With the recent popularity of online gambling, more and more eye-catching offers are coming into play. This is where you can get the perfect idea of which sportsbook to choose based on the deals they provide. Risk-free bets are one such offer which will make you hurtle towards a sportsbook if you want. Risk-free bets can come in any range from low to high. If you win a bet with your first real deposit, then, it’s a great feat! But, if you happen to lose that wager, the sportsbooks are offering you a chance to redeem your lost amount. If you want to get the best benefit from the bonus, you should focus on how the sportsbooks pay the amount of the lost wager. Here is a list of the major categories of risk-free bet bonuses the sportsbooks offer.

Site Credit

Some sportsbooks offer the lost wager money in the form of site credits. They work the same way as cash. Sportsbooks can offer risk-free bets from low to high amounts. If you lose your first placed bet, your account will gain the amount, as site credit. The only condition, of course, is that it falls under the stated amount of risk-free bet. This is a relatively satisfactory way to redeem your money as cash, you can use it all at once or in different wagers. You will just need to wager it through 1x before you can convert it to cash.

Free Bet

Some sportsbooks tend to offer the lost money back in free bets. That is if you lose your first placed wager, the bonus will ensure that you get another chance at winning a bet. This will gain you back your profit if you happen to win the next bet. The only problem with this format is that if you lose even the second bet, you will lose all your chances to win as well as the money. But, we all know that the chances of winning one of two bets are more than winning a single one. This makes for a very interesting wager if you have the right experience needed for a game like this.

Bonus Cash

There are some sportsbooks though, that will pay your lost wager money back in proper cash. These are probably the only types of deals that you can truly call risk-free, as you can use it however you see fit. You will, however, need to bet a certain amount, or in simpler terms, meet the wagering requirements, before you can withdraw it from your account.

Ways to get around it

As with everything, the correct way to navigate through all of the options comes with experience. The only way to ensure a win-win situation would be to place bets on both sides in different sportsbooks. This process is called arbitrage betting and takes a lot of experience to master. So, if you are new to this field, this is probably not your cup of tea. You can even place a deposit-free bet on some sportsbooks. They are probably known to be a strategic type of risk-free bet bonuses.

Conclusion 

At the end of the day, the pros and cons of risk-free bet bonuses depend on the individuals. These make for really eye-catching opportunities when you are signing up for a sportsbook. If you have enough experience this navigation will come easily to you. But to avoid confusion we suggest that you read the terms and conditions properly before signing up. This way, you will even have an idea of where you can profit the most. Some of these options provide you with another shot at winning, rather than redeeming your losses. But in a setting like that, a second chance to win can be all the push you need. 

There is another thing you should consider before signing up for a sportsbook. Not all sportsbooks pay back the first losing stake even if you win the next bonus bet. Most sportsbooks only pay the profit from the second bet if you happen to win it. The charm of risk-free betting bonuses only lies in you losing the first bet. So, the best thing to do would be to get all the information you need about how a certain sportsbook offers the lost first wager, before committing to it.

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