How to Use Risk-Free Bets, Responsibly

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Fact checked by:
Paruyr Shahbazyan
Last Updated: Mar 5, 2024, 4:51 PM

All About Risk-Free Bets

Risk-free bets are a unique feature offered by many online sportsbooks. These bets essentially give you a "second chance" if your initial wager loses, as they allow you to receive a refund or bonus bet equivalent to your stake. While risk-free bets can appear to be a foolproof way to bet without risk, a thoughtful and strategic approach is essential to make the most of this opportunity. In this guide, we'll present the intricacies of risk-free bets, exploring how to use them wisely and responsibly, with insights and examples to aid your understanding.

Pros and Cons of Parlays Bonuses


  • Safety Net: Provides a safety net for your initial bet, allowing you to recover your stake if it loses.
  • Enhanced Confidence: Can boost your confidence to place bets you might have been hesitant about without the risk-free offer.
  • Learning Opportunity: Allows you to experiment with different betting strategies without financial consequences.


  • Wagering Requirements: The refund often comes with wagering requirements, making it necessary to bet a certain amount before withdrawing any winnings.
  • Potential for Recklessness: The idea of a "risk-free" bet can tempt some bettors to place reckless or ill-considered wagers.
  • Time Limitations: Risk-free bets usually come with time limitations, requiring quick decision-making and betting.atic gambling.

Understanding Risk-Free Bets

At first glance, risk-free bets may seem like a guaranteed win, but it's crucial to understand their mechanics:

  • Initial Bet: You place a bet with your own money, and if it loses, you'll receive a refund or bonus bet, often equivalent to your stake.
  • Refund Conditions: The refund may come with certain conditions, such as wagering requirements or restrictions on the markets you can bet on.
  • Time Limit: There's typically a time limit within which you must use the risk-free bet, often ranging from a few days to a week.

Strategies for Responsible Use

  1. Strategic Betting: Instead of treating risk-free bets as a license to gamble recklessly, use them strategically. Place your initial bet with consideration, taking into account your betting knowledge and preferences.
  2. Read the Terms: Always read the terms and conditions associated with risk-free bets. Understand any restrictions, such as eligible markets and minimum odds, to ensure you use the bet effectively.
  3. Set a Budget: Don't get carried away with the promise of a refund. Maintain a clear betting budget and stick to it, even when using risk-free bets.
  4. Plan Your Bets: Consider how you can maximize the value of the risk-free bet. For example, you might use it for a more significant wager or on a riskier outcome.
  5. Research and Analysis: Just like any other bet, research and analysis are essential. Make informed betting choices to increase your chances of a winning bet.

Examples of Risk-Free Bets

  1. FanDuel Sportsbook: Has offered a risk-free bet up to $1,000 for new users. If the initial bet loses, the user receives a refund in site credit, subject to wagering requirements.
  2. DraftKings Sportsbook: Has given their users a risk-free bet up to $200 for new customers. If the bet loses, the user receives a free bet of equal value, with terms and conditions.
  3. BetMGM: Has provided risk-free bets up to $100 for new players. If the initial bet loses, the user gets a free bet matching the original stake, subject to wagering requirements.

Final Thoughts

Risk-free bets can be a valuable tool in your sports betting arsenal, offering a safety net for your initial wager. However, it's crucial to approach them strategically, with responsible betting principles at the forefront. Rather than using them recklessly, consider risk-free bets as an opportunity to enhance your betting experience and potentially recover losses. By setting a budget, reading the terms, planning your wagers, conducting research, and avoiding impulsive decisions, you can maximize the value of risk-free bets while staying in control of your betting activities.

Remember, responsible betting should always be the guiding principle, even when using risk-free bets. Approach them as a means to enjoy the excitement of sports betting with an added layer of security, not as a shortcut to guaranteed wins. With a thoughtful and disciplined approach, risk-free bets can be a valuable and enjoyable aspect of your sports betting journey.

Meet Our Authors

Sol Fayerman-Hansen
Sol Fayerman-Hansen

Sol's interest in sports was sparked at a young age, inspired by athletes such as Barry Sanders, Michael Jordan, and Wayne Gretzky. This early fascination evolved into a deep-seated passion, guiding him toward a career in sports journalism in 2007. Over the years, Sol has contributed numerous articles and reviews to various online platforms, sharing his knowledge and perspectives.

Central to Sol's approach is his dedication to honesty, especially regarding sports betting platforms. He believes in providing bettors with straightforward and detailed reviews, distinguishing his work by avoiding the often overly positive spin on bonus offers and promotions. His commitment to truthfulness has made his reviews a reliable source for those seeking authentic advice and information, thereby earning him a reputation for integrity among his readers.

“In the world of sports betting, truth is more valuable than any bonus offer.”

Content Manager, OnlineCasinoReports2012-2021
Sports Journalist, Dottraffic2009-2011
Content Writer, HouseTech2007-2009
Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.

In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content. 

Continuing his innovative approach in 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This venture showcases his dedication to integrating advanced technology in the evolving landscape of sports betting. Through these diverse experiences, Paruyr has continuously influenced and shaped the betting industry, driving new trends and setting high standards.

Engaged in private entrepreneurship2000-2013
Founder and President at Bookmaker Rating, an online platform focused on sports and betting2013-2020
Co-founder at Azuro, a decentralized betting protocol2022

"Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports." 

- Paruyr Shahbazyan, Founder, RG


Principles and Ethics

Paruyr Shahbazyan's core beliefs lie in the power of informed decision-making and integrity in the betting industry. He understands that the foundation of successful betting is not just about odds and predictions, but also about the trust and reliability of the information provided. Paruyr advocates for a betting environment where transparency and knowledge are paramount, ensuring that bettors are well-equipped with accurate data and insights.

Strategic Vision

Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

Future Perspectives

Looking towards the future, Paruyr envisions a betting landscape that is more inclusive, technologically advanced, and globally connected. He anticipates a significant shift towards more decentralized and transparent betting systems, driven by blockchain technology. Paruyr is committed to being at the forefront of this change, continuously exploring new possibilities and innovations that can redefine what it means to engage in sports betting in a digital world. His focus is on building systems that prioritize user empowerment, fairness, and the global growth of the sports betting community.


Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

Mike Rosenberg
Mike Rosenberg
Content Writer

Mike made the decision to dive headfirst into the booming world of sports betting fresh out of college. Back in the day, when 1-800 pick lines and sports pagers were all the rage, he couldn't resist the allure, having grown up idolizing sports legends like Sweetness, MJ, and Slammin Sammy. Mike dedicated his early years to the industry, tirelessly analyzing games, writing articles with free picks, and selling his expertise on reputable handicapping sites. Unlike many others, Mike was known for his integrity and only released one Game of the Year per sport, per season. His hard work and unwavering commitment paid off, earning him a devoted following and propelling his career to new heights. Then came the explosion of Daily Fantasy Sports. Believe it or not, companies like DraftKings and FanDuel used to pay Mike's company to increase their brand exposure. Now, those same industry giants don't even bother responding to his emails. While Mike appreciates the convenience of being able to place legal bets in his own backyard, he can't help but feel disheartened by what has become of the industry. People are being led astray, falsely believing that a mere $5 wager on a 20-team same-game-parlay will be their ticket to financial security. If there’s one thing Mike learned from making book back in the day, it’s that parlays are a bookie’s best friend. A bankroll is the only leg you have to stand on in the battle with the books, and Mike’s here to offer up advice on how to protect it.