Ladbrokes introduced a new credit card sized loyalty card for their betting shop customers last week. This looks to be absolutely perfect for matched bettors. I am happy when I can find a 1% arb on their football coupons. Using this “odds-on” card should generate an additional 1% profit on top.
Simply hand the card to the cashier before you bet. They scan it into their machine and the points are updated within 24 hrs. You don’t need to register your card to start collecting points but you must do so in order to redeem them.
The downside of this is that Ladbrokes will have a COMPLETE RECORD of my bets with them. This is not good at all. If anyone reviews my account I imagine alarms bells will start ringing fairly quickly. Max bets at 6 or 7 different shops on the same football game within the space of two hours isn’t typical of the sort of mug punter they are hoping for.
Yet, if I don’t use the card that’s valuable profit slipping away.
What I am doing at the moment is using two cards. One registered in my name and one in the name of a friend (who doesn’t gamble very much). I have stuck a piece of Sellotape to one of the cards so I can tell them apart.
I use my card for the first bet on any event. Duplicate bets all get charged to the other card. So hopefully my betting pattern looks normal and if there is any negative comeback on the second card my friend won’t care. We will split the proceeds from the second card 50/50.
The scheme works as follows: You get 1 point for every £1 you bet. Once you’re got 250 points you can start claiming jokers.
250 points -a 5% joker
500 points -a 10% joker
750 points -a 15% joker
1,000 points-a 20% joker
2,000 points-a free £30 SR (stake returned) bet
An x% joker adds x% to your winnings on any single or accumulator bet upto a max. stake of £500. The free bet cannot be split, it must be used in one go.
Interestingly, if you can get a chunky bet on it looks like using the jokers gives a higher return than waiting for 2,000 points and claiming the free bet.
My reasoning is as follows:
Because the bet is Stake Returned you should be able to match it out with at most the loss of a few pennies. So it has a cash value of £30.
Now, consider using the 20% joker with a £500 bet. They probably won’t take £500 unless the price is pretty short so lets say we find a small football arb:1.2 to back with Ladbrokes, 1.19 to lay on the machine.
Plug these numbers into the spreadsheet with 3% commission and you get:
Back £500 @1.2, Lay £517.24 Profit £1.72
Now feed in the 20% bonus and you get
Back £500 @1.24, Lay £534.48 Profit £18.45
So 1,000 points yields £16.73 and the 2,000 points needed for the free £30 bet are worth £33.46 an extra £3.46.
If you are being limited, it will be better to take the free bet. The cut-off point in this example appears to be £453.36.
What is not yet clear to me is when you bet £500 “Playing your Joker” (remember Its A Knockout?) whether you also get 500 new points towards the next joker. If so, this will tilt the balance even further away from the free bet.
When my card is updated tomorrow I will have over 1,000 points so expect to redeem the points sometime later this week.