(Ed’s note, it’s still not too late to join if you can live with making £950 out of £100 instead. But first thing you need to do is join Betfair and deposit £100. For information on joining Betfair see here.)

Enough of dwelling on last week’s game against Newcastle. Yes Diaby was idiotic, yes we all hate Joey Barton and yes Wenger should have signed a centre half in January (but surely we all knew this before the game?). So let’s remain positive, we’re one point closer to Manchester United and £14 better off through the free bet at PaddyPower. So despite Wolves’ victory over the leaders I’m still fancying our chances.

This week I’m joining another well known and highly trusted bookmaker in the name of William Hill. The format this week is slightly different to our previous two weeks as a free bet up to the value of £25 is offered to match your deposit. So this time we’ll input £25 to receive a £25 free bet. There are a couple of conditions we need to be aware of however as the initial bet must be on odds at least 1.2 and the free bet is only received once the initial bet has been settled. This means after the Wolves game we will be awarded the £25 and we’ll then use this freebie to make a profit in the Barcelona game midweek. Join here now and make the £25 deposit using the promo code F25. (Ed’s note – By the time you have filled in your details, it is easy to forget to enter this – it’s at the very bottom of the contact and account details page and it’s not a compulsory field to fill in, so be careful you do not leave the final box marked ‘Promotional Code’ blank before hitting the ‘Create my account’ button’. Stick F25 in there.)

Once logged in at William Hill you want to view the odds as "Decimal". If they are not already you can change this setting using the option just to the left of the betting slip. (Ed’s note – I found this on ‘price format’ above the bets in ‘Sportsbook home’) Now you can select "Sports", "Football" and then Arsenal are under the match highlights at 1.25 to beat Wolves. (Thankfully just over the bet limit!) So click the 1.25 and a new bet slip appears in the top right. Place £25 on it and submit the bet (make very sure it is accepted). This brings a potential return of £31.25, so that’s a £6.25 profit through William Hill if we win. But as always we don’t want to risk losing £25 so must now lay the outcome at Betfair.

For information on joining Betfair see here.

At Betfair select "football" then "English" from the Menu on the left, then keep going to the Arsenal v Wolves match and chose "match odds" making sure you are viewing the full market. (Click to view back & lay) You can see that next to Arsenal are blue "Back" options and also a pink "Lay" button. You want to lay Arsenal for £25 backers’ stake at odds of 1.27 (Ed’s note, so you are clicking on the pink button which, at the time of writing, says 1.27. Make sure you remember to confirm your bet). This means you have a £6.75 liability if Arsenal win but if they don’t you get +£25 (So that’s the Draw or Wolves). We are left with two potential outcomes:

Arsenal Win: -50p (+6.25 at William Hill, -£6.75 at BetFair)

Draw/Wolves Win: 0 (-£25 at William Hill, +£25 at BetFair)

After the initial qualifying bet we will be either 0p or 50p down but crucially it unlocks the free bet in which we should have the chance to win anywhere from £15-£50 in our huge Champions League encounter with Barcelona. It is this opportunity which will allow us to add to our healthy £150 float raised from the initial £100 starting money 2 weeks ago.

I’ve opted for the rather steady Eddie option by laying £25 at BetFair, however slightly modifying the amount you lay can create a variety of profit and loss situations depending on your faith in the Gunners.

Remember though that odds do change so vary the stake accordingly and make sure you are betting on the correct markets. Come back next week to see our next bet and the strategy we will use to extract value from it. As our bankroll grows we will begin trying new strategies on new markets to crank up the profits. The same rule always applies of course, “Why gamble when you can win?”