U.S. sports betting operators are in a furious battle to claim market share and are willing to spend large sums of money to acquire customers.<\/p>\n\n\n\n
This is undoubtedly great news for the playing public, especially those situated in markets with multiple online sportsbooks, as they\u2019ll be able to exchange their loyalty for an assortment of promos with positive expected values.<\/p>\n\n\n\n
Will the good times last? It seems that way, but changes are underfoot as legal online sportsbooks pivot away from using “risk-free” language in favor of terms like bonus bets and bet credits<\/a> in response to increasing pressure from regulators to describe their promotions in a responsible manner. The good news is whether you call them risk-free bets, bonus bets, or bet credits, the underlying principles are the same.<\/p>\n\n\n\n So, what’s the difference between these types of betting promotions, and how do you take advantage of them? Continue below for the answers to those questions and much more.<\/p>\n\n\n\n Free bets are a credit given to players at online sportsbooks<\/a> that enables them to place a bet without incurring any inherent risk.<\/p>\n\n\n\n They\u2019re not cash, so don\u2019t think you can claim a free bet and cash it out. <\/p>\n\n\n\n Instead, you\u2019re going to have to make a qualified wager (see terms and conditions of any offer before accepting).<\/p>\n\n\n\n Once the free bet is graded, any winnings are allocated to your cash account, and the free bet stake disappears.<\/p>\n\n\n\n For instance, let\u2019s say you receive a $100 free bet and decide to take a shot on the New York Knicks, which are going off at +600 against the Los Angeles Lakers.<\/p>\n\n\n\n If the bet wins, you only secure the $600 win, not the $600 win plus the initial $100 stake. If it loses, your cash bankroll is no worse off than it was prior to the wager.<\/p>\n\n\n\n Generally speaking, there are three types of free bets offered by US sportsbooks:<\/p>\n\n\n\n \u201cBet this amount\u201d free bets usually have a much higher monetary cap than deposit match or no-deposit free bets. We\u2019ve seen them run as high as $500 – $1,000 in newer online sports betting markets.<\/p>\n\n\n\n Note: a deposit match free bet at legal online sports betting sites isn\u2019t the same thing as a traditional deposit match. <\/p>\n\n\n\n The latter is allocated as a bonus, not a free bet, and usually requires that a player wager the deposit bonus a certain number of times (the wagering requirement<\/a>) before it can be withdrawn. By contrast, winnings from deposit match free bet promotions can typically be cashed out immediately.<\/p>\n\n\n\n Risk-free bets are nearly identical to free bets in every way, except for one: To claim one, you\u2019re going to have to take a loss at the sportsbook.<\/p>\n\n\n\n For instance, when sports betting sites roll out a $500 risk-free promotion, the player will first have to wager up to $500 on a bet, using their own money. If the bet wins, it\u2019s like the promotion doesn\u2019t even exist, with the upshot being that they\u2019ll have procured the free money from the winning wager.<\/p>\n\n\n\n If the bet loses, then they\u2019ll receive a free bet equal to the amount of their initial wager, just as they would for a free bet offer.<\/p>\n\n\n\n So far, we have described the most common free bet and risk-free terms, but the terms surrounding an offer will vary from site to site.<\/p>\n\n\n\n Therefore, it\u2019s critical that you read the fine print before claiming any betting offers<\/a>. There\u2019s no excuse to be lazy with your money!<\/p>\n\n\n\n Some things to look out for:<\/p>\n\n\n\n In just about all cases, a free bet offer at online betting sites is the best promotional offer.<\/p>\n\n\n\n Free bet offers are triggered regardless of the outcome of a player\u2019s real-money wagers — while the risk-free wager can only be triggered if the player is already in the hole.<\/p>\n\n\n\n That being said, both promotional offers offer a positive expectation for the player.<\/p>\n\n\n\n The best markets for bonus hunters are those that offer remote registration mobile wagering and have lots of online sports betting options.<\/p>\n\n\n\n With over a dozen online sportsbooks and growing, New Jersey<\/a> ranks as the best of the best. There, sports bettors will be able to claim thousands of dollars worth of the best free bets and valuable risk-free bet offers. <\/p>\n\n\n\n Ranking slightly behind are Pennsylvania<\/a>, Indiana<\/a>, West Virginia<\/a>, and Colorado<\/a>, all of which support more than one online sportsbook and remote registration. Of these, Pennsylvania currently has the most options, but the others are gaining traction.<\/p>\n\n\n\n Also, look out for Illinois and Michigan, which are both competitive sports betting markets with numerous operators working hard to attract new customers.<\/p>\n\n\n\n The second tier of markets offer online sports betting and solid promotional offers but force players to register their online accounts at an affiliated land-based facility. <\/p>\n\n\n\n In-person registration applies primarily to Nevada<\/a> right now. Illinois and Iowa<\/a> required in-person registration early on, but both states now allow bettors to sign up and bet online from anywhere. Both are home to competitive online sports betting markets.<\/p>\n\n\n\n Then there are the states with lottery-run monopolies on online sports betting: <\/p>\n\n\n\n Oregon<\/a>, New Hampshire<\/a>, Rhode Island<\/a>, and Washington D.C<\/a>. In these states and districts you\u2019ll only have a singular online betting option, and it probably won\u2019t be that great, with poor lines, high vig<\/a>, and tepid bonus offers.<\/p>\n\n\n\nWhat is a Free Bet?<\/h2>\n\n\n\n
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What is a Risk-Free Bet?<\/h2>\n\n\n\n
Terms and Conditions to Look Out For<\/h2>\n\n\n\n
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What\u2019s Better: Free Bets Or Risk-Free Offers?<\/h2>\n\n\n\n
Which Sports Betting Markets Offer Free Bets?<\/h2>\n\n\n\n
Maximizing Your Expected Value<\/h2>\n\n\n\n