Using Risk-Free Bets

Disclaimer: Promotions change frequently. Always read the fine print before laying down your hard-earned cash!

Are Risk-Free Bets Truly Risk-Free?

The most important thing to understand about risk-free bets is they are not truly risk-free. When you put down your own money, there’s always a chance you won’t get it back.

Let’s say you want to take advantage of the FanDuel $1,000 risk-free bet sign-up promotion. You deposit $1,000 in your new account and place it all on a qualifying bet, like an NFL moneyline wager. If you win the bet, congratulations! That’s the end of the story, and you can cash out right away. If you lose that initial bet, that’s when the promotion kicks in.

Don’t fall into the trap of thinking that a risk-free bet means you’ll get your money back if you lose.

Rather than protect you from losing, what a so-called risk-free bet promotion does is give you a second chance at winning.

A second chance is a wonderful thing. But of course, there’s also the possibility that you lose both your first bet and your bonus bet, which means you’ve now lost your initial stake. That’s why you should never bet any money you can’t afford to lose.

There’s another important caveat to be aware of. At some sportsbooks, you could end up with a net loss even if you win your second chance bet. Watch out for sportsbooks that only pay out the winnings on bonus bets, not the stake. In that circumstance, winning a bonus bet on a favorite would result in a net loss on your first deposit. So, if you lose your first wager, you’d need to hit on odds longer than +100 with your next bet just to end up with a profit.

Again, risk-free bet promotions are not entirely risk-free. The only truly risk-free sportsbook bonus is a no-deposit bonus.

Who are Risk-Free Bets Geared Towards?

Risk-free bets are commonly presented as a sign-up bonus and are therefore used to attract new customers.

Sportsbooks offer eye-catching dollar amounts in risk-free bet promotions and market them heavily. That’s because there is next to no risk for the sportsbook itself. The house always has a built-in edge!

Understanding the Terms & Conditions

It is crucial to understand the terms and conditions attached to your risk-free bet bonus before laying down any money.

Terms will vary from sportsbook to sportsbook, but common bonus terms to watch out for include:

• Odds restrictions
• Rollover requirements
• Time limits

Understanding how your sportsbook treats payouts on bonus bets or site credit is paramount when considering risk-free bet promotions. In most cases, only the winnings from the bonus bet are returned to your account. You won’t get back the bonus bet stake, which will equal the amount you originally wagered with your own money. Therefore, bet within your comfort zone and never risk any cash you can’t afford to lose!

Rest assured, most bonuses are easy to understand once you grasp the basic rules. For more information, check out our detailed guide on how sports betting bonuses work.

Are Risk-Free Bets Worth It?

Risk-free bets are an excellent opportunity to make a selection at longer odds than you might otherwise consider. If you lose the first time, you’ll get a second chance. Mathematically, your probability of winning one of two bets is higher than your likelihood of winning a single bet.

As a general rule of thumb, any promotion is better than no promotion. It’s called a bonus for a reason. However, we must again caution that risk-free bets are not entirely risk-free. Further, risk-free bet offers don’t net you anything if you win the initial qualifying bet.

Experienced bettors who want the highest potential gain from a promotion should look towards deposit match bonuses or matched free bets, as these offer value whether your first bet wins or loses. New customers who just want to give sports betting a try without the risk of losing their own money should seek a no deposit bonus.

For more advice on choosing the best sportsbook bonus for you, check out our in-depth guide.

How to Make the Most of Your Bet Credits

The first step to taking full advantage of risk-free bet promotions is depositing the maximum amount. If your sportsbook offers up to $500 risk-free with their welcome bonus, deposit $500.

Then, make sure you know which betting markets are available and note any odds restrictions or other terms and conditions. Being aware of this eligibility information is key to ensuring your first bet qualifies for the promotion. Note also that if you make multiple selections on your bet slip, it will be the first selection you make that qualifies for the bonus offer.

Determining the best strategy for using bet credits ironically depends on your appetite for risk. Even when you have something like an ESPN BET promo code at your disposal, there still remains a level of risk when utilizing these bonuses.

You could swing for the fences on a long underdog with the comfort of knowing that you’ll get a second chance if your bet loses. Or, you can play it safe by finding the shortest odds allowable, typically -200 or -250. Hopefully, your bet wins, and you can take the payout straight to the bank.

If your first bet loses, you’ll get another shot at picking a winner. At most sportsbooks, you’ll only get to keep the winnings from this second bet, not the stake. Before placing your free bet, you’ll have to decide to either cut your losses or aim for a net gain. This decision effectively determines whether your second bet should be on a favorite or an underdog.

The table below shows your overall profit/loss if you started with an unsuccessful $500 first bet then won your second bet of the same amount. The table assumes you will not get the stake back on your free bet.