Best way to maximise sports accumulator offer?

What is the best long term strategy to make profit from this offer?

I will use European odds (1.2 means you get your stake back, plus 0.2 of it as winnings), and would appreciate all replies using the same odds format.

If you bet £10 cash on a fourfold or more accumulator with each leg being odds of 1.2 or higher, and exactly one leg loses then you get a £10 free bet. Free bets do not return stakes; for the purposes of this thread, let's say the free bet has £8 cash value.

The bookmaker generally has an overround of about 8%, (You would need to bet £108 to cover all options on a single to ensure a £100 return), so the £10 cash bet will be worth approx £7.35 (10/(1.08^4)) on a 4 fold or £6.81 on a 5 fold immediately after striking it. I am assuming no sports expertise for the punter.

You can attempt it as many times you like in a day but you can only successfully claim it once per day.

Assuming a player stops when he acquires a free bet but keeps on going if he wins the bet or at least 2 legs fail, what odds should he use to maximise long term value?

The best strategy is to bet a 4 team parlay with all legs as close to 1.2 as possible. Bet one parlay at a time. If you know it's lost, bet another. Repeat.

Quote: sabre

The best strategy is to bet a 4 team parlay with all legs as close to 1.2 as possible. Bet one parlay at a time. If you know it's lost, bet another. Repeat.

True. But when playing the free bet, you want odds as high as possible. Like 8.0 for instance

Quote: Ace2

True. But when playing the free bet, you want odds as high as possible. Like 8.0 for instance

He stated that freebets are worth 80% of face value. So he knows this.