There is nothing quite like free money. When it comes to sports betting, being able to bet with someone else’s money is the stuff of dreams. Imagine how liberating it would be to bet in the full knowledge that if things don’t work out you have actually lost nothing. That’s what it feels like to bet with free bets. Well…..sort of.
How Do Free Bets Work? A free bet (or bonus bet) is a credit in the form of betting dollars, awarded to a bettor, to place on a wide range of markets. Instead of the bettor risking their own money, they use the free bet credit to wager. In most cases, the return on the free bet does not include the original stake, instead just the profit from the bet is returned to the bettor.
Free bets seem like a great deal right? Read on to get the ins and outs of earning and using free bets!
How are Free Bets Different to Real Money Bets?
Other than the fact the a free bet is essentially the sportsbooks money, the only key difference to real money bets is that when a free bet wins the bettor will only receive the profit from the bet and not the stake.
Here is an example of the difference between real money and free bets:
| Bet Type | Stake | Odds | Return |
| Real Money | $20 | +150 | $50 (Stake + Profit) |
| Free Bet | $20 | +150 | $30 (Profit only) |
As you can see in the above example,without the stake being returned to the bettor the overall payout is affected. This reduced payout is an encouragement to chase longer odds with your free bet in an effort to increase the payout.
Learn how to make bank with your free bets. School of Bets has broken down the strategy needed to kick some serious goals with the free bets your sportsbook throws your way!
Are Free Bets and Bonus Bets the Same Thing?
Free Bets and Bonus Bets are essentially the same thing. The terms are interchangeable and depending on the sportsbook you use, you will run into either of these terms. The term ‘free bet’ tends to be used more regularly in European based sportsbooks where as the ‘bonus bet’ is more commonly used in the US and other jurisdictions such as Australian and New Zealand.
If you see come across either term its usually a good things as you have probably earned yourself a free hit!
What’s the Point of Free Bets?
Free bets and Bonus Bets are used to encourage new bettors to sign up to a particular book, to remain loyal to the book or to compensate the bettor when a minor error has been made on the part of the sportsbook. Your sports betting business is big business. Sportsbooks work very hard (well they should) to earn your business from you. Free bets are one way they can reward you for making the choice to risk your bankroll with them.
While its seems crazy that sportsbooks would actively look to give out free bets but in the competitive world of online and mobile sports betting, this exactly what they do. It pays to be on the lookout for ways to qualify for these free bets as they can be quite a useful tool to boost your betting bankroll.
How Do You Earn Free Bets?
There are a variety of ways to earn free bets or bonus bets. Here is a quick look at the most common methods:
| Free Bet Type | What Is It? |
| Sign Up Bonuses | This is achieved at the point of sign up and first deposit. If you are going to sign up to a new sportsbook you should absolutely be looking for a bonus. Generally all sportsbooks offer these and if they don’t move on somewhere else. Sign-up bonuses are very generous and should be maximised. Click here to see the most up to date sign up bonuses available through School Of Bets! |
| Deposit Bonuses | These are different to sign-up bonuses in that they are for existing customers. If your account is getting low then you may be offered a deposit bonus as an incentive to add more money into your account. Hot Tip: If your account is out of funds and inactive for any length of time be sure to check your emails. You can guarantee your sportsbook will be offering you a deposit bonus (free bet) to get you back into the game. |
| Bonuses Earned Through Promotions | These are the most common form of free bets for regular bettors. Long after the sign-up bonuses are burnt off, bettors can be earning free bets via any number of weekly promotions. The variations on these are endless. Just be sure to read the fine print to make sure your place the correct qualifying bet. Then go your hardest! Make Bank With Your Bonus Bets – Read How Here! |
| Loyalty Reward Bonuses | These free bets can be earned as a result volume of betting. Much like frequent flyer miles, the more you bet the more you potentially earn. While the kick back is usually less than 1% of your turnover it all adds up. Certainly a reason to bet with a sportsbook who offers loyalty programs. |
| Survey Bonuses | These bets can be earned as a form of payment for taking part in some market research on offer from your sportsbook. If you have the time and/or inclination to complete a survey to help improve the user experience you may just end up with some free bets! |
| ‘Apology’ Bonuses | These come along every once in a while. They can be awarded in circumstances where your sportsbook has, for example, resulted in a bet incorrectly, and having alerted them to this you receive a bonus bet for your troubles. |
Can You Withdraw Bonus Bet Winnings?
Most of the time there is a catch with things that seem free and this is one of those times. First of all, you must actually BET the free bet and should it win your account will be credited with real money. These winnings are now subject to turnover requirements.
This means the bettor must then reinvest the winnings a certain amount of times before it is able to be withdrawn. This specifics vary from book to book but an example would be turning the winnings over twice at odds of -195 or greater before an eligible withdrawal.
Can You Cash Out Free Bets?
As a general rule no. The cash out feature is a useful tool for all bettors to have in their arsenal but free bets are almost always exempt from that offer. You will need to let free bets ride until the final buzzer. This is no biggie as by nature bettors often swing for the fences a little more often with free bets so why not let it ride.
What is a Risk Free Bet?
A risk free bet refers to the process in which a better earns a bonus bet. It often refers to a market where, if a bettor was to wager a real money bet and lose, they would receive their stake back in the form of a bonus bet.
The bet is not actually risk free as the return on the bonus bet does not include the stake.
Therefore to just win back the stake from the real money bet the free bet would have to be bet at odds of +100 or more and win.
How Long Do Free Bets Last?
Of course when you earn free bets they usually come with some stipulations. One of those being the expiry date. The expiry date timelines can vary anywhere from a week to 30 days or more. Obviously a longer timeline is better as you have more room to be patient waiting for the right opportunity to pounce.
Sometimes, depending on how the free bet was earned, there may not be an expiry date but an expiry event. For example, you may receive a free bet or bonus bet for placing a futures bet on say, the NBA before the season starts. This may unlock a free bet that can be used on any Week One game. Obviously in this case the free bet will expire at the end of Week One instead of a specific length timeline.
While this is all pretty simple, it is amazing how often that expiry date can creep up on you. Stay aware and make sure you get all your free bets into play.
What Does It Mean To Split a Free Bet?
The ability to split up a free bet is something you should look for from your sportsbook. What this enables you to do is to take the bonus bet amount your have qualified for and break it up into smaller chunks.
For example let’s imagine you have earned a $100 free bet. Splitting the bet would allow you to break it up into 5 X $20 bets. These five bets could now be spread across a variety of markets and potentially be wagered at higher risk.
The strategy of splitting up a bonus bet may or may not suit your betting style but it’s useful to have the option available to you.
The Game Starts Now!
Sports betting is a tough game. Winning doesn’t come easy. Free bets are a great way to increase your chances of reaching profitability. Any opportunity you come across to earn some free bet bonuses are worth grabbing with both hands!
Good luck with your betting and as always, gamble responsibly!