Free bets are hugely valuable to sports bettors and are highly coveted. Find the very best free bet offers with the best sports betting sites below.
We all love ‘free stuff.’ Most of us can relate to the excitement and satisfaction we receive as consumers when something is free. Offers such as free food and free bets activate the part of our brains that emits endorphins which can positively impact us. Free bets provide a different feeling because what you are getting for free is money.
Betting facilities use free bets as a practice to incentivize potential punters to sign up and utilize their platform, whether to place wagers on their favorite sports teams, or enjoy the array of casino games that they offer. The offer is also used to ensure that existing customers are retained.
In this blog post, we will be looking at the purpose of the practice of free bets provided by real money online sports betting sites. We will look at the different types of bets and their advantages and disadvantages. Finally, we will briefly look at the most offered free bet type popular in the betting industry.
The Purpose of Free Bets
Before we can explain the purpose of a free bet, we must understand what is meant by the term ‘Free Bet’ as used in the gambling industry. Free bets are technically bonuses you receive, usually for being a new user or when a special sporting event such as the Super-Bowl or NBA finals happens.
Free bets are either offered for the use of a specific purpose, such as when you place a wager on a Super-Bowl game or used for all purposes, for example, offers where you are a free bet on your first deposit after you sign-up. Free bets are a practice mostly used by online betting service providers.
Free Bets serve several purposes to attract new punters as well as retain existing customers. One of the main reasons online facilities issue Free bets is to give us a sense of belief that our odds of winning become higher because free bets offer players the opportunity to be in the game for longer periods.
Free bets also allow us to place higher wagers, increasing our potential win from the placed bet.
Another purpose free bets have is that they enable us to place our bets using the ‘house’s’ money.” The “house” is the casino or the online bookmaking platform. Free bets give us the idea that it is possible for the house not to always win as there is a famous perception in the gambling industry that the house cannot be beaten.
Online betting service providers use free bets as a sign of good faith in what they are offering us and incentivize players to use their platform.
There are different types of free bets offered, such as the Deposit Bonus, No Lose First Bet, also known as the Risk-Free Bets; Matched Free Bets; No Deposit Free bet and Special Event related bet. Of course, there are other types, but these are the most commonly offered free bets in the industry.
Type of Free Bets Offered
Deposit Bonus Free Bets
Online gambling service providers mostly use these types of bets. They usually come in two forms: when you make your first deposit to your account betting bank, which all online casinos provide, and sometimes they are offered randomly as a promotion.
This type of free bet offer ‘matches your deposit with a free bet bonus’ that you can use however you see fit. Companies use these predominantly to attract new users.
A Risk-Free bet offer is a type of offer punters enjoy receiving the most. This type of free bet has all the characteristics of ‘free stuff.’ The No Lose first bet provides you with your money back if you lose on a placed bet. A few things in this world make us feel like winners, and the Risk-Free bet is one of those things.
We feel like winners because this type of free bet eliminates the possibility of losing. The name of the free bet explains everything. It provides us with a risk-free, no-lose bet.
This Risk-Free bet offer gives us the opportunity to place a bet for an event with high odds, knowing that the win could potentially return a huge profit if you predict the outcome correctly. Players like to aim high when they know they won’t lose any real money.
No Lose Free bets are commonly utilized by betting companies to make their new punters feel comfortable using the platform. It also acts as an incentive for new customers to join and existing customers to remain. A risk-free bet can also serve as a Loyalty Bonus offer for existing punters who regularly gamble with the same site.
Matched Free Bet Offers
These particular free bets are the most used in the industry. Service providers, especially online gambling service providers, commonly utilize this free bet to incentivize us to use the platform for longer periods. This free bet also enables players to stay in the game longer. You may ask, how does this free bet keep us in the longer? Well, the answer lies in what a Matched Free Bet has to offer.
A Matched Free bet offer involves the bookmaker matching the wager you placed, usually by 100%. For example, if you place a ＄20 USD bet and are offered the Matched Free Bet, that means you will receive another free ＄20 that you can use to bet. You can only use the matched free bet to place a bet. You cannot withdraw the match-free bet, but ultimately your stake has doubled for no additional cost.
