Risk Free Bet Offers & Promotions

Your Guide to the Best Risk-Free Bets

These are the best risk-free bets available right now.

ByKevin Davis

Mar 21, 2022

If you live in a legal sports betting state, then chances are that you have seen or heard a sportsbook ad where they mention risk-free bets. Sportsbooks have many types of welcome offers, but risk-free bet offers are the most common.

You could be on Spotify or watching TV, and then an ad comes on saying that if you sign-up for a particular sportsbook, your first bet is risk-free. While this sounds too good to be true, it’s surprisingly true.

Below I go over what a risk-free bet is, the best offers, the best risk-free betting sites, and some risk-free betting strategies.

What Is a Risk-Free Bet?

A risk-free bet is a bet where if you lose your bet, you get something back in return. This could be a site credit or a free bet.

Site credit or cash risk-free bet offers are best for the customer as customers get their initial stake in addition to their winnings on winning bets. Free bet risk-free offers are not as good for bettors, as you only get your winnings back on winning free bets and not your stake.

For example, if you use a $100 free bet on a +200 money line underdog and it wins, you only get $200 back. However, if you have site credit and you bet $100 on a +200 money line, you receive your $100 stake back in addition to your $200 in winnings.

That is why I personally prefer to use the term risk-reduced bet, as it is not completely risk-free, but your risk is significantly reduced.

Best Risk-Free Betting Sites

Fubo Sportsbook

  • Risk-Free Bet: With Fubo Sportsbook, if your risk-free bet loses (-200 odds or greater), you will get 100% of the bet returned to you in the form of promotional credit. This can be used as bet credits in any denomination, meaning that it does not need to be placed all on one bet. Your risk-free bet is insured up to $1,000. You need to use these bet credits within 30 days.
  • Pros: Fubo Sportsbook is still relatively new to the game but does offer daily odds boosts and we look forward to what Fubo will offer in the future.

FanDuel Sportsbook

  • Risk-Free Bet: FanDuel Sportsbook provides a risk-free bet of up to $1,000. If your bet loses, you will be refunded in site credit. Site credit is non-withdrawable, but any winnings from bets with site credit are immediately withdrawable. You need to use your site credit within 14 days.
  • Pros: FanDuel has more betting options than most sportsbooks and the app interface is easy for customers to use. There are so many player props to choose from, helping differentiate the site from its competitors.

BetMGM Sportsbook

  • Risk-Free Bet: BetMGM Sportsbook offers a risk-free bet with a maximum of $1,000.  If it loses, you get up to $1,000 in bet credits. If your bet is greater than $50, you will receive free bets in 20 percent denominations. This means that if you put a $1,000 bet and it loses, you will receive five $200 free bets. If it is less than $50, you will get one free bet in the full amount of your original wager. These must be used within seven days.
  • Pros: BetMGM has a ton of useful promotions with several odds boosts to give you better value on your bet. There are also live streams on selected events, allowing you to follow your wager in real-time.

PointsBet Sportsbook

  • Risk-Free Bet: PointsBet Sportsbook is offering a two-part risk-free bet offer. The first is a $500 risk-free bet on any standard fixed odds bet, and the second is a risk-free shot up to $1,500 on their exciting PointsBetting style of wagering. The free bets can be split up into a maximum of four bets.
  • Pros: PointsBet allows users to split up free bet credits into multiple free bets. The PointsBetting feature is an appealing concept that really raises the upside of your bets. This is like a spread bet on steroids, where you win more if your team has a greater winning margin and vice versa if they lose.

Unibet Sportsbook

  • Risk-Free Bet: Unibet Sportsbook provides a risk-free bet that gets you up to $250 ($500 in PA) if it loses. This is refunded into your account as cash funds, which is great because it can be withdrawable.
  • Pros: Unibet offers betting options on each game more than most apps. Specific bets are easy to find in Unibet’s search bar, which is located conveniently at the top of the app.

How To Pick the Best Risk-Free Betting Sites

  • Cash-Back vs. Free Bet: Cash-back risk-free bet insurance is better for the bettor as they get their stake back on winnings. For free bets, bettors only get winnings back on winning bets and not the initial stake.
  • Highest Dollar Risk-Free Benefit: In a theoretical world where bettors have a large bankroll, bettors should look for Risk-Free offers with the highest maximums. A $500 risk-free offer has more value than a $100 risk-free offer.
  • Good Odds: Bettors should look for risk-free betting sites that offer the highest payouts for their preferred risk-free bet. When making a $100 bet, the difference between +110 and +100 is $10.
  • User-Friendly Interface: For any betting app, bettors should look for an app that has an easy-to-use interface. Nothing is worse than having a tough time finding your preferred wager because the app you are using is poorly designed.

