Free bets are the latest successful marketing scheme to be introduced to the gambling community by a sportsbook. The term free bet, is catchy and is what drives new player traffic towards signing up to a bookmaker, and the initiative has proven to be super popular within the sports betting community as of late.
What is a free bet?
A free bet is a promotion which provides punters a sum of money to place a bet within a bookmaker. The great advantage that comes with these betting offers, is that you will often not have any risk associated, if you are purely betting using the funds given to you directly by the bookmaker. Yet, one thing you need to know here is, if you happen to win, the funds you used will not get withdrawn by yourself, only the winnings obtained from the free bet. The free bet amount will go back to the bookmaker and you will of course need to make sure that you meet the terms that come with any free bet bonus that you take out from the betting platform.
How do free bets work?
A free bet will ultimately be used for betting purposes and therefore not act as real money to your wallet, in any shape or form. So, they are used only for one purpose here only, and that is to contribute to a betting scenario. Of course, to expand and help you understand more on the matter, we have provided to you a betting scenario down below, that you can acquaint yourself with, to really understand how free bets work.
Scenario
If a punter has claimed a free bet bonus of £40 for example, and there is a sports coefficient attached of 2.5, you will be paid out a total of £60, when you minimize the free bet from the application of the coefficient. You will then obviously need to take into account the terms and any wagering requirements that are attached to the free bet too, meaning it will never be as simple as having free money for yourself ‘for free’.
What are the conditions you need to consider for free bets?
To get a bonus, you will be asked to submit to the terms and conditions that come associated with the bonus. This should often require a commitment from your side (often associated with a registration for example), in addition to valid identification forms to identify who you are, as most bonuses and free bets can only be claimed once by punters, therefore you need to be a new customer to have access to them.
Other things you need to be aware of are the terms that dictate how you withdraw your winnings. Most of the time you will need to make sure that you withdraw to meet the coefficient and wagering requirements determined by the bookmaker. Each bookmaker will differ in their requirements, meaning you cannot expect it to be a one size fits all kind of scenario. That is why it is important to read through the terms carefully, to ensure you are fully clued up on what you need to know around these obligations of yours as a bettor within the community of a particular betting house.
If you do not pay attention to the terms set by the bookmaker, you may have to face consequences such as immediate termination of your account, alongside having your winnings withdrawn from you without notice. Make sure you never request a withdrawal of your funds without being 100% sure that you have met the terms they have given to you, when you accepted the bonus upon registration.
What are the advantages of free bets?
After going through the heavy, now it’s time to discuss the fun! Free bets are super fun and entertaining to use in conjunction to your bets. The reason why, is because they provide you with a larger spectrum of opportunities within a particular betting house. You will have the ability of trying out new strategies that you have always wanted to try for example, with no risks associated at all! Often beginners will find that they can learn a lot upon utilizing a free bet or two, in the beginning of their betting journeys.
Gambling and the bonus incentive that are provided to gamblers these days are projected to keep on growing. Forbes articulated how promotions such as free bets, are the primary reason to bookmakers growing and flourishing with constant new player traffic. Therefore, in terms of digital marketing, promotions like free bets are imperative for any bookmaker to ensure they consistently regenerate and expand their player base.
It is very obvious to see that free bets are not going nowhere anytime soon. They are the reason many of the online gambling businesses have managed to double their revenue through the unprecedented times of the pandemic. So, many are hopeful and enthusiastic about where the free bets and promotions concepts will lead to next in the years to come!
