Best Risk Free Bets 2023

Risk free bets are won-wins for the sportsbook and the user, so they're often offered. In fact, I'd go so far as to say that they are the most popular sign up bonus on the market.

Luckily, we we've scoured every online sportsbook in the US and found a collection of risk free bet offers that we think users will appreciate and ranked them so you know which ones are really the most valuable. No more losing out on your bonus because of a technicality in the terms and conditions!

Check out some of the top risk free bets offers available today!

Risk free bets are a lot like bet insurance. Typically, sportsbooks require you to make an initial wager. If your bet wins, congrats enjoy your winnings.

However, if your bet loses, a risk free bet offer ensures that you will be refunded your wager amount in non-withdrawable on-site credits.

In this way, you're able to test out a sportsbook knowing that you won't lose your entire wager outright.

It’s a sign up bonus that is becoming more and more popular with online sportsbooks, and they're actually one of the most commonly offered Super Bowl betting promos being offered today.

Risk free bets are fairly straightforward.

Most of the time, you are required to make an initial deposit and wager with your own money. If your first bet wins, go ahead and buy yourself something nice.

If you lose, your account will be refunded. Most of the time, your refunds come in non-withdrawable on-site credits. From there, you will need to fulfill the sportsbook’s playthrough or turnover requirement in order for your bonus money to be withdrawable as cash.

These offers allow you to try out a new sportsbook while making sure you’re not leaving yourself hung out to dry if your first bet loses.

What to Look for in a Risk Free Bet Offer

Not all risk free bet offers are created equal. Keep an eye out for some of these key elements when assessing your risk free bet.

• Highest potential value - Obviously, sportsbooks will try to lure you in with a high potential value of their risk free bet. Pointsbet and Caesars Sportsbook, for example, offers users an extremely high potential value. Keep in mind that risk free bets often match your initial wager. That means that you have to put down a lot of money upfront to reach the highest possible value of the offer.

• Qualifying wager requirements - When making your initial wager, make sure you are fulfilling any minimum requirements. For instance, if a site requires a $10 minimum bet on your first wager to unlock the risk free bet, make sure you bet at least $10. Otherwise, you may miss out on your risk free bet offer.

• Turnover requirement - Turnover is how many times you will have to wager your bonus amount in order to convert it into real cash. With risk free bets, there is typically only a 1x turnover requirement, but this can differ from sportsbook to sportsbook.

• Flexibility - A huge thing to look out for is how flexible your sportsbook allows you to be with your risk free bet. Many sportsbooks refund your account with bet tokens instead of a single free bet for your wager amount. You can then split these up over multiple wagers to hedge your bets against losing your bonus money. This flexibility provides you with a lot more freedom in how you want to wager across the sportsbook.

There's always more to look out for, but these are some major elements you should evaluate when choosing a risk free bet offer.

Risk free bets are growing in popularity as a sign up bonus because they provide a benefit for both the sportsbook and the user.

From the user perspective, you’re minimizing your own risk. By utilizing a risk free bet offer, you get to try out a new sportsbook while covering your bases and ensuring you won’t lose your entire first bet automatically. If you do lose, you'll get the chance to try and win your wager back.

Risk Free Bets are a win-win proposition for the sportsbook and the user

From the sportsbook’s perspective, they don’t have to give anything away right off the bat to draw in a user. They draw in a new customer and get them to deposit and place a bet without giving up any assets themselves.

In fact, if the user wins his first wager, they don’t have to give away anything at all! Compared to other sign up bonuses, the sportsbook actually makes out quite well for itself.

While risk free bet offers are popularly used as a sign up bonus, you can occasionally find them offered to existing customers as well.

Oftentimes, you'll find risk free bets for existing customers branded more or less like bet insurance. Most sportsbooks will offer this type of wager for parlays.

Specifically, the same game parlay is a bet type that has become a bit more popular in recent years, so parlay insurance for same game parlays has become an extremely commonly offered sportsbook promotion.

While risk free bets are particularly popular right now, they're not the only sign up bonus offered to new users. In fact, there are numerous other sportsbook bonuses on the market!

Other popular sportsbook sign-up bonuses include Free Bets & Deposit Bonuses.

The Free Bet is one of the most valuable sportsbook sign up bonuses available to new users, although is not offered very frequently.

Usually, free bets try to lure new players in by promising them the chance to test out the betting site for free with no deposit necessary. In this way, the new user gets to test out the platform all while not taking on any risk at all.

The value is low for the sportsbook as they run the risk of giving away free money to a user who may or may not return to invest any of their own capital.

This method was more popular in the early days of legal online sports betting in the US. At the time, there was a mad dash to acquire customers, particularly those new to betting. Free bets weres especially attractive to this demographic who may have been more afraid of risk.

It’s a bit out of fashion now that many online sportsbooks have established themselves and aren’t as desperate for new users, but you’ll still see them offered occasionally. During the football season, you will see many NFL free bet offers but more often than not, free bets are offered by sportsbooks as existing customer promotions now.

Sites like Barstool Sportsbook and Bet365 still offer these sign up bonuses to new users.

Deposit bonuses are another common sportsbook bonus betting sites will offer to new users.

Here, the sportsbook will observe how much money you place into your account with an initial deposit. From there, the betting site will usually match that amount, onlu up to a certain extent.

More user-friendly than the risk free bet, but less generous than the free bet, deposit bonuses are offered by sites like DraftKings Sportsbook and BetRivers.