What Exactly is a “Risk Free Bet”?

What Exactly is a “Risk Free Bet”?

13 April, 2023

A so-called risk-free bet is one of the more popular welcome bonuses offered by sportsbooks. There is always risk involved in gaming. As you receive a partial return if your original wager or wagers are unsuccessful, these promotions are marketed as being “risk free.” It is merely intended to draw in new clients.

While joining at the best online betting sites, we advise taking advantage of these one-time deals. To wager on sports, though, you do not have to accept these offers.

These welcome bonuses may change depending on the sportsbook. Regardless of the sportsbook you use, there is a ton of fine language to wade through, but these deals are largely uniform.

Here, we’ll go over what a risk-free bet is, how it benefits players, and the sportsbooks that provide it, along with their standard terms and conditions.

Risk-Free Bets: How Do They Operate?

A risk-free bet is an offer in which, as part of a welcome bonus, you will receive some type of reimbursement if your first wager results in a loss.

You have to sign up, make an account, and put money into the sportsbook. Without financing your betting account (often a minimum of $10), you cannot take advantage of risk-free bet offerings.

If your gamble succeeds, just like with any other wager, you will keep your earnings. You don’t need to be concerned with the offer’s terms and conditions in this situation.

Yet, you’ll get your money back if your risk-free wager is a loss. So it’s crucial to bear in mind the different ways the refund can occur.

Depending on the sportsbook and its terms and conditions for the sign-up promotion, you will receive the losing bet returned on a risk-free wager in one of three ways.

Free Play (Most Common)

You can utilize this right away as a second chance to win your money if your risk-free wager results in a free bet. With a free bet, however, your reward is not influenced by the size of the free bet itself.

The Website

Depending on the terms and restrictions, site credit and a free bet are different things. The ability to withdraw site credit as cash may be subject to wagering limitations that must first be completed.

Money Back (Rebate)

Some online sportsbooks may simply return the bet you placed as cash, however this option isn’t frequently provided. After that, you have the option of continuing to play or simply walking away with your money.

Risk-Free Bet vs. Free Bet

Although they may have similar words, a free bet and a risk-free bet are not the same. The distinction is whether your wager amount is subtracted from your overall winnings.

Free Play

You place a wager with a free bet, which has no financial risk. If you place a free bet and win, the free bet amount will not be included in your winnings. Instead, you will only get your winnings back, in full. See sportsbook bonus offers now

No-Risk Bet

In contrast, a risk-free bet is placing a real money wager and, in the event of a loss, obtaining a payout in one of the three ways mentioned above.

After the event, a risk-free wager could change into a free bet.

Additionally, if a risk-free free bet with real money results in a win, you’ll get your money back plus any profits just like with a regular non-promotional wager. After that, the risk-free wager will end. This might be compared to a type of gambling insurance.

Pros

Using your own money allows you to take a risk that you might not have otherwise.
easier to use than a deposit bonus for a casual player.

You’ll have a second chance to win money if the loss is reimbursed in cash or a free bet.
It can immediately help increase your money.

Cons

If it is repaid as site credit, wagering limitations might be imposed, depending on the online sportsbook and the terms and conditions.

There is still a chance that you won’t get your money back in cash since to win it back, you’ll either need to utilize site credit or a free bet available only at the site.
This deal is not available at a physical sportsbook.