Where Matched Betting Actually Pays in 2026

Updated October 2026

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Matched betting is a technique, and like every other technique it has a price. The arithmetic looks tidy on paper: a back bet at a bookmaker, a lay bet at an exchange, a free bet credited on the right outcome, and the spread between the two prices becomes profit. What the marketing rarely shows is what sits between those numbers. A free bet whose stake is not returned is worth less than its face value. A minimum odds clause quietly limits where the offer can be placed. A 7-day or 30-day expiry window turns a generous-looking credit into a scramble. And once the bonus cap and the verification rules of the British market are added, what looked like free money becomes something closer to a part-time job with a margin of error.

Current as of 27 October 2026, verified against the Gambling Commission’s public register and each operator’s own terms.

The Law and the Ledger: Matched Betting in Great Britain

Matched betting sits in a strange corner of British gambling law. The activity itself, backing a result at one firm and laying it at another, is not regulated as a thing; the bookmakers and exchanges that host it are. Every operator taking bets from customers in Great Britain must hold a Gambling Commission licence under sections 33 and 36 of the Gambling Act 2005 as amended by the Gambling (Licensing and Advertising) Act 2014. A Curaçao, Malta or Gibraltar licence does not substitute; the point-of-consumption rule applies whether the firm is based in a living room or a coastal office block.

The Commission’s public register is the only test of whether a brand holds a licence. It can be searched by business name, trading name, domain or account number, and it lists every active licence with its category. The categories that matter here are remote general betting standard (real events), which covers ordinary sportsbooks, and remote betting intermediary, which is the licence exchanges run under. A pool-betting licence is separate, as is a virtual-events licence, and a financial spread-betting firm sits under the Financial Conduct Authority rather than the Commission at all. Some names carry several of these; matched betting touches the first two.

The most common misunderstanding is that matched betting is illegal because it looks like cheating. It is neither. It is a way of extracting value from promotional terms, and the bookmakers know it. What does happen, and the terms make this plain, is that operators limit or close accounts they judge to be offering no long-term commercial value. A punter who only ever backs and lays free bets is on the wrong side of that judgement, and the right to refuse service sits in the small print of nearly every welcome offer.

The Bonus Cap and the Mixed-Product Ban

Two rules from the Gambling Commission shape the market in 2026 in ways a matched bettor cannot afford to miss. Since 19 January 2026, wagering requirements on bonuses are capped at ten times the bonus amount. A £10 bonus at 50x wagering needed £500 of qualifying bets before the change; the same bonus under the cap needs no more than £100. The cap targets the kind of turnover requirement that turned small bonuses into multi-day clearing exercises.

Mixed-product promotions are banned under the same reform. An offer that asks a customer to bet on football in order to receive free spins on a slot, or to deposit for sports in order to unlock bingo credit, no longer exists. Each product carries its own promotion, and a free bet stays a free bet rather than a key to a casino door. Whether the cap applies to a free bet with no wagering condition, and whether the money value of any bonus is itself capped, are points the Commission’s published rules do not settle.

What This Means for the Punter

The legal frame matters less than it looks, because matched betting is not the activity that gets challenged. The challenge is the small print, and the small print lives on the bookmaker’s site. Three points recur. The first is that credit cards are banned for gambling in Great Britain since 14 April 2020, so any matched-betting bankroll must be funded by debit card, bank transfer or an e-wallet that has not been topped up by credit. The second is that identity is verified before the first deposit, and the third is that the player pays no tax on winnings in Great Britain.

A matched bettor who stays inside the licensed market pays no extra tax and keeps the protections that come with a Commission licence: GAMSTOP self-exclusion, the £150 rolling financial-vulnerability check, the Commission’s dispute route, and ADR through an approved body. None of those protections follow the punter to a converted site.

Responsible Gambling: The Limits That Apply Whether You Match or Not

The Commission’s safer-gambling rules were built for the ordinary punter, but they land on the matched bettor just the same. GAMSTOP is the national multi-operator online self-exclusion scheme, and every licensed remote operator has been a mandatory member since 31 March 2020. A self-exclusion can be set for six months, one year, five years, or five years with auto-renewal. After the minimum period the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. Betting shops are a separate service; online is GAMSTOP’s territory.

