Sportsbooks, bookmakers and online casinos are continuously evolving and experimenting creatively, with promotions and bonuses being one avenue in which they implement this. These are varied and often bring their unique factors, with many spanning across various markets. However, one promotion that is solely specific to one sport is horse racing refunds. 
If this type of promotion is new to you, we will dissect all the details and highlight how they could be used for matched betting.
Horse Racing Refunds Explained
First things first, what are horse racing refunds? Put in the simplest of terms, a horse racing refund is a type of promotion commonly provided by bookmakers that offers bettors a refund should a horse race meet certain predeclared conditions.
How Do Horse Racing Refunds Work?
Now that we have briefly defined horse racing refunds, we must also fully delve into how these work specifically. Horse racing refunds could be triggered if one of your bets that is eligible for the promotion loses under certain circumstances, with these being determined by the sportsbook or bookmaker with whom you have placed the bet. If this is the case, the stake could be refunded, either as cash or free bets, with the latter of these typically being the most common. Due to this, horse racing refunds are often seen to provide somewhat of a safety net, and with this type of promotion removing certain tangibles from the equation, it could theoretically reduce risk.
To clarify this using an example, let’s say you select a horse within a race to win it outright. The bookmaker you have chosen to do this with, though, actually has a horse racing refund offer currently running that states your stake will be returned should your selected horse finish second in the race. In the case that your horse claims victory, your bet will still win; however, if it passes the racing post 2nd, this could see your initial stake added back to your account. Any further down the order the horse may finish, though, the stake will be fully lost, with this solely boiling down to the horse racing refund not covering any more places.
Making a note of any terms and conditions a horse racing refund comes with though is of paramount importance, due to these highlight the parameters that must be met in order for your initial bet to be eligible for the promotion in question. These conditions could include things such as minimum stakes or odds, therefore, being aware of this is key.
Which Markets Do Horse Racing Refunds Apply To? 
As we have now outlined how horse racing refunds work, you may be considering which horse racing betting markets the promotion can be used on. More often than not, these offers are used on outright winner markets, with these allowing bettors to place stakes on a horse they think will be first past the racing post. With the promotion though, some bookmakers will either refund the bettors stake should the horse finish outside a certain number of places or even if it fails to finish the race as a whole.
Place markets are another in which horse racing refunds are commonly used, with horses failing to finish being a frequent condition in which this promotion could potentially come into play.
Although these are the most common types of markets, these horse racing refund promotions are extremely prevalent when it comes to major horse racing festivals and meetups around the world. With things such as the Grand National, the Cheltenham Festival, and the Irish Grand National, various bookmakers will often roll out this promotion due to the fact that these races often have a lot more horses competing than the traditional race. The three meetups we have mentioned, though, are obviously not the only markets in which these offers are features.
How To Claim Horse Racing Refunds
To actually claim any horse racing refund promotional offers, there are a number of key steps that should be taken in order to ensure you are eligible. First, you begin by actually finding a sportsbook or bookmaker that is offering this type of bonus. Once this has been done, players will find an applicable market and place a qualifying bet, making sure to abide by any conditions such as minimum odds or stake requirements.
Should all of these styles be taken correctly and the qualifying bet is placed inline with the bookmakers terms, the bettors account could receive their stake refunded either in the form of cash or free bets should the horse they selected lose in the specified fashion the promotion declares.
Which Bookmakers Offer Horse Racing Refunds
SkyBet often offers horse racing refunds if your horse finishes 2nd, 3rd, or 4th in promoted races. This provides bettors with some insurance that if their horse places, they will receive the ‘win’ part of their stake back as cash, which is withdrawable. One of SkyBet’s terms is that a certain number of horses must race in order to have the full amount of places in the offer. If some horses become non-runners, then the refund places might be reduced.
Paddy Power runs a similar promotion. However, their refund is paid back in free bets. 
Paddy Power will give you your stake back as a free bet if your horse finishes 2nd or 3rd in a race with 8 or more horses in. If you’re wondering how to use your Paddy Power free bets, then you can check out our dedicated article.
Coral’s has had different refund offers to the two previously mentioned. They have been known to offer money back as free bets if your horse falls or the jockey is unseated.
Matched Betting With Horse Racing Refunds
Although horse racing refunds can provide a sort of safety net, one are in which these promotions have unrivalled utility is in the matched betting world. Matched betting, if you are unfamiliar, has become one of the more popular side hustles currently out there, due to its being a completely strategic approach to sports betting that could potentially lock in margins of profit.
This can be done by placing two bets, a back and a lay bet. The former of these relates to an outcome occurring, whereas the latter relates to it not occurring, and due to these counteracting one another, it covers all possible eventualities of a sports race. Horse racing refunds may come into the fold if a bet that is eligible for this promotion is used for the back bet. This is because should the lay bet win, this could provide the return, all whilst the back portion could refund the bettor with their original stake, hence securing a profit.
We here at OddsMonkey are specialists with matched betting and all things that revolve around it. Our site contains a plethora of dedicated tutorials, learning resources and even a collection of betting odds calculators, all of which can be used in tandem with your horse racing refund promotions in order to potentially secure some profit. 
 
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