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Risk-free bets

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One of the most sought-after types of bonuses is the risk-free bet. They give you the chance to place a bet that, even if you lose, you don’t also lose your wagered money. But, there’s a lot more to risk-free bets. In this article, we’ll be asking some of the most commonly asked questions about this type of bonus.

We’ll cover everything from whether are risk-free bets worth it, to how they work. All of this information will help you decipher a good risk-free bet offer versus a bad one. Each sportsbook has its own rules around this, and so, you need to make sure you understand the terms and conditions such as the wagering requirements. If you have questions about how risk-free bets work, then read on.

How do risk-free bets work?

A risk-free bet works by giving you the chance to place a wager with your own money, but if you lose the bet, you will get a full refund from the online sportsbook. The refund is usually done in betting credits, meaning that you can’t instantly withdraw them before meeting the wagering requirements.

An important consideration for risk-free betting is the terms and conditions. Since it’s such an attractive offer, most sportsbooks will have strict rules around how to claim the risk-free bet, where you can use it, and under what circumstances you can withdraw the winnings. Understanding this goes a long way in ensuring that you take full advantage of the risk-free bonus. There are a number of strategies you can apply to help you win your risk-free bonus. When you know the rules, you’re able to apply the right strategy to help increase your chances of increasing your bankroll from the risk-free bet.

How to claim risk-free bets on US sportsbooks

Now that you know what a risk-free bet is, let’s explore how to claim one. Below, we’ll give you a step-by-step guide on the process of getting this coveted type of bonus on any betting app. It’s a great way of ensuring that you’ll tick all the right boxes you need to find your account credited with a risk-free bonus that’ll be ready for you to use.

  1. Pick a sportsbook that offers a risk-free bet on our list – There are always many sportsbooks offering different types of bonus offerings. You need to make sure that you pick on that has risk-free bets. This information is clearly stated, along with details of how much the risk-free bet is worth. While checking, make sure that you check the terms and conditions. This piece of research will help you select the best possible risk-free bet offer based on your preferences. If you’re comfortable with a risk-free bet that can only be used on a specific sport that you know nothing about, then go for it if you feel the experience would be worth it. In addition, ensure that you know up to how much the sportsbook would be willing to cover for you with the risk-free bet. So, if you’re a high roller who enjoys placing big wagers, make sure the sportsbook is happy to still let you use the risk-free bet. You can double-check this with the site’s customer service team at the online gambling site.
  2. Sign up with your details – When you’ve identified your preferred sportsbook, it’s time to create your account. With an account, you’ll be able to deposit money into it and start placing bets. Fortunately, most sportsbooks have a very straightforward registration process. There’s usually a short form to fill out with some of your details. Be prepared to provide a unique username for your new account, your email address, and a secure password. When it comes to the password the sportsbook is likely to guide you with making sure it’s secure by asking you to include a capital letter and symbol, for example.
  3. Use the promo code if needed to receive your risk-free bet – If you have a sportsbook promo code, you’ll be asked to enter this during the sign-up process. There’s a section on your registration page where you enter the promo code before you can click the final button to create your account. If the promo code is not working, double-check that you’ve copied it correctly. You can also check with the customer service team for assistance. The code may have expired, or it’s not valid for this specific sportsbook. However, some sportsbooks might not need you to enter a promo code in order for you to get a risk-free bet. Simply completing the sign-up process is enough for you to get the free bet credited to your account.
  4. Read the terms and conditions of the risk-free bet – Make sure that you have a good understanding of the rules of the risk-free bet offer. This will help to make sure that you’re following the rules that’ll make you qualify for the bonus. Also, as mentioned previously, each sportsbook has its own rules, so you can’t assume that you know the rules based on your previous experiences.
  5. Place your risk-free bet – When you have your risk-free bet reflected in your account, it’s time to place a wager. The sportsbook will likely have lots of odds for games currently being played or will soon the played. Check out the many betting types they have available and place a bet using your risk-free bonus.

