refund etc.
  • Refund As An Insurance – Faller Refund

I will break down the above 3 broad types into 10 Specific Horse Racing Refund Offers to evaluate each.

What Is Our Fundamental Betting Strategy?

As briefly said at the beginning, the basic method we use is a Matched Betting. If you’re not familiar with it, suggest take a look at Matched Betting For Dummies – 9 Essential Things You Should Know Before Staking Any Real Money;Matched Betting For Dummies - 9 Essential Things You Should Know Before Staking Any Real MoneyBut, very briefly, let’s use Betway offer (see T&C) of “Money back as a Free Bet on all ITV races, with 6+ runners, if your horse finishes 2nd”, typical runner-up refund;Horse Racing Refund Offers Betway 2nd Finish RefundHow we construct matched betting for this offer is;

  • 2 transactions of Back (bet on win) Horse A at Betway & Lay (bet on NOT win) the same Horse A at Betting Exchange like Betfair so that you cover all outcomes.
  • Regardless of the outcome, your losing & winning will cancel out each other. In the real practice, usually, 2 bets are not perfectly offset due to the odds difference & exchange commission. Therefore you make a small loss called Qualifying Loss.Free Matched Bet Starting Guide (2) – How To Sign-Up & Place Qualifying Bet
  • If your Horse A doesn’t finish 2nd, you will end up with the above small loss.
  • If your Horse A finishes 2nd, you will get refund up to £/€25 in this case. So, you repeat the exact same process in any horse race but using the free bet for the back bet at Betway. Then, this time free bet value (minus little loss) will become your net profit. You will likely to pocket around £/€20 net profit from this offer.
  • Of course, we won’t hit a refund in every single race, but we’re pursuing value in the long term as being explained later. Thus, we’ll be making money over time without fail.
  • Success factor is how to minimize this qualifying loss by selecting the horse of which odds gap (between Betway & SMarkets) is the narrowest. For further details, please see Place Qualifying Bet Section in Free Matched Bet Starting Guide (2) – How To Sign-Up & Place Qualifying Bet

 

Betting Exchange

As you see in the above process, betting exchange is essential for matched betting. Therefore, it’s critical to adopt the right approach toward the betting exchanges from the beginning, which will affect your long-term profit. Suggest you take a look at Bet Exchange – How To Sign-Up & Lock-In Profit Wisely With Best OffersBet Exchange, Sign-Up Strategies Feature Image, where you find the Smart Tactics on How To Use Which Bet Exchange in Which Occasion with spoon-fed like instructions.

We recommend SMarkets as a Core Betting Exchange for matched betting. Not Betfair, Why? Also show how important Matchbook is. Please go to the above document that explains the full rationale & comprehensive strategies to make the best use of all 4 key betting exchanges.

Anyhow, for those who have not opened SMarkets or not even a single bet exchange account, I prepared a step-by-step guide for your quick start. You can effortlessly extract cash from its sign-up bonus of £10 Risk-Free Bet. Actually, this is one of the easiest offers to lock-in profit in the industry. Please click “+” mark to open the instruction;

SMarkets Sign-Up Process with Screenshots

 

Why Are Horse Racing Refund Offers Important?

UK Horse Betting market is the 2nd largest in the world next only to Japan. Horse racing is an every day event. Major bookies such as Horse Racing Refund Offers ITV Racing ScheduleBet365 give you Refund Offer called Feature or ITV 4/1 Race offer every day. The busiest day is Saturday when ITV televise the race usually 13:30 – 16:00 (See ITV Racing TV Schedule). The market is filled by a lot of Freebets opportunities. On top of these regular events, you will find massive offers in big festivals like Cheltenham, Grand National, Derby & Royal Ascot, you name it.

The point is you can make a lot of Risk-Free Extra Income from Horse Racing Refund Offers via matched betting technique instead of mere gambling. Actually, only from the Bet365 regular racing offer, you can expect well over £3,000 every year. For the rationale behind, please access How To Guarantee Profit from Bet365 Feature Race 4/1 Offer – 1st Race Loss Case.Bet365 Feature Race 4/1 Offer Lock-In Profit Strategy Together with Football Refund, Horse Racing Refund Offers would be the part of your engines to drive your £1,000 monthly extra income on the side.

How Do We Evaluate The Value Of Each Offer?

Every offer has different value. Therefore it’s very important to decide which offers should be worth pursuing & which are not, or prioritize the offers by gauging the value as well as setting up tailored tactics to ensure the profit. This is the key objective of this document.

