Free bets can push your online sports betting into the stratosphere — or quietly drain their value if used incorrectly.
They look simple. You place a bet, risk nothing, and hope to win.
In practice, free bets are governed by payout mechanics, odds math, and sportsbook rules that most bettors misunderstand.
Misusing a free bet doesn’t cost you cash, but it absolutely costs you value.
Too many bettors treat free bets like normal wagers, choosing short odds or ignoring restrictions that dramatically reduce returns.
This guide explains free bets in plain terms, focusing on rules, math, and mechanics rather than hype.
Sportsbooks offer free bets because competition for bettors is intense, making promotions a standard way to attract and retain users.
The smartest way to use free bets is by understanding how payouts, sportsbook odds, and restrictions interact — and choosing bets that maximize expected value.
In simple terms, a free bet is a sportsbook promotion where only the winnings are paid out, not the original stake.
Table of Contents
- What Is the Smartest Way to Use Free Bets?
- What Is a Sportsbook Free Bet?
- How Free Bets Actually Pay Out (Stake Returned vs Not Returned)
- What Odds Are Best When Using a Free Bet?
- Expected Value (EV) Explained for Free Bets
- Can You Use This Type of Bets on Parlays or Live Betting?
- Common Free Bet Restrictions Bettors Overlook
- Free Bet vs Risk-Free Bet: What’s the Difference?
- Can Bonus Bets Be Converted Into Cash?
- Final Thoughts: Using Free Bets the Smart Way
Free Bets Reward Understanding — Not Guessing
Using a free bet correctly is about math, not confidence.
Odds selection and payout structure matter more than “safe” picks.
View MyBookie Free Bet OffersBonus terms decide value — not the headline.
What Is the Smartest Way to Use Free Bets?
Free bets can push your online sports betting into the stratosphere but they can also leave you hanging out to dry.
Too many sports bettors use them without knowing how payouts, odds, and free bet restrictions work.
That kills any value they provide.
This guide breaks down free bets explained in plain terms, focusing on rules, math, and mechanics rather than hype.
This article focuses on the mechanics of free bets — how payouts, odds, and rules interact — rather than promotional hype.
↑ TopWhat Is a Sportsbook Free Bet?
A free bet is a promotional wager that doesn’t require you to risk your dollars.
It’s free.
If the bet loses, you don’t lose your money.
If it wins, you get the profit — but the profit comes with withdrawal restrictions in most cases.
Free bets are different from sportsbook bonuses.
A risk-free bet usually requires you to stake real money first and receive a refund if the bet loses.
A bonus bet may come with rollover or wagering requirements.
Understanding what is a free bet starts with reading sportsbook bonus terms, because some books use the terms free bet, risk-free, and bonus interchangeably or with slight variations.
For a deeper breakdown of how sportsbooks structure bonuses, pricing, and rules, see this guide on how sportsbooks work.
Stake-not-returned helps you determine if it’s a free bet.
If the payout never includes the risk — the money you’d normally stake — it’s a free bet. Free bets follow the rules of betting: choose a play, bet it, and win or lose. But with one exception.
You don’t put your dollars at risk. The bet is free.
Sports You Can Use Free Bets On
Free bets are typically available across a wide range of sports, allowing bettors to apply bonus wagers to different markets depending on sportsbook rules, minimum odds requirements, and eligible competitions.
While availability varies by promotion, most free bets can be used on mainstream professional leagues, international tournaments, and select niche markets.
- American Football (NFL, College Football)
- Basketball (NBA, NCAA, EuroLeague, International Leagues)
- Baseball (MLB, International Baseball)
- Ice Hockey (NHL, International Hockey)
- Soccer (Domestic Leagues, Champions League, World Cup Qualifiers)
- Tennis (ATP, WTA, Grand Slams)
- Golf (PGA Tour, European Tour, Major Championships)
- Combat Sports (UFC, Boxing, Bellator)
- Motorsports (Formula 1, NASCAR, MotoGP)
- Esports (League of Legends, CS:GO, Dota 2, Valorant)
- Cricket (International Matches, T20 Leagues)
- Rugby (Union and League Competitions)
- Aussie Rules Football (AFL)
- Handball (International and Club Competitions)
- Snooker and Darts
- Cycling (Grand Tours, Major Races)
- Olympic and Multi-Sport Events
Always review sportsbook bonus terms to confirm which sports, leagues, and bet types qualify, as free bets may exclude certain competitions, futures markets, or live betting options.
| Sport Category | Examples | Typical Free Bet Availability |
|---|---|---|
| Major U.S. Sports | NFL, NBA, MLB, NHL | Very Common |
| Soccer | Premier League, Champions League | Very Common |
| College Sports | NCAA Football, NCAA Basketball | Common |
| Combat Sports | UFC, Boxing | Common |
| Motorsports | Formula 1, NASCAR | Moderate |
| Tennis & Golf | ATP, WTA, PGA Tour | Moderate |
| eSports | CS:GO, League of Legends | Varies by Promotion |
| Niche / International Sports | Cricket, Rugby, Handball, Futsal | Limited or Conditional |
How Free Bets Actually Pay Out (Stake Returned vs Not Returned)
Check out an example of a free bet.
Let’s say you receive a $50 sportsbook free bet and place it on an AFC team to win the Super Bowl at +200 odds.
