What is a second chance bet?
A second chance bet offers you a safety net if your wager doesn't win. Should your bet not come through, you'll receive a bonus equivalent to your lost amount.
This bonus might be in the form of site credits, cashback, or additional bets. However, if you're victorious, you'll only get your winnings.
Understanding second chance bets
To start, you must activate your second chance bet. This can be achieved by inputting a promotional code on a betting site or by locating the offer in the promotions tab of your chosen sportsbook.
After activating the bonus, simply place your wager. If your bet is successful, the winnings are yours. If it's not, you'll be compensated in one of two primary ways:
What happened to risk-free bets?
Over time, the landscape of sports betting has evolved, leading to changes in terminology and promotional strategies. The term "risk-free bet" was once widely used by Illinois sportsbooks to describe a type of bet where bettors would be compensated if their wager didn't win.
However, in recent times, sportsbooks have moved away from using the term "risk-free bet."
The industry has adopted the term second chance bet as a more accurate and transparent descriptor.
Varieties of second chance bet offers in Illinois
Second chance bets come in diverse forms. They might differ in their compensation methods or might cover multiple bets. Typically, a second chance bet is a part of the welcome package for online sportsbooks in Illinois.
However, existing customers might also receive such offers. Predominantly, the two most sought-after second chance betting bonuses are those that offer refunds in credits or cash.
Second chance bet with credit refunds
A second chance bet that refunds in credits will reimburse your lost amount up to a limit in site credits.
This means you'll receive a portion of your lost funds as credits, which can only be used on the site and are non-withdrawable.
Second chance bet with cash refunds
The cash refund second chance bet is genuinely the safest.
If your bet doesn't win, you'll be compensated in cash, allowing you to withdraw the entire amount without any obligation to maintain a balance on the site.
Claiming second chance bets in Illinois
For Illinois residents, there are several methods to claim second chance bets, including using promotional codes or accessing special offer links.
1. Using promo codes
One method to claim second chance bets in Illinois is through promo codes. Our website provides these codes, updated daily to ensure you get the best deals in Illinois.
Accessing special offer links
Alternatively, you can secure second chance bet bonuses by using our exclusive offer links. These offers are reserved for our visitors, and claiming your bonus is as simple as clicking the link.
Terms & conditions for second chance bet bonuses
When opting for a second chance bonus in Illinois, there are certain terms and conditions to be aware of.
Wagering requirement
One such term is the wagering requirement, which dictates that you must bet your second chance bet winnings a set number of times before cashing out.
Withdrawal
There might also be a withdrawal cap. Many bonuses restrict the amount you can withdraw at once.
Even if you receive compensation from a second chance bet, immediate or full withdrawals might not be possible, especially if the bonus is in the form of site credits or additional bets.
Eligible games or bet types
Most second chance bonuses are valid only for specific games or types of bets. For instance, the bonus might be usable only for point spread bets or totals.
Expiry date
Every bonus comes with an expiration date. No bonus lasts indefinitely. Even if a second chance bonus appears consistently on a sportsbook, it has a set end date. The sportsbook might renew it based on its appeal to new players.
Distinguishing between second chance and bonus bets
Many are curious about the difference between a second chance bet and a bonus bet. As outlined earlier, a second chance bet compensates you if you lose, while a bonus bet doesn't.
Primarily, a bonus bet is akin to credits given to bettors. If your bet wins, you retain the winnings. If it doesn't, you receive nothing.
A second chance bet, particularly with a cashout feature, is more beneficial than a bonus bet. In the worst-case scenario with a second chance bet, you retrieve your money, but with a bonus bet, you're left empty-handed.
