The short answer is yes, you do get to keep any winnings from a free bet – but there‘s a catch. You don‘t get back the original free bet amount, just the profit.
Let me explain in more detail how free bets work and how you can maximize the value from them…
A free bet, as you probably know, is a bonus bet given out by betting sites as an incentive. The book basically spots you the free bet token to have a risk-free punt.
Now say you use that $100 free credit to back the Lakers at +200 odds, and they win. You‘d get paid the $200 profit since +200 means 2/1 odds (2 times your stake).
But that original free bet $100 is not returned to you like it would be with a normal cash wager. This is known as a Stake Not Returned (SNR) free bet. You only get the extra winnings.
I know it can be confusing at first – I had to learn the hard way years ago when I didn‘t read the fine print!
But with the right approach, you can still get great value from free bets and possibly hit a big score. Let me walk you through everything you need to know…
How Free Bets Work
Here‘s a quick summary of how most sportsbooks handle free bets:
You get a bonus free bet token usually $10 to $500
This token acts as your wager on a sporting event of your choice
If your bet wins, you keep the profit but don‘t get the stake back
If it loses, you don‘t lose any money since the book absorbed the loss
It‘s like the sportsbook temporarily stakes you with the free play amount. You get to keep any winnings, but the initial stake vanishes win or lose.
To illustrate, say FanDuel gives you a $100 free wager for signing up. You decide to use it on:
Eagles to win at +170 odds
They win, so your $100 free bet profits $170
FanDuel pays you the $170 profit only – not the initial $100 stake too
Hope this makes sense! Just remember you only get paid the extra winnings above your free bet amount.
Now let‘s look at how to maximize value from your bonus free bets…
Tips to Maximize Free Bets
Because you don‘t get the stake back, it‘s crucial to use strategies that maximize potential winnings:
Take higher odds
Since your profit is limited to the free play amount, you want long odds to increase a big payout. Look for spreads, moneylines or props at +200 or higher.
Use on parlays & bet builders
Combining multiple legs can quickly balloon odds while only tying up 1 free bet. But beware parlays come with more risk of losing.
Match with other promos
Find bonuses like enhanced odds, boosted winners or profit boosts that align with your free bet selection. This stacks value.
Look for ‘cash out’ availability
If the book allows cash out on your free wager, you can lock in a profit before the event ends.
Avoid chasing losses
It‘s tempting to fire off free bets rapidly trying to win back losses. But this is a reckless mindset and can lead to issues.
Compare books for best lines
One book may offer +250 odds on a team, another just +200. Shop around for the highest potential payout.
I know it‘s exciting to have bonus free bets in your account but patience pays off. Take your time to find the optimal play.
Next, let‘s look at the key advantages and disadvantages to understand exactly how free bets work…
Free Bet Pros & Cons
Compared to wagering your own cash, free bets come with some unique pros and cons:
The Good
- Place risk-free bets with no downside
- Chance for big profits without risking money
- Can try new sports or bet types without worrying about losing
The Not-So-Good
- No stake returned, winnings only
- Profit margins lower than normal bets
- Have to meet wagering requirements on winnings
- Expires in 7-30 days if unused
- Can‘t withdraw directly as cash
The lack of getting the stake back cuts into profits significantly compared to a cash wager.
But you can‘t beat the upside of potentially hitting a big score without risking a penny of your own money!
Now let‘s look at some key factors that determine what happens when you win a free wager…
What Happens When You Win a Free Bet?
As we‘ve covered, most sportsbooks will only pay you the profit portion and not refund the free bet stake when you win. But there are some nuances depending on the site.
For instance, BetMGM and Caesars Sportsbook work this way:
“Free Bet will not be returned if wager wins.”
But BetRivers‘ free bets work differently:
“If your first Fixed Odds bet wins after opting in, you will receive the winning payout in CASH plus we will also give you back your original stake.”
So it‘s always essential to read the fine print!