EV – Expected Value

As usual, we use EV (Expected Value) to gauge the value of Horse Racing Refund Offers. EV is the average value for long-term. As long as you keep taking the offer with + (Positive) EV, you will be profitable. Expected Value calculation formula in this case can be:

  • EV = (Outcome A Value x Probability % of Trigger Condition ) – (Outcome B x (1 – Probability % of Trigger EV - Expected Value Cartoon Condition))

Although you don’t need to master any of the mathematical formula, if you would like to know more about EV & Implied Probability, please take a look at Beat The Bookies By Knowing How Your Enemy Makes Money – Secret Of Odds. Outcome A is Receiving Refund Value while Outcome B is the Qualifying Loss. And, the probability of occurrence a.k.a. Implied Probability % is calculated in the below formula;

  • Implied Probability % = (1 / Decimal Odds) x 100
Example

Let’s set a hypothetical but practical scenario as follows;

  • Back Stake £25 (the refund offer max range is between £10 – £50, so just use around the middle)
  • Refund is usually in the form of Free Bet (Bet365 give you cash, thus they are high value), of which cash value is estimated to be 80%, means £20.
  • Back Odds of your horse is 5.0 while lay odds is 5.3. Exchange is SMarkets, thus commission is 2%. Then, qualifying loss is £1.8 (7.2%) calculated by Free Software as below;
Horse Racing Refund Offers Matched Betting Calculator
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Assuming we’re taking up 2nd Place Refund Offer, then regarding the probability of 2nd finish;

  • We can calculate based on the bookie’s Each Way term such as 3 places with 1/4 or 1/5 payout. However it’s a bit complicated.
  • More importantly, the implied probability based on the place terms tend to give too high odds to top runners to attract place bet. Means favorites’ probabilities tend to be lower, while underdog especially outsiders’ probabilities become too high, means payouts get worse.
  • Therefore allow me to avoid unnecessary complication and make bold assumption that the probability of 2nd would be similar to the probability of winning (top), which I assume closer to the true probability.

Then the implied probability of finishing the 2nd is 1/5 x 100 = 20% So;

EV = (£20 x 20%) – (£1.8 x 80%) = £2.56 , which is +EV, means you will earn average £2.56 from this offer for long-term.

Prioritization & Go or No Go Parameter

Calculating EV for each offer to decide Go or No Go is not the purpose of this document given the multiple variables. But we try to give you the clear ranking of the offer by focusing on the probability of the refund trigger condition.

Then, we need to establish certain norm to decide if the offer is worth pursuing. With the above scenario, we can calculate the probability of hitting the trigger condition to achieve Break-Even (BE), the point of EV = 0 is;

EV = (£20 x BE%) – (£1.8 x (100% – BE%)) = £0 Then, BE = 8.26%

So, as long as the probability of the trigger condition is above 8.26% you will achieve +EV, thus worth going for it. Otherwise, it’s better to forget. Let me reiterate, this parameter is sorely based on the above scenario. Allow me to emphasize that the sole purpose to develop this % is preparing the Basic Norm for the priority order of the each offer and providing you with a better insight on the rationale to select the offer.

Priority Of Horse Racing Refund Offers

I’ll list up 10 horse racing refund offers in the order of higher probability & availability of lock-in profit method. From this purpose, I re-categorized them into 4 as follows;

  • A. Too Good To Miss (Guaranteed Larger Profit)
  • B. Must Pursue (Guaranteed Modest Profit)
  • C. Should Pursue (Not Guaranteed Profit But Higher Probability)
  • D. Opportunistic Approach (Not Guaranteed Profit & Low Probability)

A. & B. wise, we don’t need to be bothered by the probability because we can lock-in profit. Means always Positive EV. Thus worth pursuing. We discuss the probability in C. &. D.

A. Too Good To Miss

Firstly, it’s not a regular offer, but you will find juicy offers in big Meetings such as the ones in the below image (source: Racebet Blog);Horse Racing Refund Offers UK & Ireland 10 FestivalsLet’s list a few typical offers from Cheltenham Festival.

