The Refund IF calculator is an advanced calculator that will calculate how to lock-in profit when a potential refund can only be triggered if a certain event happens.
You also have the option to overlay or underlay your refund trigger to make the offer risk-free. This guide will help you understand the concept of refund IF offers and the difference between simple and advanced mode.
SIMPLE MODE
The Simple Mode is a straightforward equal profit mode where your profit/loss is split equally between your refund trigger winning and losing.
Back Stake.
In this cell you would need to enter the stake of your qualifying back bet.
Back Odds.
In this cell you would need to enter the odds that you placed your qualifying back bet at.
Maximum Refund.
In this cell you would need to enter the value of the maximum potential refund. So, if the offer is "bet £25 and get a £25 free bet if x happens" and your qualifying stake is £25, then your Maximum Refund would be £25. If your chosen qualifying stake is £10, then the Maximum Refund would be £10. Note - this cell auto populates the stake entered in the back stake cell so please double check that the amount in this cell is correct.
Refund Retention.
Following on from the Maximum Refund, you will need to enter the percentage of that refund that you expect to retain when converting the refund. In most cases it is 80% so for that reason the cell is set at a default of 80%. However, this can be edited at anytime if you feel you will achieve more or less than that.
Lay Odds (1).
In this cell you need to enter the current lay odds of the lay market for your qualifying selection.
Lay Commission.
In this cell you need to enter the commission charge of the exchange you are using to place your qualifying lay bet.
IF (Type your Refund Trigger here).
In this cell you will need to enter a brief description of what your refund trigger is. So for example, if the offer is "money back if both teams score", then you can simply enter "both teams to score". This is just a reminder for you and it helps to break down the results output for you.
Lay Odds (2).
In this cell you need to enter the current lay odds of the lay market for your refund trigger selection.
Lay Commission (2).
In this cell you need to enter the commission charge of the exchange you are using to place your refund trigger lay bet. You do not have to use the same exchange as the qualifying bet, you can use Pocketbet and Betfair if you wish.
Results.
Once the above cells are populated, the Results section will open up and tell you what you will need to lay for your qualifying bet, your required liability and what your initial qualifying loss would be before laying your refund trigger.
After that, it will tell you your lay stake for your refund trigger bet and your required liability.
Finally, you will see your overall profit/loss of the offer.
a) If your refund trigger occurs - this will highlight your position before and after the free bet has been converted.
b) If your refund trigger does not occur - this will highlight your position and will remind you that there is no free bet due. Your profit will be in your exchange.
Note - all overall positions are inclusive of the initial qualifying loss from the qualifying bet and the refund trigger profit/loss.
ADVANCED MODE
The Advanced Mode is where you would underlay or overlay your refund trigger to make it risk-free (providing the odds are well matched with your qualifying bet). This is good in circumstances where you think the refund trigger is likely to occur (underlay) or if you think the refund trigger is not likely to occur (overlay).
When operating in Advanced Mode your calculator should look the same as the simple mode when first opening it, it's not until the top part of the calculator is completed that you will see the advanced methods at the bottom.
Back Stake.
In this cell you need to enter the stake of your qualifying back bet.
Back Odds.
In this cell you need to enter the odds that you placed your qualifying back bet at.
Maximum Refund.
In this cell you need to enter the value of the maximum potential refund. So, if the offer is "bet £25 and get a £25 free bet if x happens" and your qualifying stake is £25, then your Maximum Refund would be £25. If your chosen qualifying stake is £10, then the Maximum Refund would be £10. Note - this cell auto populates the stake entered in the back stake cell so please double check that the amount in this cell is correct.
Refund Retention.
Following on from the Maximum Refund, you will need to enter the percentage of that refund that you would expect to retain when converting the refund. In most cases it is 80% so for that reason the cell is set at a default of 80%. However, this can be edited at anytime if you feel you will achieve more or less than that.
Lay Odds (1).
In this cell you need to enter the current lay odds of the lay market for your qualifying selection.
Lay Commission.
In this cell you need to enter the commission charge of the exchange you are using to place your qualifying lay bet.
IF (Type your Refund Trigger here).
In this cell you will need to enter a brief description of what your refund trigger is. So for example, if the offer is "money back if both teams score" then can simply enter "both teams to score". This is just a reminder for you and it helps break down the results output for you.
Lay Odds (2).
In this cell you need to enter the current lay odds of the lay market for your refund trigger selection.
Lay Commission (2).
In this cell you need to enter the commission charge of the exchange you are using to place your refund trigger lay bet. You do not have to use the same exchange as the qualifying bet, you can use Pocketbet and Betfair if you wish.
Results.
Once the above cells are populated, the Results section will open up with the advanced lay methods at the bottom and tell you what you will need to lay for your qualifying bet, your required liability and what your initial qualifying loss would be before laying your refund trigger.
After that, it will tell your lay stake for your refund trigger bet and your required liability.
Finally, you will see your overall profit/loss of the offer.
a) If your refund trigger occurs - this will highlight your position before and after the free bet has been converted.
b) If your refund trigger does not occur - this will highlight your position and will remind you that there is no free bet due. Your profit will be in your exchange.
Note - all overall positions are inclusive of the initial qualifying loss from the qualifying bet and the refund trigger profit/loss.
There are four different lay options here:
- Standard - This will give you equal profit/loss between the refund trigger bet winning or losing outcomes.
- Underlay - This will give you the risk-free or most profitable option IF the refund trigger bet wins but your position if the lay bet wins will be worse than that of the standard option.
- Overlay - This will give you the risk-free or most profitable option IF refund trigger bet loses but your position if the back bet wins will be worse than that of the standard option.
- Custom - You can choose your own lay stake for the refund trigger with the slider at the bottom but you must be aware of the profit/loss differences when doing so.