Key Points

• Open a Betfair Exchange account through the link (with promo code VAL225), place your first bet of £20 or more and if you lose, get a refund as cash of £20.
  
• The promotion is available to new customers who are not an existing or a previous Betfair account holders (including the sportsbook)
• The first Exchange bet you place within 7 days of registering your new Betfair account must risk at least £20 - your bet must settle in this period too.
• Terms: New customers only, bet at least £20 on the Exchange and if your first bet loses, we’ll refund you £20 in Cash. Bet must be placed in first 7 days of account opening. See below for full Terms and Conditions.
  

See bookmaker site for full T&C's