Risk Free Betting Offers 2022

With sportsbooks rolling out competitive deals across Canada, it’s common to see risk free bets on offer. Risk free bet offers come in a variety of formats and, despite the attractive wording, not all are truly risk free. So, how do risk free bets work? And how can a punter figure out which risk free bet offers actually deliver high value? Keep reading for everything you need to know about this type of offer today.

What is a Risk-Free Bet?

Risk free bets are offers from a sportsbook designed to attract a punter to try out their platform. The bonus is designed to remove financial risk from their first bet. In reality, risk free bet offers give a punter another chance to win back what they’ve lost if their first wager tanks.

In other words, if the bet pays out, the first-time punter wins. But if the bet loses, the sportsbook refunds money through site credit, free bets, or bonus cash that can be used for future wagers. Typically, the refunded site credit, free bets, or bonus cash are equivalent to the amount lost.

Let’s take a look at a quick example. If a sportsbook offers a $500 risk free bet, this means a bettor can wager up to $500 knowing the company will credit that amount back to them in the event of a loss. If the bet pays out, they’ve won the full value of the bet. But if the bet doesn’t pay out, they’ll have $500 in credits to cover their losses.

But few risk free bets offers are so straightforward. So, how do risk free bets work in terms of withdrawing money?

Many times, the money credited back after a loss must be ‘played through’ so it can be cashed out. Usually, it has to be rolled over at least 1x. Other times, the stakes on a free bet credit won’t be paid out. If a bettor wins $1,000 after betting the $500 in refunded credits, they’ll only be able to cash out their $500 in winnings instead of the $500 in free bet credits.

However, there’s a silver lining when it comes to risk free bet offers: some sportsbooks refund first bets with cash that can be withdrawn immediately. For this reason, deposit matches are considered the best of all risk free bet offers. Continue on to the next section for more information on deposit matches and no-deposit risk free bets.

A deposit match means a company matches (dollar for dollar) a user’s first deposit. From there, the money is there’s to win big or lose with.

Best Risk-Free Betting Offers

As one of the most popular bonuses, sportsbooks of all stripes offer competitive risk free bet offers. Be sure to look out for two types of risk free bets offers: no deposit bonuses and matched deposit bonuses, as they’re considered the most ‘risk free’ type of offer from sportsbooks.

• A no deposit bonus means a sportsbook credits an account with bonus cash or free credits before a user has made their first deposit.

• A deposit match bonus (or matched bonus) means a company matches (dollar for dollar) a user’s first deposit. From there, the money is theirs to win big or lose with.

With new companies interested in Canada’s betting market, there are more than a handful of names to keep an eye on. Whether offering risk free bets on football or horse racing risk free bets, there’s bound to be a compelling deal.

Risk Free Betting Terms & Conditions

As mentioned above, one of the most important aspects of taking advantage of risk free bets is to carefully read the terms and conditions. Still, even those who peruse the T&C’s might not understand sportsbook lingo.

Here are a few common terms found in risk free bet offers:

• Playthrough or rollover: This covers the number of times a user must bet the amount in their account before they can withdraw their winnings. Even solid risk free bets might require users to wager their winnings at least 1x before they can withdraw.

• Odds restrictions: This means site credits or bonus cash can only be applied toward certain odds, which will be set out by each sportsbook. Sometimes, the odds must be longer than -200 to qualify, which means there’s a heavy favorite.

• Time limits: Unsurprisingly, most welcome bonuses (risk free and beyond) come with time limits. In order to take advantage, a user has to place their first bet within a certain period. A reasonable time limit is around 30 days, while a short time limit would be 7 days or less.

Aside from these common terms, there are a few other rules that often apply to risk free bet offers. Here are a few common notes to keep a lookout for:

• Using a bet in its ‘entirety’ or used ‘in whole’: This means a bettor can’t apply bet credits or bonus cash across multiple wagers. Instead, they’ll need to bet everything in a single go.

• Non-qualifying for parlays: Site credit can’t be bundled in a parlay.

• Stakes not included in return: A bettor won’t be able to cash out the stake offered as bonus credit from risk free bets. They can only withdraw the money won on top of the credited money used as a stake.

• Increments for bet credits: This means a company will refund a bettor who loses their first wager with bet credits in increments, sometimes as low as 20%. These are typically applied on wagers greater than $50.

Risk Free vs Matched Betting

Punters looking to try out risk free bet offers will often find mentions of matched betting, which is sometimes considered a type of risk free betting. However, there are key differences between the two. First, let’s define each type of wager, then move on to how they’re different.

• Risk free betting: An offer from a sportsbook in which a bettor’s losses will be refunded via site credit, bonus cash, or withdraw-ready money. The bet is designed to mitigate risks for a user’s first wager with a new company and give them a second chance to win.

• Matched betting: A practice in which bettors will leverage separate offers from separate sportsbooks in order to ensure a profitable outcome by covering all sides of a bet. This is often done via a betting exchange, which allows users to post and back bets created by other users (rather than sportsbooks).

So, how do risk free bets work compared to matched betting?

• Risk free bet offers are created by sportbooks, while matched betting is a technique that any sports bettor can use to generate a profit from betting promotions at sportsbooks

• Risk free bet offers can be applied only at the sportsbook that offers it, while matched betting lets punters use multiple risk-free offers to arbitrate

• Risk free bet offers create the possibility for a higher payout with a higher risk, while matched betting is designed to ensure consistent, smaller payouts over time