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The Purpose of Free Bets
Have you ever noticed the bookmakers on your local high street handing out free bets? No? Well, there’s a good reason for that and that is - they don’t need to. If a punter walks by and decides to enter a betting shop, they’re almost certain to part with some money.
Bookmakers based online cannot rely on someone passing by their site and placing a bet on that night’s game though, of course.
This is why they offer Free Bets. By offering something for Free, the customer is, more often than not, sucked into signing up to the offer and creating an account, which is the number one aim.
From there, at least from the bookmaker’s perspective, it’s hoped the punter is unsuccessful in gaining anything from their free bet and, from then on in, continues to fund his or her betting account, whilst adding to the profit margins of the company.
The process is simple, yet very effective for the bookies. But as they say, knowledge is power and by becoming familiar with the various types of free bets available and conditions to bear in mind, you can make the bookies wince at the profits made from a free bet.
Types of Free bets
Some use the term ‘Free Bet’ for all welcome bonuses but it’s our aim at BetBlazers to make a clear distinction between the various forms to avoid any grey areas.
Here are the most common versions of the Free Bet offer:
The most common type of free bet does exactly what it says on the tin. Upon signing up with a bookie, you’ll be rewarded with a free bet, at the expense of the bookmaker, no questions asked. If you win with your free bet, you keep the winnings, though often the value of the original free bet is taken from the winning amount. New customers are always the main target but the offering can also be put the way of existing customers during promotions.
Risk Free Bet
Where this type differs from the above is the fact you need to place a bet with your own money. The bet works as it would normally; should you win, you keep the winnings. However, the beauty of the ‘risk free’ element of this bet, means losing the bet will still see the original stake credited to your account. So you’re betting risk free, more or less. We say this as your original stake may be subject to a wagering requirement prior to being withdrawn, a factor you will need to keep in mind in terms of free bets and betting in general.
What is a Free Bet?
A free bet (or risk-free bet) basically means that you get your deposit back if your bet loses. In essence, the bet is at the To have the chance to place a bet on a match, tournament or race without having to part with your own cash is extremely attractive, and it’s easy to understand why it appeals to so many punters. But before you take part in a risk free bet it’s important to know what terms and conditions may or may not apply.
The majority of terms and conditions for a risk free bet tend to vary depending on which betting site you choose to go with. Sometimes a betting site will ask you to make a deposit or place a bet in order to activate a risk free bet. When you activate your bonus the betting company is therefore assured of your next bet. If your bet ends up in a win then you get to keep the winnings. And if you don’t win? Then the betting site will refund your bet, but most likely in the form of bonuses.
Something you need to take into consideration when it comes to a risk free bet are any potential requirements the betting site will expect you to fulfil, so always make sure you read the fine print. Be aware of any preconditions that a risk free bet may come with so you don’t get any funny surprises.
Common Conditions of Free bets
As you’ve no doubt already sensed, a Free bet can carry certain stipulations which you need to consider, some of which may not be so obvious at first.
You’ll find many bookies set the odds from which can you bet. Common minimums tend to range from 1/2 (1.50) or 1/1 (2.00), also known as evens.
The term which hangs about like a bad smell is also present around a free bet. Some bookies will require you to use your free bet a number of times before it can be withdrawn.
Don’t forget about your Free Bet as it may be expire quicker than you think. Common time limits range from between 7 and 30 days and if you miss the cut-off date the free bet is invalid and you've let a golden opportunity pass you by.
Certain markets or bet types may be excluded from the offer. This tends to include accumulators for instance.
Wagering Requirements & Minimum Odds
Betting sites tend to differentiate themselves when it comes to the terms and conditions attached to a risk free bet. So in order to maximise the potential of a risk free bet it’s important to know if there are any requirements that come with it. Some betting sites pay back your deposit in cash and other bonus sums. To get the chance to cash it out of your account, betting companies often ask you to fulfil a wagering requirement, which means you have to wager your bonus sums a certain number of times before you can claim them as winnings. It’s also quite common for betting sites to require you to play matches with minimum odds for your bets to be counted in the wagering requirement.
Betting sites in many cases stipulate that their wagering requirements should be met in a given time or a certain validity period.
Example of a risk free bet
Let’s say that a betting site usually offers a 100% risk free bet on deposits including and up to £50. To have the chance to take out your winnings the betting company requires you to wager the bonus amount six times against odds of a minimum of 1/2. You then go on to place a bet of £50 and lose, but you also get back your original deposit. But to able to take out your bonus sum you’ll need to bet for an amount of £300, i.e. £50 x 6.
Other Types of Risk Free Bet
A risk free bet can often come in the form of a welcome bonus or deposit bonus. But betting sites will even have promotional offers where they will offer a risk free bet in connection to larger sporting events. So keep a sharp eye around the time of national tournaments, for example the World Cup, or even if the Olympics is on the horizon.
Which Betting Sites Will Offer a Risk Free Bet?
The majority of betting companies offer various types of promotions with a risk free bet in one way or another. The most common occurrence is in the form of a welcome bonus as a newly registered customer. Likewise, if you are already an existing customer you may be given a risk free bet as a reward for your loyalty to a betting site. A risk free bet can also be given as form of loyalty bonus if you make a number of bets over a certain period for example. By clicking on the promotional offers page on a betting site you’ll be able to see what’s on offer.
A risk free bet is usually offered to new players as a welcome bonus or promotional offer, so it’s always worth creating an account with a betting site to take advantage of such an offer.
Free Bets FAQ
What actually is a risk free bet?
A risk free bet means that you get money back regardless of if you lose your bet. Normally you get the whole deposit back directly into your account. The terms and conditions for a risk free bet can vary depending on which betting site you are registered with, or which type of promo offer you are dealing with. The amount you may be required to deposit into your account or to place a bet with in order for you to qualify for a risk free bet is something you should pay special attention to. There may even be wagering requirement attached to your risk free bet, so make sure you read the terms and conditions beforehand.
How does a risk free bet actually work?
A risk free bet works in such a way that you place a bet on a betting site that in turn will pay you back even if you lose.
For example: Let’s say a betting company offers you a risk free bet on the Chelsea - Arsenal match at the weekend when you’ll get up to £10 back if you lose. So you go ahead and put £10 on Arsenal to win. The match ends in a draw and the betting company gives you back the £10 you bet. It’s just that simple.
What does a risk free bet with a deposit requirement mean?
A risk free bet without a deposit requirement is seldomly offered. It basically means that when a betting company for example gives a new customer £10 without the need to actually make a deposit in your account. If you lose this £10 you get your money back anyway and a new chance to place a winning bet.
What’s the difference between a risk free bet and a free bet?
A risk free bet means that you have to make a deposit and then you’ll get it back if you lose your bet. A free bet means that the betting site will give you 'cash' to play with without giving you anything back if you lose. It’s often required that you have money in your account to play a risk free bet. The difference between a free bet and a risk free bet is that with a free bet you normally don’t need money in your account to place a bet.