What are free bets and risk-free bets?

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A free bet is a free wager you can use as long as you meet a minimum odds requirement. If a free bet loses, there’s no financial loss for a bettor as they never wagered any real money. Whereas in a win, a bettor would claim real money proceeds.

A risk-free bet (or bet refund) is a refund on your first bet if it were to lose. If the bet wins, a bettor can claim their projected winnings as usual. But if the bet loses, the sportsbook will refund the initial wager up to a set maximum value.

While free bets don’t use real money, risk-free wagers do. Both free and risk-free bets are common sportsbook rewards for actions such as signing-up for an account or depositing a certain amount in your account.