Risk-Free Betting Tips & Strategies

Maximize Your Risk

In an ideal world where you have an unlimited bankroll, you should bet the maximum allowable risk-free amount and use it on an underdog. To quote Eminem, “you only have one shot, do not miss your chance to blow.”

Mathematically, if you use your risk-free bet on an underdog and that underdog loses, you get a free bet. However, if that underdog wins, you get a large sum of money. With the free bet, you should use it on an underdog again as you only get the profit of the free bet and not the stake.

Use Another App To Hedge Your Risk-Free Bet

For risk-averse bettors with small bankrolls like myself at the beginning of my sports betting journey, they should look into hedging their risk-free bets with another app (arbitrage).

As a condition of risk-free bets, betting apps typically nullify risk-free bets if you bet on all outcomes. However, if you use another app to bet on the other outcomes of a bet to guarantee a profit, then they won’t know.

For example, if you think the Knicks will cover a -5.5 spread against the Magic, you could bet $200 risk-free on the Magic and then bet $200 on another app on the Knicks. If the Knicks cover, you lose $18.18 but get a $200 free bet. If the Magic cover, then you lose $18.18.

For bettors with a higher level of risk tolerance, this is not a good strategy as you aren’t maximizing your bonus. However, for bettors with a low level of risk tolerance, this is a cheap way of acquiring free bets.

Benefits of Risk-Free Betting

Bankroll Building

If you don’t have much of a sports betting bankroll and you open up a betting account with a risk-free bet offer, you could significantly increase your bankroll. If your initial bet wins, then you have a potentially large profit. If your bet loses, you can potentially win big on your free bet that you get in return.

Great For Bets You Feel Good About

Occasionally, bettors find a bet that they feel really confident about that they would like to bet more money than usual on. Risk-free bet offers are good for this as your risk is mediated if you are betting more than usual.

Customer Friendly

Even a caveman would make money most of the time on risk-free bets because of the math involved. Sportsbooks aren’t expecting a short-term profit on risk-free bet offers. They offer risk-free bets as a way to get customers on their app to build brand loyalty, so long-term you will give your profits back to the sportsbook.

How Can I Bet Without Risk?

You can bet without risk by using arbitrage if you are risk-averse, but ultimately you are limiting your potential earnings.

Your best way to use a risk-free bet is on something risky as the risk-free bet insurance kicks in when you lose. With this strategy, you either make a large amount of money, receive most of your initial investment back, or the least likely outcome is you lose your initial deposit by losing both bets.

How to Sign Up For a Risk-Free Bet Online

How to sign up for a risk-free bet depends on the app, so you should always look at the terms and conditions before signing up. In general, here are the steps to making sure you get a risk-free bet:

  1. Set up an account: To set up an account, you submit your personal information.
  2. Opt-In: Some sites require you to opt-in for your risk-free bet.
  3. Place your bet: Your first bet will be what counts toward the risk-free bet promotion.
  4. Collect your winnings: If you win, your account balance will update with your win.
  5. Use your free bet: If you lose, you typically must use your free bet within seven days.
  6. Withdraw: If you like the app, you should keep some money in it, but at least withdraw some of your winnings to use for other risk-free offers to build your bankroll.

Where Can I Legally Risk-Free Bet Online?

Current Legal Online Betting States with Risk-Free Betting

  • Colorado
  • Illinois
  • Indiana
  • Iowa
  • Michigan
  • Nevada
  • New Jersey
  • Pennsylvania
  • Rhode Island
  • Tennessee
  • Virginia
  • Washington D.C.
  • West Virginia
  • Arizona
  • Connecticut
  • Louisiana
  • Oregon
  • New Hampshire
  • New York
  • Wyoming

Choose More Than One Risk-Free Betting Site

When picking among risk-free betting offers, bettors should pick the betting site that offers the best odds on the bet that they are looking to place.

For example, if you wanted to bet on Illinois’ money line against Nebraska, you should find the site with the most favorable odds. Some sites may have Illinois at +450, while another site with a risk-free offer may offer Illinois at +500. If you bet $200 on Illinois and they win, by using the site with the best odds, you will make $1000 instead of $900.

Additionally, another reason to shop around for risk-free offers is to place multiple risk-free bets in order to fully maximize your edge from all of the risk-free betting promos. If you place several longshot risk-free bets, you eventually are likely to have a big win.

Author

Kevin Davis

Kevin Davis is a Betting Analyst at The Game Day residing in Hoboken, NJ. Previously a Bronx resident, Kevin got his start betting on sports at his local Bronx barbershop. When sports betting was legalized across the river in Jersey, Kevin was there on the ground floor making regular trips to the Hoboken PATH station or for soup dumplings in Fort Lee. Previously, Kevin has written for The Action Network, and Vegas Insider.