Bookmakers offer free bets as a way to persuade new customers to sign up and use them as their primary betting account. The incentives of a free bet when opening an account with a Bookmaker can have a huge impact on which Bookmaker you decide to bet with, from the adverts they can seem very appealing and easy to use, but that is not always the case, below i outline a few pros and cons of using free bets:
- The added money to your bankroll lets you experiment with different strategies.
- It can be fun to be able to place a risk free bet and see how far it can take you. Also if your first bet loses then you do not lose anything.
- It is accessible to anyone and everyone.
- If you open account using free bets from multiple Bookmakers, you can have access to the best odds.
- If you chose to do the ‘Matched Betting' technique and follow the process correctly, you are guaranteed to a make a profit. Matched betting is when you place a bet with your own money, for example ‘Bet £10 to receive a £30 free bet,' with one Bookmaker backing a team to win and another bet with a different Bookmaker backing the team to lose, therefore assuring that you get a win and also qualify for the free bets then you continue the same trend.
- You can use the free bet to wager on a variety of different sports and games.
- Any winnings on free bets will be tax free.
- Free bets often require you to match the bookmakers investment with your own, which steers you into less profitable or losing markets.
- To make a withdrawal most of the time you need to make even more bets first, or roll over your winnings a certain number of times, which can mean that you possibly lose your winnings on other bets before you get the chance to withdraw.
- Sometimes free bets are also called ‘promo cash', which is a term for cash that never really exists. The Bookmakers give you an amount to bet with, but your stake isn't returned, just your winnings, there can also be restrictions on what you can bet on.
- Typically free bets are for new customers only, making it available for anyone who already has an account.
- Sometimes you are only given a small number of days to place your bet, meaning you may end up betting on something you didn't particularly want to just to not lose your free bet.
In conclusion, placing free bets can be a fun way to have a bet generally without having to deposit. Before you can take advantage of the free bets, you should understand how they work and the most important thing you should do before opening the account / placing the bet, is to check the ‘fine print' (read the terms and conditions!)