New Betting Sites UK: 10 Licensed Bookmakers Reviewed for 2026

Updated October 2026

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A “new” UK betting site, on the strict reading the register insists on, is one that has recently been granted a remote operating licence by the Gambling Commission and listed against a domain that takes real bets from a British address. That definition is narrower than the marketing use of the word, and a lot of what flies under the “new betting site” banner in search results does not clear it. A site calling itself new and showing none of the licence data the register would publish is, in plain terms, an unlicensed offer regardless of how polished its landing page looks. The licence text is the only test the regulator recognises: business name, domain, account number, licence category, status. Search the register, and what is listed is what is licensed; what is missing is what is not.

The comparison below sits inside that frame. It reviews ten operators whose domains are on the Commission’s public register against a remote general betting licence for Great Britain. Each brand is described only from its own terms and the licence conditions the Commission attaches to its category. Where a brand markets itself as a sportsbook, the comparison describes what the sportsbook actually does: how its welcome offer is built, what its cashier accepts, what cash-out and live betting look like in practice, what safer-gambling tools are wired in. Where the licence terms fall short of the marketing copy, the gap is named rather than dressed up.

The cost angle is the spine. A welcome offer is priced in turnover, not in headline percentage; a payout is paid in time and in pounds, not in minutes; a cash-out quote is paid in margin, not in green ticks. Every shelf of the comparison works from that angle, because the marketing pitch never does.

Current as of 27 October 2026 against the Gambling Commission’s public register and each operator’s UK terms page.

Legality and the Register: What “Licensed” Actually Buys You

The Gambling Commission licenses commercial gambling in Great Britain under the Gambling Act 2005. Since the Gambling (Licensing and Advertising) Act 2014 an operator whose remote facilities are used in Britain needs a Commission licence wherever it is based, so a Curaçao, Maltese or Gibraltar registration is not a substitute. There is no state monopoly and no cap on the number of licences; the register lists every operator authorised to take remote bets from a British address.

Three categories of licence cover what most readers mean by “betting site”. A *remote general betting standard (real events)* licence is the standard sportsbook permit. A *remote general betting standard (virtual events)* licence covers computer-generated fixtures. A *remote betting intermediary* licence covers exchanges, where punters back and lay against each other rather than against the house. A spread-betting firm, where the spread is a financial instrument, sits under the Financial Conduct Authority rather than the Commission. The brand, the trading name and the domain all appear on the register, so the only honest check is to type the operator’s name into the register’s search box and read off the account number.

The reader pays nothing for the licence. General Betting Duty, currently 15% of gross profits, sits on the operator and is raised to 25% on remote bets from 1 April 2027 under a policy paper of 26 November 2025, with bets on British horse racing, betting-shop terminals, pool betting and in-person bets staying at 15%. The bettor’s return is paid gross; the duty shapes the price the operator can afford to offer, never the cheque the punter takes home. Tax on winnings is not a feature of British betting: a winning returns accrue in full and the question of whether HMRC treats gambling as a trade is one a professional punter takes to an adviser, not one the house answers.

Minimum age is 18. Identity verification — name, address, date of birth — has to pass before a customer can deposit or place a bet, including with a free bet or bonus, since 7 May 2019. That single rule is what “no anonymous play” means in practice: no anonymous deposits, no anonymous bonuses, no anonymous withdrawals. A site that lets a new account stake without a check is, by definition, not running on a British licence.

Safer Gambling: Tools That Are Wired In and Tools That Are Not

GAMSTOP is the national multi-operator self-exclusion scheme and a mandatory licence condition for every GB-licensed online operator since 31 March 2020. Exclusions run for six months, one year, five years, or five years with auto-renewal, and after the minimum period the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. The scheme covers online sites and apps; betting shops run a separate, in-shop service. Any brand licensed by the Commission that does not link to GAMSTOP is breaching its licence condition, and the register entry is the place to see whether a brand has been joined.

A financial vulnerability check, in force under LCCP condition 3.4.4 since 30 August 2024, triggers when a customer’s deposits minus withdrawals exceed £150 across a rolling 30-day window from 28 February 2025. The check is a public-record check — bankruptcy registers, county-court judgments — not a credit-reference enquiry and not an income check. It is not the same as a financial risk assessment, the heavier affordability check that the Commission announced in a staged plan on 7 July 2026 with no start date. The two should not be conflated: one is live and procedural, the other is announced and pending.

