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.
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.
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.
Each sportsbook has its own risk-free bet promotion with unique terms and conditions. Using these sportsbook risk free bet offers will allow you to make your first wager without the usual risk because if you lose, you will receive site credit that will allow you to wager again. Though to be clear, you can still come out on the losing end if the bet you make with your site credit happens to lose.
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.
The FanDuel Sportsbook promo code gives you a 1,000 risk-free bet, which is currently the highest amount on this list.
Your first bet is matched up to $1,000 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:
BetMGM Sportsbook has a $600 Risk-Free offer for new signups. This means your first bet on BetMGM Sportsbook is matched up to $600 if it loses. There are no odds restrictions. To claim this promotion, you must deposit a minimum of $10 into your account and place any sports wager. Only the first $600 of the first wager is eligible for this promotion.
This FoxBet promo offers a risk-free bet up to $500. Here are some stipulations:
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:
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.