Risk Free Bet Offers
Eric Kithinji
Updated: Nov 23, 2022
Sportbook Promos
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.
Sportbook Promos
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.
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.
About the author
Placed his first sports wager shortly after high school, and has been involved in this whirlwind of the industry since then. Fan of most of the maj...
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