Who doesn’t like free bets? Of course, a risk-free wager may sound too good to be true, but many online sportsbooks frequently offer free bets to both new and existing customers.
How do free bets work in sports betting? What are the different types of free bets? Are there any terms and conditions? Lucky for you, we answer all those questions in this guide to free bets.
Why Do Sportsbooks Offer Free Bets?
It may seem crazy that sportsbooks hand out free bets on a regular basis, but there is a method to their madness. Not only do free bets entice new customers, but they also keep existing customers engaged.
With hundreds of sports betting sites out there, the competition for customers is fierce. Consequently, sportsbooks must provide bonuses and promotions to stand out from the crowd.
At the end of the day, sportsbooks will benefit from dishing out free bets in the long run. If they give a customer a $10 free bet upon signing up and that customer bets with them for several years, the sportsbook will likely profit down the line.
Types of Free Bets
There are several different types of free bets that sportsbooks offer. Below, we go over three of the most common free bets that you will come across if you’re betting on sports online.
Sign Up Free Bets
Sign up bonuses are designed to secure new custom, as they are given to new players after they create an account. More often than not, sign up bonuses require you to place an initial wager, with the sportsbooks matching or bettering your stake.
Deposit Free Bets
A deposit bonus is another common type of free bet for new and existing customers. Most sportsbooks provide deposit bonuses, either matching or offering a percentage of your first deposit. However, some bookies will offer free bets instead, but you’ll need to still make a qualifying deposit.
No Deposit Free Bets
Last but not least, no deposit free bets are seen as the holy grail of sports betting bonuses. These promotions mean that customers don’t have to make a deposit to be eligible for a free bet. Many sportsbooks have no deposit bonus codes, enabling you to get a completely free bet with no strings attached.
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Free Bets Terms and Conditions
Like most good things in life, free bets come with terms and conditions. While the majority of these promotions are worth taking advantage of, you need to be aware of the terms of use.
The most common rule to look out for is the wagering requirement. Simply put, the wagering requirement is the amount of money you will need to bet before you can withdraw your bonus funds.
For example, if a $20 free bet has a wagering requirement of 30x, you will need to bet $600 before you can collect your winnings. You can work out wagering requirements with a quick sum – $20 x 30 = $600.
You should also be aware that most free bets have a stake not returned (SNR) policy. This means you only receive the profit from your free bet and not the initial stake.
