A risk-free bet is the latest promotional trend offered by sports betting sites. With online sports betting being relatively new in the US, online sportsbooks have been trying to figure out the best way to draw players to their betting apps. And one of the best ways to bring in new players is to not only offer a great deal, but to make a person feel comfortable when joining a sports betting app. This is where risk-free betting comes in.
Risk-free betting is a special offer that gives players a form of reimbursement if their sports bet happens to lose. This reimbursement normally comes in the form of bonus bets or cash. In the case of the bonus bets, this allows players the chance to win for free. And in the case of cash, well, that's even better as you earn cash that isn't required to be wagered.
Traditionally, this offer is for new players and applies to their very first sports bet wager with a sports betting app, but sportsbooks and online casinos offer other promotions that are in the same vein as risk-free betting. In fact, many sports betting sites offer daily promotions that include bonus bets, odds boosts and parlay insurance.
We will go over each sports betting site that offers risk free betting and determine which is the best for you, the player. And we will also discuss the best way to use your risk-free bets.
Each sportsbook has its own risk-free bet promotion with unique terms and conditions. We will break down some of the best risk free bets available and once we detail each promotion, we will discuss risk-free betting tips and strategies to help you optimize these offers.
888 Sportsbook is a brand that has been well established for years due to its affiliation to poker and the work they do in Europe. The first is for fixed wagering, similar to other online sportsbooks, but the other is for the PointsBetting wagering feature.
For this 888 Sportsbook promo code, you can get up to a $500 risk free bet. Here are some notes as to how it works:
This Borgata Sportsbook promo has a special offer for new players, giving a risk-free bet up to $300 on their first bet. This used to be a real cashback bonus with $20 in bonus dollars for the Borgata Casino Online, but that is no longer the case.
The FoxBet promo code also offers a risk-free bet and a first deposit bonus. The Risk Free Bet is up to $500. Here are some stipulations:
The FanDuel Sportsbook promo code gives you a $500 risk-free bet, which is similar to the BetMGM promo listed below, but with some minor differences.
Your first bet is matched up to $500 by FanDuel if the bet loses. It may take up to 72 hours for the credit to enter your account. You can use this free bet on parlays. There are some restrictions, however:
The BetMGM promo code was at once a cash back risk-free bet, but that is no longer the case as of September 5, 2019. Instead, BetMGM gives you up to $500 in risk free bets.
Here is what you need to know about the BetMGM Risk-Free Bet promo:
DraftKings Sportsbook has a $500 Risk-Free offer for new signups. This means your first bet on DraftKings Sportsbook is matched up to $500 if it loses. You can use your DraftKings Risk-Free Bet on parlays, but not on teasers. There are no odds restrictions. Here are more guidelines for the offer:
This first bet must be used within 30 days of your first bet. The free bet bonus is not included in any returns or winnings. The free bet bonus is also not redeemable for cash or transferable.
Please note that the DraftKings Sportsbook promo also comes with a 20% match up to $500 and a $25 no deposit bonus.
A free bet is a promotion run by sportsbooks that give players free money to place a bet. These can be promos based on a sporting event, holiday or simply as a reward for playing on a particular sports betting site. In some cases, the free bet can only be used on a specific sport or type of wager. Since these are dependent on the type of promotion, we suggest you always read the full terms and conditions to learn how to properly apply and take full advantage of your free bet.
Though free bets and risk-free bets are similar, they do have some key differences. For instance, in order to claim a risk-free bet, the player must first put up the wager with their own money. If that bet loses, then they will receive the bonus. As for free bets, the sportsbook gives players free money to wager, meaning, you don't even need to front the cash in the first place. Another key difference is that risk-free bets usually come in the form of signup bonuses, while free bets tend to be promotions that come and go. Therefore, risk-free bets tend to have a higher value, but it is a one-time wager, whereas free bets are smaller in terms of value (i.e. a $10 free bet to use on the NHL), but can be offered to players in several variations and many times over during the course of a year.
The funds that you earn from sports betting operators in the form of a risk free bet should be thought of as exactly what they are: free money. All players are being given extra opportunities to win for creating an account and getting in on the action, but not all players know quite how to use them to their fullest capability. So here is our risk free betting tip:
Because you don't get to keep the funds you wager and only get to keep the winnings, it's important to try and maximize the potential for profits. The way to do this is to increase payouts with parlays, since it doesn't necessarily require a large amount of money in order to receive a strong payout. Especially if you don't feel like laying all your risk-free bet down on one wager, break it up with a few parlays. It helps you stretch out the action in addition to the opportunity to pull in a large payout and add it to the bankroll.
Depending on the sports betting site, you may have to alter your risk-free bonus betting strategy.
For instance, DraftKings doesn't allow players to spread their bonus bet across multiple fixed wagers. To counteract this, a player should determine their risk-free betting strategy based on the size of their bonus. Since DraftKings Sportsbook specifies no odds restrictions, a player with a $200 bonus bet may be inclined to put that money on a huge favorite. If a player has something closer to $50 to wager, perhaps creating a significant parlay is the move.
Getting cashback instead of bonus bets is a game-changer and the truest definition of risk-free. With no betting restrictions, players should take care of this offer in the most aggressive way possible. Putting together a $100 or $250 parlay, or perhaps a big futures golf bet, is the way to go for online sports betting players because a loss leads to the equivalent to a cash refund. Unfortunately, all the current sportsbooks have eliminated cashback bonuses, but you can still check out the betting sites with free bets.
Our final risk free betting strategy may sound simple, but we find many people not taking advantage of it, which is signing up to multiple online casinos and sports betting sites. Why take advantage of one welcome bonus when you can take advantage of two, three, four, five or more? Sign up with our bonus codes to take advantage of each online casino and sports betting site.