Risk Free Bets 2023

How do risk free bets work

If you’re a first-time bettor, one of the questions you are likely to ask is “how do risk free bets work.” This is why most sportsbooks offer new players risk-free bets to entice them. Once in a while, they are made available to existing players to reward them for their loyalty.

Usually, these freebies can be in the form of welcome bonuses or sign-up promotions. Hence, all you need to do is stake and win. However, if you lose, you will get a form of compensation instead of your money. This means you might get bonus cash, a free bet, or a site credit that can be used to wager.

Most times, the compensation value of the site credit is equal to your first wager amount. Depending on the sportsbook, players might get risk-free bets after signing up, making a deposit, or fulfilling the bonus requirements. When it comes to understanding what is a risk free bet, it is important to know the terms and conditions of any sportsbook you intend to use.

Risk Free bet example

The question “what is a risk free bet” is one of the most popular inquiries that new players ask when they register on a sportsbook. When you have a vivid example of how risk free bets work, it would be easy for you to consider taking the step to sign up on any sportsbooks that offers it. For instance, if you just registered on Sportsbooks A with a deposit of $250. Then you decide to wager the whole amount on a particular team -7/-110. If you win, you will have a total of $477.2. This amount includes your winnings of $227.25 and the initial deposit amount of $250. On some sportsbooks, everything will be available for withdrawal.

Alternatively, if you lose, your account will be empty, but you will receive a free wager of $250 to use. Many sportsbooks will not allow you to convert these free funds to cash because it’s only serving the purpose of a compensation bonus. While others will refund your money, and you will be able to withdraw in cash. This free stake is your second chance to make up for your losses. However, if you end up losing the second time, your account becomes empty.

This is why most experts advise that if you’re trying out a sportsbook for the first time or you’re a new player, you should stake the money that you can afford to lose. With this principle, it would be easy for you to prevent gambling with your important money and losing it if something goes wrong. One of the facts to understand about risk free bets is that you are guaranteed a second chance if your first wager doesn’t win.

Hence, every player, both new and experienced, has the chance to leverage their second trial to win to avoid losing their money. On the other hand, you might also lose your free wager if care isn’t taken. When you use a risk free betting strategy or hack for your site credit or free punt, that can help you capitalize on your “second chance.”

Risk Free bet strategy

If you want to make the best out of your gamble, you need to understand the risk free betting strategies. Here are some hacks you could consider.

Leveraging arbitrage opportunities:  You can consider using arbitrage betting, but you need to learn how to research how it works to get mouthwatering arbitrage opportunities on various sportsbooks. The scope of arbitrage gambling is to place a wager on either side of any game, especially when different sportsbooks have varying pricing. This strategy will help you recoup profit irrespective of the results. 

However, the profit you might get is often low when compared to your wager amount. Therefore, with good research, you might be able to guarantee yourself a good profit amount.

Wagering risk-free bets on longshots: One of the risk free betting strategies to note is, that you are likely to get the highest value when you undertake high-risk outcomes. Even if you lose eventually, the minimum you will get is a free gamble. When you get the free stake, you can wager it on a longshot. If you win, you will get the profit from the free opportunity and not the amount.

Using the other side of your risk-free bet on another sportsbook: This risk free wager strategy is quite similar to the arbitrage game plan. However, this method is less effective, and you don’t need much research. For instance, if you wager $1000 on team A to beat team B with -110 odds using your risk-free stake. On another sportsbook, you place $1000 on team B to win team A using the -110 odds too.

Inevitably, you will earn a profit of $909.09 on either stakes, and lose $1000 on one of the them. However, if your risk-free bet loses, it would be an advantage for you because you will use the site credit or free stake to make further wins.

Betting on your favorites: One of the safest and underrated ways to use your risk-free bets is to wager on the favorites. Generally, the favorite team usually has the smaller odds. This means that your profits won’t be much. For instance, if you wager $1000 risk-free bet on -200 odds, you will get a profit of $500. Similarly, using the same amount for -110 odds will give you a $909.09 profit. Using this risk free bet strategy allows you to handle your risk-free wager like a regular one.

Risk Free bet Terms and Conditions

Before using any sportsbook, it is important to read the Terms and Conditions to know what measures apply to you as a potential player. All sportsbooks have different Terms and conditions for their risk free bets. However, there are some general rules that apply.

Risk free bet limit: Most risk-free bets have an upper limit. Although, you can wager more than the shown amount. This means that if a risk-free bet for a sportsbook indicates $200, you can still stake $250. However, the free stakes or credits that will be returned will be pegged at $200.

Best time to use risk-free bet: If you’ve ever asked how do risk free bets work, one of the terms and conditions you should know is the right time to use your risk-free bet. Before you register on a sportsbook, you’ll be informed of the time range to place your wager. It is important to note this range so that you don’t waste your risk free wager. Most sportsbook will give a maximum of 30 days.

How to get a risk-free bet refund: Some sportsbooks give refunds in the form of site credit or a free wager. If you get a site credit, you can spread the amount through multiple stakes. While a free wager allows you to stake the amount at once.

Minimum odds: When you want to use a risk-free bet, the sportsbook will inform you of the minimum odds associated with it. However, there might be restrictions with its use because you might not be able to use them on all markets.

Playthrough specifications: If you lose a risk-free bet, you won’t be able to withdraw the amount instantly because you need to fulfill the playthrough specifications or requirements.