Deposit limits are operator-set on a fixed time frame under Remote Technical Standard 12, with the first changes live since 31 October 2025 and a second phase postponed to 30 September 2026. There is no state-set ceiling on what a customer can deposit; the limit is the customer’s choice and the operator’s enforcement of it. Where the regulator’s interest lies is in whether the limit is offered, applied and adjustable, not in how high it is set.

Help sits with GamCare (which runs the National Gambling Helpline), GambleAware, the NHS gambling clinics and Gamblers Anonymous. Brand sites that do not link to at least one of these are not signalling refusal of duty so much as a thin compliance page; the comparison below treats the presence of those links as table stakes.

Bonuses and Free Bets: What the Headline Number Leaves Out

The headline reads like a gift: a percentage of the deposit, a free bet on the first stake, “best odds guaranteed”, “acca insurance”. The cost sits in the terms, and the terms are what the comparison actually prices. A 100% bonus at 10x wagering requires £1,000 of qualifying bets for a £100 bonus; a free bet at minimum odds 1.50 (1/2) cuts off the lower-priced markets that a recreational punter would have chosen anyway; a 7-day deadline compresses what is already a thin margin into a smaller number of bets.

A wagering-requirement cap of 10x on bonuses has been in force since 19 January 2026 under the Commission’s promotion rules, and mixed-product promotions — an offer that requires gambling on two or more product types such as betting, casino, bingo and lottery — are banned. The cap applies to bonuses; whether it applies to free bets with no wagering condition, and any cap on the money value of a bonus, are not established in the published rules and the comparison leaves the point open.

The honest read of a free bet is that the stake is not paid back on a win. A £10 free bet at 3.00 returns £30; the punter keeps £20 of profit on a bet that cost nothing to place, but does not recover the £10 stake. “Risk-free” usually means the same thing repackaged: the first bet is refunded as a free bet if it loses, and the stake is still a stake the customer had to risk in the first place. The price boost is paid in extra winnings, not in extra stake, and the cap is whatever the operator writes into the small print.

A bookmaker’s margin sits inside every quoted price. On a football match the overround on the 1X2 market typically runs between 5% and 8%; on a horse race before the off it runs higher because the market is less efficient; on a niche in-play market it can run higher still. A welcome offer that pays in bonus money effectively pays in turnover that the customer must clear at that margin, and the bonus is worth less the higher the margin on the markets it must be cleared through. The maths is the same whether the operator names it or not.

Payments and Payout Speed: Where the Money Actually Moves

The cashier is where the marketing pitch meets the bank statement. A GB-licensed cashier has to clear identity before the first deposit, accepts debit cards and bank-based payments, does not accept credit cards (since 14 April 2020 under LCCP condition 6.1.2, including credit-card-funded e-wallet top-ups), and may accept e-wallets and instant bank transfers under the operator’s own terms. PayPal, Neteller, Skrill, Trustly, Apple Pay and Google Pay all appear on different combinations of cashier pages across the comparison set; what an operator actually supports on its UK site is what the comparison records.

There is no statutory payout clock. “Fast withdrawal” is whatever the cashier page says it is, and the difference between an instant e-wallet return and a one-to-three-working-day bank transfer is the difference between a quiet evening and an anxious one. Source-of-funds questions at higher spend are routine under anti-money-laundering rules; a £10,000 withdrawal at a brand the customer has barely used is the kind of event that triggers one, and a reader who plans a large withdrawal at an unfamiliar brand should expect a question rather than a surprise.

Cryptocurrency deposits at GB-licensed operators are not addressed in the published rules and the comparison leaves the question to each brand’s cashier page. Offshore, anything is possible, and an unlicensed brand accepting bitcoin is not, on that fact alone, more or less risky than one that does not: the licence is the test, not the coin.

Live Betting, Cash Out and the In-Play Margin

In-play betting is offered under the operator’s licence conditions and customer-protection duties; no statutory ceiling on in-play stake exists, and the controls are operator-set. The sharper question is what the in-play margin looks like, because the in-play price is where the house makes the bulk of its margin on a modern sportsbook. A pre-match 1X2 margin of 6% on a Premier League fixture can climb past 10% once the whistle goes, and a bet builder that strings markets together compounds the overround across each leg.

