Risk-Free Bet

A risk-free bet is a sportsbook promotion that provides insurance on a bettor’s first wager. If the qualifying bet wins, the bettor keeps the winnings exactly as they would on any standard bet. If the bet loses, the sportsbook refunds the stake, almost always in the form of a bonus bet or site credit rather than withdrawable cash. Despite the name, the promotion is not entirely without risk because the refund comes with restrictions that reduce its real-dollar value compared to getting actual cash back.

Risk-free bet offers are most commonly used as new-customer sign-up incentives, with values often ranging from $100 to $1,000 or more. The key detail to understand is the form of the refund. Since the refund is typically issued as a bonus bet — where the stake is not returned on a win — the true value of a risk-free bet is considerably less than the headline amount. A $500 risk-free bet does not guarantee $500 in value; the actual expected return depends on the odds of the initial wager and how effectively the bonus bet refund is used.

Example

A sportsbook offers a $200 risk-free first bet. A new customer deposits $200 and places a moneyline wager on an NBA game at -110 odds. If the bet wins, the bettor collects approximately $181.82 in profit plus the $200 stake, just like any normal winning bet. If the bet loses, the sportsbook credits the account with a $200 bonus bet. The bettor then places the $200 bonus bet on a selection at +150 odds. If this second bet wins, the bettor receives $300 in profit but not the $200 stake. The net outcome after losing the initial $200 cash wager and winning the bonus bet is $100 in profit ($300 bonus bet profit minus the $200 lost on the original wager).

Key Points

• Refund is not cash: The most important detail of any risk-free bet is that the refund upon losing is almost always delivered as a bonus bet or site credit, not as withdrawable funds.
• True value is lower than the headline: Because the refund comes with bonus bet restrictions (stake not returned on a win), the actual expected value of a risk-free bet is typically between 50% and 75% of the advertised amount, depending on the odds used.
• Primarily a sign-up offer: Risk-free bets are overwhelmingly targeted at new customers as a first-bet incentive. Existing customers rarely receive equivalent offers.
• Read the terms carefully: Conditions often include minimum odds requirements, market restrictions, and expiration windows for both the qualifying bet and the resulting bonus bet refund.