Are Risk-Free Bets Worth Your Time?
3 minutes
Last Updated: October 15, 2022
If you have been involved with online sports betting in any capacity, you have probably heard or seen a promotion called that bookmakers refer to as risk free bets.
At first glance, the risk free bet looks like a no-brainer, as it sounds even more appealing than standard bonuses offered by the likes of online casino Singapore.
After all the name of the promotion emphasizes that there is no risk involved.
But is it really as simple as that, or are there any other factors that have an impact on how this promotion is used? Well, let’s find out.
The Difference Between a Free Bet and a Risk Free Bet
Punters that are new to betting often confuse the risk free bet with the free bet, but they are two completely different promotions.
How Free Bets Work
The main difference between these two promotions is that a free bet can be claimed even if a bettor does not have any funds in his account while the risk free bet can only be used if the punter already has money available.
This is because, when a bookmaker awards a free bet to a player, they can use it to place a wager. If the bet comes in, the bookmaker will deduct the amount of the free bet from the winnings before settling the bet.
For example, if you place a $100 free bet on odds of 2.00 and win, the operator will deduct the amount of the free bet ($100) from your total winnings ($200) and place what is left ($100) into your betting account.
How Risk Free Bets Work
When it comes to the risk free bet promotion, there are a few different variations, but to claim each one of them, the player must have funds in their account.
The risk free bet gives you a chance to place a real money bet with your own funds, but if the bet losses, the bookmaker will return the stake in the form of bet credits or a free bet.
For example, if you place a $100 risk free bet on odds of 2.00 and win, you will get $200 into your account, and if you place a $100 risk free bet on odds of 2.00 and lose, you will get a $100 free bet or $100 in bet credits to your account.
Are Risk Free Bets Worth It?
If you are wondering if you should sign up for a betting site just to take advantage of this promotion, the answer is no.
In the large majority of cases, wasting time signing up to a new betting site just to take advantage of a risk free bet will not be worth it.
However, if you already have an account on a betting site that offers a risk free promotion, there are a couple of things that you can check in the terms and conditions of the promotion to evaluate how valuable it is.
The thing that will make any risk free bet promotion worth your time is if it is stated in the terms and conditions of the promotion that the bookmaker will refund your losing bet with real money.
This means that you really have nothing to lose, as the refund of the bet will not come in a form of a free bet or bet credits which are much less valuable because they also come with their own terms and conditions.
You should also check to see if there are restrictions on what the risk free bet can be used.
These can include the type of market (for example money line bets, over-under bets, or handicap bets) or even sports (basketball, football, baseball, ice hockey).
If you are not familiar with the markets or the sports that are eligible for the risk free bet, it might be better to stay away from the promotion.
Also, don’t forget to check how you can qualify for the risk free bet. Different betting sites have different rules, and the last thing you want to do is place a bet that you think is risk-free, only to be unpleasantly surprised when you don’t get a refund on a losing wager.
Final Thoughts
Most promotions that bookmakers offer are not as nearly good as they seem and the risk free bet is no different.
However, in some situations and under certain conditions, it can be worth your time to participate in this promotion.
The key is to take the time to evaluate all the terms and conditions and make sure you know what you’re getting yourself into. If you’re happy with the terms, risk free bets can be a nice way to boost your betting bankroll.
