How Do Risk-Free Bets Work?

Sportsbooks in the United States of America offer risk-free bets and promotions to new and existing customers.

Dimers uses only the most trusted sportsbooks across the US to ensure you enjoy safe, secure online betting.

You'll find the likes of Caesars Sportsbook, FanDuel Sportsbook, PointsBet, DraftKings, BetMGM and other books available in your state on our site, all of whom have special offers and promotions available as you join. When you reach this point be sure to use the exclusive promo codes available to you through Dimers.

Many of the promotions you'll see do involve risk-free bets, so let's get into what they mean right now.

What is a risk-free bet?

Risk-free bets are often given to a bettor once they've registered with a particular book. The dollar amount can vary, though there are some sportsbooks offering $5,000 risk-free bets upon sign up.

If your risk-free bet loses, you'll be refunded the same amount in the form of bonus cash, site credit, or even a free bet.

If your risk-free bet wins initially, the payout is all yours. That's it, no need to think any further. Although if it doesn't, well that's where things get a little more complex. Care to learn why? Please read on, we're getting to it, promise!

Positive Example

You place a $1,000 risk-free bet on the LA Lakers moneyline (+100) vs. the Nuggets. If the Lakers win, you receive a payout as normal – and have $2,000 sitting in your account.

But, if the Lakers lose, you receive a $1,000 bonus cash/site credit/free bet.

Are risk-free bets really risk free?

In theory, yes. But here's another way of explaining the associated risks.

Example: Let's say the Lakers did actually lose – you now have that $1,000 bonus cash/site credit/free bet sitting in your account.

If you then placed that $1,000 bonus cash/site credit/free bet on the Lakers to win (moneyline) the next night, this time against the Brooklyn Nets, but once again they lose, you will have lost the $1,000 bonus cash/site credit/free bet as well as your initial $1,000.

In other words, your betting account now reads $0 – but you had two chances to turn your $1,000 into a sizeable profit, rather than the one the sportsbooks or casinos would usually afford you.

As you can see, the free bet isn't without risk. Nothing is when it comes to sports gambling. That's why the team at Dimers is here to help!

Do I get my stake back on free bets?

Not usually. 

Almost every sportsbook you come across won't give back your stake on a free bet – they keep that, and probably rightly so, it was their money after all.

Of course if you win your risk-free bet you'll take home your winnings (profit), just not the stake they gave you to win it in the first place.

With a free bet, the goalposts shift and you usually only receive the winnings – no stake returned. 

Example: You decide to place a $200 free bet on the Cowboys (+200) to cover the spread (+3) at Kansas City.

If the Cowboys lost 28-26, you would win the bet and receive a payout of $400. This of course, doesn't include the initial stake, that $200 free bet.

To clarify, if this were a standard bet – rather than free – you would have received a total payout of $600 in this case ($400 profit + your $200 stake).

Do I have to use my free bet all at once?

This depends on the sportsbook. This is why we recommend you read the terms and conditions regarding risk-free betting with each sportsbook. 

If your risk-free bet fails, some sportsbooks will give you bonus money or site credit, which often enables you to wager the bonus however you like.

Ideally, you can break this up into smaller chunks to decrease risk and increase flexibility. Others will offer you a bonus bet strictly usable for just one wager. Not the most ideal situation, so keep this in mind when conducting your betting research.

Can my free bet be withdrawn in cash?

Sadly, free bets cannot be converted into cash. It is simply for use with the sportsbook app or website.

You can withdraw winnings from a bonus bet, although some books make you turn over those winnings a number of times first.

PointsBet is currently the only operator that doesn't require customers to turn over winnings from free bets before withdrawing. This is one of the many reasons why we recommend them.

One particular operator, who shall remain nameless, will make you turn over bonus bet winnings 15 times. Not cool.

MORE: Welcome to Dimers

Conclusion

If you can strike it hot with your initial risk-free bet you'll be smiling.

Sometimes you can end up with small change in your pocket from a free bet – if your initial risk-free falls short. Though, there are scenarios.

No matter your thoughts on risk-free betting, we're simply here to lend a hand and ensure you know all the ins and outs before you join a sportsbook.

And if you're looking to test your free bet out with the best odds in the United States, we've got you!