Online betting at casinos and sportsbook is legal in many states in the U.S. today. Online casinos offer a wide range of bonuses and promotions that you won’t get in a brick-and-mortar casino. A common welcome offer they might make is a “risk-free bet”. You need to register, create an account, and deposit funds to claim a risk-free bet. Risk-free bets can be quite risky but they can also be profitable.
Winning or losing a risk-free bet
If you win a risk-free bet, you will receive the cash you wagered and the winnings back. If you make a loss on your initial wager, you will get a refund in some form or another. How you receive the losing bet back will depend on the sportsbook and the terms and conditions. It may be in the form of a free bet or a site credit.
Pennsylvania is one of the states where it is legal to bet on sports. Placing a risk-free bet using a mobile app on a smartphone is one of the conveniences you can enjoy with Pennsylvania sports betting. You can’t get this offer at a brick-and-mortar casino but you can get them at online casinos.
Free bets
When playing at online casinos, your risk-free bet may be returned to you as a free bet. You can use this straight away to have a second chance at winning. If you use a free bet and win, you will get your winnings but this does not include the free bet amount. You will only receive back the amount of your winnings. Free bets expire after a fairly short time window, such as two weeks. If you use your free bet and lose, you technically don’t lose money because the bet was on the house.
Site credits
If you get a site credit, it will usually involve wagering requirements. You can’t withdraw the site credit as cash until you fulfill the requirements. Some sportsbooks will refund you with cash, but this is uncommon.
Check for the minimum odds
When making a risk-free bet, it’s important to check the terms and conditions for the minimum odds. Sportsbooks will usually only accept bets at specific minimum odds. This is typically -200 or longer. If this is the case, a bet at -250 won’t qualify.
Take a risk you would not otherwise have taken
With a risk-free bet, you can take a risk you may not have taken when using your own money. A good strategy is to target a bet with + line odds. For example, you may bet on a home underdog at +150. With +150 odds, you will win $150 for every $100 you wager. A risk-free bet can alleviate concerns about betting on an underdog. If your bet wins, you will get a high payout, and if you lose, your bet amount will come back to you. If a sportsbook offers a risk-free bet up to $1000 it means that if you bet $500 and lose, you will get $500 back as a free bet or site credit.
Have a second chance to make money
If you are refunded with a free bet or cash, you have a second chance to make money. Your bankroll receives an immediate boost. As a casual player, you may not want to complete the wagering requirements for most deposit bonus welcome offers. In such a case, a risk-free bet may suit you best. One of the reasons why we love sports and betting is because of all the different opportunities they offer, such as second chances.