What is a risk-free bet?
A risk-free bet gives you compensation in case you lose the bet you placed. If you lose your bet, the bonus will return you the amount you lost. The compensation comes in site credits, cashback, or more free bets. In case you win, you will receive just your winnings.
How do risk-free bets work?
First of all, you need to claim your risk-free bet. This is usually done by entering a betting site promo code, or you might find a risk-free offer under the promotions section in the sportsbook you are using.
Once you've claimed the bonus, all you have to do is place a bet. If you win the bet you placed, you can happily keep the money. In the case that you loose, there are typically two types of ways you will get your refund:
Different types of risk-free bet offers
Risk-free bets come in various types. They might offer different forms of repayment, or they may be about more than one bet. In all cases, a risk-free bet offer is usually part of the welcome bonus of online sportsbooks operating in Illinois.
Nonetheless, a sports betting site can offer a risk-free bet to existing customers too. In any case, the two most popular types of no risk matched betting bonuses are the ones that refund in credits or in cash.
Risk-free bet with refund in credits
A risk-free bet with credits will give you back the money you lost up to a certain in site credit. That is, you will get back an amount of your lost money but in credits that you can use only in the website and cannot withdraw.
Risk-free bet with refund in cash
The risk-free bet with cashback is the only option truly risk free. If you do not win your bet, the bonus will refund you in cash. You can withdraw all the amount, you are not obliged to keep the money to your site balance.
How to claim risk-free bets in Illinois
There are a few ways that you claim risk-free bets if you are a resident of Illinois, which includes using promo codes or following links to special offers.
With promo codes
The first way to claim risk-free bets in Illinois is by using promo codes. You can find the promo codes for these types of bonuses here on our website. We scan the market daily in order to give you the best promotion codes that are available in Illinois.
Using links to special offers
Another way to find risk-free bet bonuses is by using our links to special offers. These special offers are available only to our visitors, and all you have to do is click the link in order to claim your bonus.
Terms & conditions when betting without risk
There are a few terms and conditions you need to look after when deciding to claim a risk-free bonus in Illinois.
The first term would be the wagering requirement. This means that you have to wager the winnings from your risk-free bets a specific couple of times before you can withdraw it in cash.
Another term would be the withdrawal limit. Most bonuses do not allow you to withdraw big amounts of money at once. So may do a risk-free bet. You may claim the compensation, but you may not be able to withdraw it immediately, or the whole amount, or even make a withdrawal at all if the bonus gives site credits or free bets.
Eligible games or bet types
Another conditions most risk-free bonuses have is that they are eligible only for specific games or bet types. That is you may use the bonus only for point spread beds or totals.
All bonuses have an expiration date and this is absolute. There is not a single bonus that is available forever. Even if, for example, you see the same risk-free bonus on a sportsbook for months, it has an expiration date and the operator may renew it if they see it attracts new players, according to their will.
But most risk-free bets do not have long expiration dates. They may be available for the games of one day, or for the basketball games of a specific month.
What is the difference between risk-free and free bets?
Many people wonder about the difference between a risk-free bet and a free bet. As previously explained, a risk-free bet gives you your money back in case you lose. A free bet does not do that.
First of all, a free bet is like credits given to the bettor. If you win the bet you have placed, you keep the money. If you on the other hand loose, you get nothing.
A risk-free bet, especially with the cashout option, is much more profitable to you than a free bet. This is because in the worst case you will get your money back, whereas in the free bet you get nothing.