Arbitrage betting with Free Money - it works!

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Arbitrage betting if you don't know what this is see Wiki explaination - http://en.wikipedia.org/wiki/Arbitrage_betting I found out about this 6 months ago. You basically join betfair (where you can bet that a horse loses). Then join somewhere like vcbet.com where they give you a free £50 bet. Deposit £50 in VCbet to activate your free bet then bet on a horse to win with the £50 you deposited. At the same time you bet £50 on betfair for the same horse to lose. So what ever happens you don't lose anything.. The next day you get your free £50 and do exactly the same again.. Bet on a horse to win with your free £50.. Then bet on betfair for the same horse to lose for £50.. whatever happens you get £50 in hard cash instantly available to withdraw.. Perfectly legal and there are over 20 bookmakers giving away £50 free bets.. thats over £1000 you can earn.. I helped all my friends and family with this and we've earnt a total sum of £10k over the last 6 months. Hope this helps someone to make a little extra cash.. Just make sure when you back the horse to lose at Betfair the odds are as close to the odds you back to win on the bookmaker site you joined. anyone else used this system?