Spreadbetting stocks & Dividends

I understand that when you hold a stock CFD, you are typically paid 90% of the dividend for a long position, and you pay 100% of the dividend for a short position.

I also understand you don't take part in any dividend payments when you hold a spreadbet - so how does this affect your trading?

If you hold a spreadbet on a stock that goes ex-dividend, the stock's price typically drops by approximately equal to the dividend paid - so does that mean your spreadbet also drops by the same amount, buy you're not compensated in the form of dividend?

I'm sure this isn't correct as you could just short a stock using spreadbetting before the ex-dividend date and make pretty risk-free cash.

So how does spreadbetting work around the ex-dividend date for stocks?