The financial vulnerability check, in force since 30 August 2024 and tightened on 28 February 2025, triggers once a customer’s deposits minus withdrawals cross £150 in any rolling 30 days. The check is a public-record search, bankruptcy and county-court judgments included, not an income check and not a credit-reference check. It is a moment where the operator looks at the customer’s wider financial position, and the matched bettor’s churning pattern draws attention in a way a casual flutter does not. The Commission announced a staged plan on 7 July 2026 for fuller financial risk assessments, with no start date; the wider checks are not in force as of writing.

There is no statutory deposit or loss ceiling. Operators set their own, and the customer can set their own on top. The deposit-limit rules (RTS 12) require operators to offer a gross deposit limit on a fixed time frame, and the first phase has applied since 31 October 2025; a second phase was postponed to 30 September 2026, and whether it is live is not settled. Help is available through GamCare and the National Gambling Helpline, through GambleAware, through NHS gambling clinics and through Gamblers Anonymous.

The point for a matched bettor is that matched betting is not a way around any of this. The bookmaker does not know the punter is matched betting, and the exchange does not care, but the account-level signals a matched-betting pattern produces look identical to a problem gambler churning for bonuses. The safer-gambling controls treat them the same, and an account that looks like problem play gets closed regardless of why.

What a Free Bet Is Actually Worth

The promotional headline and the promotional value are not the same number. A free bet of £30 at decimal odds of 3.00, used on a market with a five per cent margin, is worth less than £30 because the stake is not paid back when the bet wins. The formula for a non-stake-returned free bet is straightforward: take the free-bet amount, multiply by odds minus one, divide by odds, then scale by the payout share of the market. The payout share is the inverse of the margin, so a five per cent margin gives a 95 per cent payout share.

For the Sky Bet-style free bet in this market, the maths comes out close to 70 per cent of the face value on a typical football market. At the same decimal odds of 3.00 and five per cent margin, the return is approximately £19. The stake is gone in the calculation precisely because it is gone at the bookmaker: a winning free bet pays the profit only, never the original £30.

That ratio is the difference between matched betting as a pastime and matched betting as a grind. A punter who signs up for one welcome offer and never returns might clear £20 of value from a £30 free bet and call it a win. A punter who runs the same exercise across ten sites, over a few months, will clear a few hundred pounds of value but will also trigger the patterns a bookmaker looks for. The £30 face value is the marketing figure. The £19 is the real one.

The Qualifying Bet

Every welcome offer starts with a qualifying bet, a stake of the punter’s own money that unlocks the free bet. The qualifying bet is matched at the exchange to lock in a small loss or a small profit, and the free bet that follows is then matched in the same way to lock in the value above. The qualifying bet matters because its terms are sometimes tighter than the free bet’s terms. A free bet that can be placed at any odds may require a qualifying bet at minimum odds of 2.0; a free bet with no wagering may require a qualifying bet with a 1x turnover.

For the offers in this market, the qualifying bets cluster between £5 and £25, with minimum odds of 1.75 to 2.0. The Dabble offer, bet £10 get £10, needs a £10 qualifying bet at the offer’s stated minimum odds. The Midnite offer needs £5 on pre-match odds of evens or greater. The Unibet offer needs £20 at 1/1 or bigger. The qualifying loss on each, after the lay bet is placed at the exchange, is small, often under £1, and the free bet that follows is where the value sits.

Minimum Odds and Why They Bite

A minimum-odds clause is the offer’s first filter. It says, in effect, that the qualifying bet cannot be placed on a short-priced favourite, and the punter must take some price for the bet to count. Minimum odds of 1.75 are ordinary; minimum odds of 2.0 are common; minimum odds of 3.0 are heavy. The higher the minimum, the less efficient the qualifying bet, because the lay side at the exchange has to be placed at closer odds, and the spread between back and lay narrows.

For the SBK sportsbook offer, a £20 bet at minimum odds of 3.0 is a tall order. The qualifying bet must be placed on something at 3.0 or bigger, the lay bet on the exchange must be at the same or shorter odds, and the difference between the two prices is the qualifying loss. At 3.0 the qualifying loss is meaningful; at 1.5 it is negligible. The minimum-odds clause is the bookmaker’s way of stopping the punter from placing the qualifying bet on a heavy favourite where the lay side is short-priced and the loss is near zero.

