Risk free bets are available in all shapes and sizes and the best online sports betting operators will readily serve up offers to lure you to their site. Bonuses act as a window to peek in and see what special offers a sportsbook may have. The types of bonuses available will appeal to both new and existing players and we are constantly scrutinizing the promos sportsbooks dish up.
So, what is a risk free bet? And how does a risk free bet work? We will answer this and much more in our in-depth guide.
What does risk free bet mean?
Risk free bets are essentially the first type of offer available to new players when they sign up for a site. There is no financial danger with using risk free bets, because if you lose, then you will be credited with a refund.
Depending on which sportsbook you use, you may get a free bet to wager on a sports market of your choice or free cash. At FanDuel, for example, new players will be rewarded with a lucrative $1,000 risk-free bet. And should you lose, then you will be given site credit, so it all seems rather simple doesn’t it.
However, at other sites, such as Unibet, you can’t convert free bets into cash until you satisfy wagering requirements.
How to collect a risk free bet
Typically, a risk-free bet is well signposted by any given sportsbook you wish to play at. However, there will be a few simple steps that you will need to follow to collect it, which we have outlined below:
- Sign up for one of our recommended sportsbooks.
- Head over to the signup page and fill in your personal details.
- Click on the cashier screen and pick a payment method for which you can make deposits and withdrawals.
- Collect the welcome bonus and enter a promo code if necessary.
- Pick your preferred markets with odds that satisfy the bonus terms and conditions. Most sportsbooks will require you to play with minimum odds such as -125.
- Once you have settled your free bet, then the free bet should show up in your account.
What to look out for with a risk free bet
There are a few things you need to look for when using a risk free bet. Predominantly, these will be listed in the terms and conditions section.
Firstly, make sure you are aware of the expiry period. Some sportsbooks may give you 30 days to activate the bonus, while others may only give you 7, so check this out to avoid being in for a rude awakening. Be aware of any wagering requirements. Some sportsbooks may have 10x wagering requirements, so if you bet $100, then you will need to play through and bet up to $1,000 (100×10) before you can withdraw any winnings.
Oh, and check that you can use your preferred payment method to collect the bonus. Some online sports betting sites may exclude certain options, such as e-wallets or cryptocurrencies, so read the T&Cs thoroughly before proceeding.
Benefits of risk free bet offers
Like with any other kind of offer, risk-free bets come attached with a few benefits:
- Can try out new betting strategies – With risk-free bet offers, you can try out markets you wouldn’t normally play and this can help with your betting tactics moving forward.
- Generous offers waiting – As we have seen from the likes of FanDuel and even BetMGM, there are some great offers just waiting to be unlocked and there’s no catch.
- Provide versatility – Many risk free bets will cover a wide range of markets, so you don’t have to limit yourself to one sport and you can try these out at many different sports betting operators without having to stump up too much money.
Devising a risk free bet strategy
So, if you are looking at how to maximize a risk free bet, there are a few things you should take into consideration. Like we would advise with any kind of offer, make sure you shop around for the best promotions, so you can bet on both sides of the wager and bolster future profits.
Another way is to go for the safe bet and wager on teams with the shortest odds. Although there is a chance the favorites could fall flat, if they win, you will be reimbursed with site credit that you can put towards your next wager.
Strategies for Risk Free Bets
Inherently, there are two types of strategy you can adopt for free bets, which we have explained below:
- Conservative strategy – This strategy is good if you are a novice bettor, and a way of getting something in return, as you are betting for nothing. This will suit players, who like to stick to the Moneyline markets.
- High Risk strategy – This will be ideal for the high rollers or the big bettors. They will like to gravitate towards something with longer odds, and so parlays, points-spreads, and teasers, for example, will appeal.
Risk Free Bets – Final Thoughts
There is no denying that some of the best sportsbooks we have reviewed will have lucrative offers and you can boost your bankroll with little financial investment. Take the plunge and see what you can do with a risk free bet.
Frequently Asked QuestionsHere’s the most commons questions we get about Risk Free Bets
What is a risk-free bet?
A risk-free bet is available to new players and essentially it is a free bet, because if you lose, then you will be refunded.
Do free bets expire?
Yes, free bets do expire and this will be outlined in the T&Cs, so make sure you pay attention to these.
Can you withdraw winnings from a free bet?
Yes, but you will only be able to do so once you have fulfilled any wagering requirements stipulated by a sportsbook. Some betting sites offer risk free bets without wagering and those are the best bonuses you can lay your hands on.
How do you collect a risk free bet?
Once you sign up for a sportsbook, you will be able to see all the offers available. Fill in your personal details and choose your deposit method and enter any promo code if necessary to activate the risk free bet offer.