Most books stick to the ‘stake not returned’ model. But some unexpectedly give back your free bet amount on a win, effectively treating it as cash.
Another factor is the wagering requirements on any profits…
What About Wagering Requirements?
With some sportsbooks, you‘ll need to meet playthrough rules before withdrawing free bet profits.
This means betting the profits a certain number of times before they become cashable. Typically it‘s about 5-10x.
So if you won $200 from a free bet, you might need to wager $1,000 more across other bets before making a withdrawal.
Other sites have no playthrough which is ideal – any profits become instantly cashable.
Be sure to check the rules on any free bet offer. And remember the free bet token itself remains withdrawable only as bonus funds.
Ok, we‘ve covered a lot so far. Let‘s do a quick recap:
Free Bet Recap
Sportsbooks provide free bet tokens as signup offers
These act as bonus credits to wager for free
If your bet wins, you keep just the profit
No stake is returned like with a cash wager
You can withdraw profits after meeting any wagering requirements
Be sure to check the terms as some sites handle free bets differently
Now that you know how standard free bets work, let‘s compare them to another popular bonus – the risk-free bet…
Free Bets vs Risk-Free Bets
While often confused, free bets and risk-free bets are very different:
Free Bet
Get a free token bet to place
No risk of any losses
Keep profits if it wins
Risk-Free Bet
Bet your own cash up to a limit
Get refund if you lose
Works like a normal wager if you win
So with a risk-free bet, you wager your own money. But get it refunded if you lose on your first bet after opting in.
Whereas a free bet is a token given to you. The sportsbook takes the loss if it doesn‘t win. You risk nothing.
Both great bonuses! But make sure you understand the key differences.
Next let‘s look at some real stories of massive free bet wins…
Biggest Free Bet Jackpot Wins
While uncommon, some bettors do hit it big with tiny free bets:
$10 free bet turned into $101,000 on boxing upset
$25 freebie won $40,000 after 145/1 horse came in
$5 free wager bagged $500+ on 12-leg NBA parlay
Bettor scored over $2,000 from $3 free credit
Of course outcomes like these are super rare. Don‘t go in expecting to win stacks from a $10 freebie!
But it does happen. And that‘s part of the fun and upside that keeps bettors coming back.
Now let‘s talk about the importance of responsible gambling with free bets…
Bet Responsibly with Free Bets
While free bets present exciting upside, you should always gamble responsibly:
Have a set budget – Determine what you can afford to lose and stick to it.
Understand variance – Results in betting come down largely to luck. Don‘t chase losses.
View it as entertainment – Sportsbooks have an edge on all bets. You‘ll likely lose money in the long run.
Take breaks if needed – Step away if you find yourself tilting or getting in too deep.
Have other priorities – Bet for fun as a hobby, but make sure to focus on family, work and health too.
Use deposit limits – Set a cap with your bookie to prevent getting carried away.
Know the signs – Reckless chasing, lying about losses and reliance on gambling for happiness are all red flags.
It‘s meant to be a fun break from reality – not something that controls your life. Have a plan and bet in moderation.
Ok, we‘ve covered a ton of ground here. Let‘s wrap up with some final thoughts…
The Bottom Line on Free Bets
At the end of the day, free bets are an entertaining bonus that gives you a free swing at a big jackpot without risking funds. Just don‘t expect to regularly crush it long-term.
Follow the tips in this guide to maximize their value:
Compare books to find the best odds
Target spreads, props or parlays at +200 or higher
Take advantage of cash out if available
Avoid reckless chasing; bet responsibly
While less profitable than normal wagers, free bets have an exciting upside. Just be sure to read all terms and bet responsibly.
With the right approach, you can have plenty of fun and possibly hit a nice score with some luck! But ultimately view free bets as entertainment, not a consistent money maker.
Hope this guide helps explain everything you need to know about getting the most from your next free bet! Let me know if you have any other questions.