The Ten Sites Worth Opening an Account With

The ranking below is built on three things: the quality of the welcome offer, the depth of the in-play and market coverage, and what the operator’s own terms say about how the free bet can be used. Two of the ten are pure exchanges and exist to host the lay side of every matched bet. One is a financial spread-betting firm that sits under the FCA rather than the Commission. The other seven are sportsbooks whose welcome offers are the matched bettor’s raw material.

The verdict on each operator closes on a different point: the offer’s true value, the market depth, the limit risk, or the term that decides whether the offer is worth the signup at all.

Betfair

Betfair is the exchange most matched bettors open first, and for good reason. The Commission account 39439 sits on the register against PPB Counterparty Services Limited, the licence holder, and the site runs as both an exchange and a sportsbook. The exchange carries the depth needed to place a lay bet at close to the backer’s price; the sportsbook carries the welcome offer that matched betting exists to extract.

The Betfair sportsbook welcome offer is modest compared with the pure bookmakers, but the exchange’s commission rates and its market depth make every lay bet cheaper to place. The sportsbook offers in-play betting, Bet Builder, free live streaming of UK and Irish horse racing and football inside the app, and a 90 Minute Payout market on selected football matches. The combination matters because the lay side of a matched bet usually wants to be placed at the exchange, and the exchange sits next door.

The verdict: the matched bettor’s anchor. The exchange side carries the depth; the sportsbook side carries the offer; and the licence is clean.

Smarkets and SBK

Smarkets runs the SBK sportsbook alongside its exchange business, and both are licensed. Smarkets (Malta) Limited holds the Commission’s remote betting intermediary licence under account 39173, and SBK operates as a sportsbook product on the same platform. The exchange side is the smaller of the two British exchanges but carries enough football and horse racing liquidity for matched betting at the prices most welcome offers require.

The SBK welcome offer is the matched bettor’s test of patience. A £20 first deposit and a £20 bet at minimum odds of 3.0 unlocks £60 in free bets within 48 hours. The minimum-odds clause is heavy; the qualifying loss is meaningful; and the time window is tight. A punter who can place the qualifying bet quickly on a suitable market will clear a fair slice of the £60; a punter who lets the 48 hours slip loses the offer.

The verdict: a solid exchange with an aggressive sportsbook offer that punishes slow play.

Matchbook

Matchbook is the third exchange on the list, and the matched bettor’s third choice. Triplebet Limited holds account 39504 on the register, and the licence covers both remote general betting standard (real events) and remote betting intermediary. The site runs as an exchange, and the new-customer offer is unusual: 110 days of commission-free betting from registration, with the offer extended to customers who register with the code shown in the listing and make a deposit. Standard commission applies afterwards.

The 110-day window is the offer’s selling point. A matched bettor who plans to keep using the exchange through the welcome period and beyond will save the standard commission on every lay bet. The exchange’s commission is usually charged as a percentage of net winnings per market and not at all on a net loss, so a churn that produces mixed results pays commission only on the winning side.

The verdict: the exchange to open if the matched bettor’s plan runs longer than the welcome month. The 110-day commission-free window outlasts most welcome offers.

Midnite

Midnite is the newer name on the list, and the welcome offer is the most generous per pound staked. The licence sits with Midnite Limited under account 101839, and the site offers in-play events, an acca builder, popular accas and price boosts with maximum-stake limits. The sports welcome offer pays £25 in free bets and 50 free spins for a £5 or more bet on pre-match odds of evens or greater within 14 days of signup, with the free bets valid for 7 days.

The free spins sit in an odd place for a matched-betting page, because the matched bettor is not here for the casino. The free spins are valid for 7 days, the same as the free bets, and they sit alongside a sports welcome offer that is genuinely competitive. The minimum-odds clause is light, the qualifying stake is low, and the offer is large for the stake required.

The verdict: the best risk-adjusted offer in the list, provided the punter can place the qualifying bet within 14 days and use the free bet within 7.

Unibet

Unibet is the oldest name on the list. The UK site is run by Platinum Gaming Limited, Gibraltar, under Commission account 45322, and the operator states it has been trading since 1999. The sports welcome offer pays £40 in free bets for a £20 deposit and a £20 sports bet at minimum odds of 2.0, with the free bets expiring within 7 days. New GB customers using a debit card or instant bank transfer are eligible.

