Risk Free Bets (First Bet Insurance) - January 2021
When gambling, the concept of a risk free bet is certainly one that appeals to every bettor. If the wager you place doesn’t come off, then we would all like another chance at finding a winner. You may be wondering what is a risk free bet and does such a thing really exist? That is what this page is all about. As well as having that fully explained to you, we can direct you to the best risk free bet offers available through online bookmakers.
Most risk-free bets are welcome offers for new customers taking the form of first bet insurance, but some sportsbook promotions are ongoing and open to all bettors. Find out how a risk free bet promo compares to standard sign up bonuses, and what common terms and conditions are. That should give you a fully rounded perspective on what to expect from these offers.
Risk-Free Bet Offers – Our Rating (Updated: January 2021)
What is a Risk Free Bet Offer?
Just what is a risk free bet then? The concept is actually quite simple. Sign up and log in to an online sportsbook offering a risk free bet promo, make sure that the wager you place meets all the terms and conditions, and then wait for it to be settled. If it wins, great! You have beaten the bookies and got yourself a tidy profit. If the bet loses, then you get another chance to find a winner. This is because risk free bet offers return your stake to you up to set amount as either a bonus token or, on rare occasions, as cash. You may find certain bet types or restrictions in terms of minimum odds or markets may apply, and there will also only be certain deposit methods and payment options eligible.
Risk Free Bet Offer Example
We thought it would be useful to work through an example, so you can you see how a risk free bet works in practice. Take the Paddy Power risk free bet offer for new customers, for instance.
- New customers opening an account with promo code YSKA00 must then deposit at least £10 via a debit card or PayPal to be eligible for this promotion.
- Once you have registered for your betting account and use an accepted payment method for depositing, your first bet will qualify.
- If the wager loses, then you get your money back as real cash.
- The maximum refund here is £10, and it’s worth noting that system bets (Canadian, Goliath, Heinz and Super Heinz; Lucky 15s, 31s and 63s; Patent, Trixie and Yankee) are excluded from the offer.
Recommended First bet Insurance Bonus (January 2021)
Best Risk Free Bet Bonuses
As this page is all about the best risk free bet offers available online, it’s about time we got down to sharing what these are with you. Here they are, our leading contenders for the top risk free bet promo out there:
SBK £20 Risk-Free Bet (Money Back in Cash)
Thanks to the SBK risk free bet sign up deal, you get a maximum 20 pound risk fee bet with the first wager you place. New customers who are residents of the UK, Republic of Ireland or Malta can get this offer, but it is limited to one per person, family, household, email and IP address. When you open a new SBK account and deposit a minimum of £20 via debit card, bank transfer or Trustly, and the place a qualifying bet and it loses, you receive up to a maximum of £20 back as cash. It really is that simple, but there are one or two terms and conditions specified.
Important Terms & Conditions
If you use PayPal, a virtual or prepaid card, or eWallet services including Skrill, Paysafe and Neteller, then you will not qualify for this promotion. In order to be able to withdraw rebated funds, you must be at least the value of qualifying deposit on any combination of sportsbook markets within the promotional period. That is set at seven days, and the wagers you place must be settled within that timeframe too. In other words, you will need to place another bet before you can withdraw any money. If your initial wager wins, then you have your winnings instead of the refund.
The SBK risk free bet promo is pretty straightforward. There are no specified restrictions in terms of what you can bet on, just the payment methods you can use to fund your deposit. One important condition that is tucked away is having to bet rebated funds to the value of the deposit again before they can be withdrawn, but the whole point of opening an account is to place bets and try and add to your balance. Preventing you from making an immediate withdrawal is only a very minor complaint, and everything else is crystal clear with SBK keeping things simple.
Paddy Power £20 Risk-Free First Bet
The Paddy Power risk free bet sign up offer gives new UK and Irish customers who register for an account with them a risk free bet of up to £20 when you join. In order to get there, there are some steps you must follow and terms and conditions that you have to meet.
Firstly, you must enter promo code YSKAEE when asked to do so during the sign up process. You must then make a deposit via an eligible payment method. These are either a debit card or PayPal. Other eWallet services Skrill, Paysafe and Neteller cannot be used in conjunction with this offer. The value of your deposit must be a minimum of £10.
Next, you simply place a bet on the Paddy Power sportsbook
Important terms & Conditions
The first wager you make will qualify for their risk free bet offer provided it meets certain requirements. Only certain bet types, broadly categorised as system or combination bets, are excluded from this promotion. They are listed as Yankee, Trixie, Patent, Lucky bets (Lucky 15, 31 and 63), Heinz and Super Heinz, Goliath and Canadian. Avoid placing such wagers and keep things simple, then.