1 – Risk-Free Bet

“Money Back If You Lose”, namely risk-free bet. It is 1 of the most popular offers often run by Skybet & Betways;

Horse Racing Refund Offers Sky Cheltenham Offer
Horse Racing Refund Offers Betway Cheltenham Offer

You can lock-in profit with simple Under Lay method specified in How To Lock-In Profits from Risk Free Bet Sign Up Offer By Matched Betting;Free Bet Signup (Refund To Lose) Bet

2 – Single IF (Trigger Bet)

Why Single? Because we will see the offers that requires Double Triggers later. It is another popular tasty offer claiming “If SP Favorite Wins, Money Back” run by Ladbrokes as below;

Horse Racing Refund Offers Ladbrokes Cheltenham Offer
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We can also lock-in profit from Extra Lay method by using Customized Spread in How To Lock-In Profit on Trigger Bet with Extra Lay Spreadsheet;How To Lock-In Profit on Trigger Bet with Extra Lay Spreadsheet

BTW, a few big bookies like Ladbrokes & Skybet conduct a tasty offer related not only with mega festivals but also medium size event which ITV televise;

Horse Racing Refund Offers Ladbrokes ITV Offer
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Horse Racing Refund Offers Sky Goodwood Money Back Offer
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All of these offers are essential to pursue. So, never ever overlook the offers in the big meetings. I will list 30+ UK key racing events schedule for your convenience. Click “+” mark to open the information;

UK Horse Racing Major Events Schedule

B. Must Pursue (Guaranteed Modest Profit)

This is also the category you can lock-in profit by using our customized spreadsheets. As you know, locking-in profit means we will be profitable regardless of the outcome of the race. Therefore, the probability of occurrence is not an issue and we should pursue as long as these horse racing refund offers are available.

3 – Back A Winner

Bookies incentivize you to bet on longer odds horse (means less probability of winning). Since you get refund if your horse wins, the lower the odds, the more you may win. From this perspective, the 3/1 offer is better than 4/1 offer.

  • Betfair (& Coral) 3/1 Offer – Betfair regularly run “Back a winner at SP odds of 3/1 or greater (Racing Post decision final) in any live ITV race. And receive a free bet to the same value up to £25 ” See T&C that appears on Saturday when ITV televise the race. Follow the Instruction of How To Lock-In Profit on Back A Winner Offer by Overlay Betting – Coral & Betfair Case;Back A Winner Betfair Advertising 2
  • Bet365 Feature Race 4/1 Offer (T&C) & ITV Racing 4/1 Offer (T&C) – Bet365 runs the offers effectively every day. They claim “Back any single winner at 4/1 or more on any race televised live on ITV Racing (or Feature Race on the days TV broadcasting is not available – 2 races / day). And you can have a risk free bet to the same stake (up to £50*) on the next race broadcast live on ITV Racing (or Feature Race) “. On top of the instruction previously listed, you may also want to check 3 Proven Methods To Lock-In Massive Profits From Bet365 Promotions:Bet365 Promotions 3 Proven Methods To Lock-In Profits
4 – 2nd & 3rd Places Refund: Less Than 3 Places Case

Skybet run this offer almost regularly in the 1st Saturday race televised by ITV. It claims “Money Back As A Free Bet If 2nd or 3rd up to £/€20 “. We can lock-in profit when the exchange offers Less Than 3 Places. Use the spreadsheet in the instruction of 2nd Place Refund Horse Betting Calculator For A Guaranteed Profit;2nd Place Refund Horse Betting Spreadsheet However, in the race where 4 or over places are offered in the exchange, we will no longer be able to guarantee profit.

C. Should Pursue (Not Guaranteed But Higher Probability)

So, from this point onwards, the level of probability of trigger condition occurrence is the key parameter to decide priority.

5 – 2nd & 3rd Places Refund: 4+ Places Case

It is by far the highest probability of hitting the trigger condition. Horse Racing Refund Offers Sky 2nd & 3rd Money Back Offer Based on our assumption of choosing the horse with 5.0 odds, the implied probability of finishing 2nd or 3rd is each 20% (I apply the same probability of winning to both 2nd & 3rdnning). So altogether 40%, which is much higher than the break-even probability of 8.6%, thus it’s worth pursing.

6 – 2nd Place Refund

This offer is regularly run by a few bookmakers such as Sporting Bet & Unibet etc by claiming “If your selection finishes second, we will refund your stake as a free bet up to £25.”;Horse Racing Refund Offers Sporting Bet 2nd Place RefundThe probability of trigger condition is 20% according to our assumption, better than 8.6%. So worth pursuing. There are several tactics or factors to achieve better probability such as selecting a fewer runner race etc. For further details, please check 6 Best Ways To Make Extra Money from “Horse Betting 2nd Place Refund”^ Best Ways Horse Betting 2nd Place Refund Best Strategies

D. Opportunistic Approach (Not Guaranteed Profit & Low Probability)

The offers in this category are very common and you find almost every day. However, be noted that you need to satisfy 2 Trigger Conditions. Because most of the offers are “If your horse finishes XX by doing XX”. This double trigger lowers the probability drastically. Therefore, you need to be very selective before you pursue.

