The United Kingdom is one of the many European countries where online gambling is legalised. In fact, it was one of the pioneers in regulating online gaming back in 2005. The Gambling Act of 2005, also known as “the 2005 Act,” was designed to consolidate existing gambling legislation and update the regulatory structure for online sportsbooks and casinos.
So, where does a risk-free bet come into the picture? Well, since UK punters now have access to numerous betting sites, the competition is stronger than ever. That means bookies constantly have to invent blinding welcome offers, and what better way to do that than offer a bet with no risk involved? Everybody loves a chance like this, which is why these are some of the most common types of welcome offers for newbie punters.
Below, you will get to see the main characteristics of this bet type, learn how it works, and get a few betting tips to develop your sports betting strategy, to boot! Read on!
What Is a Risk-Free Bet?
It might sound too good to be true, but as its name clearly suggests, this type of bet is risk-free and made to win you some starting assets. It’s a plan B in case your initial wager loses: You’ll get something in return as compensation. Depending on the website’s offer, this could be bonus cash, a free bet, or some sort of site credit. Some bookmakers issue refunds instead of giving credits, but that’s usually an in-house rule. If your bet wins, the payout is all yours, but there is no bonus on it.
Is There a Catch?
In theory, risk-free betting is an excellent option that significantly minimises the risk of losing money. But things aren’t that simple after all. Here’s an example: Suppose you place a +100 moneyline risk-free wager of $1,000 on a selection to win. If it succeeds, you’ll have $2,000 in your account and can continue your winning streak.
However, if your team loses, you’ll be left with a $1,000 free bet, bonus cash, or site credit. If you then decide to wager those $1,000 on another team and they lose as well, you would be left without funds. There would be no bonus cash, and no original stake. So, although a risk-free first bet ensures you get another shot, there’s still a chance you’ll lose it all.
Understanding the Terms and Conditions
The crucial thing to pay attention to before placing a risk-free wager is the terms and conditions attached to it. Each sportsbook has its own rules regarding bonuses and risk-free wagers, and it’s important you understand them well. Here’s what you should check first:
- Odds restrictions: There might be a special term requiring you to place the bet with the minimum odds of -100. If you don’t make a qualifying bet, you won’t be able to use your risk-free bet.
- Time limits: Bookies usually place time limits on bonuses during which you need to fulfil the wagering requirements. Otherwise, your bonus offer will expire.
- Wagering requirements: How many times are you required to wager the bonus before being able to cash it out? If the multiplier is obscenely high, the reward might not be worth the trouble.
You should check different sportsbooks to see which offers the most favourable conditions and lowest wagering requirements. Once you understand how it works and how your desired sportsbook treats payouts on bonus bets, you can start developing your risk-free bet strategy.
Pros and Cons of Betting Risk-Free
There are many advantages of betting risk-free, and some of the stand-out ones are:
- If you lose your sports bet, you get another shot.
- By reducing the risk, it allows you to try some unique wagers.
- It can help you improve your bankroll.
On the other hand, you should also know that:
- This type of betting still involves risking a loss in the next wager.
- It comes with no bonus for winning your initial wager.
Now that you’ve had a risk-free bet explained, you can go out there and try your luck. With this type of betting, you will have additional safety and two chances instead of one, but you should understand all the requirements and find a bookmaker that offers the best odds on the bet you are looking to place. Make sure to read the terms and conditions carefully. Once you have that information, you will be all set for your new betting adventure.
What happens if you win on a free bet?
If your free bet wins, the profit goes into your real-money wallet, but the original free bet stake will not be returned to you. And if your total stake surpasses the value of the free bet, the remainder of the stake will be drawn from your cash balance.
Why do bookies offer free bets?
Free bets are one of the easiest ways to attract new players, and bookies advertise regular and risk-free bets as part of their welcome bonus offers. To qualify for a free bet, a punter usually has to make their first deposit or place their first bet.
Do I get my stake back on free bets?
If you place a free bet, you don’t contribute the stake yourself, and therefore, you don’t get it back. If your bet wins, you will get the winnings, but you won’t get the stake back. This is one of the main differences between a free bet and a risk-free bet. When placing a free bet, the stake isn’t yours, and you can’t get it. However, if you go for the second option and your bet wins, you get to keep the profit, as well as the stake.
Does Betway give free bets?
As one of the major sportsbooks in the UK, Betway always offers some exciting welcome packages for new players. They currently have a special offer for UK residents only. Once they open an account and make a minimum deposit of £5, players become eligible for a free bet of up to £30.