Different types of free bets offered by IL sportsbooks
Free bets exists in many different forms, and it's important that you understand how they work, so that you can take maximum advantage of them. Read more about the different type of free bets offered by sportsbooks in Illinois below:
No deposit free bet
No deposit free bet is one of the most exciting bonuses for players. This is because you don't need to use cash to claim it. All you have to do is find a reliable bookmaker offering it, sign up, and enter your no deposit free bet code. Some bookmakers will have a few conditions that players must meet.
For instance, some will offer this option on certain sports or events only. Additionally, no deposit free bets have a relatively small stake, mostly $5. Note that some bookmakers may not include this stake in the winning returns. Also, bookmakers usually have a limited time to use the no deposit free bet.
No deposit free bet can be offered in different ways, including no deposit free spins, cashback, or free cash balance on your first deposit. Basically, with these options, you won't use your deposit.
Free bet on first deposit
With the free bet first deposit option, you are required to make a deposit to enjoy the free bet bonus. A particular bonus percentage will be added to your initial deposit.
However, this free bet type has a few requirements that you should look out for. For example, you may be required to make a certain minimum number of bets using your deposit to be allowed to withdraw any winnings made from your free bet bonus.
Stake not returned
Stake not returned is a common free bet option in which your original stake will not be included in your returns. This means that you will only get your winnings back. Fortunately, it is still advantageous as you won't use your cash to place bets.
It will be best to use stake not free bet calculators to know how much you will get back from a bookmaker to determine if it is practical. You want to sign up to a bookmaker with a stake not returned free bet that profits you.
Several sites offering the calculator exist online, thus you should find one that is easy to use. With most calculators, you will enter your bet amount, back odds, lay odds, lay commission, and then press calculate. The calculator will give you two numbers, which are lay stake and profit/loss.
Lay stake is the amount you need to lay on the exchange to maximize the profits and eliminate the chances of losses. The profit/loss section shows the profits or loss of your bets. This number helps you know the profit or loss the lay bet will cover when you win using your free bet.
Stake returned as free bet
With stake returned as free bet, when you win a bet, you will get your returns plus the original free stake. You will receive a real cash bonus in your wallet. Most bookmakers offer this free bet option because most players gravitate towards it.
Since the bookmaker will return your initial stake, you don't need to use a calculator on this free bet type. Note that some bookmakers will have a limit to how much of the stake can be returned.
Qualifying free bet
A qualifying free bet is one that you will receive after you meet certain set conditions. For example, a bookmaker can require you to place a particular number of bets to qualify for this free bet.
Other conditions to qualify for this free bet are betting a specific amount over a set period or betting on a particular event. A qualifying free bet is also applicable if certain things don't happen. For example, in horse racing, if you bet a specific horse will not finish first, you may qualify for a free bet if that was the condition set by the bookmaker.
This free bet type is mostly offered in soccer matches and horse racing. Remember, each event has different qualification requirements. Thus, you should go through the terms and conditions to get everything right. You can also contact your bookmaker to make the right calls. Qualifying free bets are offered to both new and existing customers.
Matched free bet
A matched free bet is one that equals your deposit. For example, if you deposit $30, you will get an extra $30. This free bet type is mainly given to new customers when they sign up with a bookmaker.
However, a few bookmakers offer it to existing accounts, but the qualifying stake may be higher. Although this free bet type is not common outside UK markets, it can help you make significant profits. Thus, you should always consider bookmakers that have it.
Risk free bet
Many bookmakers have a welcome bonus referred to as risk-free bet, mainly in the US market. With this option, if you win, you keep your winnings. But if you place a bet and lose, you will get your money back in the form of site credit or a free bet to wager at the bookmaker. Some betting sites also refund fully withdrawable cash to your account.