What Are Risk-Free Bets? Sports Betting Explained

How Do Risk Free Bets Work?

Getting a risk free bet is simple. You can follow the steps below to see how it works.

1. Place a qualifying bet: To opt in for this promotion, you'll be asked to place a qualifying bet. For instance, you may need to wager at least £10 on a football match with odds of 3/1 or more.

2. Get a refund: If you win the bet, you'll get your expected payout. However, if you lose, the bookmaker will refund your stake as a free bet or bonus credit. While it's rare, some bookies may refund you in cash.

3. Use free bet or bonus credit: After getting the refund as a free bet or bonus credit, you need to use it to wager according to the terms and conditions set by the bookmaker. In most cases, you must fulfil specific wagering requirements. 

Risk Free Bets vs Free Bets: What’s the Difference?

In case you've come across free bets on a bookmaker and are wondering if it's the same as risk free bets, we can tell you that they're different. Despite sharing similar names, risk free bets are different from regular free bets. Here are the major differences.

Since you already understood how risk free bets work from our earlier description, imagine this scenario for free bets;

• You've received £50 as a free bet bonus for being a regular customer. Most bookies don’t require you to deposit or place a wager first. 

• You need to wager the free bet amount in accordance with the wagering requirements. 

• If you win, you'll get your winnings without the stake amount.

• If you lose, you won't get anything back (remember you didn’t risk anything!)

Are Risk Free Bets Really Risk Free?

Despite the name, risk free bets are not really free of risks. All bookmakers have specific terms and conditions that support this promotion. Here is how it works.

• Stake amount: You'll need to first use your own money to place bets before opting in for the promo. Most bookmakers specify the required amount.

• Wagering requirements: Like other bonuses, you need to wager your stake on specific events and odds to qualify.

• Max refund: Bookmakers set a maximum amount refundable as bonus credits or free bets. Even if you wager more, you'll only receive a bonus of that specified amount.

Pros and Cons of Risk Free Bets

Like most promotions, risk free bets have several advantages and disadvantages. Find some of them below.

Tips for Using Risk Free Bets Effectively

Based on our experience, a risk free bet is one of the best promotions we prefer. We love the idea of wagering without worrying, even if we lose our stake. If you want to opt for risk free bets, the following tips will come in handy.

• Read terms and conditions carefully: All bonuses, including risk free bets, have terms and conditions. Please read them before opting for the promotion to see if it's worth it. Watch out for the wagering requirements, odds, and validity period.

• Choose suitable markets: Risk free bets are usually targeted towards specific sports and markets. Ensure you place bets only on eligible markets to avoid missing out.

• Avoid emotional betting: We encourage betting with a clear head, based on statistics rather than feelings. If possible, avoid betting on the team you support to leave out any potential bias.

• Use them strategically on close odds: Betting on close odds increases your chances of winning your wager instead of losing it and claiming a free bet or bonus credit. Avoid long and unrealistic odds.

• Bankroll management: In all you do, manage your bankroll properly. Don't place an initial bet that is far above what you can afford to lose. You can place the minimum wager set on the bonus page. 

UK Bookmakers Offering Risk Free Bets

Many UK bookmakers offer risk free bets for both new and existing customers. So, if you're ready to get started with risk free bets, you can target the following bookmakers.  

• Betfair 

• Sky Bet

• PaddyPower 

The above-listed bookies often offer risk free bets that allow you to explore more markets. Once you opt in, place your wager and get a refund if your bet loses.

While some betting sites offer them to you as a new customer, others provide them when you become a regular user. However, bonus amounts and terms are subject to frequent change, and the offer is usually available for a limited time. Therefore, you must pay close attention before getting them.

Legal and Responsible Gambling Considerations

The betting scene in the UK is highly regulated and closely monitored by the UK Gambling Commission. They ensure only players 18 years or above can register, place bets, or claim risk free bets at any bookmaker. 

Additionally, the UKGC requires all betting sites to offer responsible gambling tools to help punters wager more responsibly. Before signing up with a bookie, ensure they offer deposit and time limit options. All UKGC-regulated bookmakers are required to be part of GamStop, which allows players to activate self-exclusion to take a break when needed. Players who are struggling with gambling addictions can also reach out to helplines via BeGambleAware, GamCare, and Gamblers Anonymous. 

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Responsible Gambling 

If there is one thing we will always encourage, it's responsible gambling. Betting responsibly helps you stay in control and avoid financial loss. That's why you need to activate tools like deposit and time limits. You can also set up GamStop self-exclusion to take a break for up to 5 years.

Please note that you can only wager if you're 18 years and above and reside in the UK. You'll be asked to submit your government-issued ID to verify your age and identity.