The very word “risk-free” in the world of betting sounds to be a little contradictory and is too good to believe. Although this bet is good for many purposes, “risk-free” bets are not absolutely risk-free. Perhaps you can term this betting as “risk-free, as long as you win one out of the two.”
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How these ‘risk-free’ bets will work?
You will find a good number of legal online sportsbooks that offer these so-called “risk-free” bets as their sign-up promotions. Basically, for their new customer, they offer a first-time sportsbook bonus so that they can place their bets and win them.
The sportsbook will offer to you your money back in case you lose in the form of a site credit, or “bonus cash” or a “free bet”, to be used as a wager at the sportsbook. This amount of your free bet(s) will be almost equivalent to your amount of the first wager at the sportsbook.
There is one American sportsbook that offered the highest risk-free bet as they are found to be offering up to as high as $1,000 back in case you ever lose your first bet. Of course, there are varying terms and conditions to obtain this amount.
Let us take an example of another well-known sportsbook that has offered an amount of $500 as the first-time risk-free bet to their new customers.
You may sign up for opening an account and make your deposit, and then on your first bet, you may bet whatever you want with the knowledge that any amount maximum up to $500 will be returned back to you as a site credit in the case if you lose.
Now suppose you take any well-known team say team X-6.5 points to be at home at -110 and you deposit your wager of $500. Team X wins, 27-10. You just netted $454.50, and then your account will show that amount and your original $500 wager, and the total will be $954.50.
However, in case the Team X meander around for 3 hours and escape with a 24-21 win just on a last-second field goal and don’t cover then you will lose your $500. However, you will get $500 back for your next use as a free bet.
Check the T & C properly
However, you need to check all the finer points of the terms and conditions written by the online sportsbooks as they can always vary for different sportsbooks as far as their risk-free bet offers are concerned.
So, before you sign-up, pay good attention by reading the terms and conditions very carefully all the fine print, and only thereafter you must commit your cash to the sportsbook. If you check the T & C of most of these popular sportsbooks that offer such risk-free options then you can notice the difference.