The offer’s value depends on whether the £40 is stake-not-returned (it is, as standard) and on whether the 7-day window can be filled. A matched bettor with two or three exchanges ready can place the lay side quickly; the back side at the bookmaker needs a market at 2.0 or bigger that fits the qualifying terms.

The verdict: a long-standing name with a clean welcome offer. The matched bettor will not clear £40 of face value, but the terms are straightforward and the licence is old enough to have survived every reform since 2005.

BetUK

BetUK runs under LeoVegas Gaming PLC, one of the larger listed gaming groups in Europe, and holds account 39198 on the register. The sports welcome offer pays four £10 free bets, two football accumulators of four or more selections and two multiples of two or more, for a £10 deposit and a sports bet placed within 7 days of registration. Opt-in is required.

The free-bet structure is unusual. The four free bets are not interchangeable; two are tied to football accumulators, two to multiples. A matched bettor who tries to lay the free bet at an exchange will find the market depth thinner on accumulator-specific markets than on singles, and the qualifying loss on each lay will be wider. The offer is not unusable, but it is not as efficient as a single-credit free bet.

The verdict: a generous face value that takes more work than the headline implies. The free-bet structure costs the matched bettor a few pounds per credit.

Bet600

Bet600 sits under Tyche Tech Limited, holding account 44731 on the register, and the app carries a more demanding welcome offer than most. The offer pays one £10 free bet for at least five qualifying single bets of £10 or more at evens or greater within the first 7 days of registration. Five singles at £10 each is £50 of qualifying stakes, which is heavier than the £5 to £25 range of the rest of the list.

The matched bettor’s calculation changes when the qualifying volume is this high. Five singles at £10 each, laid off at the exchange, carries five qualifying losses rather than one. The free bet pays back its own value if the qualifying volume can be absorbed, but the volume itself is the obstacle. A punter with a day to spare and several selections in mind will clear it; a punter who arrives without a plan will not.

The verdict: a £10 free bet that costs £50 of qualifying volume. The face value is misleading; the qualifying load is the real number.

Fafabet

Fafabet holds account 57385 on the register, with Taichi Tech Limited as the licence holder, and the welcome offer sits behind a horse-racing feature rather than a sportsbook headline. Fafabet pays Best Odds Guaranteed on UK and Irish horse racing win and each-way bets from 9am on race days: if the starting price is bigger than the original price, the bigger odds are paid.

BOG is not a welcome offer; it is an ongoing feature. For the matched bettor, BOG matters because it removes the price-movement risk on horse racing lay bets. A qualifying bet placed the night before a race can be laid at an exchange at the same price; if the starting price drifts longer, the bookmaker pays the bigger number, and the lay side at the exchange still pays out at the laid price. The matched bettor’s profit is locked in either way.

The verdict: the right bookmaker for a horse-racing-heavy matched-betting plan, and the BOG terms are the reason. The matched bettor who focuses on football will look elsewhere.

Lottoland

Lottoland UK holds account 38991 on the register, with EU Lotto Limited as the licence holder. The current welcome offer is casino-based: a £20 stake on selected slots earns 100 free spins on Fishin’ Frenzy Even Bigger Fish with no wagering and a 30-day expiry, running until 14 February 2027. There is no sports welcome offer in the current listing.

This is the brand on the list that does not fit a matched-betting plan. The licence is clean, the operator is real, and the gambling Commission account number checks out. The product, however, is lottery and casino, not sports, and a matched bettor looking for a back-and-lay pair will not find one here.

The verdict: licensed and regulated, but outside the matched bettor’s working set. The welcome offer is for a different product.

Betboro

Betboro runs under Webmedia Development N.V. and holds account 44181 on the register. The sports welcome offer is a 100 per cent matched free bet of up to £25 on the first qualifying wager, requiring a debit card deposit of at least £10 and a first bet of £5 to £25 with at least three selections each at 3/5 or higher.

The matched-free-bet structure is the offer’s hook. A 100 per cent match up to £25 means a £25 first bet returns £25 in free bets, on top of any winnings from the qualifying bet. The three-selection requirement adds a wrinkle: the qualifying bet is an accumulator, and the lay side at the exchange must cover three outcomes. The matched bettor’s qualifying loss widens with each leg.

The verdict: a generous face value with an accumulator-shaped qualifying bet. The matched bettor who plans for three legs will clear a fair slice; the matched bettor who hopes to use it as a single will not.

