Risk free bets (also written as risk-free) is one of the most common promotional offers from major sportsbooks. Despite the term ‘risk free bet offer’, most offers come with certain conditions attached. Knowing how to take advantage of risk free sports betting is one of the greatest skills a punter can develop.
So what are they, exactly? Risk free bets refund users in the even they lose their first wager with a new sportsbook. Others provide bonus credits rather than refunds. The range of risk free online betting varies greatly, as do the terms and conditions that apply.
In this article, we’ll cover topics like:
• Which risk free offers are available from leading sportsbooks
• How risk free bets work
• Common conditions attached to offer
Since sports betting was legalized in the US in 2018, leading sportsbooks have been looking for an edge when it comes to attracting new punters. For this reason, those looking to try out sports betting have unprecedented access to risk free online betting deals.
Here are six of the top sportsbooks that currently have a risk free bet offer:
FanDuel: Once a fantasy sports and DFS provider, FanDuel has since become one of the most popular and competitive sportsbooks in the US. Their browser and mobile interface are industry-leading, while their range of markets can’t be beaten. The FanDuel risk free bet offer stands at $1,000.
DraftKings: Much like FanDuel, DraftKings got its start as a DFS provider, then launched its own sportsbook. As one of the most recognized brands in sports betting and fantasy sports, DraftKings is available in a large number of US states. The DraftKings risk free bet stands at $1,000.
BetMGM: Launched from the well-known MGM brand, BetMGM is now available online in most US states. A few standout features from BetMGM are its wide range of betting options, as well as its varied promo offers for those who sign-up. For example, they offer special deals on the NBA, MLB, and parlay bets. The current BetMGM risk free bet offer stands at $600.
Unibet: Since 1997, Unibet has been one of the most respected global betting brands. They have reliable live streaming options that are industry-leading, as well as an incredible range of betting options. Their risk free promo is one of the few that doesn’t require a deposit. Their risk free bet offer stands at $250.
Bet365: Like Unibet, Bet365 is a globally recognized brand. They offer bets on all major sports worldwide, as well as live streaming and in-play betting markets. The sportsbook is known for their timely withdrawal and customer support services, which makes them a favorite with punters. Their risk free bet offer stands at $500.
Borgata: Borgata is an online sportsbook launched from Atlantic City’s most successful casino-resort of the same name. Borgata is known for their functional interface and variety of bets on all major markets. For the time being, Borgata is only available in the state of New Jersey. Their risk free online betting offer stands at $300.
Risk free bets are promotional offers extended to those who sign up with a sportsbook for the first time. At their most basic, they’re an opportunity to recoup the losses of a losing first bet, and usually are equivalent to the first amount wagered. Risk free sports betting offers are one way that sportsbooks can entice newcomers to try out their platform.
Should a bettor win their first bet, they’ll receive a payout as usual. However, in the event a punter loses this first bet, a sportsbook will offer them their money back—in the form of site credit, another free bet, or bonus cash that can be used on another bet. Let’s take a look at an example. The FanDuel risk free bet currently offers a $1,000 welcome bonus. Say you decide to back the +260 Brooklyn Nets in an NBA Championship futures bet and wager a total of $500. Should the Nets defy the Lakers and take the title, you’d net $1,300 from the bet (plus the original $500 wagered for a total of $1,800).
However, should LeBron and Anthony Davis shut out the Nets, then the original $500 wagered would be refunded via site credits. This means you can put that $500 in site credit toward another bet without having to make another deposit yourself. Keep in mind that if the refunded $500 in site credit is wagered, and then lost a second time, then the original $500 deposited by the new user is lost.
Betting pro tip: even after you’ve bet your risk free offer, keep an eye out for emails from sportsbooks. Some will include exclusive promo offers not found online.
Each risk free sports betting offer comes with its own set of terms and conditions. It’s important to read the fine print, as these conditions affect how refunds are made and how they can be reapplied. In the end, many risk free bets aren’t always risk free.
Some sportsbooks, like FanDuel and Unibet, offer refunds for lost bets as site credits. Should the site credit wager pay out, the user is paid their original stake, plus winnings. Other groups like BetMGM and FOXBet, offer refunds through site credits, but will only pay out winnings (excluding the original stake). Be sure to check the fine print for how credited bets pay out. Other groups will pay out in bonus credits, which can only be applied on certain bets or within certain timeframes. Others have specific odds requirements. In the case of BetAmerica’s risk free bet offer, odds can’t be better than -250.
The ‘truest’ risk free bets offered by sportsbooks are ‘matches’, written as risk free match bets or deposit match bonuses. This means a sportsbook hands you the cash equivalent of your first deposit (with a max amount).
For example, SugarHouse offers a 100% deposit match up to $250. This means users will be given another $250 should they deposit the maximum of $250. Unlike many other sportsbooks, this is a truly ‘no strings attached offer’. To cash out the deposit match from SugarHouse, users only need to bet it through once.
Conditions vary with each risk free bet. Typically, if a sportsbook offers horse racing, then a risk free bet offer can be applied to a horse race. However, many US-based sportsbooks don’t offer wide coverage of major horseraces aside from Triple Crown events (Preakness Stakes, Belmont Stakes, and Kentucky Derby).
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