The Art of Bookie Bashing

Now let’s take a look at horse racing.

Example 2.

Suppose that a bet is placed on the 3:30 at Southdown in which a horse called ‘Bash the Bookie’ runs.

The odds on Bash the Bookie winning the race with the bookie that has offered the free £20 bet are 4.5.

The best available odds to back Bash the Bookie to win on the exchanges and with other bookies is 4.5 and the best available odds to lay the horse to lose is 4.6.

Using the free £20 bet, Bash the Bookie is backed to win at odds of 4.5.

The profit on the bet should Bash the Bookie win, is £20 x (4.5 – 1.0) = £20 x 3.5 = £70.

If Bash the Bookie loses, the liability is £20 (the free bet).

Bash the Bookie should then be layed to lose on a betting exchange up to a liability of £70.

Why? Because, if Bash the Bookie wins, £70 would be won on the first bet and used to offset the losses incurred on the second bet.

If Bash the Bookie loses, the £20 free bet would be lost but the second bet would be won.

Therefore, regardless of the race outcome, the bet would be won.

Let’s suppose that a £5 profit is to be made, regardless of who wins the race.

Using the free £20 bet, Bash the Bookie is backed to win at odds of 4.5.

The profit on the bet should Bash the Bookie win, is £20 x (4.5 – 1.0) = £20 x 3.5 = £70.

If Bash the Bookie loses, the liability is £20 (the free bet).

Bash The Bookie must then be layed to lose on an exchange.

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The liability on the lay bet on Bash the Bookie must not exceed £70 (the potential win on the first bet) minus £5 (profit) = £65.

At lay odds of 4.6, the stake must equal £65/(4.6 – 1.0) = £65/3.6 = £18.05.

If Bash the Bookie is layed to lose at odds of 4.6 on an exchange and the stake is £18.05, the liability is £64.98 if Bash the Bookie wins and £18.05 minus £0.91 (assuming 5% commission on winning bets) would be won if it loses.

The table below summarises the two possible outcomes of the race, from Bash the Bookie’s point of view, and the profit:


From the above table, it can be seen that if Bash the Bookie wins, £5.02 would be won.

If Bash the Bookie loses, £17.14 would be won but the £20 free bet would be lost.

So, we have seen how a win-win situation can be achieved.

But are things this simple? Well, yes and no.

There’s just one other thing that you need to understand before you venture forth and pick up your free money – the bookie’s terms and conditions, or Ts & Cs.