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Free Bet

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18+

Definition

A free bet is a promotional wager offered by bookmakers where only the profit is paid out if the bet wins—the stake itself is not returned. Unlike regular bets where you receive stake plus winnings, free bets return only the winnings portion. A $50 free bet at 2.00 odds wins $50 profit (not $100), making free bets worth approximately 70-80% of their face value depending on odds used.

Free Bet

A free bet sounds like free money—but there's a catch. When you win, you only keep the profit; the stake doesn't come back to you because it was never yours to begin with. A 100freebetat2.00oddsreturns100 free bet at 2.00 odds returns 100 profit, not 200likeareal200 like a real 100 bet would. This makes free bets worth less than their face value, typically 70-80% depending on how you use them. Still, free bets are one of the best promotional offers in gambling when used correctly.

Table of Contents

How Free Bets Work {#how-it-works}

Free bets are promotional credits that can be used to place wagers without risking your own money.

Free Bet vs Regular Bet

FactorRegular BetFree Bet
Stake sourceYour moneyBookmaker's credit
If you loseLose stakeLose nothing
If you winStake + profit returnedProfit only returned
Can withdraw stake?Yes (before betting)No

Simple Example

$50 bet at odds 3.00:

Bet TypeWin ReturnProfitLose Result
Regular $50$150$100-$50
Free bet $50$100$100$0

The free bet removes the downside but also reduces the upside by the stake amount.

The Math Behind Free Bets

Free Bet Return=Free Bet Amount×(Odds−1)\text{Free Bet Return} = \text{Free Bet Amount} \times (\text{Odds} - 1) Regular Bet Return=Stake×Odds\text{Regular Bet Return} = \text{Stake} \times \text{Odds}

Example at 4.00 odds:

  • Free bet: 50×(4.00−1)=50 × (4.00 - 1) = 50 × 3 = $150
  • Regular: 50×4.00=∗∗50 × 4.00 = **200**

Free Bet Value Calculation {#value}

Expected Value Formula

EV of Free Bet=Free Bet Amount×(Odds−1)×Win Probability\text{EV of Free Bet} = \text{Free Bet Amount} \times (\text{Odds} - 1) \times \text{Win Probability}

Since Win Probability ≈ 1/Odds for fair odds:

EV≈Free Bet Amount×Odds−1Odds\text{EV} \approx \text{Free Bet Amount} \times \frac{\text{Odds} - 1}{\text{Odds}}

Value at Different Odds

OddsWin Probability$100 Free Bet Value
1.5066.7%$33 (33% of face)
2.0050.0%$50 (50% of face)
3.0033.3%$67 (67% of face)
4.0025.0%$75 (75% of face)
5.0020.0%$80 (80% of face)
10.0010.0%$90 (90% of face)

Key insight: Higher odds = higher free bet value

Free Bet Retention Rate

Retention %=Odds−1Odds×100\text{Retention \%} = \frac{\text{Odds} - 1}{\text{Odds}} \times 100
OddsRetention Rate
2.0050%
3.0067%
4.0075%
5.0080%
6.0083%

Maximizing Free Bets {#maximizing}

Strategy 1: Use on Higher Odds

Bad: 50freebeton1.40favorite=50 free bet on 1.40 favorite = 20 if wins Good: 50freebeton4.00underdog=50 free bet on 4.00 underdog = 150 if wins

Higher odds maximize return when the stake isn't returned anyway.

Strategy 2: Find Value, Not Just High Odds

Don't just pick any longshot. Find selections where odds are higher than fair probability suggests.

SelectionOddsYour EstimateValue?
Horse A6.0012% chanceNo (fair)
Horse B4.0030% chanceYes (+EV)
Horse C10.008% chanceNo (overpriced)

Use free bet on Horse B—positive expected value.

Strategy 3: Consider Variance Tolerance

Higher odds = higher variance. If you have one $50 free bet:

StrategyExpected ValueVariance
1.50 odds$17Very low
3.00 odds$33Medium
6.00 odds$42High
10.00 odds$45Very high

Most valuable? 10.00. But you'll lose 90% of the time.

Strategy 4: Split Free Bets

If allowed, split into multiple smaller free bets:

$100 free bet options:

  • 1 × 100at5.00=100 at 5.00 = 400 if wins (20% chance) = $80 EV
  • 4 × 25at5.00=25 at 5.00 = 100 per winner = same EV, lower variance

Check if bookmaker allows splitting.

