If you’ve ever visited an online sportsbook, then there’s no doubt you’ve seen promotions for risk-free bets. Risk-free bets are the primary type of welcome bonus for most sportsbooks and can be worth over $1,000. They’re also offered as a form of weekly bonuses for select sports on some online sports betting sites to engage more users and promote new betting features.
A risk-free bet offer is not bonus money but bet insurance, meaning that you must risk your first cash bet amount, and if it loses, you will get equal to your first bet in free bets. This guide will show you the best risk-free bet offers in the U.S., how to use a risk-free bet, when to use a risk-free bet, and how to maximize these offers on different online sportsbook apps.
What is a Risk-Free Bet Bonus?
A risk-free bet bonus is a bet that’s insured by the sportsbook, meaning that if it loses, you will receive site credit of equal value. Unfortunately, this is not a deposit match, so you will not be able to withdraw this bonus if your first bet loses; you will need to place another bet and win it to get your money back.
If your risk-free bet wins (your second wager), your account will be credited with your winnings, not the stake from the first wager. You can use your free bet on parlay bets, round robins, or straight bets as long as they qualify and reach the minimum odds requirement, which is typically around -250.
Are Free Bets the same?
No, they are not. Free bets are when the sportsbook you’re using gives you a certain amount of money to bet with in the form of a free bet. Risk-free bets require the user to risk their money on their first bet in return for a site credit (or free bet) of equal value if it loses.
Free bets are risk-free because they do not require you to risk anything, but they are primarily earned through rewards programs and promotions, whereas risk-free bets are received through sign-up bonuses.
How do Risk-Free Bets Work in Practice?
Let me explain how risk-free bets work with a few examples with the different possible outcomes. First, I will be describing a scenario in which a bet is made as your initial bet, followed by a free bet.
The first is a New York Yankees moneyline bet with odds of +135. You’re using a risk-free bet worth up to $1,000, so you decide to maximize your possible winnings by putting $1,000 on it. If the bet wins, you collect your money like a standard bet, but if your risk-free bet loses, you’ll be credited by the sportsbook with a $1,000 free bet.
Let’s say your first risk-free bet loses; you will receive a site credit in the form of a free bet worth $1,000 that you can place on qualifying wagers that meet the exact requirements and minimum odds as your initial bet. These free bets work as regular bets and require them to be winning bets to collect money, so be careful about how much money you risk because you may never see it again.
To apply your risk-free bet, you’ll have to select a bet like normally, then in your bet slip, apply the offer before submitting it. Generally, a bonuses button will be underneath bets in your bet slip, like the one pictured below.
5 Best Apps with Risk-Free Bets Offers
This section will cover the five best sportsbook bonuses that are risk-free bets in the industry and how to get each risk-free offer. If you’re new to these sportsbooks, you can get these offers by registering for an account using our links and entering our exclusive promo codes.
PointsBet Sportsbook – $2,000 Risk-Free Bets
The sports betting site with the best risk-free bet offer for new users has to be PointsBet because you get two risk-free bets worth up to $500 and $1,500 respectively, effectively giving you four different chances to win cash.
This offer is for new customers who do not have an account with the online sports betting site and can be used on your first wager if it’s a qualifying bet that follows the minimum odds and wager amount. PointsBet has the most lucrative sign-up offer in the sports betting industry and has one of the best user interfaces in all sports betting.
Registration Link: Here!
Promo Code: GUSA
Caesars Sportsbook – $1,500 First Bet Insurance
The Caesars Sportsbook offers a welcome bonus of risk-free betting offers worth up to $1,500 on your first bet. Bet insurance works precisely like risk-free bets and can only be claimed if your first bet loses because it is not free money but insurance on your original risk.
This is one of the best risk-free betting sites because they offer many more risk-free bets other than their initial bonus. Caesars has one of the best rewards programs out of any other sportsbooks from this list and frequently offers risk-free bets as a form of promotion that users can receive for reaching goals set by the app.
Registration Link: Here!
