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Risk-Free Bet

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2 years ago
4 min read
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So, What is a Risk-Free Bet?

A risk-free bet is a promotion offered by a sportsbook. When you place a risk-free bet, the sportsbook will refund the wager up to a pre-agreed amount if you lose your bet. The refund might not be in the form of cash and may instead be a site credit or a free bet.

Risk-free bets are sometimes offered to new players as a welcome bonus, while in other cases, they are offered as part of ongoing promotions to existing customers. However they are offered, risk-free bets are a promotion that you should take advantage of, but it’s important to understand the nuances that do exist from site to site, as we explain below. 

Risk-Free Bets Terms and Conditions

Every risk-free bet will be slightly different, as every sportsbook is entitled to structure it however they choose. Here are some of the terms and conditions associated with risk-free bets that you need to be aware of: 

Bet amount

You need to know how much you are permitted to wager as a risk-free bet. Some sites might allow you to bet up to $250, while others might offer up to $1,000. When researching a risk-free bet promotion, this should be your first port of call.

Minimum odds

Some sportsbooks stipulate that a risk-free bet must come with minimum odds attached (-200, for instance). If you don’t place a bet with at least the minimum odds, you won’t qualify for the promotion. 

Refund offer

A risk-free bet offers you a refund if your selection loses. Some sportsbooks offer you site credit, while others offer you a refund through free bets. Some sites might offer a cash refund, but it’s not as common. Be sure to check what you’re being offered before placing your risk-free bet.

Time limit

As with all sports betting promotions, you will have to use a risk-free bet within a specific time limit. It might only be valid for seven days, so be sure to use it before the offer expires. 

Is a Risk-Free Bet Completely Risk-Free?

It’s helpful to regard risk-free bets as promotions that give you a second chance of winning rather than being 100% risk-free. For instance, if a sportsbook invites you to place a $1,000 risk-free bet and you lose your initial bet, they will give you the money back to gamble again. 

But unless they return the money as cash, you might not be able to withdraw the funds from your account, which is the case if they give you a site credit or free bet to play with. These credits or free bets may also come with time constraints, which you must be mindful of before preparing your next betting slip. 

So, if you were to lose your initial and second bet, you would not get another refund, meaning that you would lose your initial stake. This is why reading the terms and conditions associated with the risk-free bet is important before staking your money so that you know what you’re getting yourself into. 

Are Risk-Free Bets Worthwhile?

Betting on sports can be risky, as so many factors can influence the final result. Therefore, a risk-free bet is a great way to protect yourself should something unexpected happen in one of your selections. For this reason, some people use risk-free bets to make a selection at longer odds than they would typically bet on. 

You might, for instance, build a five-team parlay and use your risk-free bet to place your wager. While you might ordinarily scoff at odds of +950, the fact that you get a second chance after the fact means that it’s less risky than staking your money without the possibility of getting it back if you make a bad selection. 

Ultimately, a risk-free bet is a promotion, and it’s better than no bonus at all. Read the terms and conditions carefully and understand how a risk-free bet works before taking a chance with your money. 

What Wagers can you Place with a Risk-Free Bet?

Each sportsbook sets its own conditions for risk-free bets, but you will find information relating to qualifying bets in the bonus description. In most cases, you can place totals bets, moneyline wagers, parlays, and even futures bets with a risk-free bet. Depending on your interests and preferences, you can also bet on a range of sports and leagues. 

The fact that you get a second chance with a risk-free bet opens the possibility of betting on a sport you might not ordinarily place a wager on. This can broaden your betting horizons and make sports betting even more enjoyable, which is one of the biggest advantages of risk-free bet promotions. 

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Frequently Asked Questions

What is a risk-free bet?

A risk-free bet is a type of promotion offered by sportsbooks to new and existing players. Basically, if you lose your bet, the sportsbook refunds your stake. Be mindful of any attached terms and conditions. 

Should I take a risk-free bet?

Yes! It’s essentially money for nothing. If you win your bet, you make a profit as usual. If you lose, your stake is returned. You can’t lose.

Are risk-free bets legit?

Many sportsbooks offer legitimate risk-free bets to welcome new players or reward existing players. They are safe to accept.