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138 Bet Sign Up Offer Guide

  • £10 Free Bet Refund
  • You can make £5+
  • Newbies need ~20 minutes

This is a Free Bet If Lose Offer

If you haven’t already we recommend reading our guide here before doing this offer.

This guide is based on the Guaranteed Profit Method using the Oddsmonkey Risk Equal Profit Calculator (which you can access here for just £1).

The Potential Profit Method is briefly outlined at the end of this guide.

138 offer another £10 refund if your first bet loses, the only difference being that your first bet has to be £20 or above (50% of your first bet up to a £10 as a refund).

138 Bet Offer Summary

IMPORTANT! Note you must deposit £20 and do a first bet of £20 for this offer.

  • Deposit Method: Debit Card
  • Qualifying (Trigger) Bet: £20
  • Free Bet if Lose: £10 (7 day expiry)
  • Minimum Odds: 1.80
  • Expected Profit: £5+
  • Full T&Cs: click here

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Sign Up to 138 Bet

If you haven’t already, sign up to Smarkets first here

Next, follow the link to get to the correct offer from 138 Bet

You need to deposit at least £20 to complete this offer.

STEP 1: Finding your Qualifying Bet

i) Switch to decimal odds

There is an option to change the Odds Format just under the bet slip on the right side on desktop.



On mobile you need to scroll down almost to the bottom of the page to switch the odds.

ii) Use the Oddsmonkey Oddsmatcher to find a bet quickly at odds of 4.0 or more

Not tried the Oddsmatcher yet? You can find out more about how it works here.

By now you should know…for the Qualifying Bet portion of ‘Free Bet if Lose Offers’ we can make more profit the higher odds that we use. How high you can go though will depend on your available balance in Smarkets.

As the Qualifying Bet is £20 you will need a decent balance in Smarkets to complete this offer. We recommend using odds of at least 5.0 if you can.

The table below outlines the estimated liability you will require for the Qualifying Bet portion of this offer and the estimated profit you will make.


iii) Select a bet and check the odds at 138 Bet and Smarkets

Remember on Smarkets: #BLUE BOXES.

Choose a bet from the Oddsmatcher then check the odds are as expected at 138 Bet and Smarkets. (If not hit ‘Refresh’ on the Oddsmatcher to update the list of available bets). 

STEP 2: Calculate the Lay Bet Amount

Using the Oddsmonkey Risk Free Equal Profit Calculator

You will now need to enter:

  1. Your stake amount at the bookmaker (will be £20 for this offer)
  2. Your back odds at the bookmaker (ideally over 4.0)
  3. The blue box lay odds from Smarkets
  4. Your lay commission at Smarkets (usually 2%)
  5. The amount of the free bet you will be awarded if your Qualifying Bet loses (this will be £10 for this offer)
  6. Your expected percentage profit extraction from the free bet if you receive it (for newbies we recommend to make this 75%)

The calculator then works out your ideal lay stake amount, which you will use for your against bet at Smarkets.


> Check your Smarkets balance is greater than your calculator liability.

> Reduce the chance of partially-matched bets or un-matched bets by making sure the liquidity (amount under blue lay box) is larger than your lay stake amount.

STEP 3: Placing your bets

Place your £20 bet at 138 Bet first and check it’s confirmed.

Place your lay bet at Smarkets using the ideal lay stake from the Risk Free Equal Profit Calculator.

STEP 4: If your Qualifying Bet...

WINS at 138 Bet

You will automatically be in profit and have completed this Free Bet if Lose offer. Well done!

It’s worth doing one or two fake mug bets at as they often give boosts in the long-term which we can make good profits form. 

LOSES at 138 Bet

You will be slightly down by a small qualifying loss, but the bet losing at 138 Bet will trigger them to give you a £10 free bet (with a 7 day expiry). The free bet is usually credited within 24 hours of your first bet settling.

You then need to use this free bet in the normal way using your Profit (Free) Bet Calculator.

i) Use your Oddsmonkey Oddsmatcher to find a bet with odds over 4.0.

We have created a table for you below to see what amount of liability you will need in Smarkets to obtain certain profits from this £10 free bet.


ii) Open the Profit (Free) Bet Calculator

Once you’ve found a bet to do enter your £10 free bet stake, with your back odds from 138 Bet and lay odds from Smarkets


Remember to do your important checks (Smarkets balance > liability; Smarkets liquidity > lay stake) before placing your free bet. 

iii) Use the free bet in your betslip

Remember to:

> select your free bet in your betslip at 138 Bet

> place the free bet at 138 Bet first and then do your lay bet at Smarkets

iv) After completing your free bet

You are now in profit! (Add your profit from your free bet to your original qualifying loss to work out your overall profit).

It’s worth doing one or two fake mug bets at as they often give boosts in the long-term which we can make good profits form. 

The Potential Profit Method

We recommend to follow one of the basic Bet & Get Offer guides, such as the Coral offer guide. You will only end in profit though if the Qualifying Bet loses and you unlock the free bet. Otherwise you will be down a small qualifying loss. 

As you do the offer though remember the minimum odds for the Qualifying Bet are 1.80. You should try do the Qualifying Bet at higher odds though to increase the chances of it losing at 138 Bet, and your free bet being unlocked.


Another quick £5 of profit. Well done.

Are you checking your emails for offers to profit from? 

If so then let’s head on to our next offer.