Risk Free Bets

Risk free bets are essentially a promotional tool that online bookies use to both attract new customers, and encourage betting engagement amongst existing members.

They basically let you place a bet, safe in the knowledge that the bookie will refund your stake if the bet loses. But how do these types of free bets work?, and are they ever truly risk free?

Our guide to risk free bets will answer those questions, break down the different types of risk free bets that bookies offer, and explain how risk free bets work using real life examples.

What are Risk Free Bets?

In its simplest form, a risk free bet is a bet that an online bookie lets you place without the financial risk that you'd usually incur when placing a normal bet.

Depending on which bookie you're betting at, risk free bets can also be referred to as "moneyback offers", or "moneyback as a free bet" promotions.

Lets say you place a risk free bet but it loses. In this instance a bookie will typically refund the bet, usually in the form of bonus funds, site credit or a free bet.

Risk free bets aren't that different to the free bets that you get when you signup to a bookie.

The main difference is that rather than receiving a free bet worth a specific amount, with a risk free bet, you bet using your own money, and it's refunded as credit on your account if it loses.

This essentially eliminates the risk of losing your own money on a single bet.

The idea behind risk free bets is to give you a way of trying out an bookies betting platform and services, without the fear of losing any funds.

However, while risk free bets reduce the financial implications of losing a stake, they're not completely risk less, as they come with terms and conditions attached.

This can include betting requirements or time limits for using the returned funds. Plus, refunds are often issued as credit/free bets rather than cash, meaning it can't be withdrawn.

How Risk Free Bets Work

To explain how a risk free bet works, let’s break it down step-by-step:

1. Signup & Deposit

To qualify for a Risk Free bet, you typically need to sign up for an account with a betting platform. This may be a bookie or an online casino, depending on the site offering the promotion.

In many cases, the bookie will require you to make an initial deposit, and sometimes you’ll need to opt into the offer before placing your bet.

Once you’ve made the required deposit, you can use the funds to place a bet.

2. Place Your Bet

Once you have an active account with funds in it, you can place a bet on the event or game of your choice. A Risk Free bet often comes with a cap on the maximum stake you can bet, such as a limit of £50, £100, or £500.

The odds of your bet may also be limited to a specific range, and you may be required to bet on specific markets or types of bets.

If your bet wins, the process is straightforward - you receive your winnings, just like any other bet you place. The "Risk Free" nature of the offer does not come into play when you win.

3. If You Lose

Here’s where the "Risk Free" aspect kicks in. If your bet loses, the bookie will typically refund your initial stake.

However, the refund is often not returned in cash - instead, it may be credited to your account in the form of free bets or bonus credits, which can be used for future bets on the platform.

This refund can vary based on the bookie’s terms and the specific offer, but the general idea is that you won’t lose your own money if your first bet doesn’t win.

For example, if you place a £50 bet on a sports match and lose, you may receive £50 worth of free bets or site credit that you can use to place another bet.

Examples of Risk Free Bets

Risk Free bets can vary in structure, each offering different ways to refund or offer bonuses. Below are some of the common types of Risk Free bets you might come across in sports betting.

1. No-Risk First Bet

This is the most common form of a Risk Free bet. When you place your first bet with a bookie, if it loses, you get the stake back in the form of a free bet or a credit on your account.

However, if you win, you keep the winnings, and there’s no need for a refund.

For example, if you place a £50 bet on a football match and lose, the bookie will return your £50 as a bonus or site credit. If you win, you simply collect your winnings as usual.

Example:

• Promotion: "Place your first bet up to £100 Risk Free"
• Outcome if you win: Keep your winnings and the stake
• Outcome if you lose: Receive £100 in free bets or bonus credits

2. Risk Free ACCA

An ACCA bet is a combination of multiple individual bets bundled together. The payoff can be substantial, but so are the risks, since all bets in the ACCA must win for you to collect. If one or more legs of your ACCA bet lose, you’ll get your stake refunded as free bet credits or site credit, depending on the offer. A "Risk Free" ACCA bet works similarly to a standard Risk Free bet, but it applies to accumulators rather than individual bets.

For example, if you place an ACCA with four teams and one leg of the bet loses, the bookie may offer a refund or free bet as compensation, rather than losing the entire bet amount.

Example:

• Promotion: "Place a Risk Free ACCA up to £50"
• Outcome if the ACCA wins: You get the full payout
• Outcome if the ACCA loses: You get a refund in bonus credits or free bets

3. Free Bet Refund

A "free bet refund" works similarly to the Risk Free bet, but it’s important to note that this refund usually comes as a free bet voucher rather than actual cash. You are still able to place another bet, but the winnings from the free bet will not be paid out in cash - instead, they will be credited to your account as betting credits.

