Skip to content

How Does a $1000 Risk Free Bet Work? A Detailed Guide

If you‘ve seen online sportsbooks advertise a "$1000 risk free bet", you may be wondering – what exactly does this mean and how does it work? I‘m here to explain everything you need to know about these common new user promotions.

As a sports betting expert with over 5 years experience, I‘ve used my fair share of risk free bet offers. I‘ll walk through what they are, how they work, key tips and strategies, things to watch out for, real examples, and whether these promos are worth claiming.

Let‘s get started!

What Exactly is a Risk Free Bet?

A risk free bet, sometimes called an insurance bet, gives you a refund if your first real money wager loses after registering a new account.

Here‘s a simple example:

  • You sign up for FanDuel Sportsbook and deposit $500
  • You place a $300 bet on the Lakers at -110 odds
  • The Lakers lose, so your bet loses
  • FanDuel credits your account $300 in bonus funds to refund your losing bet

The key benefit is you can bet worry-free knowing you‘ll get your money back if your bet doesn‘t hit. It‘s "risk free" because you are playing with the sportsbook‘s money.

These offers provide insurance up to a specified amount, usually between $500 – $1000 for your first bet. I‘ll focus on the $1000 risk free bets which give you the most coverage.

Sportsbooks provide these as incentives to attract new bettors and acquire customers. They allow you to try betting with no concerns over losing your bankroll.

Now let‘s dive into the details of how they work.

How Do $1000 Risk Free Bets Work Exactly?

While terms vary between books, $1000 risk free bets typically follow rules like:

  • Only applies to your very first real money bet after opening a new account

  • Get a refund up to $1000 if your first cash bet loses

  • Refund comes in the form of a free bet equal to your losing wager (excludes potential winnings)

  • Free bet must be used within 7-14 days before it expires

  • Can bet on any sport offered

  • Single bettor, 21+ years old, physically located in state with legal sports betting

Let‘s use a real example so you can visualize the process:

  1. You sign up for BetMGM and deposit $800.

  2. You place your first wager of $600 on the Chiefs to win at -300 odds.

  3. The Chiefs lose, so your bet loses.

  4. BetMGM credits your account $600 in free bets within 24 hours.

  5. You use the $600 free bet on the Lakers at +180 odds.

  6. The Lakers win, so your free bet cashes for $1080.

  7. You withdraw your $1080 in winnings after it settles.

In this case, BetMGM covered your initial $600 losing bet. While your original bet lost, you got to place another $600 wager completely risk-free.

Below I‘ve included charts summarizing key points about how these offers work:

Risk Free Bet Key TermsDescription
Eligible WagerFirst real money bet after registering account
Maximum Refund$500 – $1000 depending on sportsbook
Refund FormatFree bet equal to losing wager amount (excludes winnings)
Refund TimingWithin 24-72 hours after wager settles
Free Bet ExpirationTypically 7-14 days
What You Get BackWhat You Don‘t Get Back
– Losing wager amount– Potential winnings from losing bet
– Chance to bet again risk-free– Your free bet stake (only profit)
– Any winnings from free bet– Ability to withdraw free bet amount

Now that you understand the basic mechanics, let‘s go over some tips and strategies to maximize these offers.

Tips to Maximize Your $1000 Risk Free Bet

As a long-time bettor, here are my top strategic tips for getting the most value from risk free bet promotions:

  • Shop around – Compare different sportsbooks‘ offers, terms, and odds to find the best risk-free bet for you.

  • Take your time – Don‘t rush into a bet. Analyze matchups carefully to place an informed wager you feel confident in.

  • Consider safer bets – Moneylines, spreads, and totals offer better odds than props or parlays. But the choice is yours.

  • Don‘t chase losses – If your first bet loses, don‘t try to immediately make up for it with your free bet. Stick to your strategy.

  • Review expiration dates – Don‘t let your free bet go to waste by missing the deadline to use it!

  • Use free bets for longshots – Take a flier on bigger underdogs or boosted odds that you normally avoid.

  • Compare lines – Place your free bet where you get the best odds and lowest vig.

