So far so good with Palmerbet. Got the $500 bonus with a $500 deposit. It came automatically and showed up immediately after the signup and deposit. I’m in VIC, btw.
The turnover is high (2 X 500 = $1000) with a minimum odds of 1.8 and on WIN bets only (i.e., no prop sports bets or place bets in racing. Win only). Their odds aren’t great, especially at 1.8 odds and higher, so I’d consider a 4% loss on turnover bets to be good. Hence, you’re losing at least $40 turning over $1000. Plus, you have to turnover any bonus bet winnings as well. Add onto that the requirement of bonus bets only being used on Racing (which is a good place to burn bonus bets on, but their odds aren’t as good as some others, and it’s hard to find 90%+ returns). Overall, I’d say a good effort would be to get a net profit of $375 from matched betting with the $500 bonus (i.e., about 420 from the bonus bets minus 45 for the turnover). Any bonus bet wins will require turnover and eat into that profit a bit further.
As others have mentioned, there’s a trust factor with Palmerbet on winning with bonus bets. I recommend small bonus bet wagers at first to build up a cushion and limit liability (if they don’t pay out), and then maybe increase as the cushion gets larger.