Types of Free Bet Offers {#types}

Welcome Bonus Free Bets

Format: "Bet X,getX, get X in free bets"

BookmakerQualifying BetFree Bet
Typical$20$20
Generous$50$100
Premium$100$200

How it works:

  1. Deposit and bet $X (qualifying bet)
  2. Receive free bet once qualifying bet settles
  3. Use free bet within time limit

Reload Free Bets

Existing customer promotions:

TypeExample
Weekly free betBet 50,get50, get 10 free bet
Accumulator free bet5+ leg acca gets free bet if one leg fails
Event-specificFree bet for major events (World Cup, Super Bowl)

Referral Free Bets

"Refer a friend, both get $X free bet"

Usually requires friend to deposit and bet minimum amount.

Risk-Free Bets (Variation)

"Risk-free bet" often means:

  • Place bet up to $X
  • If it loses, receive free bet equal to stake
  • If it wins, you keep winnings normally

This is different from a free bet upfront. You risk real money first.

Matched Betting with Free Bets {#matched-betting}

What Is Matched Betting?

Using free bets at bookmakers and laying at exchanges to guarantee profit regardless of outcome.

How It Works

$50 free bet at odds 5.00

ActionBookmakerExchange
Back bet$50 free bet on Team A at 5.00-
Lay bet-Lay Team A at 5.10, liability $170

Outcomes:

ResultBookmakerExchangeNet
Team A wins+$200-$170+$30
Team A loses$0+$41+$41

**Guaranteed profit: 30−41∗∗froma30-41** from a 50 free bet (60-82% extraction)

Free Bet Extraction Rates

Lay OddsExtraction Rate
2.00~50%
3.00~67%
4.00~75%
5.00~80%
6.00~83%

Matched Betting Calculator

Lay Stake=Free Bet×(Back Odds−1)Lay Odds−Commission\text{Lay Stake} = \frac{\text{Free Bet} \times (\text{Back Odds} - 1)}{\text{Lay Odds} - \text{Commission}} Profit (if back wins)=Free Bet×(Back Odds−1)−Lay Stake×(Lay Odds−1)\text{Profit (if back wins)} = \text{Free Bet} \times (\text{Back Odds} - 1) - \text{Lay Stake} \times (\text{Lay Odds} - 1) Profit (if lay wins)=Lay Stake×(1−Commission)\text{Profit (if lay wins)} = \text{Lay Stake} \times (1 - \text{Commission})

Common Free Bet Terms {#terms}

Terms to Watch

TermMeaningImpact
Minimum oddsFree bet must be used at X+ oddsLimits low-odds strategy
ExpiryMust use within X daysTime pressure
Single useCan't splitForces one bet
Sports restrictionsOnly football, etc.Limits markets
Stake not returnedStandard free bet termExpected
Qualifying betWhat triggers free betUsually -EV

Red Flags

Warning SignWhat It Means
Wagering requirements on winningsMust bet winnings X times
Minimum odds 3.00+Hard to find value
24-hour expiryRushed decisions
"Selected markets only"Very limited options

Good Free Bet Terms

FeatureWhy It's Good
No minimum oddsUse on any selection
7+ day expiryTime to find value
All sportsMore opportunities
Can splitLower variance option

Free Bet Mistakes {#mistakes}

Mistake 1: Using on Short Odds

50freebetat1.30=50 free bet at 1.30 = 15 max return. Waste of free bet.

Mistake 2: Forgetting Expiry

Free bets expire. Set calendar reminders.

Mistake 3: Ignoring Qualifying Bet Loss

"Bet 50get50 get 50 free bet"

If qualifying bet loses at 1.90 odds:

  • Lose: $50 (qualifying)
  • Win: $40 (from free bet at 1.80)
  • Net: -$10

Factor qualifying bet cost into calculations.

Mistake 4: Not Using Matched Betting

If you have exchange access, matched betting extracts 70-85% guaranteed vs ~50% average from gambling the free bet.

Frequently Asked Questions

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author-credentials.sysE-E-A-T
Evgeniy Volkov

Evgeny Volkov

Verified Expert
Math & Software Engineer, iGaming Expert

Over 10 years developing software for the gaming industry. Advanced degree in Mathematics. Specializing in probability analysis, RNG algorithms, and mathematical gambling models.

Experience10+
SpecializationiGaming
Status
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