Refund offers: turn money-back promos into profit
Bookies run money-back and bonus-back promos every day on racing and sport. Most punters treat them as a consolation prize. Matched bettors use them to make a profit, week after week.
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Three kinds of refund offers
Most refund promos fall into one of these categories. Here’s how to approach them.
Refund if it loses
We call these a ‘Free Crack’ because you either win or get your money back as a bonus bet if it loses. By hedging against that refund it is possible to lock in a profit whatever the result.
Refund on a condition
Money back only if something specific happens, like your horse running 2nd or 3rd or your team losing by a small margin. Most bets cost a few dollars, but the refunds more than make up for it.
Multi and SGM refunds
Money back if one leg of your multi or SGM lets you down. When used correctly these offer a huge amount of value. Our SGM Finder makes it easy to find the legs that give you the biggest edge.
A worked example: refund if it loses
A bookie offers your stake back as a bonus bet if your bet loses. You back a team for $50 at 3.00 and lay it at Betfair at 3.10. Commission is 6%, Betfair’s rate for most sports, and you convert the bonus bet at about 75%. Our Free Crack calculator can be used to work out the correct lay stake.
The bets
| Back at the bookie: $50 at 3.00 | $50.00 |
| Lay at Betfair: $37.01 at 3.10 | $77.71 liability |
| If it loses, the bookie refunds | $50 bonus bet |
The outcomes
| Team wins: $100 bookie profit, less $77.71 liability | +$22.29 |
| Team loses: $34.79 lay win, less the $50 stake | −$15.21 |
| Plus the $50 bonus bet refunded, converted | +$37.50 |
| Profit if the team loses | +$22.29 |
Example odds only, not a current offer. The result assumes you convert the refunded bonus bet at about 75%, which is typical with matched betting. Refunds on a condition work differently: a 2nd or 3rd racing refund usually costs a few dollars per race and finishes around $32 ahead when the refund lands. Switch the calculator below to “Refund on a condition” to see the average.
Refund offer calculator
Pick the refund type, enter the odds, and see your lay stake and what the promo is worth.
Finding promos and calculating value
Refund promos change every day and across every bookie. Some are great value, but others aren’t. Finding the best ones is easy for Bonusbank members.
🔒 Members see every refund, rated
The promo database lists each day’s racing and sports promos and rates them by value, with a guide for how to approach each type.
See the promo databaseYour refund toolkit
Racing and sports promo databases
Every refund promo in one place each day, rated by value, so you only spend time on the ones worth doing.
About the promo database →HorsePower
Compares real-time prices to find the best selections for racing refund promos, the most consistent matched betting promo in Australia.
About HorsePower →SGM Finder
Scans same game multi markets for the best-value legs, so your SGM refund bets are worth more before the refund even comes into it.
About the SGM Finder →Questions people ask
Am I guaranteed a refund if my bet loses?
Only with a refund-if-it-loses promo. Most refund promos are conditional, so your stake only comes back if something specific happens, like your horse running 2nd or 3rd. Always read the promo terms before you bet.
How much can I make from refund offers?
A refund-if-it-loses promo can lock in a profit on every bet: the $50 example above made $22.29 whichever way it went. Conditional refunds pay off over time instead. Because bookies run them every day, refunds are where most ongoing profit comes from once your welcome offers are done.
Are refunds paid in cash or bonus bets?
Usually as a bonus bet, occasionally as cash. A bonus bet keeps about 75 percent of its value once you convert it with matched betting, so a $50 bonus bet is typically worth around $37.50 in cash.
Do I need a Betfair account?
Not always. For racing refunds, laying on the Betfair Exchange is the best way to remove risk. For other sports you can hedge against other bookies.
Which Bonusbank plan do I need for refunds?
Standard includes the racing and sports promo databases, HorsePower Lite and all the calculators. Plus adds full HorsePower on 80+ bookies. Pro adds the SGM Finder for same game multi refunds.
Make today’s refunds count
Start with the free course to learn the method, then use the promo databases to find the refunds worth doing each day.
Free beginners course · No credit card needed · Takes 2 minutes