Promo Code: GUSA15
FanDuel Sportsbook – $1,000 Risk-Free Bet
FanDuel has an average sign-up offer of a risk-free bet worth up to $1,000. You’ll need to use your own money to place the single free bet. However, you’ll only receive your bonus cash (in the form of free bets) if you have a losing wager.
FanDuel is one of my favorite sports betting sites, and their sportsbook bonuses are top tier. It may have started as a daily fantasy sports platform, but it has quickly adapted to the sports betting landscape and is now the country’s largest sportsbook. FanDuel prides itself on the sheer number of bets they offer and has some of the most unique prop bets in the industry and a custom bets feature.
Registration Link: Here!
Promo Code: None
BetMGM Sportsbook – $1,000 Risk-Free Bet
The BetMGM app has the same bonus as FanDuel for new customers; however, it’s not as good of an online sportsbook overall (because FanDuel is the 2nd best sportsbook in the U.S.), so I’m putting it lower on the list. Use our bonus code during registration to get your risk-free bet offer before you start betting!
BetMGM might not have the best risk-free bet offers, but it makes up for it by being one of the best online sportsbooks in the country. It offers a plethora of betting markets, multiple bets with odds boosts every day, and has some of the best odds in the business!
Registration Link: Here!
Promo Code: GAMBLEUSA
Tipico Sportsbook – $750 Risk-Free Bet
If you haven’t heard of Tipico Sportsbook yet, I promise you; you’ll start hearing about it very soon. It’s currently only operating in New Jersey and Colorado but is coming to Indiana, Iowa, and Ohio by the upcoming year and will be expanding rapidly from there on out. The $750 risk-free bet is a tad smaller than their huge competitors, but a sportsbook of this size typically offers bonuses with a max of $250-$500 and even beats out a big book like Fox Bet.
Tipico has an enjoyable user experience and offers several different bets, such as same-game parlays, futures prop bets, and teasers. It has an immaculate design and offers bonuses like an odds boost or free bets that can be earned by fulfilling tasks for these rewards.
Registration Link: Here!
Promo Code: None
How to Select the Best Risk-Free Betting App
The only sites that new bettors should use for risk-free betting are the ones that have the best value and are the easiest to use. The sports betting industry is so over-saturated that there’s no excuse for not having a competing offer and a solid user interface, but how do you judge sportsbooks on these two things?
It’s pretty simple, just look at the following factors below and compare the betting sites and apps you’re thinking of using to find out which is the best for risk-free betting.
- The overall value of the risk-free bet
- Whether or not they offer you multiple free bets
- How the bonus will be given to you if your bet loses [bonus money/free bet(s)]
- How good the overall user experience is of the app
- What type of bets can you use your risk-free bet on
Risk-Free Bets Terms and Conditions
Sportsbook bonuses will always have different exact risk-free bet terms and conditions. However, they are traditionally more or less the same. Generally, risk-free bets have a minimum odds requirement, a minimum, and maximum betting amount requirement, and betting type requirements.
The odds requirement for PointsBet requires new users to bet on fixed-odds markets with at least minimum odds of -200. Fixed odds markets mean markets that are not active in in-play betting. This means that users using their risk-free bets cannot use them on live betting opportunities and have to use them on pre-game betting.
The minimum risk on PointsBet to receive your risk-free bet promotion is $0.50, and the maximum risk is $1,000. This means a user cannot bet less than 50 cents or more than $1,000 to claim their risk-free bet with their first bet.
Pros and Cons of Risk-Free Bet Bonuses
There are a lot of pros and cons to online sportsbooks switching the predominant bonus for new customers to risk-free bets. I personally was a huge fan of deposit bonus offers because the bonus wasn’t hindered on a small number of bets. Still, sportsbooks were clearly losing out on some money because they are almost nonexistent now.
Having said that, several things are still very good about them, so below is a list of the pros and cons of risk-free bets.
- It’s bet insurance!
