All sorts of wagers can be considered “risk-free,” and while they serve our objectives in most cases, the “risk-free” wagers provided by legitimate mobile sportsbooks are not without some degree of inherent danger.

A risk-free bet can be one of several different types, with the main difference being the method through which a loser’s money is returned.

How Does It Work?

Many online sportsbooks advertise “risk-free bets” as a way to entice new consumers. They are much sought for in the United States, as welcome extras. Simply put, these offers function as sportsbook registration bonuses. In terms of getting your money back at the sportsbook, you can do this in the form of site credit, a “bonus bet,” or “extra cash”, specially if you lose a wager.

Typically, the size of the free bets you get from a sportsbook will correspond to the size of your opening wager. Wagers with no financial risk might range from the hundreds to the tens of thousands of bucks.

Caesars Sportsbook

Our example will make use of Caesars Sportsbook. FanDuel is now offering a risk-free bet up to $1500 for new users.

After registering and adding cash to your account, you may risk up to $1,500 on any bet, safe in the knowledge that you will get the same amount back in site credit if you lose.

Imagine you’re thinking of betting -6.5 points on the Cowboys at home against the spread for -110. The $500 that you risked is now on the line. The final score was 27-10, giving the victory to the Cowboys. Congratulations! The initial $500 bet has been replaced by a profit of $454.50; the new balance in your account is $954.50.

If the Cowboys take 3 hours to get rolling, yet end up winning 24-21 with a last-second field goal without covering the spread, you lose your $500 bet. Surely it won’t be too much of a hassle, right? There will be a $500 refund in the form of site credit, which may be spent just like cash but can only be cashed out after being used once.

You should read the welcome offer’s fine print if you wish to take advantage of it. Caesars is now running a deal for new customers who make a minimum deposit of $10.

Does Your Stake Get Returned To You?

A lot of rides on the specifics of the betting site and how they handle refunds. What if we examine more closely?

If you win, the betting site will give you site credit to use in the future. As contrast to free bets, which only pay profit, site credit may be used just like cash to place bets of any size and win the stake plus the profit.

For instance, using the aforementioned example’s $500 in site credit, you may bet that the Philadelphia Eagles would comfortably win their game on the NFL schedule and hence take them -3.5 at -110. Assuming a 30-7 victory, you would receive $954 ($500 initial wager plus $454 gain). If the site just offered a one-time free wager in exchange for the refund, you would only collect $454.

However, there are services that will return your stake in completely withdrawable cash, making this a risk-free wager on their site.

To be clear, most “risk-free” wagers really include some degree of danger. You will lose everything you put into the game if you lose both the cash wager and the “bonus” bet. If you lose a wager at some sportsbooks, you may receive site credit instead of a free wager. These are preferable since you are not restricted to making a second bet of the same size as the first but are instead free to spread the value of the site credit over many wagers. To add to this benefit, successful wagers placed with site credit pay both the stake and the profit, so you may actually make a profit rather than merely breaking even or trying to recoup most of your initial investment with a single free wager.

This is a generous deal, but it pales in comparison to “match” incentives, where sportsbooks double or even triple your first deposit. For new players, SugarHouse now offers a 100% initial deposit bonus up to $250. It’s hard currency that you have to “bet through” before you can pay out. That’s the definition of a “risk-free” deal (Source https://www.basketballinsiders.com/ca/).

The Mobile Industry Makes A Turn Towards Responsible Gambling

One of the reasons FanDuel Sportsbook has become one of the United States’ most successful gambling sites is due to its innovative methods.

One recent manifestation of this is their shift from “risk-free” language to the more memorable “no sweat, first bet” branding. As was previously indicated, most “risk-free” welcome incentives are really rather risky. Since “risk-free” might be misunderstood, FanDuel changed its slogan to “no sweat,” which has been applauded by responsible gaming activists and scholars.

Those who make their first wager at FanDuel Sportsbook can get their money back, no questions asked, up to $1,000, with the site’s current promotion, the No Sweat First Bet.

FanDuel may once again be at the forefront of an industry move toward more precise language of what risk-free welcome bonus offers actually mean, especially in a sector that is undergoing as rapid a transformation as the sports betting sector.