Author Avatar
Author: Chris
Latest update:March 16, 2024

Advertising Transparency

Advertising Transparency

Please note that some of the links on our website may be affiliate links. This means that we may earn a commission if you click on links and make a deposit at a casino. However, this comes at no additional cost to you, and it helps support our efforts to provide accurate and valuable content. Rest assured, we only promote products or services that we genuinely believe in and that align with our editorial standards. Thank you for your support!

Why trust us?

Why trust us?

GambleDex was created in 2018 with one simple goal in mind. Provide accurate, transparent and truthful information. We do our best to not only review and check casino bonuses from all over the web, but to also take feedback from visitors of our site to provide the information required to gamble safely online.

In this risk free bet strategy guide, discover how to profit from a risk free bet.

A popular offer is “refund if your first bet loses. Sign up with a bookmaker and place a bet. If your first bet loses, the bookmaker refunds your stake as a free bet or bonus.

How to do a risk free bet offer

You need to back and lay a high odds selection (odds of at least 4/1). Then, if the risk free bet wins you’ll make guaranteed profit. Or, if your first bet loses – there’s a free bet or bonus to come (minus a small qualifying loss).

Let’s look at Bwin £10 risk free bet for new customers. Horse racing is not eligible for this promotion, so let’s focus on football.

Arsenal versus Standard Liege in a UEFA Europa League match. The draw (denoted by “X”) is available at odds of 4/1 (5.0).

Risk-free bet (refund as a free bet)

1). Place a £10 bet on the draw at odds of 5.0 at Bwin. This is your “risk free bet”.

Bwin £10 risk free bet

2). Place a £7.58 lay bet at odds of 5.3 on Smarkets betting exchange. Your exchange liability is £32.59.

Laying £10 risk free bet at Smarkets

3). If the match result is a draw: £7.41 profit (£10 risk free bet at 4/1 = +£40.00, minus lay liability of £32.59 = +£7.41). You’ve finished the offer.

4). If the match result is not a draw: your £7.58 lay bet wins. You have retained £7.41 of the implied £10 bonus (£7.58 lay win minus 2% Smarkets commission).

If your first bet did not win at Bwin – the bookmaker will now credit your £10 free bet refund.

Using your free bet refund

1). Now repeat steps 1 and 2 of the above process: backing and laying a high odds selection.

2). Place your £10 free bet refund on a high odds selection (4.0 or above) at the bookie (backing). Also, place around £7 lay bet at the exchange (laying).

3). You should be able to lock-in £6 to £7 of the £10 free bet refund.

4). So, your net profit is £3.50-4.50 from the original £10 bonus.

Risk-free bet (refund as a bonus)

The above example assumes the refund is a Stake Not Returned (SNR) free bet.

But, some bookies offer a refund if your first bet loses as a Stake returned (SR) bonus with one times wagering. Lay slightly more than normal on your first risk free bet, as a Stake Returned bonus is like a near-cash refund.

If your initial bet loses, find a close odds match to complete the one times wagering on the refund.


Remember Stake Not Returned (SNR) free bet offers with a low odds qualifying bet. A risk-free bet is different. We use high odds and treat as if Stake Not Returned to lock in profit.

Any questions about the risk free bet strategy? Check the About page for our contact details.