The concept of Free bet
To understand the concept of free bet, it is necessary to understand the meaning of the term free bet. A free bet is a bet placed without punters own or real cash and is usually given by the bookmakers to entice their customers. A free bet is also called a promo code bet by some bookmakers.
For New Customers
In order to attract new customers, bookmakers often run promotions, such as risk-free first bet. Participants in these promotion place wagers on sporting events using real money in accordance with the terms and conditions of the risk-free bet; in the event that the bet is unsuccessful, the player receives their money back, up to the maximum amount that the bookmaker has established.
Stanley Matheka
In principle, a risk-free bet is quite similar to a free bet; yet, in reality, they are different. By using their own funds, punters can make risk-free bets; in the event of a loss, they get their stake back in the form of a free bet, effectively eliminating risk; and upon redemption, the stake amount is added to the winnings from the risk-free bet. On the other hand, with free bets, the punter does not risk any actual money. The stake amount, which is the free bet issued, is not included in the profits when you redeem a free bet.
Types of Free Bets
Now that we have defined what a free bet is, now let us look at the different types of free bets offered by bookmakers. We have adequately covered these free bets and provided expert opinion on each of the free bet in our full bonus reviews.
Stake Not Returned
These are the most common kinds of free bets offered by bookmakers. As a promotion, it is typically given to current players. It might be a recurring promotion at the bookmaker's site or a bonus for new customers. The unique thing about this type of free bet is that when you redeem it, the stake amount—that is, the free bet—will not be counted toward your possible wins.
The free bets are sometimes called promo code bets. Bookmakers may, at their discretion, provide these promo codes to punters depending on their platform activity or the amount of promotional points players gain by betting.
Stanley Matheka
For example, you could be offered a free bet of 100 EUR (or its equivalent in another currency) and if you use it to place a winning qualifying bet with odds of 3.00, you could win 200 EUR. However, since the stake amount is not part of the potential payout, you would only receive 200 EUR (the winnings minus the stake amount).
Stake Returned
Winnings from this type of free bet include the amount of the free bet itself. To qualify for a risk-free bet, a punter must first wager real money on a sporting event; if the bet loses, the player will get their stake back, up to the bookmaker's maximum limit. This is one form of free bet. To claim this free bet, all the player has to do is to place a qualified bet according to the specified wagering conditions. If the player's first qualifying bet loses, they'll get their money back in the form of a free bet. Upon redeeming it, the free bet will be included in the possible payout.
Stanley Matheka
For example, if you match the offer's requirements and receive a free bet of 50 EUR, and use it to place a wager with odds of 1.80, you will be eligible for a potential payout of 90 EUR if your qualifying bet wins.
Bet Refunds
Bet refunds are typically offered as sign-up promotions, but it is common for existing customers to receive bonuses as well. If a bettor loses a bet in this kind of free bet, they'll have their stake refunded, whether it's in cash or bonus funds, to their account. This is known as a bet refund. However, it usually comes with a set of terms and conditions that customers must adhere to in order to get their money back, so it can't be said that the return is risk-free.
Stanley Matheka
For example, if a bookmaker offers a free bet of 25 EUR as a sign-up bonus, the player may be required to deposit at least 25 EUR and place a qualifying bet of 25 EUR or more, all while meeting the wagering requirements of the minimum odds requirement. The bookmaker will give the player a free bet of 25 EUR if the bet loses.
Event Bonuses
Typically, event incentives are given to current account holders or customers. This is because the activation of the offer is dependent upon a certain event taking place. As an alternative to getting caught up in somewhat complicated promos and offers, this kind of free bet enables players chances of winning big.
Bookmakers include events, known as big day events, in this promotion. In this scenario, a player needs to wager on the specified event on the offer page in accordance with the free bet terms. If the qualifying bet loses, the punter will receive a free bet. When they redeem it, their winnings plus the stake amount will be factored into the potential payout.
