Risk-Free Bets aren’t offered that often by bookmakers but when they do, they can be a great way to boost your monthly matched betting profits.
An example of a Risk-Free Bet Offer is Boylesports Bet €/£10, get a €/£10 free bet if your bet loses, that they usually offer on a Sunday for the biggest Premier League match to be played that day.
What is a Risk-Free bet?
A risk-free bet is where a bookmaker offers to give you a free bet if you bet on a certain sporting event and your bet loses.
The amount you receive as a free bet will usually be capped at a certain amount e.g €/£5 or €/£10.
Therefore, the term Risk-Free Bet is a misnomer as you aren’t receiving your stake back if your bet loses.
You may receive a free bet but unless you place the free bet on something with odds of 2.0 or higher and it wins, you are risking the initial stake you placed to qualify for the free bet.
There are some Risk-Free Bets that are truly risk-free such as Paddy Power’s welcome offer of bet €/£10, get €/£10 back in cash if it loses but you will find that the vast majority of risk-free bet offers will return your stake as a free bet.
How do Matched Bettors profit from Risk-Free bets
Matched Bettors can use risk-free bets to lock in a profit by laying the risk-free bet they place at the bookmaker at a betting exchange like Betfair.
The best way to illustrate this is by way of an example, so we will use a recent BoyleSports Risk-Free Bet Offer for the match between Newcastle and Tottenham where you would receive up to €/£10 in free bets if your pre-match bet on the match ended up losing.
Step 1 – Place a Pre-match bet on the Newcastle Vs Tottenham Match
Before the match, I was able to back a Tottenham win at odds of 2.2 at BoyleSports. At the time I placed the bet at BoyleSports, you could lay Tottenham at Betfair at Odds of 2.24.
Step 2 – Use a Bonus Lock-In Calculator to work out how much you should lay at the Betting exchange
Next, I used a Bonus Lock-In Calculator to work out how much I should lay at Betfair.
As you can see from the below screenshot, I can lock in a profit of €/£3.62 on this risk-free bet offer if we were to place a lay bet of €/£6.76 on Tottenham to win the match.
Step 3 – Wait for the match result
Once you have placed your back and lay bets, you just have to wait for the final whistle in the match to see if your bookmaker bet won or not.
If your bookmaker bet wins, then you don’t need to place any more bets but if your bookmaker bet loses, you need to convert the free bet awarded into withdrawable cash.
My recommendation is to aim to get at least 70% of the value of your free bet.
You can check out our Free Bets guide for details on how to maximise the value you get from free bets.
How to find Risk-Free Bets
The easiest way to find Risk-free bet offers is to sign up with a matched betting site.
Once you are a member of one of the matched betting sites you will have access to a list of risk-free welcome offers.
You will also gain access to their Offers Calander which is updated on a daily basis with the latest and best bookmaker risk-free offers.
If you have the time to spend searching for Risk-Free Bet Offers manually, then check out our DIY Matched Betting Guide.