A free bet promotion is a great way to get some action on your favourite sports without having to put any money of your own on the line.
While most sportsbooks like Winbig7 offer free bet promotions that are generally for novice players and used as a marketing tool, there is actually some value to be had in taking advantage of them. And even though most bettors won’t take full advantage of the free bets they receive — whether signup bonuses or through other offers — it doesn’t mean you can’t.
Below are seven ways to use a sportsbook’s free bet promotion to your advantage.
Use It As An Insurance Policy
By using a free bet as insurance, you can make extra cash by hedging against possible future events.
For example, if you’re playing at online sports betting site in Singapore for example, and you were to use a 100% match up to $200 bonus for NFL Week 1 action, but expected the Bears and Packers to have low scoring games that ended with Chicago covering and Green Bay not, you could put $100 on Green Bay and $100 on the Bears to hedge your bet. If both games went as planned, you would be up to $400 total.
But if the Packers pulled off the upset and won outright, you’d only lose $100 of your own money (the initial free bet), but you’d still walk away with $300 in winnings. You can turn a free bet into multiple wagers using this method, increasing your potential profits exponentially.
Take Advantage of Implied Probabilities
The implied probability is the percentage chance you have of winning at least one unit off your initial wager. A $100 free bet with a 66% implied chance of winning at least $200 would be worth $166 to you because then you’d have a two-thirds chance of doubling your money.
If the bookmaker, Winbig7 for example, was offering 100-1 on one team, as they often do as specials during NCAA basketball tournaments, that would equate to an implied probability of 83.33% (100/125) and be worth $83.33 to you if you put down $100.
Obviously, it’s a small risk for a huge potential payout, so taking advantage of implied probabilities is one way that free bets can multiply your profits.
Price in the Odds You Expect
If a online sports betting site is offering +300 on one particular side, you can usually assume that it’s because they expect the favoured side to have a less than 35% chance of winning. In this case, the free bet would be worth at least $200.
You don’t have to use all your winnings from a single wager as your initial bet. Put the first $200 down on a +300 ticket and if you win, take that money and use it to place another +300 ticket. Rinse and repeat until you either hit a massive payday or run out of bankroll.
Free Bet Satellite
A satellite is a way for you to win bigger bonuses without actually having to place any money on the line yourself. If you’re looking at a 100% free bet up to $200, most books will also have a satellite that requires just one small bet from your account to enter. In most cases, they’ll require between $5 and $20 in play.
The smaller the satellite, the less likely you’ll have to put anything of your own on the line. You can usually find a free bet or two during almost any sporting event going on, so be sure to take advantage by using a combination of every strategy listed above.
Use Free Bets Offered By Other Sites
Not all free bets are created equal. If you’re using one site to bet on games, there’s no reason you shouldn’t be using another site to pick up an extra +100 or two for the same action.
Sites that aren’t offering anything of their own, like Bovada for Americans and Bodog for Canadians, often will offer free bets to entice new signups.
These can be used on almost any sport and usually come with low-ticket requirements (often under $10). A +100 free bet from Bovada or Bodog can be worth as much as a -140 side you find elsewhere, so don’t limit yourself to just one book.
Shop Around For The Best Line
Even though you are using only your free bet, the implied probability of your online sportsbook still matters.
Always take the better price if you can find +200 at one place and +210 somewhere else. It doesn’t matter where you’re placing the bet or whether you plan to hedge it or not. Even if you’re looking at a completely risk-free scenario, always take the better price when possible.
Bet The Free Bet Yourself
Free bets are an almost surefire way of doubling your money, and there’s no reason you should let them go to waste.
If you have a small bankroll and can’t afford to risk your whole roll, look for +100 free bets instead of the standard 100% free bet up to $200. These usually come with much lower ticket requirements.
Use this initial wager as a way to build up your roll, then turn around and parlay it into a larger bet or use it as a hedge against another parlay. If you have even just $100 that you can afford to lose, free bets are a great way to turn that money into much more.
With all of the above in mind, good luck and happy betting!