Risk Free Bets are one of the most common sign-up offers available. They are bets that you place with your money, but if the bet loses you receive a refund in the form of Site Credit or a Free Bet. It's a major way that matched betting becomes no risk.
It’s important to understand how Site Credit and Free Bets work. If you are not familiar with how to convert those promotions, see the Site Credit guide and the Free Bet guide.
Converting a Risk Free Bet
Converting a Risk Free Bet into withdrawable cash will be a one or two-step process. It depends on whether the Risk Free Bet wins or the Hedge Bet wins.
The final profit is the same no matter which bet wins. The Risk Free Bet Finder calculates the optimal hedge bet so that it does not matter what the outcomes are. If the Risk Free Bet wins and you do not get the refund, or if the hedge wins and you do get a refund, in the end, you will walk away with the same amount of withdrawable cash after completing all the steps. This is a common point of confusion. Before placing a Risk Free Bet you must understand this.
Step one is placing and hedging the Risk Free Bet. If the Risk Free Bet wins you profit immediately. However, if the Risk Free Bet loses there is another step in the process.
Step two is needed when a Risk Free Bet loses. In this scenario, your Hedge Bet won, and Risk Free Bet lost. Because your Risk Free Bet lost, you get a refund in the form of a Free Bet or Site Credit. This refund needs to be converted and will ultimately get you the same final profit as the Risk Free Bet winning the first time.
Types of Refunds
The type of refund received for losing a Risk Free Bet impacts its value. It is important to know the type of refund you are getting, so the Risk Free Bet Finder can find the optimal Matched Bet.
Here are detailed examples for each type as well as a comparison between them. In each one, we will use the same game and odds to demonstrate the differences.
- Site Credit Refund: ~70% Conversion
- Free Bet Refund: ~50% Conversion
- Hedging Incorrectly: ~40% Conversion*
*Conversion varies based on which side wins.