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Free bets: how they work and where to get them

Free bets — now usually called bonus bets — are the main way sportsbooks reward new and returning customers. Here is what they actually are, the current offers across the books we track, how to claim one, and how to turn a bonus bet into the most value possible.

Free bet calculator →

What is a free bet?

A free bet is site credit a sportsbook gives you to wager with, where the stake is not returned when the bet wins — you keep only the net profit. That single detail is why a $100 free bet is not the same as $100 cash: it is worth roughly 60–80 cents on the dollar depending on how you use it. Most books now label these "bonus bets" to make the stake-not-returned mechanic explicit.

Free bets exist to get you through the door and keep you betting. The headline number grabs attention, but the value lives in the fine print — the minimum odds, the expiry window, and the markets you can use it on. Read those before you claim, and use the free bet calculator to see exactly what a bonus bet is worth to you.

Types of free bets

Risk-free / no-sweat first bet

Your first wager is insured: if it loses, the sportsbook refunds your stake as bonus bets up to a cap. The "risk" you avoid is only the stake, not a true cash-back guarantee.

Example: Place a $500 first bet. If it wins you keep the cash profit; if it loses you get $500 back in bonus bets to try again.

Watch out: The refund arrives as bonus bets, not cash, and the stake on a bonus bet is never returned with the winnings — so a refunded loss is worth less than the dollars you risked.

Bet-and-get (bet $5, get $200)

Place a small qualifying wager and the book hands you a fixed pile of bonus bets win or lose. The headline reward dwarfs the qualifying stake, which is why these are the most common new-customer offers.

Example: Bet $5 on any market at -200 or longer and receive $200 in bonus bets credited automatically, regardless of whether your $5 wins.

Watch out: Bonus bets usually expire within 7 days and must often be used at minimum odds. The $200 is not $200 cash — expect to convert roughly 60–80 cents on the dollar.

No-deposit bonus

A bonus credited just for registering and verifying an account, before you fund it. Genuinely rare in regulated US sportsbooks; far more common in casino play and at offshore books you should avoid.

Example: Sign up, confirm your identity, and a small bonus bet (say $10–$25) lands in your account with no deposit required.

Watch out: Because no money changes hands, terms are strict: low caps, short expiry, high minimum odds, and winnings-only withdrawals after a playthrough.

Second-chance / reload bet

An ongoing offer for existing customers that refunds a losing bet on a specific market or returns a bonus bet on a recurring schedule, keeping you betting after the welcome offer is gone.

Example: Opt in to a weekly "second chance" on an NBA same-game parlay: if one leg fails, the book returns your stake as a bonus bet up to $25.

Watch out: Reloads are smaller than welcome offers and tightly scoped to one market or day. They are loyalty perks, not a reliable source of value.

Deposit match

The book matches a percentage of your first deposit in bonus funds. The reward scales with what you fund rather than a flat drop, and usually unlocks through a playthrough requirement.

Example: A 100% match up to $500 turns a $500 deposit into $500 of bonus funds, released as you wager through a 1x–10x rollover.

Watch out: The match is locked behind rollover: a 10x requirement on $500 means $5,000 in wagers before any bonus converts to withdrawable cash.

Wondering whether genuinely free, no-strings credit exists? See our dedicated no-deposit bonus guide.

Current free bet offers

New-customer offers across the 9 sportsbooks we track. Offers are illustrative and change frequently — always confirm the current terms on the operator's site before you claim.

DraftKings Bonus bets

Bet $5, get $200 in bonus bets

Place a qualifying $5+ wager and receive $200 in bonus bets regardless of whether it wins or loses. The bonus bets are issued as site credit you can split across multiple wagers, and only the winnings are withdrawable.

21+. New customers only. Bonus bets are non-withdrawable and expire 7 days after issue.

Claim offer Read review →
FanDuel Bonus bets

Bet $5, get $150 in bonus bets

A qualifying $5 first bet returns $150 in bonus bets if it wins. The reward is credited as bonus bets rather than cash, so you stake them on further wagers and keep any profit.

21+. New customers only. Minimum odds may apply; bonus stake not returned with winnings.

Claim offer Read review →
BetMGM No-sweat bet

First bet offer up to $1,500

If your first wager loses, BetMGM refunds the stake in bonus bets up to $1,500. A loss of $50 or less is returned as a single bonus bet; larger losses are split into five equal bonus bets.

21+. New customers only. Refund issued as bonus bets that expire within 7 days.

Claim offer Read review →
Caesars No-sweat bet

First bet up to $1,000 on Caesars

A losing opening wager is refunded in bonus bets up to $1,000, giving you a second chance on your first bet. The refund lands as a single bonus bet matching your original stake.

21+. New customers only. Bonus bet expires 14 days after it is credited.

Claim offer Read review →
BetRivers Deposit match

100% deposit match up to $500

Your first deposit is matched dollar for dollar in bonus bets, up to $500. Unlike a fixed bonus-bet drop, the match scales with what you deposit, and a light playthrough unlocks the reward.

21+. New customers only. 1x playthrough required before bonus funds convert.

Claim offer Read review →
Fanatics Sportsbook No-sweat bet

No-sweat first bet up to $1,000

If your first wager loses, Fanatics refunds the stake in bonus bets up to $1,000, and every bet you place earns FanCash redeemable for merch. The aggressive offer is part of its push to gain market share.

21+. New customers only. Refund issued as bonus bets that expire 7 days after credit.

Claim offer Read review →
Hard Rock Bet Bonus bets

Bet $20, get $100 in bonus bets

Place a qualifying $20 wager and receive $100 in bonus bets win or lose, with Hard Rock Rewards points accruing alongside. The bonus bets are released to your account to stake across the markets Hard Rock Bet prices.

