In last week’s post I showed an example of how we can take advantage of bookmaker’s free bets to make guaranteed profits. The second type of offer I will go through are slot offers.
Slots are one of the most profitable areas for the bookmaker, the payout percentage or “RTP” (return to player) from a slot machine is usually around 95%. That means that for every £100 staked the bookmaker will retain 5% or £5 in the long run. Naturally there is a huge amount of variance as sometimes you lose a lot very quickly, other times you hit a big win but LONG TERM the percentage always plays out for the bookie much like a roulette table in a casino.
The good thing for us is that because the slots are so profitable for the bookmaker (and unfortunately so addictive to many punters) they regularly put on very generous offers to entice you in.
There are a few different types of slot offers with the following being the main two that we take advantage of:
1 – Stake x get y. These are where you basically need to stake a certain amount on a slot machine and in turn they will give you an extra bonus to use.
2 – Refund offers. These are where the bookie will cover your losses (or part of them) up to a certain amount.
With the “Stake x get y” type of promo the key thing is to look at the required staking to qualify, the size of the bonus given and any extra wagering requirements on the bonus in order to work out whether it’s an offer that gives you value or not.
Below is an example:
A bookie offers a promo where you have to stake £20 on a specified slot and you will be given a £5 bonus. The £5 bonus needs to be staked once on the same slot. If we assume that the house edge on the slot is 95% then our expectation is a return of £19 from the £20 we need to stake. Our expectation is then a return of £4.75 from the £5 bonus. In total our expectation is £23.75 with an outlay of £20 so our expected value is +£3.75 making it a good offer. PLEASE NOTE, variance is huge on slots so we don’t LITERALLY expect to make those amounts, what I’m referring to is the mathematical expectation of the offer based on the numbers. Sometimes you will lose £15, sometimes you will win £100 but if you do this kind of offer enough times you will ALWAYS win in the LONG TERM.
Next we have the refund offers. The one thing we need to note is whether it’s a 100% refund or only partial and also whether the refund has to be wagered or if it’s a cash refund. The best examples of these are the 100% cash refund promos as they are a completely risk free shot at a win. We basically keep spinning until we either hit the refund limit or go into profit.
As luck would have it today two different bookies have slot offers which are good examples of the two things I’ve gone through above.
1 – Ladbrokes are offering a “stake £30 on slots, get a £5 free sportsbook bet” promo. In this case the expected return (based on the 95% figure) is a loss of -£1.50, this example is then slightly different from above as it’s a sportsbook free bet rather than a slot bonus but in this case we can cashout the free bet using the method displayed in last week’s post to make a guaranteed profit of around £4 (minus the qualifying loss) making it a profitable offer overall, albeit a very slight one. Personally I ignore offers where the expected value is so low but that’s my own preference.
2 – William hill are offering £5 risk free on the “Guardians” slot under their Vegas banner. All you have to do is opt in to the offer, start playing the slot and either stop at -£5 (which will be refunded) or when you’ve hit a decent profit, whichever comes first. It’s a 100% cash refund so as long as you stick to the rules you can’t lose but can potentially hit a nice win.
Hopefully these two types of offers make sense. In future posts I will add links directly to the offers for those that want to start profiting from them and I will also keep a running tally of my profit and loss using them but for now I want to finish going through the basics so that we’re all on the same page.
Feel free to ask any questions in the comments below and I will have the next post ready soon looking at another type of offer we can take advantage of.