What is a Risk-Free Bet? And How NOT to Waste It!

By: Lotto Edge
BetMGM $1,000 Risk Free Bet

Every gambling site has ways to attract users and keeping them playing. It can be with extensive betting selections, excellent customer support, or generous promotions. Most of the time, it’s the latter.

Among the countless betting promotions in the US, the risk-free bet might be the one that gives you  the most significant fun and profits.

With most gambling sites, the risk-free bet is available only with a first time deposit. Existing customers can be offered risk-free bets at times but its best to plan to on your initial sign-up offer being it.

What is a Risk-Free Bet?

If you don’t have any experience with this type of promotion, you are probably wondering what it is. A risk-free bet is every bet that gives you something in return if you lose. So what do we mean by that? What you might get from a lost risk-free bet falls into two categories.

Free Bets

This is the most straightforward type of risk-free bet you can use. The free bet is a tiny one-way bet you can try on any event you want. If you lose, your bankroll is unfazed.

You might receive $10 in free bets when you sign up for a gambling site. You can bet up to the total of  those free bets and your bankroll is never touched. If you win, you are paid out only the winnings, not the free bet itself. Sometimes you have to wager your Free Bet winnings a few times before you can cash it out like real money.

Bet Credits

A risk-free bet with bet credits is a bit more complex. Usually, the size of the bets are much more significant and don’t include wagering requirements. Instead, in the event your risk free bet loses, the amount of your bet will be credited back to your account as bet credits.

These credits can be used like real funds, with the difference that their amount will be reduced from the total of every winning bet. For example, you place a wager using $100 of bet credits. If you lose, those $100 in bet credits are gone. But if you win, the winnings on the bet are paid to your bankroll. You don’t receive the $100 bet credit back as cash, only the winnings.

How to Exploit Free Bets to the Fullest?

Once you understand how free bets work, it would be a total waste if you can’t take full advantage of them. You can take a few different approaches to make the most out of the risk-free bet opportunity. And that, ultimately, is aiming for the most significant profits possible.

Bet on the Underdog

How often have you placed bets on a low-odds favorites, only to lose? Well, underdogs pay much better while they still can have a fair chance of winning. So, why not try your luck by backing a less popular team? After all, it’s a free bet, and your bankroll is not in jeopardy.

Try Out an Ambitious Parlay

Parlays are fun, and they always offer incredible potential returns. If you pick your selections wisely and stick to less than five, you have a chance possibly 10x the amount of your risk-free bet.

Expert Tip


For an ambitious risk-free bet, consider over/under selections in a parlay. Over/under selections can be a bit easier to predict correctly.

Take a Shot in the Dark

The last few minutes of sports events are always crucial and exciting. Some teams manage to snatch away the win in the latter minutes of a game.

With that in mind, you can wait for a scenario where one team is pushing hard late in a game, and place your bet for them to win. Of course, you have limited time to pull out the win, but that’s why the odds are incredibly high, and it’s worth the risk with a free bet.

The Most Significant Risk-Free Bet Offer in the US – BetMGM

The free bet offers usually promoted in the US are tiny – less than $10. That’s why it’s best to try out wagering on higher odds to get in some good winnings. But if you are claiming a risk-free bet from BetMGM, you might want to be slightly more cautious with your selections.

Why is that? Using our unique promo code “LOTTOEDGE”, the leading BetMGM platform will provide you with a massive risk-free bet of up to $1,000! You just need to determine if you want to take a bigger chance for more significant winnings or play it safer.

Worst case scenario, you will receive your funds back in bet credits, which also works in your favor. So, are you ready to place the most significant risk-free bet of your life? Buckle up and join BetMGM now!


Did we miss anything or have anything we need to update? Drop us a note and tell us what you think.

If you found this helpful, sign up for BetMGM today and use Promo Code “LOTTOEDGE” for a risk free bet up to $1,000!