7 – 2nd (& 3rd & 4th) to SP Favorite

This is something like “Money back as a free bet up to £10 if your bet is second, beaten by the SP favourite.”;

Horse Racing Refund Offers 10 Bet Beaten By SP Favorite
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The SP Favorite largely affects the probability. There are 2 types. The first one is “2nd, 3rd & 4th to SP” that is often run by Paddy Power & BetFred. The 2nd one is just “2nd to SP” which is more prevailing type. Obviously the 1st type has more probability. For “2nd, 3rd & 4th to SP”, assuming the Favorite’s odds is 2.0 of which probability is 50%, the final probability of hitting the trigger by our horse is 50% x 20% x 3 = 30%, much higher than 8.6 %. In fact, this type can be in the previous “Should Pursue” category but I position here because it is under Double Trigger. Anyhow, it is definitely worth pursuing.

What about just “2nd to SP”? 50% x 20% = 10% OK, still better than threshold of 8.6%, thus worth going for it. But what if the favorite’s odds is 2.5? The probability is 40%, then 40% x 20% = 8%, which is lower than 8.6%. So, these suggest it’s essential to check if the race has a strong favorite with 2.0 or shorter odds. If not, you may want to pass over this offer.

If you blindly take up the offer, the average winning % of favorite is 32.3% (source: Mirror), means EV is negative thus you will lose. A few more numbers, according to Flat Stat, the SP Favorite’s winning stat in further break-down are;

  • Odds on favourites in Handicap races won 53%
  • And, odds on favourites in Maiden stakes races won 61%
  • Finally, odds on favourites who are 1/4 or shorter won 86%
Just FYI.

8 – Faller Insurance

In the National Hunt Racing (British Jump Race) season, namely Oct – April, this offer claiming “Get on The Jumps: Money back as a free bet if your horse takes a tumble” is becoming quite popular;Horse Racing Refund Offers Coral Faller's InsuranceAccording to Timeform, the faller’s actual % based on the field size in handicap races is around 8% as an average as the below table shows;

Horse Racing Refund Offers Fallers & Unseated %
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So, it’s close to the 8.6% of our threshold. Looks the larger the field, the higher the probability (don’t get confused with the distance that seems to have surprisingly only negligible effect according to the same source). Importantly, the biggest influence comes from the course condition. See the below list of fallers’ top & bottom courses in UK & Ireland;

Horse Racing Refund Offers Fallers & Unseated By Coursejpg
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Therefore, if you want go for this offer, focus on the top 6 courses and avoid the bottom 6.

9 – Win By A Distance – By 2 or More Length

William Hill & a few other bookies run Winning Boost by claiming ” if the horse you back wins by 2 or more lengths, you’ll get a 15% free bet bonus on top of your winnings”;

Horse Racing Refund Offers William Hill 2 Clear
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According to William Hill’s advertisement shown at shop says “30% of flat races last season were won by 2 lengths or more”.

Horse Racing Refund Offers William Hill 30% Poster Photo
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Assuming their data is genuine, the probability using our original assumption is 30% x 20% = 6%. Besides, this offer is 15% winning boost. Then, your free bet will be (5 – 1) x £20 x 15% = £12 rather than £25 of stake refund, even much worse.

However, since this is a Winner’s offer which you can select the favorite. So, let’s assume we select the favorite with 2.0 rather than the horse with 5.0 of our original assumption. The probability is 30% x 50% = 15% , bigger than 8.6%. Then, what about the free bet? It will be (2 – 1) x £25 x 15% x 80% = £3 Then, EV = (£3 x 15%) – (£1.8 x (1 – 15%) = -£1.08 Negative EV. From every angle, this offer is not worth pursuing unless you combine with other promotions (see the details in the Wrap Up).

Jump Race

The above 2 Clear is for Flat Race. For Jump Race, William Hill offer “High 5”;

William Hill High 5 Offer
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william hill high five poster
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Given the same 15% free bet offer with similar statistics – A Third of last term’s race (33%, slightly better than 2 Clear 30%) were won by 5 lengths or more, the expected value is more or less the same as 2 Clear, means not worth pursuing unless you can find a very small qualifying loss opportunity.