The Mechanics: How a Matched Bet Actually Works

A matched bet pairs two wagers on opposite sides of the same outcome. The back bet, usually placed at a bookmaker, bets on the result to happen. The lay bet, usually placed at an exchange, bets against it, with the layer acting as the bookmaker. The exchange matches the lay bet against another customer’s back bet, and the exchange charges commission as a percentage of net winnings on the winning side only.

The arithmetic runs as follows. For a back bet of £10 at decimal odds of 3.00 at the bookmaker, the return if the result occurs is £30 (10 × 3.00), and the profit is £20 (10 × (3.00 − 1)). For a lay bet of £10 at decimal odds of 3.02 at the exchange, the liability if the result occurs is £20.20 (10 × (3.02 − 1)), and the profit if the result does not occur is £10. If the result occurs, the punter wins £20 at the bookmaker and loses £20.20 at the exchange for a net of −£0.20. If the result does not occur, the punter loses £10 at the bookmaker and wins £10 at the exchange for a net of £0. The £0.20 difference is the qualifying loss.

The free bet that follows is matched the same way. Placing that same £30 wager at 3.00 odds under a five per cent margin yields roughly £19 in value. The free bet is not the punter’s money, so the qualifying loss on the lay side is what it costs to place, and the profit on the win side is the free bet’s value net of the lay.

Why Exchanges Exist and Why They Cap Their Odds

A betting exchange is a venue where customers back and lay against each other, with the exchange taking a commission on net winnings. The exchange does not take a position; it matches bets between customers. The commission is usually a percentage of net winnings per market, and not at all on a net loss. The structure means a punter who wins on one market and loses on another pays commission only on the winning side.

Exchanges restrict the odds they will accept to between 1.01 and 1000 in decimal terms. A bet at 1.01 is 1/100 in fractional terms, where the stake would have to be £100 to win £1; a bet at 1000 is 999/1, where a £1 stake would win £999. The 1.01 floor exists because an exchange cannot meaningfully match bets at shorter odds than that; the 1000 ceiling exists because anything longer is unmatchable in practice.

The Limits the Bookmaker Sets

Every bookmaker sets a maximum stake on every market, and the maximum is the matched bettor’s first obstacle. A free bet that wants to be placed at odds of 3.0 may find the maximum stake at the bookmaker capped at £5; the matched bettor’s lay bet at the exchange can be larger, but the back bet cannot. The free bet’s face value matters less than the maximum stake the bookmaker will accept.

The second obstacle is the account-level limits. A bookmaker that suspects a matched bettor can cut the maximum stake across the board, restrict certain markets, or close the account. The matched bettor’s defence is to look like an ordinary punter: place some bets without the exchange, vary the stakes, take some losses. The bookmaker’s detection is imperfect, and the limits are discretionary, and the small print on the welcome offer usually reserves the right.

The Arithmetic of a Free Bet: What the Marketing Doesn’t Show

For the Sky Bet free bet in this market, the headline is the face value; the reality is the calculation. Using the same margin of five per cent, a free bet of £30 at 3.00 odds returns about £19 after the stake-not-returned rule and the exchange’s commission. The £11 difference is the cost of the marketing. A punter who places the same free bet at decimal odds of 5.00, on the same five per cent margin, gets a better return because the odds are higher and the stake-not-returned haircut is proportionally smaller. The same £30 at 5.00 is worth around £23.

The free-bet value moves with the odds. Higher odds mean a bigger gap between the backer’s stake and the layer’s liability, and a smaller proportion of the face value lost to the stake-not-returned rule. Lower odds mean a smaller gap and a heavier haircut. The matched bettor who has any choice in the matter picks the higher odds, and the welcome offer that requires minimum odds of 2.0 forces the punter toward the lower end of the efficient range.

The free-bet value also moves with the market margin. A five per cent margin is ordinary; a ten per cent margin is heavy; a two per cent margin is light. The matched bettor’s calculation changes with the margin because the payout share scales the free-bet value, and a market with a ten per cent margin gives back ten per cent of every pound staked to the bookmaker in the long run. The free bet is worth less on the heavier-margin market.

The Calculation in Practice

For a £30 free bet at decimal odds of 1.90 on a market with a five per cent margin, the calculation gives: 30 × (1.90 − 1) ÷ 1.90 × 0.95 = 30 × 0.474 × 0.95 ≈ £13.50. The punter’s expected return on a single £30 free bet is £13.50. The face value is £30; the marketing figure; the real number is £13.50. The £16.50 difference is the stake-not-returned haircut and the bookmaker’s margin working together.

