Some sportsbooks offer an initial sign-up promotion of a “risk-free” bet. It is important to fully understand the offer before making your first bet (always read the Terms and Conditions!). Some of the sportsbooks will automatically apply the promotion to your first bet, so be careful you use it when you intend to.
“Risk-free” also means different things to each sportsbook, but typically if you lose your first bet, you end up with a credit with the sportsbook. Sportsbooks have different requirements to convert their credit into withdraw-able cash – normally you would need to wager it, or play through it, at least once. Some sportsbooks may require you to wager the credit 20 times depending on what you are betting on.
There are few options on how to use the first “risk-free” bet and will depend on your risk tolerance:
Riskiest – Just bet on something and hope it happens! If you win, great, you just made a nice profit! If not, you now have credits that will need to be wagered. The credits may have a short expiration date and may be in large increments. You may need to bet these credits normally and take a normal amount of risk.
Pros
- Large potential profit
- Minimal time commitment
- Smallest upfront deposit required, but it will cap your potential profit
Cons
- Risk of losing the most amount, up to your initial bet
- Credits may not convert to cash at a rate of one to one
Low / Medium Risk – Open up multiple sportsbook accounts and bet both sides of a game across two different sportsbooks. For example, if you open a Fanduel account and an Unibet account, you can bet on a team to win with you “risk-free” bet from Fanduel and bet on that team to lose with your Unitbet account. One of these bets will win! The other will provide you with credits, which may be able to provide a return or not depending on how you use them. The same risks apply to the credits mentioned above, but at least you have your initial bet back. This requires a bit more work, but can significantly reduce your risk compared to the “riskiest” method above and still provide a large profit.
Pros
- Largest potential profit (up to your total upfront deposit)
- Initial bet will be recovered at a minimum
Cons
- Largest time commitment
- Largest upfront deposit needed
- Credits may not convert to cash at a rate of one to one
Low / No Risk – Use your “risk-free” bet to bet both sides from day one! If your first bet loses, you end up with a credit. If not, then there is no additional credit, but you still get the original profit from betting both sides. This guarantees a profit, but due to promotional betting maximums, reduces the potential profit. You may need to wait for a promotion to get started. Be sure you do not to use a boost with your first bet as the sportsbook may not combine offers.
Pros
- Guaranteed profit with no potential loss
- Minimal time commitment
- Upfront deposit required is likely small, but will depend on promotional offer
Cons
- Smallest potential profit
- Potentially no credits earned
