Risk Free Bets Sportsbooks

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Sports betting welcome offers come in various forms.

While some online betting sites prefer deposit match bonuses, others tend to favor risk-free bets.

With a risk-free bet, a site will insure a bettor’s wager—often the first wager they place on the site—guaranteeing the player a refund if the bet results in a loss.

Unlike deposit match offers, you’re only guaranteed a bonus if your qualifying wager loses. So if your initial bet wins, you don’t get a refund, but, in this case, you’ll have the winnings from your first bet.

There are various other pros and cons of risk-free bets.

We’re going to cover all of these advantages and disadvantages, and, for bettors interested in such bonuses, we’ll also highlight sportsbooks with such offers.

What Is A Risk-Free Bet?

A risk-free bet is a common sports betting welcome offer that’s awarded to new customers.

Essentially, with a risk-free bet, the sportsbook alleviates your risk by guaranteeing a refund if you lose your first-ever wager on the site.

In the event that you win that initial bet, you won’t receive a bonus since you haven’t suffered a loss.

However, in this scenario, you’ll have the profit from that first wager, which you can freely withdraw without having to satisfy any wagering requirements.

For instance, let’s say you sign up at a sportsbook offering new bettors a risk-free bet of up to $500. If your first wager on this site is a $300 wager that ends up losing, you’ll be rewarded with a $300 refund—either in the form of free bets or site credit—giving you the opportunity to go again.

On the flip side, if this $300 wager ends up being correct and you win $200 from it, your total cash balance will be $500.

In this case, since the $200 isn’t bonus money, you’re free to withdraw it immediately.

What To Look For When Choosing Online Risk-Free Bets?

If you want to get the best risk-free bet offers around, you’ll need to look for promos that prioritize the following things:

  • Wagering Requirements – The best risk-free bets have extremely low wagering requirements. Most sportsbooks will place an elementary 1x wagering requirement, making it extremely easy to cash the bonus funds. Offers with less restrictive conditions are the ones that bettors should target.
  • Maximum Refund Amount – If you’re looking to maximize a risk-free bet bonus, it’s best to target promos that offer massive refunds. This will allow you to risk more with the knowledge that you’ll get a considerable chunk of your money back if your wager happens to lose.
  • The Expiry Date Of The Bonus – Every bonus comes with an expiry date. With risk-free bets, bettors should go for offers that give them ample time to spend the refund. If possible, try to target offers that give you 7+ days to use the refund instead of limiting yourself to promos that severely restrict your spending time.

Sportsbooks With A Deposit Match Bonus

If you’re on the hunt for risk-free wagers, you can find them on the following sites:

Tipico – Risk-Free Bet Up To $750

  • Exclusive to new bettors
  • Maximum refund amount is $750
  • Minimum odds of -200 apply
  • Bonus funds have a 1x playthrough requirement
  • Once you opt in to the promo, bonus funds will expire within 30 days

Fubo – Risk-Free Bet Up To $1,000

  • Maximum refund amount is $1,000
  • Refund is awarded as site credit within 48 hours
  • Bonus funds expire after 30 days
  • Initial wager must be placed at odds of -250 or greater
  • Site credit has a 1x wagering requirement

Betway – $1,000 Risk-Free Bet

  • Maximum refund amount is $1,000
  • Bettors must deposit at least $10
  • Minimum betting odds of at least -300 apply on the initial wager
  • Offer must be claimed within seven days of creating a new Betway account
  • Once your initial wager is settled as a loss, the bonus will be awarded as free bet funds within 24 hours

FanDuel – First Bet Risk-Free Up To $1,000

  • Maximum refund amount is $1,000
  • Refund is awarded as site credit within 72 hours
  • Bonus comes with a 1x rollover requirement
  • Bonus funds expire 14 days after being credited

Unibet – $500 Risk-Free Bet

  • Maximum refund amount is $500
  • First cash bet must be at least $10
  • Bonus must be wagered 1x on any sports market
  • Bonus must be wagered on sports events priced at odds of -300 or greater

TwinSpires – $100 Risk-Free Bet

  • Maximum refund amount is $100
  • Qualifying wager must be settled within seven days of joining the site
  • Refund awarded as a free bet within 72 hours of the qualifying wager is settled
  • Has a 1x wagering requirement

How Risk-Free Bets Work

Risk-free bets are pretty easy to understand.

As previously mentioned, a sportsbook will simply offer you a refund of a certain amount if the very first wager that you place loses.

Most risk-free bets are worded in the following way: First Bet Risk Free Up To $1,000.

In this example, you have to join the sportsbook to claim the risk-free offer. Once you do so, the first wager that you place will have the guarantee of a refund of up to $1,000.

Advantages Of Risk-Free Bets

Risk-free bets have tons of advantages. Here are a few such merits:

  • Reduces a bettor’s risk
  • Gives punters a second chance at winning
  • Can help boost your initial bankroll by allowing you to risk an enormous sum
  • Reduces the pressure of winning your first wager

Disadvantages Of Risk-Free Bets

Despite the above advantages, risk-free bets have a few considerable downsides. Here are a few of these disadvantages:

  • You only receive a bonus if you lose your qualifying wager
  • Only a bettor’s first bet is insured
  • Most risk-free wagers aren’t truly risk-free since you still have to wager the refund

Restrictions Around Risk-Free Bets

It’s common for betting sites to place restrictions on bonuses as this prevents bettors from abusing such promos.

With risk-free bets, here are the most common conditions you’re likely to come across:

  • Minimum Odds Apply – With most risk-free bets, your initial wager—and the resulting refund bonus—must be placed on sports events that meet the sportsbook’s minimum price. On most offers, the minimum odds requirement is usually between -200 and -300.
  • Time Limits – Once you register, most sportsbooks will give you a certain number of days to place your first risk-free wager—usually 7 to 30 days from when you signed up. If you get a refund, you’ll also need to use the bonus within a certain period of time before the funds expire.

How To Get Risk-Free Bets

Risk-free bets are commonly awarded to new customers, so the best way of receiving such a bonus is by signing up on sites that offer refunds to new bettors.

Once you sign up and verify your new account, simply place your first wager to qualify for a refund.

On some sites, you may need to present a valid promo code during the registration process.

Occasionally, a sportsbook may use a risk-free wager as part of an ongoing betting promotion.

What Are The Best Risk-Free Bets For Existing Users?

Currently, none of the listed sites offer risk-free promos to existing users.