Example:

• Promotion: "Get your stake back as a free bet up to £50 if your bet loses"
• Outcome if you win: Regular winnings and no bonus
• Outcome if you lose: Receive a free bet of equal value (e.g., £50)

4. Matched Bets

A matched bet is often marketed as a “no-risk” option because the site matches your first bet with a free bet or bonus. For example, if you place a £100 bet, the bookie might match that bet with another £100 in bonus credits. These bets may come with conditions such as needing to bet the free bet a certain number of times before you can withdraw any winnings.

Example:

• Promotion: "Get your stake back as a free bet up to £50 if your bet loses"
• Outcome if you win: Regular winnings and no bonus
• Outcome if you lose: Receive a free bet of equal value (e.g., £50)

5. Cashback Offers

While many Risk Free bets are refunded as bonus credits or free bets, some bookies offer cash refunds. In this case, if your bet loses, the bookie will return your stake in cash, rather than bonus funds that are subject to betting requirements. Cash refunds offer more flexibility, as they can be withdrawn or used to place another bet without restrictions.

Example:

• Promotion: "Get cashback up to £50 if your first bet loses"
• Outcome if you win: Regular payout
• Outcome if you lose: Get a £50 refund in cash

6. Risk Free Bet on Specific Market

Some bookies may target specific types of bets with Risk Free promotions. These could include certain events, sports, or bet types (e.g., straight bets, over/under bets, etc.). The bookie may give you a Risk Free bet on these specific markets to encourage you to try new betting options or to bet on a major upcoming event.

Example:

• Promotion: "Bet £50 Risk Free on a Premier League match this weekend"
• Outcome if you win: Regular payout for your winning bet
• Outcome if you lose: Get a £50 refund as a free bet to use on a future match

Restrictions of Risk Free Bets

Although risk free bets may sound like a guaranteed win for the bettor, it is important to carefully read the terms and conditions associated with these types of betting offers.

Here are some common stipulations:

1. Betting Requirements

One of the most important aspects of Risk Free bets is understanding the betting requirements attached to them.

Free bets and bonus credits typically come with conditions, such as needing to bet a certain amount before you can withdraw any winnings.

For example, you may be required to bet the free bet’s value several times over before you can access any winnings from it.

2. Time Limits

Risk Free bets are usually time-sensitive. There may be a window in which you need to place your bet, claim your refund, or use your free bet before it expires.

Make sure to carefully read the terms and conditions to ensure you don’t miss out on the opportunity.

3. Betting Limits

The value of your Risk Free bet may be capped at a specific amount, and you may not be able to bet more than a certain value on your first bet.

This cap can vary depending on the bookie, but be sure to know the maximum stake allowed to ensure you’re not betting more than you can get back.

4. Minimum Odds Requirements

Some bookies require you to place your Risk Free bet on bets with minimum odds. If you place your bet on an event with odds that are too low, you may not be eligible for the Risk Free bet promotion.

5. Bet Types & Markets

Not all types of bets may qualify for a Risk Free bet promotion. Some bookies restrict the offer to specific bet types, markets, or even events.

Always ensure you’re placing your bet within the allowed categories to avoid disqualification.

are Risk Free Bets Risk Less?

Although the risk free bets that bookies offer can help to reduce the chance of you losing your own money, they can't be considered to be truly "risk less".

To get the most value from risk free betting offers, it’s crucial to read the small print.

While they may reduce upfront risk, the associated terms with risk free bets can include minimum odds, eligible markets, and betting requirements that must be met.

In many cases, bookies also issue refunds as account credit, bonus funds or free bets rather than cash, and these are subject to additional terms and conditions.

The term "risk free bet" generally means that you won’t lose your original stake if your first qualifying bet is unsuccessful. However, it does not mean there are zero risks.

Risk Free Bets in a Nutshell

Risk free bets are a popular promotional tool that online bookies use to let bettors place a bet without the fear of losing their own money.

If a risk free bet wins, you keep the winnings. If it loses, the bookie will refund your stake, usually as betting credit on your account, or a free bet.

These offers come in different forms, such as no-risk first bets, free bet refunds, matched bets, and cashback offers, each with its unique set of terms and conditions.

Used wisely, risk free bets can be a fun, low-pressure way to try out sports betting at a new online bookie, without risking too much of your betting budget.

Just be sure to read the small print before claiming any risk free bets.