Free Bets

2023 Latest Sportsbook Free Bets & Promotions

One of the most popular sportsbook promotions is a free bet offer, where a betting site allows you to place certain bets without charging you money for the stake. You can keep the profit if you win a free bet (subject to withdrawal requirements). Our betting experts wrote this complete guide to get you started with free bets. Read on to learn where to find free bets, the different types of these bets and how to redeem them. We also update this page constantly with links to the best free bet promotions online. So click on any of the sportsbook links and claim your free bets today.

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Free Bets and Betting Bonus

Free bets provide you with credits you can use to place bets. If your free bet comes through, you will receive your winnings. But the sportsbook will not refund your stake (the value of the free bet). You usually need to deposit a minimum amount and meet other terms to claim free bets. 

Sportsbooks use free bets as welcome bonuses to attract new players that get a chance to try the betting site without risking their money and a chance of making a profit. Many sportsbooks also offer returning customers free bets to reward their loyalty and keep them interested. 

For example, a sportsbook might offer a free bet of $30 to every new player that signs up and deposits at least $10. Once you complete your registration, you can visit the sportsbook’s cashier section and deposit $10. The sportsbook would then credit you with $30 in free bets, giving you a total stake of $40 to bet with. You can deposit a higher amount if you’d like. However, in most cases, the sportsbook won’t give you more free bets.

If you placed a $30 bet on -100 odds and won, your total payout will be $60. However, that includes your $30 stake, so you will only get a $30 profit. You can withdraw these $30 or use them for more betting.    

Free Bet Types

No Deposit Promo Code

A no deposit free bet is a bonus you can earn without having to make a deposit. Instead, you enter a promo code to unlock the bonus during your registration. Once you complete your registration, your free bets should be credited to your sportsbook account. This differs from most free bet offers that require a deposit or a wager to get your bonuses. 

Usually, you’ll get a lower value of free bets with a no deposit offer than with other types of free bet promotions. However, these bonuses are great because you get a chance to win money without risking your own. 

Deposit Match Bonuses

With a standard free bet offer, you make a minimum deposit, and a sportsbook gives you a set amount of free bets. However, with a deposit match bonus, the sportsbook gives you a percentage of your first deposit. There is an upper limit, but the more you deposit, the more you have for betting. One of the most common offers is a 100% deposit match bonus, which doubles your playing money.

For example, a sportsbook could offer a 100% deposit match bonus of up to $200. If you deposit $200, the sportsbook will give you $200 in bonus funds. That gives you $400 for betting.

One unique condition for a deposit match bonus is wagering requirements. Wagering requirements tell you how many times you need to use your bonus funds before withdrawing. In our example, the sportsbook offers you 5x wagering requirements. You would need to stake $1,000 worth of bonus funds before you could withdraw (5 x $200).

Risk-Free Bets

When making a risk-free bet, you will need to use your own money for wagering. The sportsbook will guarantee a refund of your stake up to a set amount if your bet loses. If your bet wins, you will keep your stake and profits. However, if you lose the bet, you’ll receive more free bet credits amounting to your stake.

For example, a sportsbook offers a $1,500 risk-free bet. If you bet $1,500 and win, you can keep both the stake and the profit. If you bet loses, you are given $1,500 worth of free bets you can use for wagering with the sportsbook.

Matched Bets

You can use your free bets with a technique called matched bets to hedge your risk. When making matched bets, you use your free bets to wager on one outcome of an event and use your own money to bet on the opposite outcome (or vice versa). 

For example, if the Pittsburgh Steelers and New England Patriots are facing each other in an NFL playoff game, you can place your free bets on the Steelers to win and use your own money to wager on the Steelers to lose. 

If the odds for each matched bet can be different based on the sportsbook, a win within the spread vs. an outright win, etc. So in some cases, you can make a little bit of a profit regardless of the game’s outcome. However, matched bets are often used as a method to control losses rather than generate big wins.  

Best Sportsbooks for Free Bets and Promotions

DraftKings

Known for providing Daily Fantasy Sports, DraftKings launched its sportsbook in 2018. DraftKings is available in dozens of states across the US and offers promotions and bonuses everywhere it is available. This includes free bet offers for its sports league betting partners, the NFL, NBA, and NHL. 

FanDuel  

While FanDuel started as a Daily Fantasy Sports operator in 2009, the company was acquired by Flutter Entertainment in 2018 and started offering sports betting. You can get free bets from its $1000 ‘no sweat first bet’ welcome bonus, but the sportsbook frequently offers other free bet promotions.

BetMGM  

MGM Resorts operates some of the US's most famous casinos and hotels. It launched its BetMGM sports betting platform in July 2018. The sportsbook offers an ongoing “Money Monday Club” promotion, which rewards you with a $10 free bet at the start of each week if you wagered $50 the week before. 

Caesars  

After acquiring the US holdings of William Hill in 2021 for $3.7 billion, Caesars Entertainment rebranded the sportsbooks as Caesars. You earn points towards the Caesars Rewards program with every wager at Caesars. You can redeem these points for real-life prizes or free bets on Caesars Sportsbook. 

PointsBet  

PointsBet developed a reputation for its unique Points Betting feature, but its Karma Kommittee is another exclusive feature of the operator. The Karma Kommittee can refund lost bets with free bets in particular circumstances, and you can get in touch through the sportsbook or Twitter. PointsBet also guarantees none of its free bets have wagering requirements.

Free Bet Terms & Conditions

Every free bet offer has its own set of rules, and you should always read each offer’s terms and conditions. However, here are some of the most common terms to remember. 

• You must play from a state where sports betting is legal.
• You must only use sportsbooks licensed to operate in your state. 
• You must follow all local rules in the state you play in, such as the legal gambling age and location restrictions. These rules apply even if you are visiting from a different state.
• Most free bets will have an expiry, and you must use your free bets before then. 
• Free bets must be used on minimum odds determined by the sportsbook. You can use free bets on odds greater than the minimum as well.
• Free bets must be used on any specific bet type explained in the terms and conditions (E.G., parlays).
• You can’t cash out free bets.
• You can place bets if you or your immediate family work for, own, or sit as a director on a sportsbook or its holding company.
• You can only use free bets with the specific sportsbook that provided the offer. 
• Some free bet offers only accept particular payment methods.

Free Bet FAQs