10 – 2nd Finish Beaten By Length, Neck, or Head

These types of offers are also quite common like ” if your selection finishes second, beaten by a neck or less in any race”;

Horse Racing Refund Offers BetFred Beaten By Neck
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I tried to find any data related to the probability of these finishes. Unfortunately, I couldn’t locate any meaningful stats. So, if anybody has any idea, please let me know. Anything will be useful for every readers.

The only number I can use is the above William Hill’s information of “30% of winning comes from 2 length or more”. Naturally, the case of Beaten by a length, Neck & Head will be 70% aggregate. Surely, I can’t break it down into each offer. Again, if you allow me to take the bold assumption of equal %, then each finish is around 23%. Then, 23& x 20% = 4.6% much lower than our threshold of 8.6%.

OK, I’m afraid, we have gone too far. The fact is we don’t know any facts, means full of uncertainty. My policy is to keep away from the uncertainty which is considered to be risk. Therefore my suggestion is not pursuing these offers unless you combine with other promotions (see the details in the Wrap Up).

Horse Racing Refund Offers Wrap Up

Obviously, the probability of the trigger condition depends on each case. I might have overly simplified & standardized the norm (which is 8.6%). However, I hope it at least gives you good insight on which to chose & how to approach them. Let me quickly summarize the tactics.

Key Variables & Success Directions

Let me remind you that, from the EV formula, the key variables & success directions are;

  • Refund Value – the bigger, the better
  • Qualifying Loss – the smaller, the better
  • Probability of the Occurrence of the refund requirement, namely Trigger Condition – the higher, the better.
Horse Racing Refund Offers – Overall Tactics

Based on the above simple directions, some basic but important tactics are;

  • Always Stick To Matched Betting Basic Principle – minimize qualifying loss by locating the horse with the narrowest odds gap (between bookie & exchange). Again, let me reiterate that worth or not worth comments in this document is based on the hypothetical example especially 7.8 % of the qualifying loss. If you find extremely small loss opportunity, say less than 2 or 3%, almost all the offers must have +EV, thus you may want to go for it. Needless to say when you locate any arbitrage condition, you should take everything.
  • Shorter Odds – since most of the horse racing refund offers require top 3 finish, you may want to select the horses with short odds. Besides, generally speaking, the shorter the odds, the tighter the gap between bookmaker & exchange.
  • Number of Runners – depending on the offer though, the fewer, the more chances to hit the trigger condition, especially for 2nd place refund.
  • Explore The Way To Exploit All Horse Racing Refund Offers – although I said not worth pursuing for Win By 2 or More Length & Beaten By A Length, or Neck or Head, if paddy power acca insurance, reward clubyou can combine with other offers such as Weekly Club, Why Not? Bookies basically don’t allow players to combine 2 or more offers. However, the weekly clubs (Paddy Power Reward Club, Skybet Club, Coral Bet & Get Club etc.) & weekly reward offers (TLC, Bruce Betting & Mint Bet etc.) may count these bets (if you don’t hit the refund, they will definitely count). So, you may want to use these low value offers to satisfy the weekly club qualifying bets. If you’re lucky, you get the refund, even if you are not still progress the qualifying bets. Since the bookmakers can & will change the condition anytime, suggest you always check T&C before placing the bets.

You can tackle horse racing refund offers every day. But if you’re busy, focus on Saturdays. Many matched bettors allocate a few hours in the morning to review the bookies offers. You can use Oddschecker to compare the odds across the bookmakers. You can also use Free Software or Premium Service (that will save your time significantly) to compare the odds between the bookies & exchange to locate the tightest gap. If you check the odds in the final 10 minutes before starting the race, the odds on the exchange will move drastically which may give you good chance to find great matches against the bookie odds. Many experienced matched bettors earn hundreds of £/€ on Saturdays.

Premium Service

When it comes to the premium service, you may consider Profit Accumulator or Oddsmonkey;

Finally, allow me to repeat, as long as you take the positive EV offers, it’s Impossible Not To Win. Pursue them as many as possible. Then mathematics will back you up. You don’t need to believe me but should trust simple mathematics.GEM Joshua

I would hope the prioritization list & basic tactics in this document will help you make steady Extra Income On The Side.

If you need any assistance from me, don’t hesitate to contact. Just click the face icon on the right.

Good Luck!!

Joshua Walker