What are risk free bets?

Risk free bets are a type of betting promotion that online bookies use to encourage betting engagement. With a risk free bet, you place a bet using your own money, and then if loses and meets the offers criteria, it's refunded in the form of a free bet.

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.

Explaining What Risk Free Bets Are

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 "money back offers", or "money back 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 if it loses, the bookie credits your account with a free bet equal to your original stake.

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 Plus, refunds are often issued as credit/free bets rather than cash, meaning it can't be withdrawn.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

If you’re new to betting online, understanding how risk free bets work can help you make the most of these types of bookie promotions.

Below is a step-by-step guide to how these free bets usually work at UK bookies:

1. Signup & Deposit

To claim a risk free bet, you'll need to be a member at the bookie that's offering the deal. These deals are typically available to new customers and are often part of a bookies signup offer.

In most cases, the bookie will require you to make an initial deposit. Once your new account is funded, you can use that balance to place the offers qualifying bet.

2. Place Your Bet

Once you have an active account with some funds in it, you'll be able to place a risk free bet.

Some bookies may also apply minimum odds requirements, restrict eligible betting markets, or limit the types of bets that qualify for their promotion.

2. If You Win

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.

4. If You Lose

Here’s where the "risk free" aspect kicks in. If your bet loses, the bookie you've bet with will refund the value of your bet, essentially the amount you initially staked.

However, with most risk free bets, the refund isn't actually returned to you as withdraw-able cash. Instead, it's usually credited to your account as a free bet or bonus credit.

This refund can vary based on the terms of each bookie’s 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 football match and it loses, you should receive £50 worth of free bets or bonus 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 your stake. Below are some of the common types of risk free bets that online bookies usually offer.

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 £20 bet on a tennis match and lose, your £20 gets returned to you as a bonus free bet or credit. If you win, you simply collect your winnings.

Example:

• Promotion: "Place your first bet up to £100 risk free"
• Outcome if you win: Keep your winnings and your stake
• Outcome if you lose: Receive your stake back in free bets or credit

2. Risk Free ACCA

An ACCA is a combination of multiple individual bets bundled together. The winnings can be high, but so are the risks, since all bets in the ACCA must win for you to collect.

WIth a risk free ACCA, if one or more legs of your bet loses, you’ll get your stake refunded as a free bet. A risk free ACCA is similar to a standard no-risk bet, but it only applies to ACCA's.

For example, if you place an ACCA backing four teams to win and one team loses causing your ACCA to lose, the bookie may efund your original stake as a free bet.

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 free bets or bonus credit

3. Free Bet Refund

A "free bet refund" or "moneyback as a free bet" offer works similarly to a risk free bet. One difference is that any refund is issued as a free bet, rather than credit on your account.

One type of free bet refund that bookies tend to offer is based on backing a football team to win. If they're leading at half-time but go on to lose, you'll get your stake back as a free bet.

Example:

• Promotion: "Get your stake back as a free bet if your bet loses"
• Outcome if you win: Regular winnings and stake returned
• Outcome if you lose: Receive a free bet of equal value to your stake

4. Matched Bets

A matched bet is sometimes marketed as a “no-risk bet” because the bookie will match the first bet that you place with them, with a free bet of equal value.

For example, if you join a new bookie and you place a first bet worth £50 but it loses, the bookie might match that stake and credit your account with a £50 free bet.

Example:

• Promotion: "Get your stake back as a free bet if your first bet loses"
• Outcome if you win: Regular winnings and stake returned
• Outcome if you lose: Receive a free bet of equal value to your first bet

5. Cashback Offers

While many risk free bets are refunded as credit on your account or free bets, some bookies also offer cash refunds if certain conditions of the offer are met.

In this case, if your bet loses, the bookie will return your stake in cash, rather than credit or free bets that are usually subject to restrictions or betting requirements.

Cash refunds offer more flexibility, as they can be withdrawn or used to place another bet.

Example:

• Promotion: "Get cashback up to £50 if your bet loses"
• Outcome if you win: Regular winnings and stake returned
• Outcome if you lose: Your stake is refunded as withdraw-able cash

6. Risk Free Bet on Specific Market

Some bookies may offer risk free bets on certain bet types, specific markets or competitions.

An online bookie may offer a risk free bet on 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 back 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 credit 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 the free bet before it expires.

Make sure to carefully read the offers' terms to ensure you don’t miss out on any opportunities.

3. Betting Limits

The value of your risk free bet may be capped at a specific amount, a betting limit, and so you may not be able to bet more than a certain value.

If implemented, this betting 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 promotions require bets to be placed at or above a specified minimum odds threshold. If you place your bet on an event with odds below that requirement, your bet may not qualify.

This would mean than even if your bet lost, the bookie wouldn't be obliged to refund your stake.

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, or exclude more popular bets.

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 these 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.

Either way, free bets are worth it, especially if you can maximise value via betting strategies.

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.

Frequently Asked Questions About Free Bets

Before you go ahead and claim your first free bet offer, here are quick answers to some of the most common questions that we regularly get asked:

• What Are Free Bets?
  Free bets are a type of betting offer that bookies use to both attract new customers, and to reward loyalty. They let you place a bet for free, without using any of your own money.
• Are Free Bets Really Free?
  Free bets are real credit that a bookie adds to your account, but can they really be called 'free'? We explain how they work, the catches to look out for, and what 'free' really means.
• How Do Free Bets Work?
  A free bet is promotional credit added to your account by a bookie. They allow you to place a bet without risking your own funds. If it wins, you receive the profit but not the stake.
• What Are Risk Free Bets?
  Risk free bets are offers that bookies use to encourage betting engagement. With a risk free bet, you bet using your own money, and it's refunded as credit on your account if it loses.
• Do You Get Your Stake Back on Free Bets?
  No, unfortunately you don't get your stake back on free bets. Most bookies offer them under "Stake Not Returned" rules, so if they win you get the profit, but not the stake back.
• What Does Money Back as a Free Bet Mean?
  Money back as a free bet is a type of betting promotion. If a bet loses and meets the criteria set out in the offers terms and conditions, you get your stake back in free bets.
• Can I Cash Out a Free Bet?
  Yes, some bookies do allow you to cash out free bets, but it's quite rare. You'll need to check the offer's terms and conditions to know whether you can use cash out or not.
• Are Free Bets Worth It?
  Yes, free bets are worth It - if you know how to use them. Read our expert analysis about free bet conversion rates, and the best strategies to maximise their value.

Now that you know the basics of how these offers work, it's time to compare the free bets that bookies are currently offering, and start putting that knowledge to good use!

Responsible Gambling: Free bets should enhance your enjoyment of betting, not create problems. Only bet what you can afford to lose. If you're concerned about your gambling habits, free and confidential support is available at GambleAware.org.