  • Avoid wagering requirements – Find offers that let you withdraw risk-free bet winnings instantly without playthrough strings attached.

  • Let it ride – Don‘t hedge your free bet. That defeats the purpose of risk protection.

  • Withdraw promptly – Withdraw any winnings as soon as possible so you don‘t give back profits.

Follow these tips and the "risk free" part of the promotion becomes even more compelling.

Next let‘s go over some common questions bettors have about redeeming these offers.

Frequently Asked Questions

Here are answers to some of the top questions I‘ve received about $1000 risk free bets:

What if my risk free bet pushes?

If your bet pushes (ends in a tie), it did not win or lose so the sportsbook will refund your wager amount. You do not get to take the bet again risk-free.

Can I withdraw the free bet amount?

No, you cannot cash out a risk free bet for its cash value. You must use it to place an additional wager. However, you withdraw any winnings from your free bet.

How long do I have to accept the offer?

Most sportsbooks require you to use the free bet within 7-14 days after registering your account. Always check for expiration dates so you don‘t miss out.

What happens if I don‘t use the whole free bet at once?

You must use the full free bet amount on a single wager. You cannot break it up over multiple smaller bets.

Can I bet on anything or are there restrictions?

Always check the terms, but most risk-free bets can be used on any sport or bet type offered. Some prohibit certain sports like horses or exotics.

Do I have to win my first bet to qualify?

No, your first real money wager just needs to settle as a loss to receive the free bet refund. If your first bet wins, you keep the payout but do not get the risk-free bet.

Hopefully these common questions provide more insight into how to take advantage of $1000 risk free bets. Now let‘s walk through real-life examples at leading sportsbooks.

Real World Examples

To make these offers tangible, here are real examples of $1000 risk free bets from top sportsbooks:


  1. Join BetMGM and deposit $800.

  2. Wager $600 on Bills -3.5 points in your first bet.

  3. Bills lose, so your bet loses.

  4. BetMGM gives you a $600 free bet.

  5. Use the free bet on a Nets +175 moneyline.

  6. Nets win, you get $1050 in winnings.


  1. Sign up for FanDuel and deposit $400.

  2. Bet $300 on Saints vs Eagles over 51 total points.

  3. The total goes under, so your first bet loses.

  4. FanDuel credits a $300 free bet.

  5. Use the free bet on Chiefs -6.5 points at -110 odds.

  6. Chiefs cover the spread, so you win $272.


  1. Create a DraftKings account and deposit $1000.

  2. Wager $750 on the Warriors moneyline at -400 odds.

  3. The Warriors lose, so your first bet loses.

  4. DraftKings refunds you with a $750 free bet.

  5. Use the free bet on a +350 underdog moneyline.

  6. The underdog wins, so you net $2625 in winnings.

As you can see, the process is straightforward. Lose your first bet, get a refund in free bets!

Now let‘s summarize why these can be valuable promos.

Are $1000 Risk Free Bets Worth It?

In my experience as an avid bettor, $1000 risk free bets can provide huge value if used strategically.

Here are the key benefits:

  • Insurance for your bankroll as you start betting

  • Chance to learn a new sportsbook‘s platform

  • Opportunity to bet on a bigger longshot/payout

  • Ability to shop lines and find the best odds

  • No need to worry about losing your first real money wager

  • Free bets encourage further engagement with the sportsbook

While not as profitable as a deposit match, risk-free bets help safeguard your bankroll. I always try to take advantage of them when signing up at a new book.

Just be sure to pick a trustworthy legal sportsbook, analyze their terms closely, and use your free bet by the deadline.

Used responsibly, I think $1000 risk free bets give you a great shot at scoring a big payday. And even if you don‘t, you get to reset your bankroll and try again for free.

So in summary – yes, I firmly believe these are compelling promos worth claiming as a new bettor. I hope this guide gave you a full understanding of how $1000 risk free bets work and how to maximize their value. Let me know if you have any other sports betting questions!



Michael Reddy is a tech enthusiast, entertainment buff, and avid traveler who loves exploring Linux and sharing unique insights with readers.