21+. New customers only. Bonus bets are non-withdrawable and expire 7 days after issue.

Claim offer Read review →
SuperBook No-sweat bet

First bet up to $500 back in bonus bets

If your first wager loses, SuperBook refunds the stake in bonus bets up to $500, giving you a second chance on your opening bet. The refund lands as bonus bets you can stake across its Vegas-style markets.

21+. New customers only. Refund issued as bonus bets that expire 7 days after credit.

Claim offer Read review →
Bally Bet Deposit match

100% deposit match up to $250

Bally Bet matches your first deposit dollar for dollar in bonus bets, up to $250, with Bally Rewards points earned alongside. The match scales with what you fund, and a light playthrough unlocks the reward.

21+. New customers only. 1x playthrough required before bonus funds convert.

Claim offer Read review →

How to claim a free bet, step by step

  1. Confirm the offer in your state

    Welcome offers differ by state and the value can change week to week. Open the sportsbook from your state and read the current terms before you register.

  2. Register and verify your identity

    Create the account with accurate details and complete KYC verification. Some offers require a promo code at sign-up — enter it exactly as listed.

  3. Deposit the qualifying amount

    Fund the account with at least the minimum the offer requires. Use an eligible payment method; some books exclude certain e-wallets from promotions.

  4. Place the qualifying bet at minimum odds

    Make the qualifying wager at or above the required price. Bet exactly what the offer asks — overbetting does not increase the reward on a bet-and-get.

  5. Receive and use the bonus bets before they expire

    Bonus bets are credited automatically (instantly for bet-and-get, after settlement for refunds). Use them at the minimum qualifying odds before the expiry window closes.

Free bet terms explained

The fine print decides whether an offer is worth claiming. Here is what the recurring terms actually mean.

Stake not returned (SNR)
When you place a bonus bet, the stake is consumed — only the net winnings pay out. A $50 bonus bet at +100 returns $50 profit, not $100, so a bonus bet is worth less than the same amount in cash.
Wagering / rollover requirement
How many times you must wager bonus funds before they convert to withdrawable cash. A 5x rollover on a $100 bonus means $500 in qualifying bets before you can cash out.
Minimum odds
The shortest price a bet can be and still qualify. Offers commonly require -200 (decimal 1.50) or longer, blocking you from clearing a bonus on near-certain favorites.
Expiration
How long you have to use a bonus bet before it disappears. Seven days is typical; some are as short as 24 hours. Unused bonus bets are forfeited, not refunded.
Eligible markets
Which sports and bet types a bonus can be used on. Some offers exclude certain leagues, parlays, or live betting, and a few restrict you to a single pre-selected market.
Maximum cash-out
A cap on how much of your bonus-derived winnings you can actually withdraw. Most welcome offers have none, but no-deposit and offshore bonuses frequently do.

How to maximize free bet value

  • Use bonus bets on longer odds

    Because the stake is not returned, a bonus bet retains more of its face value at higher odds. A $50 bonus bet at +100 yields $50; at +400 it yields $200. Within the offer rules, place bonus bets on longer prices than you would with cash.

  • Convert bonus bets to guaranteed cash

    Lay or hedge the same selection at another book or an exchange to lock in a fixed return regardless of the result. This trades the variance of a single bonus bet for a smaller but certain profit — run the numbers in the free bet calculator first.

  • Read the minimum odds and expiry first

    A big headline number behind a 30-day, no-minimum-odds offer is worth far more than the same number that expires in 24 hours at -200. The terms decide the value, not the headline.

  • Claim multiple welcome offers

    Each sportsbook gives a new-customer offer only once, so spreading sign-ups across several books multiplies your total free-play value — and lets you line-shop the best price on every bet afterward.

Convert before you bet. The surest way to extract value is to lay or hedge your bonus bet for a guaranteed return. Our free bet calculator shows the locked-in profit and conversion rate for any free bet and odds, and the hedge calculator sizes the offsetting bet.

Free bets FAQ

Are free bets actually free?
Almost always you have to do something to unlock one — place a small qualifying bet, make a first deposit, or register a new account. Truly no-strings free bets credited just for signing up are rare at regulated US sportsbooks. The "free" part is real value, but it arrives as bonus bets with terms attached, not as withdrawable cash.
What is the difference between a free bet and a bonus bet?
They are the same thing under two names. Both are site credit you stake on a wager where the stake is not returned with the winnings — you keep only the net profit. Sportsbooks have largely shifted to calling them "bonus bets" to make the stake-not-returned mechanic clearer.
How much is a free bet really worth?
Because the stake is not returned, a free bet is worth less than its face value — typically 60–80% of the dollar amount, depending on the odds you use it at and whether you convert it. Using a bonus bet on a longer price, or laying it off at another book, captures more of that value. The free bet calculator shows the exact retention for any odds.
Can I withdraw a free bet?
No — you cannot withdraw the bonus bet itself, only the winnings it produces, and usually only after any rollover is met. If a $50 bonus bet wins at +100, the $50 profit becomes withdrawable cash while the original $50 stake is consumed.
Do free bets expire?
Yes. Most bonus bets expire within seven days of being credited, and some welcome offers are shorter. Unused bonus bets are forfeited rather than refunded, so plan to use them — at the offer’s minimum qualifying odds — well before the window closes.

Offers are illustrative and change frequently — always confirm the current terms on the operator's site before signing up. New-customer offers only unless noted; minimum-odds, expiry, and playthrough requirements apply. 21+ where applicable (18+ in some states). Gambling problem? Call 1-800-GAMBLER. Please gamble responsibly.