Cash out is paid at the operator’s live quote, not at the market mid-price. A punter holding a winning position at 3.50 cashes out at whatever the operator offers, and the difference between the cash-out figure and the theoretical mid is the operator’s cut on cash-out. The feature is useful when the position is unwinding; it is rarely the best price the punter could have waited for. Acca insurance — a stake refund if one leg of an accumulator lets you down — is a marketing-led product that pays in free bets rather than cash, and the same stake-not-returned arithmetic applies.

A bet builder lets a punter combine markets from one event into a single price. The combined odds are higher than any single leg but lower than the simple multiplication of the leg prices, because the operator is layering margin across each market. “Same-game multi” is the same product under a different name. The bet builder’s value is convenience and a one-slip bet, not a better price.

Sports, Tournaments and Market Depth

A sportsbook is more than the football menu, even if football is the spine of what most British punters bet on. Horse racing carries Best Odds Guaranteed on UK and Irish meetings from 9am on race days, so a punter who takes an early price and the starting price runs higher is paid the larger figure; that is a standard concession across the comparison set where racing is offered. Greyhound racing runs under a similar structure.

Tennis, golf, darts, snooker, American football, basketball, boxing, rugby union and rugby league, cricket and Formula 1 all appear on the larger sportsbooks in the comparison, and the deeper the menu the harder it is for a niche operator to compete on outright coverage. Welsh football and Welsh rugby markets sit on at least one regional brand. Esports are treated like any other event under the licence; virtual events are a separate licence category and the comparison treats them as such. Politics, TV and novelty markets appear across the comparison; no statutory prohibition has been found, and no licence condition names them out.

Ante-post horse racing, place terms on each-way bets, Rule 4 deductions on non-runners and non-runner-no-bet rules are operator-set, and the comparison treats them as price-of-entry rather than as headline features. The punter who bets on racing reads the small print; the punter who bets only on football rarely needs to.

New Bookmakers: What “New” Means on the Register

“New” is the slipperiest word in the comparison. A brand new to a British punter in 2026 may have operated elsewhere for years, and a brand new to the Commission’s register is what the register itself treats as new. Some licence holders enter the register against a domain that takes its first bet months after the licence is granted; the brand’s UK launch and its UK licence date are different events, and the register records the latter.

A regional Welsh brand, an exchange that has just rebranded its consumer front end, a sportsbook spun out of a turnkey deal between a platform provider and a new UK operator, and a casino-led brand that has added a sportsbook all qualify under different headlines. The comparison below names what kind of newness each brand is, because the reader who searched for “new betting sites” needs to know whether they are looking at a brand with a clean register entry, a brand still in soft launch, or a brand in the middle of a rebrand.

How the Comparison Is Built

The ten operators below are ranked by the same five tests, scored in the same order, against the same data the Commission’s public register publishes. The tests are:

• Licence and operator: the Commission’s account number, the licence holder’s name, the licence category, and any corporate detail the register records. Two pages in this comparison are operated by the same parent (Ladbrokes and Coral, Paddy Power and Betfair); the comparison treats them as a single commercial unit and never presents them as independent operators.
• Welcome offer and its cost: the headline offer as the operator’s own terms state it, the wagering requirement, the minimum odds for a qualifying bet, the expiry window, the markets the offer is limited to, and any cap on bonus returns. No desk costs are specified as numbers; the offer is described from the terms and priced qualitatively.
• Payments: the cashier’s accepted methods, the typical payout time on the fastest route, any source-of-funds posture the terms state, and any bank-transfer rule.
• Live and bet builder: in-play coverage, cash-out availability, bet-builder availability, and the price-boost or enhanced-odds policy.
• Safer gambling and customer support: GAMSTOP membership, deposit limits, self-exclusion, the safer-gambling page’s links, and the support channels.

The comparison is not a ranking. A bookmaker that scores high on payments may score lower on racing; one that scores high on bet builder may score lower on welcome bonus. The reader chooses, and the comparison is built to make that choice clearer rather than to make it for them.

The Ten Licensed Bookmakers

1. Betmaster

Betmaster runs on a remote general betting standard (real events) licence under Commission account 65699, held by BM Solutions GB Ltd. The site is betmaster.co.uk. The licence category covers real-event betting and nothing else, so any virtual-events or casino offering on the brand sits under a different licence category held elsewhere in the same group. The corporate registration is in Malta and the operator is one of the more recent additions to the register; for a punter who cares about recency it is a clean entry.

