One sector within the world of sportsbooks and online casinos that continues to evolve in various ways is the promotions and bonuses that these sites give out. Whether these apply to new customers solely or are eligible for already existing ones, these can bring unique things to the table when compared to the more traditional and conventional betting markets.
One type of promotion that falls under this bracket is the money back betting offers, with these having some utility in regards to matched betting should you know how these work. Hence, we will fully break down the ins and outs of this type of promotion, which has become increasingly popular in recent years.
Money Back Betting Offers Explained
To start off with, we must fully explain what money back betting offers are. These are a type of promotion commonly given out by different bookmakers that could potentially provide bettors with a refund of their stake should their selection lose under pre-specified conditions.
How Do Money Back Betting Offers Work?
In the case, your bet loses under the terms already outlined by the bookmaker in relation to this promotion, this could potentially see a refund be provided either in the form of a free bet or cash, with the former being the most frequent. Looking at money back betting offers holistically, they essentially provide a form of safety net for bettors, theoretically reducing the risk associated with placing a wager by eliminating a certain group of tangibles. Due to this, these could potentially be used to mitigate potential losses.
Let’s use horse racing as an example. Say you place a bet on a horse to win a race outright. However, a sportsbook is currently running a money-back betting offer that claims you could get your stake back should your selected horse finish second. If, by the end of the race, your horse finishes first, your bet would obviously win; however, if it is pipped to the racing post and finishes after the victor, this could see your initial wager returned to your account. However, it is worth noting that the predefined terms only relate to second place; therefore, should the horse finish any lower than 2nd, the stake would be lost entirely.
Reading up on the conditions of money back betting offers is critical before actually claiming any of these promotions as these clearly outline any applicable parameters that must be met in order to be eligible. Understanding what the money back offer actually refers to is of course paramount, but also identifying if there are maximum stakes that this promotion applies to could also be key in order to ensure your bet can still be subject to this offer.
Which Markets Do Money Back Betting Offers Apply To?
Now that you understand what money back betting offers and how they work, you may be wondering what markets do these promotions actually apply to. Like we have already mentioned, horse racing betting markets are a popular one, with these offers either covering if a horse comes second, places, or falls at any point in the race.
Another popular market in which money back betting offers are commonly utilised is in football betting. These are usually more in relation to signup offers as opposed to reload ones, with these commonly giving money back if your first bet on a football match loses.
The tennis betting markets for tournaments, especially the major opens, frequently run money back betting offers too, with these often being in relation to if a selection you have chosen to win a tournament outright is eliminated in the first stage of their bracket.
However, one thing that you may not immediately consider is that money back betting offers are sometimes extended to things such as virtual sports and even specific casino games. Despite this, these are much less common than they are in traditional sports betting markets, with the terms and conditions often being much more specified compared to these counterparts.
How To Claim Money Back Betting Offers
In order to claim money back betting offers, bettors need to follow the certain steps outlined by a bookmaker or casino, something which we have already mentioned is highly important.
After understanding what the promotion is in relation to the market, bettors can then place a qualifying bet that meets the declared specified criteria. This often includes things such as stake requirements and minimum odds.
After all these steps have been followed and the qualifying bet has been placed, if the bet loses under the certain conditions outlined in the promotion, the bettor’s account could be refunded accordingly based on the terms of the offer.
Matched Betting With Money Back Betting Offers
One area in which money back betting offers are especially useful, however, is within the realm of matched betting. If this is something you are unfamiliar with, this is a betting strategy that covers all outcomes of an event by placing two or more counteracting bets. A back bet refers to an outcome occurring, whereas a lay bet, which is placed on a betting exchange, refers to the outcome not occurring. Having these two types of bets on the same market can ensure that at least one portion of the bet will return, and if the odds are matched, this could lock in some profit.
Where money back betting offers come into the fold though is specifically in relation to the back bet. Placing one of these that also meets the terms and conditions for the promotion could potentially present some additional benefits, as if the lay bet outcome occurs, this could provide a return, all whilst accrediting the bettor with their money back or additional free bets via the back portion of the bet.
In order to ensure all of this is done correctly, we here at OddsMonkey specialise in all things matched betting, providing you with the relevant resources and tutorials should you be new to the overall concept. In addition, we also house a range of specialised betting calculators that can make sure that any stakes and odds you have for your matched bet align correctly in order to lock in some profit.