- It allows you to bet big to get a big bonus because you have a safety net
- It can be maximized with parlays
- Low wagering requirements
- It’s still possible to lose
- It’s not free money
- Used for betting only
Maximizing your Risk-Free Bet Bonus
If you’re interested in how to get the most from your risk-free bets, then look no further than this section! Below are a few tips and a risk-free bet strategy to get the most from your new customer bonus and get some quick bonus cash.
To start with some risk-free betting tips, I believe it is essential to find out what you’re trying to get from your risk-free bets before deciding what to bet on.
- Do you want to maximize your possible winnings or be sure you win your bet?
- Do you want to risk a lot to win about the same amount, or do you want to risk a little to win a lot?
- Do you want to place a straight bet or a parlay?
After answering these questions, you’ll better understand what kind of bet you want to place with your risk-free bet. If you want to maximize your possible winnings and risk a lot, you’ll likely place a parlay or underdog bet with better odds to get the most out of your bonus.
Users who want to make sure they win their bet and are willing to risk a lot are likely to place a sizable straight bet on a favorite that they might think locks. If you’re not willing to risk a lot, however, you’re much more likely to place a large parlay with your risk-free bets to get colossal pay profit from both the stake and the bonus.
The risk-free betting strategy I use incorporates the tips above to give me two chances at a big bonus. First, you’ll want to decide on the amount of money you’re willing to risk on your first bet.
Next, I like to swing for the fences on the first wager, and if I lose, I use the free bet on a more sensible bet with a much better chance of winning. For example, your first bet should be a parlay or an underdog bet with good odds (over +200 is ideal) to maximize your potential winnings from the risk-free bet.
If the bet loses, you’ll get the opportunity to place another and use your free bet, which is when you should place a straight bet or a parlay with a few moneyline favorites. Users who place a small parlay help increase their odds but keep it a likely winner, which gives them a chance to win close to their first bet.
This strategy helps users get a chance to place two bets that allow them one chance at a considerable profit, followed by a chance to secure the bonus if they lose the first one. If your first bet is a winning bet, congrats, you’ve beaten the sportsbook!
Signing Up with a Risk-Free Sports Betting App
As with terms and conditions, all sportsbooks will have different requirements and registration processes. However, they will more or less be the same for each one. If you’re looking to get your risk-free bet bonuses, then you’ll want to follow their process to ensure that you get the bonus for new customers.
First, you’ll want to click on our links above for each of these sportsbooks so that you’ll be signing up with our link for our exclusive offer. From here, you’ll be required to register for an account by entering some personal information to verify your identity and adhere to local state legislation. Most online sports betting sites will require the following information (and possibly more) to sign-up for an account.
- Full name
- Date of birth
- Phone number
- E-mail address
- Last four digits of your SSN
While you’re entering this information, you will also be required to make a password for your account on the sportsbook you’re signing up for and accept their terms and conditions. During this process, you’ll also have the opportunity to enter a promo code to secure your sign-up bonus, so be sure to check above for all promo codes!
States with Risk-Free Betting Apps
Several states allow apps to use risk-free bets as promotional offers, but some do not. If you’re looking for risk-free bet offers, you’ll find them on most sportsbooks in the following states and territories.
- New Hampshire
- New Jersey
- New York
- Rhode Island
- Washington D.C.
- West Virginia
Make the Most of Risk-Free Bets in Your State
If you’re in a state that offers risk-free bets as a form of promotional offers, then be sure to claim all the ones you possibly can! There isn’t a rule against signing up for new risk-free betting sites to get their sign-up bonuses, so be sure to use as many as possible!
Don’t blow your money and max out every risk-free bet offer you have access to; however, definitely use them! Find the sportsbook bonuses that fit you best and use several different sportsbooks so you can constantly compare them and find what works best for you.
Even better, use competing sportsbooks’ risk-free bets simultaneously to hedge your bets. Hedging like this allows users to take advantage of these promotions by getting a win no matter what, then to do the same thing with the free bet from the bet you lost and the winnings from the bet you’ve won.
Ensure you’re hedging on straight bets and not parlays to get the most consistent results. If you’re thinking about hedging on a parlay, be sure it’s not something with too many legs because each change will cause your hedge to be less likely to win.