Step 1. Download the promobets spreadsheet (excel file)
This sheet will guide you through the rest of the process. Fill it in and it will help you by telling you how much to stake in betfair and will keep an eye on your overall profit.
Step 2. Join Betfair and deposit £100
If you can afford to deposit more than £100 then do so, but £100 will give you a decent float to start with.
Step 3. Join one of the bookmakers on the spreadsheet and deposit the "recommended deposit"
Make sure you use a DEBIT card whenever possible.
Step 4. Select a bet in the bookmakers that is also offered on betfair
You can bet on anything at all, just so long as you can LAY the same bet on betfair. You are looking for a bet that has the following criteria:
- You expect the bet to lose
- The odds in the bookmakers are more than 3.0 (2/1)
- You have enough money in betfair to cover the amount you need to stake
- The odds on betfair are as close as possible to the odds in the bookmakers (if you took odds of 2/1 then you hope the LAY price is as close to 3.0 as possible).
The best things to bet on are horses and football matches, as they draw lots of betting and you should therefore get a good price on betfair.
Step 5. Place your bets
Bet the full amount of your deposit on a selection to WIN in the bookmaker, LAY to lose in the betting exchange. If you are unsure about laying, then use the columnn on the spreadsheet to tell you how much you should be staking to LAY on betfair. Laying means betting the selection to lose.
Step 6. Claim your free bet
Whether the bet won or not - you will now have staked the full deposit in the bookmakers. You should now qualify for a free bet that is given to you automatically by the bookmaker. Use this bet in exactly the same way as you have just done with your first bet. Remember however to check whether the stake of the free bet is included in the returns or not, and fill this out in the appropriate column of the spreadsheet (it usually isn't).
Step 7. Close your bookmakers account
If you have succesfully lost both bets then you will have effectively transferred your money into your betfair account and your bookmakers account will be empty. If this is the case then you should now close your account and walk away from that bookmaker. You dont want to give your money back by continuing betting.
If you have won on one of the bets then you may need to bet again, as some bookies have wagering requirements that force you to bet your full deposit and free bet several times before being allowed to withdraw it. If this is the case then simply repeat Steps 4 & 5 until you manage to lose a bet in the bookies and therefore successfully transfer money to betfair.
Step 8. Repeat with each bookmaker on the spreadsheet
For each bookmaker you should click on the link in the spreadsheet, this will take you to a sportsalchemy page with advice about that particular bookmaker. You must then click on the banner to go directly to the bookmaker and sign up.
Step 9. Withdraw your money from betfair and buy yourself something nice
By this time you should have got yourself a few quid and you have 2 choices. You can do what the bookies want you to do and keep on betting, or you can do what we suggest and go and buy yourself something nice. You could look at a nice new TV for example and every time you watch sport you can thank those nice chaps the bookies for buying it for you!
Step 10. Tell your friends!
If you've followed this guide you'll have made yourself a nice few bob, why not do the decent thing and tell your mates as well. Remember this is RISK FREE. If they dont believe you then offer to guarantee their risk for them in exchange for 25% of the profits and you will make a few bob for yourself as well!