A risk-free bet is an offer where you're refunded for your initial wager if it loses. This is capped at a certain number, often ranging between $200 and $1,000. For example, let's say you're joining a site with a risk-free bet up to $500. You wager on the Brooklyn Nets moneyline (+100), but they lose the game.
If your risk-free bet loses and you get a free bet as a result, you can hedge it to ensure a profit. You do this by using the free bet on one side of a two-way market and making a cash bet on the other side. The amount you need to hedge depends on the free bet amount and the odds on either side of the market.
Best Free Bet Offers
Most of the strategies for maximizing free bet offers also apply to risk-free bet promos:
Risk-free bet example If you win, you'll now have $477.25 (the original $250 bet plus the $227.25 in winnings) in your account, all of it available for withdrawal, or to begin using as your bankroll. But if you lose? You'll have $0 in your account and a $250 free bet to use. This free bet cannot be converted into cash.
Free bets, as listed above, are the most straightforward bonus. You usually get a set amount of money to bet when you deposit and that money can't be redeemable for cash. For example, if you bet the free $5 and lose, that money is gone. If you bet $5 and profit another $5, you'll be up $5 in real money.
You can't claim risk-free bet offers without funding your betting account (usually a $10 minimum). With a risk-free bet, if your wager wins, you'll keep your winnings like any other bet. In this scenario, you don't have to worry about the terms and conditions of the offer.
Six tips for becoming a sharper sports bettor
What are the easiest bets to win?
How do you win at sports betting?