What are Free Bets and How do they Work?
If you’ve ever bet money on a sports game and lost, you certainly wish it was a free bet. No one wants to lose their money. And that’s where betting bonuses come in.
They protect your bankroll. And at the same time, they give you a chance to win real money. Can you survive on free bets alone? Stick around to learn all you need to know about free bet bonuses.
What are Free Bets?
Free bets are exactly what they sound like. They’re tickets to bet on a sports game without using the money in your account balance. The sportsbook gives you the stake to bet with.
Usually, many betting websites give out free bets to attract new customers. They can give you a free bet for creating an account. Or you can earn a bonus after your first deposit.
In case you’re wondering, you can withdraw money won through a free bet. However, there are rules you must follow:
Games and Odds
Betting websites select the sports and games to use with their free bets. They also pick minimum odds, say 1.50 odds or higher. Due to this, ensure you can use a bonus on your favorite sport before you claim it.
Wager requirements, or playthrough, is a rule on the number of times you must playthrough a bonus before you can cash out your profits. It involves spending real money at a sportsbook, so you need to claim a bonus with the least number of playthrough.
Naturally, everyone wants to reap maximum amounts from a free bet. Unfortunately, many sportsbooks put a cap on the maximum you can withdraw from a bonus. Choose a bookie with a generous withdrawal limit, say up to $5000.
How long does a free bet remain active? This is important if you’re aiming to use the bonus on an upcoming game. You want it to remain active as you prepare to place the bet.
Types of Free Bets and How they Work
Free bets sound like the real deal. Who wouldn’t want a chance to bet on a game without using real money? In that case, below are some popular free bets you should know.
No Deposit Free Bets
No deposit free bets are the easiest bonuses you can find at a betting website. Picture this. All you need is to create a free account. And when you login, you receive one or more free bets to use on football, basketball, tennis, boxing or any other sport.
In many cases, you’re eligible to withdraw your bonus winnings. But the house takes back its stake. Let’s say you receive a $5 free bet. Then you use it to win $15. You can keep your $15 but you won’t get the original $5 stake.
Like many bonuses, this free bet comes with rules and regulation. You might need to fulfill playthrough terms and follow rules on minimum odds and validity period.
First Deposit Free Bets
Although free bets are great, they’re hard to find. That’s because most sportsbooks prefer to give you first deposit free bets. As you might have guessed, you need to make a deposit to claim a bonus.
Usually, the specific amount of bonus you receive varies from one sportsbook to another. A 100% matched bonus is the most popular offer, though. If you deposit $10, $20 or $100, the house matches it 100%.
At some betting sites, you can receive a 200%, 300% or 500% bonus. But don’t get greedy. Take time to read the fine print behind a bonus. What’s the paythrough? How much can you withdraw?
Being a deposit-based bonus, you want the best terms for you. So, compare as many offers as you can before you claim a bonus.
Reload Free Bets
Get this. When you add funds to your existing betting account, you can qualify for a free bet. You must have gambled at a betting site severally to qualify. All the same, you can earn a 20%, 30% or 50% bonus on your deposit.
To be clear, you won’t always get a free bet every time you add money to your account. You might receive this bonus once or twice per week.
Insurance Free Bet
The best bookmakers give you an offer you can’t reject. Deposit money and make a bet. If you win, good for you. If you lose, the house gives you a free bet to try you luck once more.
In many cases, sportsbooks give out this bonus during major sporting events. For example, you’ll find it during the Super Bowl, World Cup or NHL playoffs.
Money Back Free Bets
This is one great bonus you should consider claiming. A sportsbook picks a game to bet on for you. If you win, you keep your stake and profits. But if you lose, you get your money back.
Live Betting Free Bets
In this age of live betting, you don’t have to rush to place a bet before a match begins. You can do it while a game is live. And if you’re lucky, you can receive a free bet.
Should you Claim Free Bets?
You’ve heard the saying, there’s no such thing as free lunch. Does that mean you need to be cautious about free bets? Not necessarily. Here’s why.
Risk Free Betting
The first you need to find a free bet is obvious. It gives you a chance to bet on sports risk free. No need to link your credit card or use the money in your account balance. Or you need is to choose a game to bet on.
Helps You Build Trust
So, you’re not sure whether a new betting site is genuine or a scam? Claim its free bet and find out. If it gives you the bonus and allows you to withdraw bonus profits, it’s genuine.
Helps Cushion Losses
You don’t need to use cash for betting when you’re at a generous sportsbook. You can use free bets to supplement your deposits. The best part: you can withdraw your profits.