How to Turn Free Bets into Cash
It is every sports bettor’s goal to double, triple or to tenfold their bets. No one wants to bet £100 inly to win £107. The profit is too small for the risk made. Unfortunately, most people lack the skills needed to win riskier bets.
But that’s where free bets come into play. You can use bonus money to experiment riskier bets. Or you can use it to gain confidence as a new sports bettor. The best part: it’s not your money. So, even if you lose, you won’t feel the pinch.
What is a Free Bet?
A free bet is exactly what it sounds like. It’s money you can use to bet on sports. It’s given to you by a betting website for any of these reasons:
1. As a welcome gift
2. To build Trust with you
3. To reward your loyalty
Free bets can be small or large. It depends on a bookie’s generosity or the amount you deposit. For example, you can receive a £5 free bet for creating an account at a new betting website.
Or you can get a 100% match on your first deposit. That means if you deposit £20, you receive an extra £20 as a bonus. Some more generous bookies give you £30, £40, or even £60 when you deposit and spend £10 at their sites.
How to Find the Best Free Bets
Contrary to popular belief, free bets aren’t created equal. Your potential to maximize bonus winnings varies greatly depending on the free bet you claim. If an offer has too many terms and conditions, for example, your’ profit potential could be little.
In light of that information, take time to find great free bet offers no deposit bonuses. Compare multiple betting websites to discover the amount of money they have on offer and their demands for giving you these bonuses:
As we mentioned earlier, many free bets are meant to welcome you or to reward your loyalty. Welcome bonuses can be deposit based or not. No deposit free bets are easier to claim because all you need is to create an account.
Sometimes you can qualify for a bonus based on where you live. Ensure a bookie’s bonus is available for players in the UK.
2. Bonus Amounts
Everyone wants a generous bonus and this is the importance of comparing offers. Most bookmakers match your first deposit 100% for a maximum of £100 or £200. But you can also find some sites with a 200% or 400% bonus.
The bonus amount is important because it gives you an idea of the maximum you can win. However, it’s not the most important consideration in a bonus. Instead, pay more focus to this condition:
3. Bonus Playthrough
Also known as wagering requirements, playthrough is a policy that says you need to spend real cash before you can withdraw bonus winnings. Some free bets come with this condition. Others don’t.
The best bonuses allow you to keep your profits while the betting website keeps the original bet amount. However, some bonuses require you to spend 2x, 4x or 10x your bonus amount before you can withdraw bonus winnings. Choose a bonus with zero or only a few wagering requirements.
4. Withdrawal Limit
This is an extremely important bonus condition. It shows you the maximum you can win and withdraw from a bonus. Logically, you want a free bet with a decent maximum withdrawal cap.
5. Validity Period
Bookmakers like to provide a sense of urgency with their bonuses. They don’t want you to claim a bonus and take weeks to use it. Instead, they place a time limit on when to use up your offer. Otherwise, they take it back.
Importantly, there’s also a cap on the time needed to fulfill wagering requirements. Choose a betting website that gives you enough time to fulfill these conditions.
How to Make Profit from Free Bets
Your goal for claiming a free bet should be to maximize profits from it. There’s nothing to lose. It’s all about finding a game that can turn your £10 or £20 free bet into £100 or £200. So, how do you do it?
a) Find Long, Value Odds
Long bets are your friends when it comes to maximizing profits. A game with odds 2/1 (2.00) means you can double your bet amount. Choose a team with odds 5/1 (5.00) and you’ll walk away with five times your wager.
Luckily, one of the conditions of getting a free bet is to choose a game with long odds: 1.50 and above. Bookies set this condition because it lowers your chances of winning. That’s alright. The joke is on them—all you need is to find a value bet.
A value bet is a bet with longer odds than it should have. Maybe a bookie believes Liverpool can defeat Barcelona at home in a UCL match. But Barca are on great form. This could be your value bet: the chances of winning are decent and the odds are great.
b) Consider Matched Betting
Matched betting is a unique way to lock a profit regardless of a fixture’s outcome. It mostly works with the help of free bets. First, you claim a bonus at a regular betting website. Second, you make a deposit at a bookie that supports back and lay betting.
Most betting sites require you to bet using your real money deposit to unlock their free bet. That’s fine. The profit comes in using the free bet. You can use it to bet on a team with long odds.
After that, you place a lay bet on Betfair or an alternative bookie that supports lay betting. Usually, you’ll make a profit no matter what team wins.
Free bets can be magical when used accordingly. It doesn’t matter if there’s a requirement to make a deposit before you claim the offer. You can always use matched betting to lock a profit. Or you can at least find a high-value bet that doubles or triples your bet amount.