The welcome offer and its cost: the operator’s terms describe a deposit-matched bonus with a wagering requirement at or under the Commission’s 10x cap and a minimum-odds rule on qualifying bets that excludes the lowest-priced markets. The expiry window is short, in the order of a week, and the markets the bonus is cleared on are real-event sports rather than virtuals. The cost of clearing is what it looks like at the sportsbook’s margin, which is what the wagering volume turns into. A punter who plans to clear on the lowest-margin market on the coupon will clear fastest; a punter who clears on the highest-margin novelty market will clear slowest.

The cashier accepts the standard GB-licensed set: debit cards, the common e-wallets, and an instant bank transfer on the way in. Withdrawals are paid back to the original route where the scheme allows, and the typical e-wallet time is the operator’s own stated window rather than a published faster. There is no published faster payout route beyond what the cashier page lists.

Live betting and bet builder are present on the UK site; the depth of in-play coverage is what the in-play lobby shows on the day, and the bet builder sits on the major football leagues. Safer gambling tools and GAMSTOP are wired in as a licence condition. The verdict: a clean register entry with a sportsbook-shaped product rather than a casino-shaped one with a sports tab bolted on.

2. NetBet

NetBet’s UK presence operates under Commission account 39170, a remote general betting standard (real events) licence held by Netbet Enterprises Limited. The product stack the brand markets — Daily Boosts, Profit Boosts, free bet offers, a Bet Builder with instant dynamic odds, sports stats for the major leagues — sits inside that licence category.

The welcome offer and its cost: the offer structure on the UK site is a free-bet bundle with minimum-odds qualifiers and a short expiry. The cost of clearing is set by the wagering requirement, which is at or under the Commission’s 10x cap on bonuses; the marketing claims of “free bet” should be read as stake-not-returned. Profit Boosts pay on extra winnings rather than extra stake, and a cap on boosted returns is the kind of small-print ceiling the punter should look for before clicking through.

The cashier supports debit cards and the common e-wallets on a GB-licensed site. The bet builder with instant dynamic odds is the headline live product; the bet builder’s quoted price is the operator’s combined margin across the chosen markets, not a separate market. Safer gambling tools and GAMSTOP are wired in as a licence condition. The verdict: a sportsbook that has invested in the bet builder and the daily boost product, and the punter who cares about price-boost volume will find more of it here than at a brand that runs a more conservative coupon.

3. 888sport

888sport holds Commission account 39028, a remote general betting standard (real events) licence issued to 888 UK Limited. The product stack — pre-match and in-play betting, Cash Out, Bet Builder, racing streams, BetFinder form tools, a live bet feed, daily boosted odds — is the larger 888 underwagering offer under a sportsbook-specific licence.

The welcome offer and its cost: the offer is built as a bet-credit bundle with a minimum-odds qualifier and a short expiry; the cost of clearing is the wagering requirement at or under the 10x cap, and the punter who bets on the lowest-margin market on the coupon will clear fastest. Racing streams and BetFinder form tools are useful for the racing punter; live bet feed and daily boosted odds are the in-play shop window.

The cashier accepts debit cards and the standard GB-licensed set; payout speed on the fastest route is the cashier’s stated window. Cash Out, Bet Builder and racing streams are the headline live products. Safer gambling tools and GAMSTOP are wired in as a licence condition. The verdict: a sportsbook that runs racing streams and form tools that smaller brands cannot match, and the racing punter will weigh that more heavily than the welcome offer.

4. BetMGM

BetMGM UK’s app is published by LeoVegas Gaming p.l.c. and lists Gambling Commission account 39198. The licence is held in the LeoVegas group, and the brand uses the LeoVegas platform rather than a separate tech stack. The product is a sportsbook with casino bolted on; the gambling side of the licence is a casino licence and the betting side is a separate general-betting licence.

Bonus terms are subject to the Commission’s 10x wagering limit, designed to ensure clarity on the cost of clearing bonus funds. Promotional mix-ups across different product types are restricted by the 2026 regulations.

The cashier supports debit cards and the common e-wallets; payout time is the cashier’s stated window. The sportsbook’s market depth is competitive on the major leagues, and the in-play and bet builder products are present. The verdict: a brand that inherits the LeoVegas platform’s product depth, making it a natural choice for those seeking a broad casino-sportsbook integration.

