Converting lay bets from normal to stake not returned (SNR) | OddsMonkey Quick Tips

In this video we cover how to convert lay bets from 'normal' to 'stake not returned', using OddsMonkey's matched bet calculator. This is especially useful if you've made a mistake when placing a lay bet and should have used the stake not returned (SNR) setting.

TRANSCRIPT:
Converting a ‘Normal’ lay to an ‘SNR’ lay
You’ve just layed a free bet at the exchange and are looking forward to a nice profit when you realise you’ve made a mistake. You forgot to put the calculator in ‘Free Bet SNR’ mode, which means you’ve layed your bet incorrectly. Fortunately, this is easily fixed, and we can use the OddsMonkey calculator to correct the mistake.

Let’s say we’ve just been given a £20 free bet from William Hill. We decide to place it on Southampton to beat Manchester United at odds of 5.

Using the calculator in ‘Normal’ mode, we’ve layed Southampton for £17.92 at odds of 5.6.
If we decide to leave this lay bet alone and Southampton win the match, we would win £80 at the bookmaker but lose £82.43 at the exchange. This would leave us down £2.43 overall. If Southampton don’t win the match, we’ve lost nothing at the bookmaker, as it was a free bet, and we would make £17.56 profit at the exchange.

So although one of the outcomes sees us make a profit, the other one doesn’t. With matched betting, we want to make sure we make a profit whether Southampton win or not.
So let’s use the OddsMonkey calculator to correct this.

Make sure the calculator is in ‘Free Bet (SNR)’ mode. Enter the details of your original back bet into the calculator. But this time, instead of entering the lay odds, enter the current back odds at the exchange in the ‘lay odds’ box. The back odds at Smarkets are currently 5, so I can enter that here. Then activate the ‘part lay’ function by clicking the button on the bottom right of the calculator.

Enter the details of the lay stake you have already placed in the ‘part lay’ section. We layed £17.92 at odds of 5.6. You can now see the calculator is telling us to place a £-4.07 lay bet but because the amount is a minus figure, what we actually need to do here is enter a back bet of £4.07 at the exchange at odds of 5. We can now see the calculator is telling us that our profit will be £13.85 regardless of whether Southampton win or not.

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