A "bet and get free bet" strategy is a common approach used in matched betting, a method of exploiting bookmakers' promotions to guarantee a profit. This strategy involves placing an initial bet to qualify for a free bet or bonus offered by a bookmaker. Here's a step-by-step process to help you understand and execute this strategy:

Note: Matched betting is a legal and risk-free strategy when done correctly, but it does require careful attention to detail and a good understanding of the process. It's important to be aware of the terms and conditions of the bookmaker's offer to ensure you meet their requirements.

Step 1: Find a Bookmaker Offer

Search for bookmaker promotions that offer a "free bet" or "bonus" when you place a qualifying bet. These offers are typically available to new customers, but some bookmakers also offer promotions to existing customers.

Step 2: Sign Up

If you're not already a customer of the bookmaker offering the promotion, sign up for an account. Make sure to use accurate information as you may need to verify your identity later.

Step 3: Understand the Offer

Carefully read and understand the terms and conditions of the bookmaker's offer. Pay attention to the minimum stake and odds requirements, as well as any other conditions you must meet to qualify for the free bet.

Step 4: Place a Qualifying Bet

To qualify for the free bet, you need to place a "qualifying bet." This is the initial bet you make to trigger the promotion. Make sure your qualifying bet meets the bookmaker's requirements in terms of stake, odds, and market.

Step 5: Calculate Your Lay Bet

Use a matched betting calculator to determine the amount you need to bet against the same outcome on a betting exchange to "lay off" your qualifying bet. This ensures that you'll win on the exchange regardless of the outcome, canceling out any potential losses from the bookmaker.

Step 6: Place Your Lay Bet

Go to a betting exchange (e.g., Betfair) and place your lay bet. Make sure the odds match as closely as possible to the odds of your qualifying bet.

Step 7: Wait for the Outcome

Wait for the outcome of the event you bet on. Regardless of the outcome, you should have minimized your losses or potentially made a small profit from the qualifying bet.

Step 8: Receive the Free Bet

Once your qualifying bet has settled, the bookmaker will usually credit your account with the free bet or bonus.

Step 9: Use the Free Bet

Use the free bet to place another bet, following the same principles as before. Calculate your lay bet to ensure you lock in a profit.

Step 10: Repeat as Necessary

Continue finding and exploiting bookmaker offers to accumulate profits. With each free bet, you should be able to make a guaranteed profit by matching your bets on both the bookmaker and exchange.

Step 11: Keep Records

Keep detailed records of all your bets, including stake, odds, and outcomes. This will help you track your profits and ensure accuracy.

Matched betting can be a profitable strategy when done correctly, but it's essential to approach it with discipline and follow the terms and conditions of the offers precisely. Additionally, ensure that gambling is legal in your jurisdiction and that you're of legal age to participate.