Second Chance bets are also another common signup promotion. The general idea is that you get to "try again" on your very first bet, up to a certain amount. If your initial bet wins, that's it - the end of the promotion. But if you lose, then the stake is entirely refunded in some kind of free bet credit (bonus bets, site credit). 

These bets can make you quite a lot of money since the upper limit tends to be very high, usually well over $1000. But, the returns rate is smaller as you'll see below. Like always, you must take caution and do your homework before running a second chance bet, as this is more complicated than any other type of promotion we've seen so far. Make sure to read our bonus bet and site credit guides before attempting this one.

How Conversion Works

In order to convert your second chance promotion into cash, a two step process is needed. We're going to have to hedge the initial bet once, and then the refunded bet after (if you're promotion side loses). 

The final profit is the same no matter who wins, though. Our Second Chance Bet Finder calculates the optimal hedging strategy which eliminates any risk. Say the promotional side (second chance bet) wins, you will lose your initial hedge bet, but will be up in total. If the hedge side wins, you lose your stake on the second chance bet. At this point - you could be down. But, the promotional side will be refunded as either a bonus bet or site credit. That's the second phase where you must convert that refund into cash. Another matched bet needs to be placed which will then put you in the green.

The type of refund affects how much you can expect to take away from the Second Chance bet. Make sure to read it carefully before deciding. As a general rule of thumb:

Site Credit ~ assume a 70% rate of return to cash. Site credit itself is 100%.

Bonus Bets ~ assume a 40% rate of return to cash. A bonus bet itself is 70%

Step-by-Step

1. By now, you should be familiar with our Finders. The first thing you need to do is go to the Second Chance Finders page. You'll be met with this input page:
2. Enter the limit of your second chance bet (the amount that they will refund). Then input the return rate. In our example, we'll assume that they refund us in bonus bets, so we will use 70% as our return rate. We'll also assume that it's BetMGM who's giving out this promotion. Our information gives us this result:
3. Let's choose the first bet there. Kendly St. Louis vs Mukhamed Berkhamov. When major sports aren't in season it's common that less popular ones provide some of the better lines. You can select any bet ticket you want and click "explain this" in the bottom right hand corner for a more detailed explanation. We'll walk you through this one below. 

If the promotional side wins

 If the hedge side wins

Conclusion

Second Chance bets are one of the best ways to make a lot of money with matched betting. They require a little bit of finnesse, and you need to be cautious before attempting them. But since the ceiling is much higher for how much bookmakers will refund, there is generally higher potential for profit with them. Most sports bookies will have very large second chance sign up promotions, so get to looking!