I recommend that you focus on bookmakers that exclusively offer these two types of bonuses:
- deposit bonus
- bonus with refund on the first bet placed.
You can check and compare the currently available welcome betting bonuses on this page: Betting Bonuses: This month’s best welcome bonuses.
This is the smartest, least risky and most convenient way to cover a bet!
Let’s see together how to use this method with 2 practical examples 😉
A) HEDGING USING THE DEPOSIT BONUS
Taking bonuses at random is never a winning choice.
To hedge your bet effectively, use a Deposit Offer that has these 3 characteristics:
- 1x payback (i.e. the bonus will only need to be played once to become withdrawable);
- The bonus must also be playable as a single bet;
- The minimum stake required to use the bonus must be lower than the stake in your cover;
- Suppose you have decided to cover one of your bets and the amount of your cover is $20.
- The hypothetical bookmaker pingopallino.co.uk offers a first deposit bonus of 100% up to $20.
You register, make your first deposit of $20 and use the $20 bonus to cover the opposite sign to the one you played in your multiple bet.
- If your initial multiple bet comes out a winner, you will have won the money on the bill without having lost a penny.
- If it comes out the opposite of what you played in your multiple, you’ve won with your cover bet.
In short, you have used your welcome bonus money to cover. You can then withdraw your winnings and you will still have your $20 that you used to make your first deposit.
Advantages and Disadvantages of the Cover Method using the Deposit Bonus
Advantages: The main advantage of this method is that you cover at 0 risk. Your cover is offered by the bookmaker.
Disadvantages: It is not always easy to find deposit offers that have the features I have listed. So always make sure to read the terms and conditions and especially the Rollover (the number of times the bonus must be replayed before you can request a withdrawal).
B) HEDGING BY USING THE BONUS ON THE FIRST BET
Suppose you need to cover the X2 sign of a match with $20.
You decide to take advantage of the offer of the (hypothetical) bookmaker, which reimburses 100% of the first bet up to $20, regardless of the result.
Let’s see how to proceed:
Register, and make the $20 deposit that you will need to cover.
Single bet on the sign to cover your bet (so cover X2 with $20).
Whatever the match ends up being, you will receive a bonus equal to 100% of your first bet, or $20.
– If it comes out the sign 1, you have closed your initial bet and you will still be credited with $ 20 refund bonus first bet on the bookmaker
– If it comes out X or 2 you will have won the cover bet. You can withdraw your winnings at the bookmaker and you will have the $20 First Bet Refund Bonus at your disposal. A good deal right? 😁
Advantages and Disadvantages of the Cover Method using the First Bet Bonus
- Advantages: You can hedge even at 0 risk. You therefore have a higher profit than with the traditional method.
- Disadvantages: There are bookmakers who refund the first bet at 100%, others at 50% and still others at 25%. Some only refund if the first bet is losing, others refund in any case. Some have X1 rollovers, others do not. So always check the terms and conditions of the various bonuses!