The best type of bet is the one that doesn’t cost you anything. Winning is one way to offset the “cost” of a bet, but you can also just take advantage of free bet promotions to cut risk out of the equation entirely. Below, I’m going to explain exactly how you can use free bets offered by betting sites to make money with very little risk.
Before we get started, let’s review how free bet promotions work. A free stake or wager is a sort of promotion that some betting websites offer as an incentive for new customers to sign up and make a real money deposit. These no risk wagers usually have some restrictions associated with them, below we list a few free bets that are currently available.
How to Claim a Free Bet Offer
The process of claiming free bets is fairly straightforward. In all of the above offers, all you have to do is sign up for an account and then place your first wager in the mobile sportsbook or try an in-play bet for the first time. If you win, you get paid.
The free part comes into play when you lose your first bet. If your first bet is a loser, the book is willing to refund the cost of the original wager up to the stated maximum amount. In essence, you are “freerolling” your first wager. You either win or you get a refund.
In each of the above offers, you need to place the bet first and then wait for it to play out. If it wins, you can collect your winnings and no further action is necessary. If it loses, you need to send an e-mail to the betting site’s customer support people and tell them you would like to be refunded. They will then credit your account, typically within 48 hours.
What You Need to Know
There are just two catches to all this. First is the fact that you have to place a wager with your own money first. If your first bet loses, you are refunded up to the upper limit of the free bet offer.
The second catch is that any refunded money comes with rollover requirements just like any other bonus. Using a $50 mobile offer as an example, the rollover is six times the refund amount. So if you place a $50 wager, lose it and are then refunded $50, you’ll have to place a total sum of additional wagers equal to $300 ($50 x 6) before you can withdraw any winnings earned off the refund amount.
On a positive note, the free betting site offers that you see on this page are given in addition to the standard new customer bonuses. What you can do is claim your welcome bonus first and then go back and take advantage of any free play wagers. The online gambling industry is highly competitive and operators are willing to spend whatever it takes to attract new customers. You might as well take full advantage!
Read the Fine Print
The most important lesson in all of this is to always read the fine print before you accept any bonus or free bet offer. The promotions you see advertised can be a valuable incentive, but you need to understand how they work.
If you don’t like the terms and conditions associated with any offer, remember that you’re under no obligation to accept the bonus or participate in the promotion. All betting promotions are optional. You can always skip the promo.
Are free betting offers worth the time and trouble?
It all depends on what you’re looking for. Free sports bets require you to place additional wagers on top of the original offer, so you’re on the hook for more if you decide to take up a promotion.
The terms and conditions can diminish the appeal, but these offers do come in handy if you’re planning on being a regular customer. I wouldn’t recommend taking advantage of free bets if you’re only going to place a one-time wager and then never bet on sports again, but they can add to your bottom line if you think you’ll be doing more betting in the future.
The catch to all this is that you are almost always asked to place at least one wager of your own before the betting site is willing to give you a free bet. Thus, there’s no escaping the risk entirely. However, I do have one simple tactic that I can share with you to mitigate the risk and ensure you profit every time.
How to Take Advantage of Free Betting Offers
What we’re going to do today is take a very small step into the world of arbitrage betting. This practice is generally frowned upon by online bookmakers, but we’re not going to get into hardcore arbing today. Our only goal is to scoop up a handful of free bet offers, unload the risk onto Betfair, accept a small loss in each matched bet and then cash in on our free bets for a guaranteed profit.
If this sounds complex, don’t worry I’m going to keep it simple. What I’m proposing is to simply place bets at one online bookie and then take the other side at Betfair. Normally, this would be a losing strategy due to transaction fees and mismatched odds, but free bet offers cover the gap and give us something extra after all is said and done.
Step #1: Signup for an Account at Betfair
Visit www.betfair.com and sign up for an account there.
We’re going to be using Betfair’s exchange to help offset the risk we’ll be taking at other betting sites to claim their free wager offers. At the same time, you’ll also get free bets at Betfair that you can use later.
Step #2 Signup for an Account at BetVictor
All of the betting sites listed at the bottom of this page have free bet offers that require you to first place a bet of your own. So what you need to do is sign up for an account at one of these bookmakers, make a small deposit and then place a bet on a sporting event of your choice. Then, you’re going to back or lay the opposite side at Betfair.
Let’s star with BetVictor. Head over to www.betvictor.com and sign up for an account. Their free bet offer will match your first wager for up to £25. So make a deposit of at least £25 and then choose an event of your choice.
Step #3 Offset the Wager at Betfair
What you’re going to do next is offset the wager at Betfair by placing a “lay” bet against the team you chose at BetVictor. This way, you’re guaranteed to win one bet and lose one bet. For example, let’s take a look at a football match between Portugal and Italy.
In this picture, I have backed Portugal for £25 at BetVictor. If they win, I’ll be paid £85.
Now, I head over to Betfair and lay a bet against Portugal. Laying Portugal means I will be betting against Portugal. The backer’s stake (the money someone else at the exchange will put up against me) is £25 and that’s how much I stand to win if Portugal loses. My total liability of £65 is how much I stand to lose at Betfair if Portugal wins.
There are three possible outcomes in this match:
- Portugal loses: I lose £25 at BetVictor and win £25 at Betfair. This is a breakeven outcome minus the 5% commission taken from winning wagers at Betfair.
- Portugal wins: I win £85 at BetVictor and lose £65 at Betfair. In this scenario, I come out ahead by £20.
- Tie: I lose £25 at BetVictor and win £25 at Betfair (minus the commission).
In all three outcomes, I either come out at close to even or a little ahead. However, I’m also going to get a free £25 wager at BetVictor. I can now use my free wager at BetVictor however I want and it’s a risk-free proposition thanks to offsetting the risk earlier.
Best Free Wager Offers
Now that you know how to offset the wagers between Betfair and other sports betting sites, you can repeat the process at any number of oddsmakers. Here’s a quick list of the best free betting site offers:
|Betting Site||Welcome Bonus||Visit Now|
|Betfair Sportsbook: Bet £10 get 3 x £10 free bets|
Betfair Exchange: Bet £20 and get a refund if it loses
|Ladbrokes Sportsbook: Bet £5 or more and get a free bet of equal size up to £25|
Ladbrokes Exchange: Bet up to £10 and get a refund in free wagers if it loses
|Place a bet and they will match it with a free bet worth up to £25||www.betvictor.com|
|Place a bet of £10 or more and get 2 x £10 free bets. Use the promo code F20 to claim this offer.||www.williamhill.com|
|Treble Odds on Your First Bet||www.888sport.com|