Tips when betting risk-free

Having a risk-free bet in your pocket requires quite a bit of strategy to ensure that you get the most out of it. That’s why we’ve added this section for you to help guide you toward the successful use of your bonus:

  • Use the risk-free bet on an outsider: When you bet on an underdog, you’ll win more. Obviously, when a strong team plays against a weaker one, there’s a high possibility of the strong team winning. But, if the outsider pulls off a surprise win, your winnings will be much higher. Since you’re using a risk-free bet, you have “nothing to lose” if the outsider loses, but, you have everything to gain if they win.
  • Don’t use more than the risk-free bet on one wager: This will help you manage your bankroll. It’s a way of making sure you’re responsible for the risk-free bet and that you’re not making unnecessary risks on your available funds.
  • Research the game you are using the risk-free bet on: Once again, being responsible with your risk-free bet is important. You don’t just want to waste it on a game you didn’t properly research on. There are dozens of sports from around the world, and if the risk-free bet can only be used on a specific sport, find out how it works if you’ve never watched it. Get an understanding of the game, the teams that play in it, and which are the best teams or players.

Pros and cons of risk-free bets

As with all things in life, there are benefits and drawbacks to risk-free bets. It’s important that you’re aware of both. This will help you answer the question: are risk-free bets worth it? By the time you’re done, you’ll have a good idea of what a good risk-free bet offer looks like versus an unfavorable one.

Pros of a risk-free bet

  • No risk to your own bankroll: Your funds will be secure, even if you place a wager on a risky bet. Simply based on how risk-free bets work, your bankroll won’t be affected and you still have enough money to continue betting on various sports.
  • Fun to use: Sports betting is already a very exciting pastime. But when you add a bonus such as a risk-free bet, this makes it even more exciting. You’re able to place bets using strategies you may never have otherwise, and seeing if they work adds to the thrill of the betting experience.
  • Try out new games: Since you don’t have anything to lose in terms of money, you have the chance to try out a sport or game you’ve never bet on before. Sometimes you’re forced to bet on a specific game because of the risk-free bet’s terms and conditions. But it’s not always a bad thing. You’re given the chance to try a game you may never have before.

Cons of a risk-free bet

  • Wagering requirements: Wagering requirements are a very common rule for risk-free bets across all betting sites. What this means is that there are rules on where you can place bets with the protection of the risk-free bet and for how much. That’s why you need to read the terms and conditions to make sure that you fully understand the wagering requirements.
  • Promo code: Finding promo codes can be difficult since you need to filter through valid ones and the right ones for sportsbooks allowed to operate in your state.
  • Generally for new players only: Since bonuses are part of marketing strategies for sports betting, they are used as a way of attracting new players. Only new players who’ve never played on the sportsbook will qualify for the risk-free bet. If you already have an account with a specific sports betting site, you’ll have to look for a different bonus from their promotions page.

Rules and requirements for risk-free bet bonuses

If you want to learn more about how to use risk-free bets, continue reading. This section is quite important because you’ll learn the rules around this type of bonus offer. Each sportsbook has its own terms and conditions, and that’s why you should read them. But, below, we’ll take a look at the most common rules and requirements:

  • Need to be a new player: Since it’s usually a welcome bonus, you won’t be able to claim a risk-free bet, even if you have a valid promo code.
  • Need to deposit a minimum amount of money: Sportsbooks usually have conditions such as “deposit $100 and get a risk-free bet on your first wager”. This means, you still need to add money into your account which you might end up losing after the risk-free bet has been used, and you lose a bet.
  • Odds requirements: There’s a possibility that you might be required to place bets on games with certain odds, which limits your choices when you use the bonus.

FAQ

Do I need to deposit to get a risk-free bet in the US?

Yes, you need to make a deposit in order to get a risk-free bet. Each sportsbook will have its own deposit requirements so that you qualify for the bonus. A similar kind of bonus that usually doesn't require a deposit is the free bet bonus.

Are risk-free bets worth it?

Yes, risk-free bets in the US are worth it. Although, it depends on the terms and conditions of the particular sportsbook you are using and what you want out of the experience of using it. If all you want to do is to safely make your first bet knowing that your money is safe if you lose, then yes, they are worth it. But, unfortunately, all other bets you’re going to place won’t have the protection of a risk-free bet.

Why do sportsbooks in the US offer risk-free bets?

The primary reason why sportsbooks offer risk-free bets is to attract new customers. They want to give you an incentive to try out their betting site with the knowledge that you won’t lose money on your first bet.

Are risk-free bets really risk-free?

No, they are not completely risk-free. At the end of the day, it's only one bet that’s safe when you use the risk-free bet. Your money on subsequent bets is not protected if you lose.