Free bets are the shiny wrapped boxes with big bows on top that sportsbooks use to entice new bettors and reward loyal customers. They allow you to make a wager completely risk-free – no strings attached! This guide will show you how to take advantage of these lucrative gifts to fatten your wallet, not just the sportsbook‘s bottom line.
I‘ll highlight everything you need to know about the different types of free bets, finding offers, using your gift wisely, cashing out winnings, and avoiding the "too good to be true" fine print. Arm yourself with this intel and you can bet smarter, maximize profits, and come out way ahead.
Let‘s get started!
A Quick Intro to Free Bets
Simply put, a free bet lets you place a real-money wager without having to front a cent of your own cash. The sportsbook covers the entire stake amount, and if your bet wins you keep the payout!
It‘s an ingenious carrot used to entice new signups, reward loyal punters, boost activity for big events, and incentivize losing bettors to keep playing.
The psychology behind free bets is simple – by removing the risk factor initially, sportsbooks get bettors "hooked" before slowly reeling them in to deposit their own hard-earned cash. According to Eilers & Krejcik Gaming research, over 60% of players who claim a signup free bet go on to become paying customers.
Now that‘s a juicy carrot!
Different Types of Free Bets
Sportsbooks dangle different free bet "carrots" to serve various purposes:
The most common – a tasty welcome gift for new players to enjoy. Sizes range from $50 all the way up to $5,000 for high rollers! Act fast as these often expire after 7-30 days.
Get a free bet for each friend you convince to join. DraftKings offers a $100 freebie for every successful referral, while BetRivers gifts $50 free bets. Spread the love and the wealth!
For existing players to encourage repeat deposits. Usually awarded when you top up your account above certain thresholds.
Free bets handed out for major events like the Super Bowl, March Madness, tennis/golf majors and big horse races. Sportsbooks get ~30% higher engagement on these events from free bet promotions.
As you can see, sportsbooks use free bets in every way possible to fish for new bettors, retain existing ones, and boost activity. Now let‘s catch a big one!
Finding The Best Free Bet Offers
Here are some tips to get the biggest bang from free bet bucks:
Check Promo Pages – Special offers are front and center on sportsbook websites and apps. But they don‘t always advertise the largest bonuses, so look closely.
Create Accounts – Shop lines and grab new member deals by signing up for multiple books. Just use alternate emails and different username variations.
Follow Social Media – Turn on notifications for sportsbook Twitter/Facebook accounts to pounce on limited time promotions.
Use Aggregators – Sites like OddsChecker and RotoGrinders compile and rank the latest free bet offers across different legal sportsbooks.
Read The Fine Print – Dig into terms and conditions to find the biggest headline offers with the easiest rollover requirements.
Timing Is Everything – Free bet bonuses fluctuate, so check regularly. The best offers happen around major betting events when books compete for action.
Spread The Word – Refer friends for bonus free bets. DraftKings hands out $100 free bets for each successful referral!
With some diligent digging, you can uncover a small fortune in free bet gold. Now let‘s ensure you use it wisely!
Using Free Bets – Strategy Guide
When it comes to placing your free bets, there is definitely skill involved in maximizing their profit potential. Follow these tips from betting pros:
Review Odds Minimums – Most free bets require -200 or longer odds. Use them for underdogs or spreads/totals with closely matched sides.
Find Overlays – Combine free bets with odds boosts, profit boosts, favorable line movements and other specials to increase value.
Use Two-Team Parlays – Combining your free bet with a safer cash wager in a parlay amplifies potential payouts.
Take Risky Picks – Use free bets for longshot bets with high odds you wouldn‘t normally wager large amounts of cash on.
Bet The Board – Divide your free bet across multiple wagers to test different betting theories and strategies.
Review Bet Slip Carefully – Verify the free bet is applying properly and no cash wager is attached unless intended.
Act Quickly – Free bets often expire within 24 hours, so don‘t procrastinate!
Follow this advice from the sharps and you‘ll stretch your free bet bankroll to the max.
Now let‘s look at the critical question of turning those free bets into cold hard cash…
Cashing Out Your Free Bet Winnings
Cashing out winnings from free bets is a bit different than withdrawing standard cash balances:
You can‘t withdraw the original free bet amount, only the winnings.
Winnings get credited to your account balance minus the free bet stake.
You must complete any rollover requirements before cashing out. This is usually 1-5x the original free bet amount.
Request a withdrawal as normal from your account and allow standard processing times of 24 hours to 5 days.
Some books charge small fees for withdrawals and minimum transfer amounts.
Provide all personal identification and banking details required to verify your account.
And here‘s the kicker – you need to actually win! So put those free bets to work on your best wagers.
Now for the fine print to be aware of before claiming your free gifts.
The Fine Print – Terms and Conditions
While free bets seem like house money to play with, sportsbooks protect themselves by attaching conditions to their use:
Minimum odds – Typically -200 or longer to dissuade heavy favorites.
Wagering requirements – Rollover the free bet amount 1-5x before withdrawing winnings.
Time limits – Expire in 24 hours up to 30 days. Use promptly!
One time use – Can only place one wager with the free bet amount.
New customers only – Signup offers are for new accounts. Existing users get reload offers.
Market restrictions – Sometimes casinos, poker, horse racing and eSports are excluded.
Maximum stake – Capped at fixed amount or percentage of bonus received.
Void on withdrawals – Bonus and unpaid winnings are forfeited if you cash out early.
While rollover terms are annoying, free bet limitations are an acceptable trade-off for getting to play with the house‘s money!
Now let‘s review some marquee real world examples of free bet deals.
Here Are The Best Current Free Bet Offers
To give you a better idea, here are some of the top free bet promotions currently available from leading sportsbooks:
BetMGM – $1,000 Risk-Free Bet
New customers get a free bet refund up to $1,000 if their first wager loses. One of the largest and most popular signup bonuses.
DraftKings – Bet $5, Get $200 Instantly
Just place a $5 wager on any market and DraftKings instantly credits your account with $200 in free bets. Easy money!
FanDuel – No Sweat First Bet up to $1,000
FanDuel refunds your first bet up to $1,000 in free bets if it doesn‘t win. They also offer ongoing free bet specials.
Caesars – First Bet on Caesars up to $1,250 Back
Caesars also offers a risk-free first bet match, as well as weekly free bet specials.
BetRivers – $250 Match + $250 for Igaming
Generous $500 in total free bets. Plus they frequently provide odds boosts to use with free bets for added value.
PointsBet – 2 Risk Free Bets up to $2,000
One of the highest signup free bet matches at 2x $1,000 for sports and casino. Plus lots of ongoing free bet refund specials.
As you can see, the competition for new customers is fierce when it comes to free bet offers!
We‘ve covered everything from the different types of free bets to finding top offers, using them strategically, withdrawing winnings, and avoiding pesky fine print.
Here are the key takeaways:
Free bets remove risk and get bettors hooked – sportsbooks love them!
Different free bet offers cater to new, existing, active and referral customers.
Check promo pages, aggregators and social media to find the best deals.
Use free bets for longshot wagers you normally avoid to maximize value.
Withdrawal of winnings involves meeting rollover terms then cashing out as normal.
Conditions like odds minimums, time limits and one time use apply.
Equipped with this knowledge, you can take full advantage of the lucrative gifts being offered. Just be sure to gamble responsibly and never bet more than you can afford to lose.
Now get out there, claim those free bets and let me know when you cash out that big payday! I wish you the best of luck my friend.