Online sportsbooks have to face high competition. To draw the attention of new bettors and keep their existing customers happy, they offer bonuses. Among these offers are a variety of deals such as joining bonus, deposit bonus and free bets.
Risk-free bets are one of the most popular offers and many online betting websites offer risk-free wagers as a welcome bonus. If you are new to the world of online sports betting, then a “risk-free bet” might be something new to you. In this article, we are about to elaborate about risk-free wagers and what advantages do they offer.
What Is a Risk-Free Bet?
A risk-free bet is theoretically designed to allow you to wager without getting into any risk. In such a wager, you just put a bet and wait to see if you win or lose.
In the event of a win, you collect your wins and move on, whereas if you lose, you get a chance to regain your losses. That being said, these wagers are not exactly free and there are some terms and conditions involved that we will be discussing further.
Simply put, the chance to be able to recover your losses makes the risk-free wagers special. With regular bets, you do not stand any chance of getting your losses back.
How to find free bets?
There are numerous online sports betting websites that offer you risk-free wagers. Most of these sportsbooks provide these wagers in the form of welcome bonuses.
Let’s understand this with an example.
Usually, when you join any online sportsbook it will offer you a risk-free wager suppose of worth up to $50.
You place your bet after making a deposit.
Now, you are qualified to get up to $50 in losses back due to the offer.
There are countless online sportsbooks out there offering you risk-free bets. You shouldn’t have any trouble finding a website where such deals are available.
If you are not able to find a betting site offering you risk-free bets directly, then you can check out some affiliate sites as well. Affiliates are particularly helpful as you will be able to find dozens of free wagers from several bookmakers in one spot.
How to use the risk-free bets correctly?
If you are dealing with the top-most online sportsbooks then the process of getting risk-free bets will be a smooth one for you. Still, you might have to spend a little time figuring out how to pick up such wagers. Here are the steps to use risk-free offers to your advantage.
Step 1: Find a reliable Online Sportsbook offering a Risk-Free Bet
You essentially can find the best risk-free bets either by visiting the sportsbook directly or via an affiliate that lists such sportsbooks.
In the first scenario, you simply visit the betting site and if they are offer risk-free bets then you will see them immediately right on the front page.
Whereas with affiliate sites you will find several online sportsbooks and associated risk-free bets listed. In this case, you can visit the betting site that interests you by clicking on the link provided.
Step 2: Find a Bonus Code (in some cases)
Some of the online sportsbooks will require you to use a bonus code to qualify for the risk-free bet. There will be several bonus codes and you can pick the one that you might be interested in.
However, not every betting site will be forcing you to enter a bonus code. For those you have to use a code, be careful that you are using the right code for signing up.
Step 3: Complete Registration
For completing the registration on the sportsbook, you will be required to fill in all the information and verify that the information provided by you is correct.
Common information that you will be asked for during the signup process will include your name, email, mailing address, username and password. But some of the betting sites that are operating in regulated markets like New Jersey can ask for your last four digits of social security number as well.
After filling in all the information, you have to agree to the terms and conditions of the bookmaker and submit the form. Your account will be approved almost instantly in most cases.
Step 4: Make a Deposit
To qualify for a risk-free wager, you will have to make a deposit. It is a simple process. Just visit the bookmaker’s banking section and look for available banking options to make a deposit.
Most sportsbooks accept several methods including American Express, Bitcoin, Wire Transfer, Credit/Debit cards and PayPal. Just pick your preferred method of payment and make a deposit. If everything is approved, your account will be funded immediately.
Step 5: Placing the First Wager
After successfully depositing money, you can place your first wager to take advantage of the free wager. In some cases, you might have to “claim” the wager from your account before you can use it.
Either you will win the bet and collect the payout or you will lose and have the opportunity to earn back the money you lost.
The “risk-free” aspect of the wager relates to how can you regain losses.
Note that you will have to follow the associated terms and conditions to be able to fruitfully utilize risk-free bets.
Terms and Conditions Involved
Again, two scenarios arise here. First, if you win a risk-free bet, then there is nothing you have to do. Just collect your profits and move on.
However, if you lose the bet, then you will have to meet terms and conditions to be able to receive back the funds. These regulations can vary depending on the sportsbooks you are playing with, but at the core, the primary terms and conditions are:
Rollover or playthrough is the amount of money that you must wager with to be eligible to receive losses back as part of the risk-free bet. Usually, the rollover will be expressed as a multiple of the bonus. For example:
Suppose the playthrough on a risk-free bet is set at 8x. You make a deposit and qualify for a risk-free bet worth up to $50. Now, you place a wager worth $25 and lose. To be able to get the $25 back, you have to wager at least 25 x 8 = $200.
There will be other terms to be fulfilled before you can get $25 back, but the rollover is perhaps the biggest part of the process.
Rollover Time Frame
There is a time limit put on the playthrough by the online sportsbooks. Most bookmakers have a 30 and 60-days rollover time frame. We think it is a quite generous time period for any gambler to meet the wagering requirements. However, you must be aware of the exact time frame, otherwise, you might take too long to meet the playthrough time frame and miss out on the bonus funds.
Bookmakers put a requirement to bet on specific odds or higher when offering risk-free bets. The reason behind this requirement is to ensure that you don’t use your free wager just to make money off the heavy favourites when meeting the playthrough.
It goes without saying, but you will be required to place the minimum wager when you are using a risk-free bet. For example, if the minimum wager is set at $20 then you cannot make a bet less than this amount when using the risk-free wager.
It will be beneficial for you if you wager up to the cap of a risk-free offer.
Apart from these, you might also be limited to specific markets only. For instance, there are some sportsbooks that limit free wagers to esports betting only.
Bookmakers put this restriction to make you try something different. This is a smart way to introduce you to a new market and increase business.
Risk-free bets are nothing complicated or overly difficult. All you need to do is to find a bookmaker offering risk-free wager. You can then signup, make a deposit and utilize your risk-free bet.
Risk-free wagers are definitely worth taking advantage of. You get to enjoy the thrill and even explore new markets while keeping your bankroll safe.