Free Bets at Online Sportsbooks in NY
The legalization of sports betting in the US has had several benefits. Sports bettors opting to go the route of legal, regulated sportsbooks enjoy advantages over those who are using illegal, unregulated operations like an offshore sportsbook or bookie. In addition to providing a safer place to wager on sports, legal sportsbooks will often offer a variety of promotions, including free bet bonuses.
The demand to grab sports bettors’ interest has never been higher, and that’s great for the betting public. With this much of a boom in the sports betting industry, sportsbooks are doing everything they can to lure in new users to their platforms, including by offering promotions like free bets to attract new customers that they hope will use their platforms moving forward. It’s the rare win-win for the sports bettor and sportsbook.
On this page, you will learn the basics of free bet bonuses, how they work and the ins and outs of different types of free bets that may soon be available if online sports betting goes live in the state of New York.
What is a free bet offer?
What is a free bet bonus? It’s exactly what it sounds like. When using a free bet bonus, you can place a wager without risking any money.
Let’s say FanDuel is putting up a promotion that includes a $500 risk-free bet. You can go ahead and take that and place it on a particular outcome you feel strongly about. If you predict the outcome correctly, you keep your winnings. If your side loses, the sportsbook will refund your wager. However, it will likely come back as site credit for you to use that $500 to place another bet. You will likely need to satisfy the playthrough requirements to cash out the money that you received as site credit.
How to claim free bets
A free bet promotion is usually geared toward bringing in new users. Existing bettors on various platforms may get different types of bonuses and free bets as sportsbooks will look to continue to satisfy their customers even after they are signed up, but free bets are typically going to new users.
To claim a free bet offer, you will need to sign up with the sportsbook of your choosing. The sportsbook may ask for a promo code, so be sure to enter that correctly to make sure you are getting the bonus. Otherwise, it can be as simple as clicking on a link from a particular website that may be referring you to use the bonus, or it might even come through the sportsbook’s website itself. Be sure to search around the internet to find different promo codes because sportsbooks are marketing to quite a few outlets.
One item to note is that it is very important to read all the terms and conditions when going after any type of betting promotion. Sometimes the requirements may potentially be difficult to satisfy. If you have any questions, the customer support department at your preferred regulated sportsbook should be able to help you within a short timeframe.
Typical free bets available at legal sportsbooks
Now that you have the basics of free bet offers and what their purpose is, here’s a look at some of the free bets available at some of the major legal sportsbooks in the US, including DraftKings, FanDuel, BetRivers and BetMGM. Note that online sport betting in the state of New York is not yet legal or live. It could be coming soon, though, and these are a few of the sportsbooks available and their free bet offers in other states.
New sportsbook customers can receive a 20% deposit bonus up to $1,000. The bonus funds come in site credit. Bonus funds will be available to the user according to the following playthrough requirement: For every $25 played on DraftKings, you will receive $1 in bonus funds released into your player account. In addition, you need to meet the playthrough requirement 90 days from the date of first deposit.
New sportsbook customers can sign up for a $1,000 risk-free bet. If your bet wins, you claim your winnings as normal. However, if it loses, you will get a site credit available for use only on FanDuel Sportsbook for the amount of your bet.
New customers can claim a 100% first deposit match bonus with the code PLAYRIV. The first deposit will be matched up to $500 with a 1x playthrough requirement. The match bonus is applied within 48 hours after you enter the promo code.
New BetMGM customers can sign up to make a risk-free first bet up to $1,000. If the bet loses, you will receive the amount of your wager back in free bets. All free bets will be automatically credited to your account within 24 hours of the end of the event.
Different types of free sports bets
There are many free bet bonuses available for sports bettors to take a look at, and sportsbooks are getting more and more creative and generous as they look to attract new users. Here is a look at some of the major free bet options available to the betting public.
- Risk-free bets: Risk free sports bets refer to wagers that — as it says in the name — offer zero risk. You may decide to wager on a team, and if the bet is correct, the winnings go into your account. However, if the bet is wrong, you will receive your money back, typically in the form of site credits to use moving forward.
- Match bet offers: In a match bet offer, bettors must make a wager before receiving this type of a free bet. After that, your account will be credited with a free bet up to a certain percentage of the wager, often 100%.
- Money back free bets: A money back free bet is similar to bet insurance, and the sportsbook will credit the bettor whatever the wager amount was if it loses in a specific way. This could simply be a bad beat where a point total goes over in a basketball game, and it only happened because the game went into multiple overtimes. However, as with all of the bets listed here, there are terms and conditions that may include a playthrough requirement.
Are free bet offers worth it?
Yes. Any time sportsbooks are going to offer sports bettors an edge, the betting public needs to take advantage. There are many factors that make it nearly impossible for sports bettors to consistently earn a profit in their gambling career. Of course, it’s very important to read the terms and conditions, but it makes a lot of sense to take advantage of whenever possible.
Can I get my free bet and immediately cash out?
No, unfortunately that is not how this works. Many of these wagers will have playthrough requirements that you need to satisfy in order to cash out. In addition, sometimes the playthrough requirements need to take place within a tight timeframe that might make it difficult to cash out if you do not enjoy placing wagers on multiple games in a very short span.
With any promotion you enter, it is very important to read the fine print for bonus offers. It’s your money and you should never enter into any type of bonus without knowing all the rules, even if it is a free bet, because you could be costing yourself a valuable leg up on the sportsbooks.