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Now with a SNR free bet, as you may expect, it is a little more tricky. Because the free bet stake is not returned in the winnings, we need to use higher odds so that if the free bet wins, there is more profit. Look for odds of between 3.00 and 6.00 in the bookmaker. There are two factors that affect your profit yeild when placing a stake-not-returned follow up bet:

The odds - using higer odds increases the profit you will make but also increases the amount you need in betfair to cover the liability.

The closeness of the match in betfair - as always, the closer the match in betfair, the more profit you make.

OK so to find a potential market, go to the bookmaker and look for odds of somewhere between 3.00 and 6.00. When you have found one, locate the corresponding market in betfair to see if there is a close match. Again, try and a few and use trial and error to find the closest match you can, entering the amounts in on the spreadsheet to calculate the potential outcomes, as in the example below. Lets say you find a football match between Arsenal and Barcelona where the odds on Barcelona are 4.5 in the bookmaker and the lay odds of 4.7 in betfair.

As you can see:

If Barcelona win you make £70 profit in the bookie:
(£20 x 4.5 - £20, remember you do not keep the free bet stake).You lose the £55.70 liability in betfair, leaving you with £14.40 profit.

If Arsenal win or its a draw you make your lay stake of £15.05  in betfair, minus betfair's 5% comission, which leaves you with £14.40. You lose nothing in the bookie as it was a free bet, thus making a withdrawable cash profit of £14.30 either way.

Tips:

Timing Your Bet

A few hours before a football match is the best time to do this. Any earlier and the markets at Betfair haven't really got going, any later and the markets can get quite volatile. You'll get a feel for the best time as you make more bets.

Preferred Outcome

Ideally you want to lose at the bookmaker every time. If you could do this, you could just keep piling up winnings in Betfair. If you win at the bookmaker you have to withdraw from them, then deposit it back into Betfair to cover your liability for your next bet. If you win at Betfair you'll have a balance of £0 at the bookmaker and don't have to do anything. It's not a major problem but if you have a choice of two equally good bets, and you think one is more likely to lose at the bookmaker, choose that one.