If the bet you place doesn’t win, then you will receive a refund in cash up to a maximum of £20. It is worth staking up to this amount on your qualifying bet in order to make the most of the offer. The terms and conditions specified about the Paddy Power risk free bet are clearly set out on the dedicated promotions page and easy to follow.
Genting Up To £25 Risk Free Bet
At Genting, there is a risk free bet promo for new customers up to £25. Just register and make an eligible deposit, then bet between £10 and £25 at odds of evens (2.00) or greater within 28 days of signing up. If the wager wins, then you have your profit. If it loses, the value of the stake is returned as a free bet up to £25 within 24 hours of the qualifying bet settling. You then have seven days to wager the bonus before it expires. Free bet stakes are not returned with any winnings made from the bonus token.
Important terms & Conditions
There are some additional terms and conditions with this Genting offer to be aware of. Multiples will also count as a qualifying bet, but all legs must be 2/5 (1.40) and the total combined odds of the wager have to be a minimum evens (2.00). System bets do not count towards the promotion, and only the win part of an each-way bet is eligible for it. You cannot cash out a bet and still qualify for the offer. The free bet must be wagered on a single selection. Genting’s terms and conditions do not specify what payment methods are accepted for eligible deposits for this promotion.
With wagering requirements that aren’t too restrictive, it is well worth betting £25 to get the maximum bonus free bet available through this offer. The timeframes aren’t too bad either and you don’t have to playthrough the value of your bonus like with some risk free bet offers elsewhere. As the terms are very reasonable with Genting, there is plenty to recommend it. The only area of criticism is that your refund comes as a free bet rather than cash.
Tote £10 Risk Free Bet
Through the Tote, a £10 risk free bet is available to new customers. You can get your first wager refunded in cash if it loses. Just sign up to the Tote, make a deposit of at least £1 and place a bet. You cannot use eWallets as a payment method and get this offer. There is no minimum amount to the value of the wager, but the maximum refund is £10. A qualifying bet is from one of the following markets: Toteexacta, Totetrifecta, Toteswinger, Totejackpot, Toteplacepot, Totequadpot, Totescoop6, Totesurvivor, Totewin and Toteplace. Please note that Totewin and Toteplace are two separate bets and treated like a regular fixed odds each-way bet if placed together on the same slip. Charity markets and Tote Virtual do not qualify for this promotion.
Important terms & Conditions
It is also worth knowing that the Tote is a pool betting service and the markets operate on a parimutuel basis. This is not like a sportsbook that offer regular fixed odds betting markets. The price you receive will only be determined afterwards when the returned dividend is calculated. This is a share of the total pool of money bet on an event based on interest in a selection. The Tote only offers horse racing markets. You cannot bet on other sports through this service.
If you like horse racing and taking on favourites, then the Tote’s risk free bet promo is definitely one to consider. You need a good understanding of pool betting products and markets in order to make the most of first bet insurance up to £10. The terms are easy to follow for those who are knowledgeable about parimutuel wagers, but for a general sports fan they may find the service provided by the Tote to be a little narrow. You should also know that favourites often have returned dividends that are much shorter through pool betting than regular fixed odds markets; so, while this offer is straightforward, it is also quite niche and specific in its appeal.
Unibet £40 Money Back If the First Bet Loses
At Unibet, risk free bet offers are available to new customers. Sign up and make a qualifying deposit, i.e. not via Skrill, Paysafe or Neteller, and you could get up to £40 back as bonus funds if your first bet loses. There are some terms and conditions governing both the qualifying bet, and the bonus you receive. Dealing with your wager first, this cannot be placed on greyhound racing, horse racing or trotting. You must instead stick to other sports and place at least £1 on a market with minimum odds of 2/5 (1.40) or greater (each leg of a multiple must meet this). If your first bet wins, then you have winnings but if it loses, then you receive the stake back up to a maximum of £40 as bonus funds./span>
Important Terms & Conditions:
The terms and conditions governing bonus funds at Unibet require you to wager 3x the value of your bonus if placing it on sports bets, the same for greyhound racing, horse racing and trotting markets, or 4x on virtual sports markets. Only bets that meet the same minimum odds requirements of 2/5 (1.40) will count towards clearing the wagering requirements. You only have seven days before bonus funds expire and all qualifying bets must be settled within this time to count. The funds can also be used in the Unibet casino but not on poker. There are separate wagering requirements relating to casino products.
