Risk free bets are a brilliant betting strategy in matched betting. They’re quite easy to cash out, perhaps more simple than the bet X get Y offers as if the bookmaker bet wins in this bet, the profit has been made and there’s no second part. A risk free bet offer is very common in the matched betting world as you will find out.
What is a Risk Free Bet?
A risk free bet is a common incentive issued by bookmakers used to entice new punters to sign up for an account. Risk free bets are also offered on a regular basis.
Usually a risk free bet is the first bet you will place with the bookmakers listed in the table below. For normal punters, the gambler would put their first bet on any selection. If the bet wins with the bookmaker then they’ve made a profit. If the bet loses with the bookmaker, then the bookmaker credits the players account with a free bet for the same value. The free bet is not cash that can be withdrawn, and if the free bet is placed on another selection then it’s highly likely that the free bet stake will not be returned.
Totesport are one of the popular bookmakers to offer such an incentive. The basic terms for Totesport are:
- Only the customers first bet qualifies
- The amount must be between £1 and £25
- The free bet is available 48 hours after the first bet has settled (and has lost)
- The free bet must be made within 30 days of the account opening
- Customers must use debit card / credit card to deposit the initial balance
- Only one offer per household
- The free bet must be used within 7 days otherwise it will be removed
Risk free bets are not just for new customers, but quite often bookmakers will through these to entice current customers to keep betting with them. A perfect example of this would the infamous Bet365 Risk Free in-play offer.
What is the Bet365 Risk Free Bet Offer?
Usually around once per month, Bet365 offer their loyal customers a risk free bet of up to £50 for a certain event. Without going into too much detail it’s a brilliant offer where £40 can be made within minutes. A pre-match bet must first be placed for (up to £50), then if you place another bet in play – that second bet is risk free. If you lose that second bet, it will be credited as cash back to your account.
The way people profit from this offer is quite straight forward:
- Before the game has started
- Place the bet with Bet365
- Lay the bet off at a betting exchange
- During the game
- Place an in-play bet with Bet365
- Lay the bet off at the betting exchange as a SNR (Stake Not Returned) bet
You will usually lose around £2 – £3 on the qualifying bet, but will make an easy £40 profit on the second in-play bet. That’s between £35 and £40 profit from just a few minutes work
How to do Risk Free Bets?
Cashing out risk free bets are very similar to cashing out the Bet X Get Y offers. The techniques used are pretty much the same but with a little twist.
Step 1 – Open the Account with the Bookmaker
Each bookmaker has their own terms and conditions, we’ve listed the basic terms in the table below but it’s always vital that you take a quick scan over the terms and conditions to make sure nothing has changed and you are clear with how the bonus works.
Step 2 – Find a Close Match to Bet On
If you are matched betting without using a suite like Oddsmonkey, you will have to manually compare the bookmaker odds to the exchange odds to find a good match. You should be looking for odds between 4.0 and 8.0 to maximise the returns. Remember that although that higher odds will generate more profits, they will also require more money in your betting exchange to cover the liability should the bet win at the bookmaker.
Once you have found a close match, use the Stake Not Returned calculator at WinnersOdds. This will tell you exactly how much profit you will make from the bet. It will also tell you what you should lay off at the betting exchange.
Step 3 – Place the Bets with the Bookmaker and Exchange
Simply place the back bet with the bookmaker, then the lay bet on the exchange. If the bet wins at the bookmaker the offer is complete, you can withdraw your winnings and profits from the bookmaker and move onto the next offer. If the bet loses at the bookmaker, there is a second part to the offer.
If the back bet loses with the bookmaker, you will be credited with a free bet.
You will have to place and lay off this free bet in the same manner as before – using the SNR (stake not returned) calculator
Step 3a – Cashing out the Credited Free Bet
If the initial bet loses with the bookmaker then they will credit your account with a free bet for the same amount. This risk free bet is cashed out in the same manner as any other free bet.
You should find a close match for odds between an event on the bookmakers website and the exchange. The odds should be between 4.0 and 8.0. Then use the WinnersOdds Stake Not Returned calculator to work out the lay stake.
Hopefully you will have seen that cashing out a risk free bet is fairly straight forward. In most cases it will require you placing two bets with the bookmaker, but from time to time you will find that the initial bet wins and you would have made your profit and winnings immediately. Please take your time reviewing the table below for more risk free bet offers. These relate to sign-up offers only. For longer term matched betting we would highly recommend Oddsmonkey for their oddsmatching tools and calendar of daily offers.
Bookmakers with Risk Free Bets
|Bookmaker||Terms||Rollover?||Free Bet Credited||Min. Odds QB||Profit||Notes|
|BetBright||50% refund (up to £50)||N/A||When QB settled||1.66||£25||Requires a more complicated calculator. See Oddsmonkey|
|Blacktype||Bet £10, get £5 if loses + £5 casino bonus||x20 on the casino onoly||Within 24 hours of QB settling||2.0||£2.50|
|Dafabet||£30 Risk Free||N/A||Within 24 hours of QB settling||1.5||£25|
|GentingBet||£10 Risk Free||N/A||Within 24 hours of QB settling||2.0||£6|
|Guts||£10 Risk Free||x4 within 14 days (£30)||Within 72 hours of QB settling||1.8||£5||Bookmaker charges a £2.50 withdrawal fee|
|PaddyPower||£10 Risk Free||N/A||Within 6 hours of QB settling||1.0||£8||Credit is refunded in cash|
|Quinnbet||50% refund (up to £100)||See notes||Within 24 hours of QB settling||2.0||£30||Requires £600 in bets to release free bets|
|Smarkets||Deposit £20, refund first £10 losses||N/A||Within 24 hours of QB settling||1.0||£10||Loss credited as withdrawable cash|
|Totesport||£25 Risk Free||N/A||Within 48 hours of QB settling||1.0||£20|
|Unibet||£30 Risk Free||N/A||Within 48 hours of QB settling||1.4||£25|
By following through the above table, you should be able to make around £160 from these offers.