You’ve heard about these free bets – but what are FREE BETS?
The answer is that not all free bets are the same. Some are much much better than others.
What types of FREE BET offer are out there?
- Some free bets are associated with the type of betting. For example free bets offered on casino betting or slots are normally associated with large wagering requirements (normal is 40 times). Free bets associated with sports betting (on racing, football etc) have lower or no wagering requirement.
- Some free bets are given just for signing up and don’t require a deposit – these are generally for casinos or slots.
- Matched deposit free bets are sometimes very good but some only match 50% of your deposit and others require you to wager your deposit and any winning several times before you are able to withdraw your money.
- There are some bookies offering what they call “no risk bets”. This often means that you deposit money and when you make your first bet, if it looses they will refund any loss with a free bet – up to a certain amount. Obviously if the horse wins you can just keep the winnings.
- The most common sort of free bet is “Bet £10 get £30 in free bets”. So you have to make a deposit and qualifying bet of £10, in this case, and once your qualifying bet is settled they will credit you with free bets to the values stated – £30 in this case.
The main issue with all of the FREE bet offers is “WAGERING REQUIREMENTS”.
So what are wagering requirements?
They are part of the terms and conditions (Ts&Cs) that the bookie sets. Generally they will say something like:
“Deposit and bonus amount must be wagered 6 times (min odds 4/5) prior to bonus funds and associated winnings becoming withdrawable”.
So in this case (MansionBet) the bookie is insisting that you keep betting your deposit and any bonus 6 times before it becomes your money again and you can withdraw it.
So you deposit £50, bet your £50 on a horse at 4/5, win or loose they then give you £50 in bonuses. Let say you were lucky and you won your qualifying bet so you now have £90 of your money and £50 in free bets (£140 in all).
BUT you have to bet £140 SIX times at 4/5+. Let’s say you get an average of EVENS. Then the chances of you winning six times in a row at evens is:
1 in 2x2x2x2x2x2 = 1 in 64
So you have a 1 in 64 chance of still having your money (which by the way the balance in your account would be £8,960). NOT very likely.
Large wagering requirements are a way for the bookie to get you to sign up and then take your money.
The best free bets are therefore those which have no wagering requirements.