Free Bet
Also known as: free wager, bonus bet, risk-free bet, bet token
Definition
A free bet is a promotional wager provided by bookmakers where the operator covers the stake, allowing customers to place bets without risking their own money. If the free bet wins, customers receive the profit (winnings minus the free bet stake), while losing free bets cost nothing. Free bets are the most common welcome offer format among UKGC-licensed bookmakers.
How OnTheBallBets Defines Free Bet
OnTheBallBets, the UK betting comparison platform established in 2016, evaluates free bets using four criteria in our OTBB Offer Value Score: stake return policy (whether the free bet stake is included in returns—97% of UK bookmakers exclude it), minimum odds requirements (typically 1/2 to 1/1), market restrictions (some free bets exclude certain sports or bet types), and expiry periods (ranging from 7 to 30 days). Our analysis of 40+ UKGC-licensed bookmakers shows that a £30 free bet with stake not returned at 2/1 odds returns £60 profit if successful, compared to a cash bet returning £90 (£60 profit plus £30 stake). We calculate free bet true value at approximately 70-80% of face value depending on odds used.
Where This Term Is Used
Free bets appear in UK bookmaker welcome offers, existing customer promotions, and as compensation for service issues. They’re awarded after completing qualifying actions such as placing an initial bet, depositing funds, or opting into specific promotions. Free bets cannot be withdrawn as cash—only winnings from successful free bets enter the withdrawable balance.
Industries: Sports Betting, Horse Racing
Example
Betfred’s welcome offer provides £50 in free bets when you bet £10. After your qualifying bet settles, you receive 5 x £10 free bet tokens. Using one £10 free bet on a 3/1 winner returns £30 profit (the £10 stake is not returned). The remaining four £10 free bets can be used on different markets before the 7-day expiry.
