**Working out the value of a Sportsbook offer is determined by the percentage value of the match that you will get.**

For example, if you only used bets that returned 97% of the bet amount (equivalent to a match with a rating of 97 on the Oddsmatching software), then the house edge is effectively 3%.

This means for Sportsbook offers, you need to consider how likely you are to get good matches in order to determine the value of the bonus.

For example, a bookmaker offers a £200 bonus in exchange for a deposit of £200.

You need to roll over a total of £1200 in order to withdraw it. With this particular bookmaker, they have very good odds, so we know we can get a match of 98% or higher, so the house edge will be 2% or less.

For this example, let's just assume we go for 98% matches every time.

**£200 - (£1200 * 0.02) = +£176.**

This bonus has a positive value of £176, if wagered entirely at 98% matches. This means that you would be guaranteed to win this much from this bonus. There's no variance involved because the outcome is guaranteed.

On the other hand, let's say another bookmaker offers a £100 bonus in exchange for a deposit of £200.

You need to roll over a total of £1800 in order to withdraw. With this bookmaker, their odds are quite poor, so we will most likely only get matches of 94% or so, which equals a 6% house edge. For this example, let's assume we always take 94% matches.

**£100 - (£1800 * 0.06) = -£8.**

This bonus has a negative value of £8, if wagered entirely at 94% matches. This means that you would be guaranteed to lose £8 from this bonus. There's no variance involved because the outcome is guaranteed (although you could still get lucky and lose your first couple of bets and not have to bother with the wagering, which would make this offer still worth trying).

You might also be able to find better odds if you waited a while.

There are some Sportsbook bets that cannot be laid off.

An example would be any bets on Virtual sports or bets on markets with no liquidity on the exchange.

These are still worth doing because the odds are stacked in your favour thanks to the free bet.

**REFUND IF BONUSES**

Paddy Power often have offers wherein they refund all losing bets if Team X win the match. It usually looks something like this:

There's often multiple strategies for each offer, however the most straight forward technique for this offer, is to try find a close match between the back odds and the lay odds of any of the eligible markets - usually for this offer the Correct Score (this must lose in order to earn the free bet) market is the best option.

It's unlikely that you will find a really close match but you should search for a bet with a relatively low qualifying loss.

In the example you can see that the back odds are 10.0 and the current available lay odds on Matchbook are 11.5.

With a £10 stake, this would result in a £1.30 loss, providing you're on a 0% commission rate with Matchbook. However, that bet still has good value, and here's why.

In that particular example, you're risking £1.30 for a chance to win a £10 free bet (we can expect to make around £8 from this bet as we generally aim to make 80% of the free bet value).

So you're risking £1.30 for a chance to win around £8.

The Tottenham back odds are currently 3.1 on the exchanges, which suggests around a 32% chance of winning the game ((1 / 3.1) * 100 = 32.25).

The average expected value of this bet is £1.67. We can work this out like so:

**(Outcome 1 * Probability) - (Outcome 2 * Probability) = EV.**

So with that formula, Outcome 1 is worked out assuming a win of £8 and has a 32% chance.

Outcome 2 assumes a loss of £1.30 and has a 68% chance.

**(£8 * 0.32) - (£1.30 * 0.68) = £1.67**