- If it loses: you lose $0 because the bet was free.
- If it wins: you receive $100 — not $150.
Why? Because you didn’t use your $50 to make the play. The $50 was a gift.
Compare that to a bet where you use funds from your betting bankroll.
- $50 at +200 pays $150 profit and you get your $50 back.
- Total return equals $200.
Misunderstanding stake returned vs not returned reduces value because bettors often choose odds as if they were wagering real money.
Free bet payout mechanics change the math.
What Odds Are Best When Using a Free Bet?
The smartest way to use free bets mathematically is by choosing mid-to-long odds, not short favorites.
Why?
Because when the stake is not returned, low odds produce very little profit relative to the free bet’s value.
A -200 favorite might win more often, but the payout is small.
From an expected value standpoint, odds in the +200 to +500 range generally maximize the value of a stake-not-returned free bet. This isn’t about predicting outcomes.
It’s about how betting odds affect returns when your stake is excluded.
↑ TopExpected Value (EV) Explained for Free Bets
Expected value betting measures how much a bet is worth on average over time.
In simple terms, EV combines probability and payout.
Bonus bets amplify the importance of EV because there is no downside risk. You are not risking your own money.
The goal becomes maximizing potential return — not minimizing loss.
Higher odds increase variance, but they also increase EV when the stake isn’t returned. This is why free bet strategy explained almost always ties back to odds selection rather than “safe” bets.
From a mathematical perspective, free bet value is determined by expected value, not win probability.
Bettors looking to expand beyond bets can explore the MyBookie betting academy, which covers strategy concepts from beginner to advanced levels.
↑ TopCan You Use This Type of Bets on Parlays or Live Betting?
Whether bets can be used on parlays or live markets depends on sportsbook free bet rules.
Common restrictions include:
- Parlays may be excluded entirely
- Live betting may not qualify
- Same-game parlays may be prohibited
Even when allowed, parlays increase risk and don’t always increase value proportionally.
For bettors interested in event-specific or promotional parlay options, this guide explains where to find special parlays for big events.
Know the sportsbook app rules. Your sports betting life depends on it.
↑ TopCommon Free Bet Restrictions Bettors Overlook
Check out how most free bet restrictions work.
Because free bet terms vary by sportsbook, reading the fine print is essential before placing any bonus wager.
Most sportsbook free bets are governed by specific rules that determine eligibility, payout, and expiration.
- Minimum odds requirement (for example, +100 or longer)
- Eligible markets only (certain sports or leagues excluded)
- Expiration dates (some bonus bets expire in days)
- Cash-out limitations (cash-out may void the bonus)
Ignoring sportsbook bonus terms can result in voided winnings or lost value.
↑ TopFree Bet vs Risk-Free Bet: What’s the Difference?
Free bets are free sports betting plays.
Follow the rules and you could profit. But you don’t get back a stake because you didn’t bet your money.
A risk-free bet means you put up your money.
If the bet loses, the book refunds the bet. Often, the refund is in the form of a free bet.
Risk-free and free are not the same thing.
Understand the difference so you know what to look for in the betting odds.
↑ TopCan Bonus Bets Be Converted Into Cash?
You can’t withdraw a free bet. A free bet is meant to be played.
You can cash out a free bet play that hits, but only after the rules have been met.
The sportsbook rules determine if the free bet can convert to cash.
This can differ when using alternative funding methods, including cryptocurrency, which is explained in this guide to crypto betting sites and rules.
Sometimes there are rollover requirements. Other times, the book may offer a free bet with no rollover at all.
The book will state this clearly.
Pay attention and read the rules before making any bet — free or not.
The following questions address the most common free bet rules, payouts, and usage scenarios bettors search for.
Frequently Asked Questions About Sportsbook Promotions
What is a free bet and how does it work?
A free bet is a promotional wager where you keep profits if it wins but don’t lose money if it loses.
Are free bets stake-returned or stake-not-returned?
Most sportsbook free bets are stake-not-returned.
What odds should you use for a free bet?
Mid-to-long odds generally maximize expected value.
Can this type of bets be withdrawn as cash?
No. Only winnings can be withdrawn.
Do free bets expire?
Yes. Most have expiration dates.
Can free bets be used on parlays?
Sometimes, but many sportsbooks restrict parlay use.
What is the difference between a free bet and a risk-free bet?
Free bets use bonus funds; risk-free bets refund losses on real-money wagers.
Final Thoughts: Using Free Bets the Smart Way
Bet intelligent about how you use bonus bets.
Intelligence is knowledge. The best way to utilize a free bet is to understand the exact rules attached to it.
Rollover requirement?
Conversion rules?
Expiration date?
Know the details and you’ll be fine. Free bets don’t guarantee profit.
You still need to handicap the wager.
Always review bonus terms, find value plays in the sportsbook app, and check the latest MyBookie bonus rules so you understand how free bets work.
That long-term focus on execution and transparency is why serious bettors choose MyBookie.
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About the Author
- D.S. Williamson
- Since 2008, D.S. Williamson has written about sports and sports handicapping. His philosophy is value-based, meaning stats and other handicapping factors are only worth something in comparison to wagering odds. He believes money management and making value-based wagers is the single more important factor that distinguishes successful sports bettors from non-successful sports bettors.
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