This risk free bet promo is more complicated than others. Getting the maximum bonus funds of £40 may not be worth it unless you are able to bet £120 in seven days, the short timeframe which you have to playthrough the 3x value for sports and racing markets. With virtual sport, it is even more at £160. The fact that you can’t place an initial qualifying bet on racing markets is strange, yet the terms imply it is possible to use bonus funds on them. While the minimum odds threshold is pretty reasonable, there are more straightforward offers out there.
Risk Free Bets vs Free Bets
While first bet insurance is one kind of online betting offers, other popular types of these are bet and get promotions. There are some key differences, as well as pros and cons to both types of bonuses. With risk free bet offers, you only get something if the wager you place loses. Winning bets don’t come with any additional reward on top of your profit, so you have in effect signed up without getting a bonus. That is not the case with a bet and get offer as, win or lose, bonuses are awarded to you.
On the other hand, you may find the terms and conditions of bet and get promotions are more difficult to meet than with a risk free bet deal. Both promotions give you second chances to win money if your qualifying bet doesn’t come off. If the bonus awarded is a free bet, then regardless of which offer you go for, the bonus stake won’t be returned to you with any winning made from it. There is a place for both bet and get deals and the risk free bet promo in the industry.
Important Risk Free Bet Bonus Terms & Conditions
As you may have noticed from the best risk free bet offers listed above, there are some common threads among terms and conditions regardless of which online bookmaker provides the promotion. Here is a recap of the most important areas of such deals.
As noted above, with any match deposit welcome offer for new customers, there are some common terms and conditions you will encounter.
There is going to be a specified maximum refund amount awarded as a bonus. It may be as little as £10 or go right up to a 50 pound risk free bet, but it will be made clear to you in the terms and conditions. You may bet more than this threshold if you wish, but don’t expect the refund you receive in the event the qualifying wager loses to match a greater amount than the upper limit.
Type of Refund
The precise nature of the refund you receive from risk free bet offers will fall into one of two categories. Either you will get the stake returned to you as a real cash or as a bonus token in the form of free bet or bonus funds. Be aware that if it’s the latter, the free bet stake will not be returned with any winnings made.
With all online bookmaker offers, there are going to be same form of wagering requirements attached to their offers. Risk free bets are no different. Whether it’s minimum odds applying to a qualifying bet, or betting the value of your refund again before it can be withdrawn, you can expect to find it in promos like these.
Payment Method Restrictions
Something else common to all sportsbook deals that involve a deposit are only certain payment options will be eligible to unlock an offer. Using your debit card is the safest method here, as this is universally accepted. Terms and conditions may outline which options can’t be used to deposit, and these can often be eWallet services.
Frequently Asked Questions About First Bet Insurance (Risk Free Bets)
What are risk free bets?
Risk free bets are a type of online bookmaker offer that returns your stake to you as cash or a free bet in the event your wager loses. This allows you to have another go at finding a winner on a sportsbook. Risk free bets are available as new customer offer and promotions open to all.
Are risk free bets worth it?
This depends on the nature risk free bet offers available. Promotions that return your stake to you in cash are certainly worthwhile, but there is less value in deals that only issue refunds in the form of a free bet. You will never get the stake back with the latter, even if the second bet you place wins.
Which bookie has the best risk free bet offer?
The SBK risk free bet deal of a 20 pound risk free bet is considered among the best promotion of this type around. Also worth considering are the Paddy Power risk free bet offer and Genting, who offer a promo of this type too.
Are there risk free bet offers for existing customers?
Yes, there are risk free bet offers for existing customers but these may be more specific in terms of sports or markets than the sign up bonuses. They are also a lot more fluid, so it is worth regularly checking the promotion page of online bookmakers for more details.
Which bookies offer 20 pound risk free bet?
SBK is one bookmaker that offers a 20 pound risk free bet deal. There used to be a Paddy Power 20 risk free bet, but this has changed.
Can you get a 50 pound risk free bet?
You may be able to track down a 50 pound risk free bet offer somewhere online. This is a very generous amount with the maximum refund among leading risk free bet offers advertised here being £40 through Unibet.
About the Author
Author, Betting enthusiast
Jamie Clark has been around horse racing and betting his entire life. His father and godfather ran a trackside bookmaker's pitch at Market Rasen Racecourse in Lincolnshire for many years. Jamie was Sports Editor for Coral's digital platforms between 2014 and 2017, and has since become a successful freelancer.