Over the years there have been several moments that have changed the way betting works. When bookmakers were allowed to move off the racecourse and onto the high street is a particularly obvious example. Another is the moment that the world of betting moved online, allowing punters to place a wager in the comfort of their own home. Perhaps the biggest revolution in online betting came with the invention of the in-play bet, changing not only how we bet but what we were allowed to bet on.
A definite close second in terms of changing the way online betting works was the invention of the exchange. This allowed punters to bet against each other, to all intents and purposes removing the ‘middleman’ of the bookmaker and letting the bettors themselves play that part. It can be a slightly intimidating way to bet, though, with seemingly complicated terms like ‘lay’ and ‘back’ part of how it all works. If that’s put you off getting involved with the exchange in the past then you’ll want to know all about this offer.
What’s the Deal?
Customers who have never placed a bet on the exchange before can opt-in to receive a free bet on it. All you need to do, once you’ve opted-in, is place a bet of at least £5 on the exchange and, if it loses, you’ll get that £5 refunded into your account as cash. It’s the ‘cash’ bit that I think really sets this offer apart from others, given that you don’t have to try to turnover a free bet or anything to get your money back.
Something to keep your eye on when you’re placing the bet is the fact that it must be settled within seven days. To be honest, that shouldn’t be too tricky on the exchange considering that this way of betting really comes into its own when you’re looking at areas such as in-play markets. The offer is only available once per customer and applies to the very first bet you place on the exchange.
Anything Else You Need to Know?
There are a few slightly less obvious thing that you need to bear in mind with this promotion. Obviously, I’d recommend that you check out the terms and conditions for yourself, but the major ones are here for you:
- You can bet more than £5, but you’ll only get £5 refunded on losing bets
- If your exchange bet wins then you’ll get nothing refunded
- You’ll get your refund within 24 hours of your bet being settled
- If you place an alternate bet in an attempt to reduce your liability then you won’t be able to take advantage of the offer
- You can’t cash out your bet if you’re hoping to get the free offer
- Your account needs to have been topped up with Paypal or a debit or credit card at least once
I’ve already said that your bet must be the first one you’ve ever placed on Betfair’s exchange, but it’s worth mentioning that one more time, just in case you missed it.
Is It a Good Offer?
I readily admit that the exchange can be a bit of a scary place if you’ve not used it before. I must confess that I steered clear of it for quite a while, but as soon as I understood how it works I’ve not looked back. It’s a different way of betting that is fun and interesting, so if you’ve also been avoiding it then this is definitely your chance to see what it’s all about.
That said, £5 isn’t a huge amount when it comes to the likely liability you’ll face for a losing bet, so it’s worth making sure you understand how that works first. All things considered, though, if you do it right then a £5 free bet is nothing to be sniffed at and the fact that you’ll also learn about a different way of betting at the same time is certainly worthy of some thought.