Stanley Matheka
An example of a major day event listed by a bookmaker would be a match up between Chelsea and Manchester United. In many cases the punter will be required to wager on the match's result. The player's offer eligibility will be voided in the event that the bet is successful. However, if the bet loses, the player will get their money back, either in whole or as a percentage, depending on the bookmaker's terms and conditions.
How to choose your free bet
With the rise of bookmakers in the sports betting industries, bookmakers tend to offer competitive free bets in order to attract and retain their customers. The choice of a free bet is majorly influenced by the size of the free bet, the type of the free bet and the terms and conditions of the offer. A combination of these factors may make it hard for a bettor to better choose a free bet. However, with the rise of curated reviews, players can easily be get guides on several aspects of free bets and help to them better choose to the best free bet. While at it, it is also important to consider the requirements redeeming the free bets. Additionally it is important to consider whether upon redeeming the free stake the stake amount will or will not be included in the potential winnings.
How do Free Bets Work?
Like any other bonus, a free bet can increase your winnings. Unlike bonuses, the potential payoff upon redeeming a free bet could be greater than the value of the free bet itself; this is the sole distinctive feature that distinguishes free bets from bonuses.
Free bets can come in the form of deposit match bonuses, which require a player to make a deposit and place their first bet—typically a risk-free bet—or no-deposit sign-up bonuses, which do not require a deposit. In addition, a player may be provided a free bet that is tied to a specific tournament or event; in this instance, the player will receive the free bet after they place a wager on the tournament or event.
Please note that once a free bet has been awarded, it cannot be transferred or withdrawn. It is critical that you check the specifics of the free bet offer with the bookmaker you're interested in to make sure you satisfy their criteria for redeeming the offer.
Upon meeting the requirements for redeeming the free bet, the winnings plus the stake amount will be made available for withdrawal. However, please note that not all free bet that include the stake amount in the winnings.
Final Words
We think that sing free bets is a great approach to increase your bankroll. The beauty of free bets, regardless of their kind, is that you never have to risk your own money because the bookmaker will offer you the stake amount refund. As you take advantage of the free bets, it is important to take note of the offer's terms and conditions before claiming your free bet. Notably among these is the fact that, particularly with the risk-free bet, there is a maximum amount of free bets that may be claimed. Also, the rollover requirements aren't easy to achieve, yet they're necessary in order to withdraw winnings from free bets. Additionally, bookmakers can have different terms and conditions regarding the types of bets that can be placed, the number of events that can be wagered on, and the minimum odds that can be required in order to claim or redeem the free bet.
Nonetheless, players should definitely use these free bets since they improve their chances of winning and provide a cushion in case they lose. We would also like to emphasise on the need to bet responsibly even while you enjoy these free bets as betting is addictive.
FAQs
What are the basic conditions you need to know?
In most cases, there is a similar condition that restricts the use of free bet coupons up to only one for each round of play. It is also worthwhile to mention that almost every coupon are non Transferable as well as non-negotiable. Lastly, almost every coupon is subject to non-partial Redemption and non-refundable if they are not used until the date of expiry.
What should you look for when choosing free bets?
Every free bet has a unique characteristic through which it can be determined into various types and classifications as discussed above. But there are certain terms and conditions which are generally the same like every free bet coupon has a fixed value that is issued and further can be utilised or redeemed by making a bet that satisfies its requirements.
What are the best free bets for existing customers?
An existing customer having utilised the first bet free bet will not be eligible for this kind of free bet again and therefore the best chance for them to get the most of the bookmaker free bets is to take advantage of the event based free bets and risk free bet bonuses.
How do I redeem my free bet?
To redeem a free bet, you will need to place a bet in accordance to the requirements of the free bet, that is meet the minimum number of events per bet and the minimum odds per selection.
When redeeming a free bet, what approach is recommended?
The best approach when redeeming a free bet is selecting an events with higher odds which would mean that you get higher returns.
Is a free bet same as risk-free bet?
There is a slight difference between them as in risk-free bet, you get your stake but but in a free bet, the stake amount is not included in the winnings.
