Punters used to judge the quality of a bookie by the value of their odds but nowadays, many more factors need to be considered. Due to the competitive nature of the online betting industry, all bookies need to try and stand out from the crowd in order to attract customers.
The free bet has now become the go-to promotion for many of these bookies as they offer free money in exchange for basic customer details. The fact that no banking details are required is a big incentive for customers to at least try the betting site and use the free bet.
The question coming to light now is how free are these free bets? What is the true value of these offers when you look at the terms and conditions and are they really worth claiming? Find out free bets offer available in The UK on Betpal.com.
What is a free bet and how do you use them?
A free bet, as we briefly explained above, is a promotion that bookies use to entice new customers to register an account at their site. No banking details are required and this gives you a risk-free deal to test out a new betting platform. These bets are mostly used for welcome offers although many free bets can also be made available to existing customers as well, usually as a prize for depositing or wagering a certain amount in a week or month.
The one major talking point here is based around the free bets available after you make a deposit. Clearly, the free bet is not actually free in this case as you need to make a deposit of at least £5 or £10 to claim your free money bet. It’s offers like these that make punters question the use of the word ‘free’ in these promotions. If it’s a risk-free no deposit bet then fair enough, technically it is free, but the terms and conditions mentioned later on also show that these bets are not as “free” as we first thought.
Free match betting is a popular way to take advantage of this type of promotion and consists of using free bets to guarantee a profit. Essentially, you use these free bets to cover all outcomes in a sporting event to ensure that you make a profit regardless of what happens. You effectively become the punter and bookmaker as you lay and back a specific bet, so you bet on something to happen as well as something not happening.
It’s not quite as easy as it sounds because you do need to pay attention to the odds on each bet to ensure you make a profit. Beginners do try this strategy and they do make mistakes. It is worth looking into though because there is potential to make money with so many different betting platforms and ‘free bets’ now available to you.
The big question regarding free bets is how much value do they truly hold? The answer to this ultimately comes down to whether you can access the money and any winnings that you win with it. In other words, can you cash out a free bet? The answer, unfortunately, is not a simple yes or no because each free bet offer is different due to the terms and conditions attached to it. The T&Cs of a free bet will determine the true value and this is what we will be looking at in the next section.
Important details to look out for when claiming free bets?
We can understand that reading through terms and conditions is not the most exciting of tasks but in doing so, you will find out the true value of the free bet offer. What details should you be looking out for when you sign up to these offers? Well, there are two major factors that you need to be concerned about and these are the minimum odds and the wagering requirements.
The bookies put minimum odds in place as a form of risk management and so the free bet will only be valid on bets over 2.00 odds or something similar. Most betting platforms will not let you use the free bet if it is below the required odds, so you shouldn’t need to worry about making the free bet void in this case.
Additionally, nearly all bonuses will come with wagering requirements and these often come into effect if your free bet was activated after a deposit. Basically, you will need to wager your deposit amount (sometimes your deposit and bonus amount together) in order to clear any winnings made from the free bet.
The higher the wagering requirements, the harder it will be to clear your winnings. It’s these little details hidden away in the T&Cs that show the free bet offer for what it actually is. It looks great on the outside but the true value is often a lot less enticing when you understand the rules and additional wagering requirements involved.
The different types of free bets available
The free bet is hugely popular nonetheless and so bookies still offer new and existing customers with this type of bonus. After all, it’s free money and a free bet. But what are the different types of free offers currently available?
Risk-Free : A risk-free bet is the best type of free bet that you can claim due to there being no required deposit on your part. Strict T&Cs will be attached.
Free bet: Offered to mostly existing customers after reaching a certain requirement such as wagering or depositing a certain amount in a time period. Strict T&Cs will be attached.
Cashback Free Bet: The cashback free bet is the one offer that is likely to come with minimal requirements in terms of T&Cs. It is often classed as a free cash prize with which you can use as you like.