Risk free bet strategy

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.

GambleDex.com - Copyright 2018-2023