5. Fafabet

Fafabet’s regulatory status falls under the Taichi Tech Limited licence (Commission account 57385), a remote general betting standard (real events) permit. The brand’s racing product is its centre of gravity: Best Odds Guaranteed on UK and Irish horse racing win and each-way bets from 9am on race days, so the punter who takes an early price and the starting price runs higher is paid the larger figure. That concession is the headline feature and the one that defines the brand’s competitive position.

The welcome offer conforms to the Commission’s 10x cap; the value of the bonus depends on the volume turned over at the operator’s margin, favouring those who stick to established racing markets. The qualifying bet rules exclude short-priced favourites, reflecting the operator’s specific market management policy.

Fafabet accepts standard debit cards and digital wallets; withdrawals follow the cashier’s standard settlement terms. In-play wagering and custom bet creation are available on major football matches; racing depth relies on the off-course pool system rather than a dedicated in-play interface. The verdict: a racing-first brand with a sportsbook wrapper, and the punter who bets mostly on horses will find the BOG concession worth more than a more generous-looking welcome bonus elsewhere.

6. Lottoland

Lottoland UK’s app combines casino, lottery betting, sports betting and scratchcards and states it is licensed by the Gambling Commission for customers in Great Britain. The brand’s sportsbook is covered by the EU Lotto Limited licence (Commission account 38991, remote general betting standard). The brand is lottery-led by heritage; the sportsbook is a recent addition and the product depth reflects that history.

The welcome offer: this package complies with the Commission’s 10x wagering limit and is designed as a free-bet bundle rather than a matched-deposit incentive. Cross-product promotions are restricted by the 2026 rules to keep the offer focused on sportsbook activity. The cost to clear depends entirely on the volume required at the operator’s margin.

Lottoland supports major debit cards and verified digital platforms; settlement speed adheres to the cashier’s published guidelines. The sportsbook’s market depth is shallower than a sportsbook-first brand’s, and the in-play and bet builder products are present on the major leagues rather than across the full fixture list. The verdict: a brand whose primary product is lottery betting and whose sportsbook is a useful add-on rather than the main event, and the punter who wants a one-account, multi-product experience will weigh that accordingly.

7. Paddy Power

Paddy Power maintains a PPB Counterparty Services Limited licence (Commission account 39439), permitting remote general betting on real events. Paddy Power and Betfair are operated by the same group, and the comparison treats them as a single commercial unit; the punter who holds an account at one holds a customer relationship at the other.

The welcome offer: this bonus conforms to the 10x wagering cap and focuses on brand-specific markets. Its actual value is tied to the turnover required at the operator’s margin, while special features like money-back boosts are subject to small-print return limits.

Paddy Power’s cashier supports standard debit cards and digital wallets; payout processing follows the operator’s standard turnaround. Live betting, cash out and bet builder are present on the major leagues. The verdict: a high-street veteran with marketing-led specials for recreational punters, ensuring price boosts and money-back features offer clear value.

8. DragonBet

DragonBet is licensed under DragonBet Ltd, holding a general betting remote standard permit (Commission account 64908) for real-event markets. The brand’s product centres on Welsh football and rugby markets, with racing and a wider sportsbook underneath.

The welcome offer: it follows the 10x cap, provided as a sportsbook-centric free-bet package. The expense to unlock the funds is determined by the operator’s margin, and standard conditions regarding odds and expiry dates remain in full effect.

DragonBet accepts debit cards and licensed digital wallets; withdrawals are processed according to the operator’s published schedule. In-play betting and bet builder markets are present, and the brand’s racing and American football markets are an extension of the Welsh-centred product. The verdict: a regional brand with a sportsbook wrapper, and the punter who follows Welsh football and rugby will find depth here that the national brands do not match.

9. VBet

VBet holds a remote general betting standard (real events) licence, number 44662, under the SCGO Limited corporate umbrella. The brand’s sports welcome offer is a £10 free bet if a new, verified customer stakes £10 or more on a first-ever bet that loses. The structure is “stake back as a free bet if your first bet loses”, and the stake-not-returned arithmetic applies: the £10 free bet pays extra winnings on a winning free bet rather than the stake back.

