What is Free Bets?
Free bets are a bonus offer from online betting sites that allow users to place risk-free wagers. However, it is important to note that just because it is called a “risk-free wager”, this free bet doesn’t guarantee a win.
They are called “risk-free” because you have nothing to lose since your money is not at stake.
Online betting sites offer free bets to new users to lure them to the platform and allow them to familiarize themselves with how the platform works by gambling risk-free.
They also offer free bets to existing users to keep them loyal to the platform and provide them with a risk-free means of experimenting with new strategies or doubling down on existing strategies without taking on additional risks.
Free bets come with terms and conditions, so paying attention to the fine print is important to fully understand the requirements to take full advantage of the free bet.
This article provides an in-depth look at free bets, how they work, their benefits and downsides, and what free bets are available to bettors in the Garden State, New Jersey.
Types of Free Bets
Online betting sites that offer free bets have various types. This section lists the most common types of free bets available.
These types of bets are easy to understand. For example, you could get $25 as a free bet bonus after depositing to an online sportsbook site to wager on games. Since the bonus amount itself is unredeemable, if you win you will only get the profits (minus the bonus); if you lose the bet, there is no real cost for you.
Risk-free bets typically offer up to 100% refund on any losses up to a certain amount. For example, if an online sportsbook offers you a $500 risk-free bet on your first wager, you will have to deposit $500 into your account with the sportsbook and stake that amount on a game. If you lose, you get a $500 refund in a few days, but there’s a catch – the $500 refund typically comes as a free bet, so you can’t just withdraw it and walk away. You will have to stake another $500 before withdrawing funds from the free bet.
Free Bet, No Deposit
This free bet doesn’t require you to make any deposits to the online sportsbook; you get the free bet once you register an account with the platform. Since it has such low requirements and a low possibility of keeping you on the platform long-term, this type of free bet is usually small, within the range of $5 to $10.
The main purpose of this type of bet is to help new bettors get used to the platform. However, in some cases, you will have to wager your earnings 10-15 times before being able to withdraw whatever remains.
Deposit Match Bonus Free Bets
Deposit match bonuses give you a free bet that matches your deposit amount to a certain percentage. So, if you have an online sportsbook account that offers a 100% deposit match bonus, a $100 deposit will attract a $100 free bet.
As you must have guessed by now, like other free bet bonuses, each online betting site with free bets will have specific terms and conditions accompanying the deposit match bonus.
How Do Free Bets Work?
Betting sites with free bets typically connect the bonus to a deposit. In some cases, free bets are only available on the first deposit, while other betting sites with free bets offer the bonus to both new and existing users.
Betting sites require either a bonus code or minimum deposit to claim the free bet, or both in some cases. Some sites may send you the code by email upon signing up, or you can find bonus codes on numerous websites with a simple Google search.
Typical deposit requirements start from $5. The goal of the betting site is to keep the user on their platform for as long as possible till they are familiar with how it works and see no reason to go to a competing betting site.
Although a free bet may seem generous, you are advised to study the terms and conditions of the betting site you are using to understand the requirements before you get the free bet and when you are about to withdraw. Failure to understand the terms and conditions may lead to your free bet being canceled by the betting site if you request a withdrawal without meeting the requirements.
Some platforms require you to place a certain number or value of subsequent bets with your own money to qualify to withdraw the profits from the free bets, which means you may have to put your money at risk multiple times to enjoy the proceeds of the free bet.
In such a situation, if you lose too much of your money trying to qualify for a withdrawal, you may end up with the shorter end of the stick.
Furthermore, some betting sites with free bets restrict their bonuses to certain geographical regions. The only way to determine if the free bet is available in your region is to read the terms and conditions.
Benefits of Free Bets
The benefits of gambling on online betting sites with free bets are:
- More opportunities: betting sites with free bets give you more opportunities to wager on the games you love.
- Experimentation: since you have lower risk or no risk, free bets allow you to experiment with new strategies and games.
- Experience: for new bettors, free bets allow them to gain experience without putting their money on the line.
- Ecosystem benefits: free bets attract new people to the gambling industry, raising the overall pool of funds being wagered and increasing the potential payout for bettors.
Downsides Of Free Bets
The downsides of gambling on online betting sites with free bets are:
- The house advantage: it is not in the interest of the sportsbook site for all users who qualify for a free bet to get massive wins. The site will likely reserve the most profitable markets for paying users and restrict bonuses to markets where losses are more likely.
- Stringent terms and conditions: Most sites have terms and conditions that make it hard to withdraw your earnings from the platform easily. In most cases, the risk of losing as much money as you won using a free bet is very high.
Top Betting Sites With Free Bets New Jersey (NJ)
The following are some of the top betting sites with free bets in New Jersey:
DraftKings Sportsbook users can receive a free $50 bet on an initial deposit as part of its special sign-up promotion. This can be attained by depositing as little as $5 after finishing the registration procedure, and your account will be credited with a $50 free bet credit from DraftKings. The amount of the credit itself is not withdrawable, but you may use it to make bets as usual.
After it has been credited, you will have 30 days to use your free funds. The free bet amount won’t be included in your winnings, but the profit is yours to keep.
Once you sign up with BetMGM Sportsbook, you qualify for a $10 free weekly bet.
You must deposit at least $10 to be eligible for the risk-free bet, but the promotion is valid for up to $1,000. If you lose your wager, you will receive a credit for as many free bets as are permitted under the deal. You have seven days to utilize it after being credited.
Once you’ve joined, you must opt-in to get the weekly free bet. You are qualified for a $10 free bet if your real money wagers over the previous week totaled at least $50.
Caesars Sportsbook’s large welcome bonus has drawn a lot of attention, given that it offers a risk-free bet of up to $1,500 as a bonus. To use it, place your initial stake of up to $1,500; if you lose, you will get your money back as a free bet.
The credit is usually available to you in two days and you have 30 days to use it.
By using Unibet Sportsbook’s links to register an account and enter an exclusive code, new users are allowed to test it out with a risk-free bet offer.
The deal is valid for up to $500 with an initial deposit, but you are free to choose a lower amount if you like. Only your first wager on the site will be affected, so make an informed decision. You receive your stake back if you lose the wager.
With its PointsBetting product, PointsBet has created a whole new way to bet. The offering allows you to access up to $2,000 in risk-free bets when you sign up. A fixed odds wager of up to $500 and a pointsbetting wager of up to $1,500 each make up the two components of the bonus.
Additionally, you may benefit from the company’s five-fold risk-free bet offer.