Unfortunately, this free bet has a limit. It would not be sustainable for the bookmaker to match your bet if you placed a hundred thousand dollar bet because then that would mean the ‘bookie’ would have to provide you with a free hundred thousand dollar free bet.
The company would lose more money than they make, as the amount in free bet would mean we would have all the time to play the odds. The chances of us winning against the ‘house’ becomes a matter that involves more than luck.
The trick behind these free bets is limiting what comes with the offer. Therefore, service providers would make the offer in a way that does not provide players a higher chance of winning but instead, provides a reasonable possibility of us winning from the free bet.
You must understand that the more money you have to bet, the longer you can play, which in turn increases your chances of winning. Sports that involve two individuals competing or two teams going head-to-head could allow you to make serious money if there was no limitation on the free bet.
An example of how the limitation works regarding the offer is you make a hundred thousand dollar wager, but the wager specifies a ＄20 free bet. This free bet will entail that you only get a free＄20 to bet on top of your hundred thousand dollars.
Special Event Related Free Bets
There is nothing like having your favorite team playing in the finals, whether it’s the NBA finals, Super Bowl, or World Cup. It is common practice for punters to place a bet on a team winning the entire competition at the beginning of the season.
Special Event Related Free bets offer us the possibility to place a bet using our own money combined with the free bet we receive from the special event-related free bet concerning the finals. With this type of free bet, you can create a situation whereby you have two opportunities to win.
For example, you can either win from the bet you placed at the beginning of the season, which by the way, can have high returns if you get it right, or you can win from the bet you place in the finals if you back the other team. It’s a great way to cover yourself and still make a profit.
An Event-related free bet is usually offered when a popular sporting event is happening. It serves as a promotion because the online casino industry knows the amount of viewership sporting events such as the World cup will receive. Therefore, with more people interested in the ultimate winner takes all showdown that comes from a final, more people will be interested in placing a wager. A bet relating to which team will win the final adds to the event’s excitement.
You will often see Event-Related Free bets offered by bookmakers in the coming week before a major final, such as the Super Bowl.
No Deposit Free Bets
These are most frequently offered to potential new customers. It acts as an incentive for potential punters to sign up as users of the online betting platform. Such a free offer gives you a certain amount of money to bet with by simply signing up to be a user. Not having to make a deposit using one of the traditional methods such as PayPal, Neteller, Skrill or Bitcoin is a big advantage to players.
Everything mentioned above illuminates the advantages and benefits of the different types of free bets. We will look briefly at the few possible disadvantages of these free bet types.
Disadvantages of Free Bets
Like most things free, most types of free bets have restrictions. The main disadvantage that these free bets have in common is that some limitations and conditions need to be met before you have access to the benefits of the free bet.
Conditions & Limitations
The above-mentioned free bets all have limitations and conditions. The No Deposit Free bet and the Deposit free bet have a certain condition that needs to be met before you can receive the offer.
For instance, to receive a No Deposit free bet, you have to go through the admin of creating an account and registering to become a user. This poses security problems in that your information becomes at the service provider’s disposal. Such a security concern is problematic, especially if the service provider is not authorized and reliable. Therefore, it is important that you are cautious with which online betting service problem you provide your personal information too.
The Deposit Free bet usually requires that you deposit a certain amount to qualify for such an offer. Therefore, if you don’t have that required amount, you will not qualify for the offer.
The Matched Free bet also has limitations because the bookmaker does not match your bet as there will be a cap in place. This limitation is understandable because it safeguards the online betting establishment from taking a serious loss due to it trying to match bets.
It would have been nice if your hundred thousand dollar bet were matched 100% by the bookmaker but unfortunately, that simply can’t happen. You are more likely to see a promotion offering $20 for a deposit of $20 or higher, so make sure you are aware of this when signing up to a particular casino.
We all love the idea of being given something for free, and a free bet is no different. Irrespective of the few disadvantages of free bets, there are a lot of benefits that come with it. We are certainly all for Free Bets.