The cost of clearing is the volume at the operator’s margin, and the minimum-odds rule on the qualifying bet excludes the lowest-priced favourites. The expiry window is short and the markets are real-event sports. Live betting and bet builder are present on the major leagues. The verdict: a brand whose welcome offer is priced as a free-bet refund rather than a deposit match, and the punter who reads the small print will find the cost clearly stated.

10. Fitzwilliam Sports

Fitzwilliam Sports is covered by the SBKI Limited licence (Commission account 48760), which authorises general remote betting on real-event sports. The brand is an independent Irish-facing sportsbook with a UK licence, and the product is built around instant deposits, fast withdrawals, timeouts and deposit limits.

The welcome offer and its cost: the offer sits inside the Commission’s 10x cap and is built as a free-bet bundle; the cost of clearing is the volume at the operator’s margin. The brand’s customer-protection posture — instant deposits, fast withdrawals, timeouts, deposit limits — is named on the home page rather than buried in the safer-gambling section, and that posture is what the punter who values a clean cashier experience weighs.

Fitzwilliam Sports supports debit cards and licensed digital methods; withdrawal times are governed by the operator’s own processing window. Live betting and bet builder are present on the major leagues; in-play depth is shaped by the off-course pool structure. Safer gambling tools are wired in with links to GambleAware, GamStop and Gamblers Anonymous. The verdict: an independent sportsbook with a clean cashier and a small welcome offer, and the punter who values the operator’s customer-protection posture over the headline percentage will find the transparency refreshing.

Comparison Table

Frequently Asked Questions

Which sites give free bets for new users?

A free bet at a GB-licensed brand is a stake-not-returned bet: a £10 free bet at 3.00 returns £30 on a win, of which £20 is profit, with the £10 stake not refunded. Welcome offers built around free bets name the qualifying stake, the minimum odds for the qualifying bet, the expiry window, and any cap on the free-bet returns; the comparison above describes each offer from its own terms rather than printing a headline percentage.

How can it be checked that a bookmaker holds a Gambling Commission licence?

The Commission’s public register is searchable by business name, trading name, domain or account number. Type the operator’s name into the search box and read off the account number, the licence holder, the licence category and the status. A brand that holds a remote general betting standard (real events) licence is authorised to take remote sports bets from a British address; a brand whose name returns no result is not licensed regardless of what its landing page says.

How is the return on a bet worked out from the stake and the odds?

The decimal odds are the figure the operator quotes: a £10 bet at 3.00 returns £30 on a win, of which £20 is profit and £10 is the original stake. Fractional odds of 5/1 convert to decimal odds of 6.00, and a £10 bet at 5/1 returns £60 on a win, of which £50 is profit and £10 is the stake. A combination bet’s price is the multiplication of the leg prices, and the stake is multiplied by the combined price for the gross return.

What is the bookmaker’s margin and how can it be seen in the odds?

The margin is the slice of every pound staked that the bookmaker keeps on a market, and it shows up as the overround on the prices. On a Premier League 1X2 with home win at 1.80, draw at 3.60 and away win at 4.50, the implied probabilities sum to 1 ÷ 1.80 + 1 ÷ 3.60 + 1 ÷ 4.50, which is 0.5556 + 0.2778 + 0.2222, or 105.56%; the 5.56% above 100% is the bookmaker’s margin. A lower margin is better for the punter; an in-play margin is typically wider than a pre-match margin on the same fixture.

How do fractional odds such as 5/1 convert to decimal odds such as 6.00?

Fractional odds of a/b convert to decimal odds of a ÷ b + 1: 5/1 is 5 ÷ 1 + 1, or 6.00; 11/4 is 11 ÷ 4 + 1, or 3.75; evens (1/1) is 2.00. Decimal odds include the stake in the return; fractional odds quote the profit only. The conversion is a ÷ b + 1, applied once to a single bet, and the leg prices of a combination bet multiply into one combined price rather than summing.

Is it worth claiming a welcome offer from a new betting site?

The arithmetic on a free bet at minimum odds is roughly value = free-bet amount × (odds − 1) ÷ odds, adjusted for the market’s margin. A £10 free bet at 3.00 on a market with a 5% margin is worth about £10 × (3.00 − 1) ÷ 3.00 × 0.95, or roughly £6.33 on average across many such bets. The arithmetic sets a ceiling on what the free bet is worth in expected terms; it never promises a return on any single bet.

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