For a £30 free bet at decimal odds of 5.00 on a market with a five per cent margin, the calculation gives: 30 × (5.00 − 1) ÷ 5.00 × 0.95 = 30 × 0.800 × 0.95 ≈ £22.80. The expected return on the same free bet at higher odds is £22.80, a gain of nearly £10 over the 1.90 version. The matched bettor who can choose picks the higher odds, and the welcome offer’s terms usually permit a range wide enough to make the choice meaningful.

The Calculation Is an Estimate

The free-bet value is a statistical estimate: an average over many free bets at the stated odds and margin, not a guaranteed return on any single free bet. A punter who places one £30 free bet at 3.00 will either win around £57 (30 × (3.00 − 1) × 0.95, before lay liability) or lose the £30 stake. The £19 figure is the average of those two outcomes weighted by their probabilities. The calculation promises no payout, no win, and no return; it describes what the free bet is worth over many uses.

Offshore and the Loss of Protections

The British market is not the only market, and matched bettors will encounter offshore sites through affiliate links and through the natural drift of online search. A Curaçao, Maltese or Gibraltar licence is not a substitute for a Gambling Commission licence, and the matched bettor who opens an account with an offshore firm loses several British protections at once.

The offshore firm is not part of GAMSTOP, so a self-exclusion does not extend. The offshore firm is not subject to the £150 financial-vulnerability check, the 10x bonus cap, the mixed-product ban, or the Commission’s complaint-handling rules. If the offshore firm withholds funds, the British punter has no Commission route and no approved ADR body. The match between “legal to use” and “safe to use” breaks down at the licensing boundary.

Section 33 of the Gambling Act 2005 creates an offence aimed at the operator, not the customer, for providing unlicensed gambling facilities in Great Britain. The matched bettor who uses an offshore site does not commit an offence; the matched bettor does lose the protections a British licence provides. The honest framing is that licensed means checks, limits, GAMSTOP, bonus cap and verification before the first bet; unlicensed means none of those protections and the real risk of losing funds.

The Commission’s enforcement is disruption, not blocking. Cease-and-desist notices, search-engine referrals, work with registrars, hosts and payment providers are the standard tools; court-order DNS blocking powers have been given or are about to be given, but ISP-level blocking is not in operation. An offshore site that targets British customers can stay reachable.

Frequently Asked Questions

Can I make a living from matched betting?

Matched betting produces real money, and a small number of people run it as a substantial side income. Whether it can replace a salary depends on the bankroll, the number of bookmaker accounts still open, and the offer pipeline. Most welcome offers are one-per-customer, and reload offers are smaller. The matched bettor who treats it as a part-time grind earns a few hundred pounds a month at best; the matched bettor who treats it as a living finds the bookmaker limits close in.

Can I make money from matched betting?

Yes, in the sense that the arithmetic produces a positive expected value on each offer when the terms are honoured. No, in the sense that the bookmaker’s margin sits inside every lay bet and every back bet, and the welcome offer is a one-time credit per firm. The money is real, the volume is finite, and the pattern draws attention.

Can I use PayPal for matched betting?

PayPal’s policy on gambling varies by jurisdiction and by merchant category. Some licensed British bookmakers accept PayPal, others do not, and PayPal’s own terms restrict gambling transactions in ways the matched bettor should check before relying on it. A debit card or a bank transfer is the surer funding route, and the credit-card ban rules out credit-funded e-wallets outright.

What is the maximum wagering requirement on a betting bonus in Great Britain?

Ten times the bonus amount, since 19 January 2026. A £10 bonus can carry no more than £100 of wagering; the previous 50x wagering that some welcome offers carried is no longer permitted. Free bets with no wagering condition may sit outside the cap; the Commission’s published rules do not settle the point.

What do minimum odds and the wagering requirement mean in a sign-up offer?

A minimum-odds clause restricts the qualifying bet to odds of a stated size or bigger; a wagering requirement is the volume of betting the bonus must be turned over through before withdrawal. The minimum odds protect the bookmaker from a qualifying bet on a heavy favourite; the wagering requirement protects the bookmaker from the bonus being withdrawn immediately. Both clauses reduce the offer’s real value.

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