Free bets are a great way to try out sports betting and learn how to place bets. However, there are some requirements for getting them. These include meeting minimum odds requirements and making an initial cash deposit.

You can also generate risk-free profits using matched betting, a clever technique that takes advantage of the sportsbook’s terms and conditions. These promotions are usually offered to new and existing customers alike.

Sign-up bonuses

Sign-up bonuses are a great way to encourage sports bettors to try a new betting site. These bonuses reward new bettors with a certain amount of site credits when they make their first deposit. They are available at many major online sportsbooks, including BetMGM, Caesars, and FanDuel. These offers can be redeemed by entering the relevant promo code at the time of registration. They typically have wagering requirements and expiry dates. Some are exclusive to new customers, while others can be claimed repeatedly by existing users.

These promos can be quite eye-catching, and they’re one of the best ways to test out different sportsbooks without spending a lot of money. However, they can be misleading, and it’s important to compare the terms and conditions of different sites before claiming any bonus offer. Look for a high percentage match, and consider the maximum limit on the bonus. Also, look for flexibility in how the bonus credits can be used.

Besides the welcome offers, sportsbooks offer ongoing promotions to keep existing customers happy. These include second chance bets, which reimburse losing wagers up to a specified amount in non-withdrawable site credits. These offers are available on a variety of sports betting markets, including spreads, totals, moneylines, and prop bets. In addition, sportsbooks offer a variety of additional incentives, such as NHL Wednesday’s First Goal Scorer promotion and NBA Parlay Insurance, as well as odds boosts for popular events like March Madness or the Super Bowl.

Requirements for claiming a free bet

A free bet is a wager you place on a sporting event or market without risking any of your own money. It is a popular way for betting sites to attract new customers and encourage them to try out their services. However, there are certain requirements you should keep in mind when claiming a free bet.

These include time limitations, wagering requirements, and qualifying odds. Most sportsbooks require players to wager their free bets a number of times before they can withdraw any winnings. These terms are also referred to as playthrough or rollover requirements. They are designed to prevent bonus abuse, which is a practice in which individuals attempt to exploit sportsbook bonuses to get more money than intended by the site.

Depending on how your sportsbook issues the refund, you might have a more or less restrictive set of options for how to wager the funds. For example, some sportsbooks return the refund in site credit that can be used just like cash. Others only return the winnings on successful wagers, leaving the stake behind when the bet loses.

One advantage of free bet promotions is that they allow you to compare odds between sportsbooks and discover which ones offer the best values. You can also use them to explore different markets or types of wagers that you would not normally bet on with your own money.

Expiry dates for free bets

Free bets are a great way to try out a sportsbook without risking your own money. They are offered by sportsbooks to attract new customers and reward existing ones for their continued custom. However, it is important to understand how they work and the conditions that are attached to them. These conditions can be as simple as fulfilling a wagering requirement or a minimum odds threshold. Some may even require a specific market to be matched. This is a common practice used to ensure that the free bets will be used responsibly.

Another factor to consider is the expiry date of a free bet. These terms can range from 30 days to three, and once expired, they are no longer valid for placing eligible bets. It is also worth remembering that these bets are not guaranteed to win, so don’t place any bets that you cannot afford to lose.

Most free bets are only available for new customers, but some sportsbooks also offer them as part of recurring promotions or for high-level VIPs. These types of offers typically have lower monetary caps than sign-up bonuses and can be as low as $10 or $20. Some sites also offer a refer-a-friend promotion where both parties receive rewards. Other promotional offerings that aren’t considered free bets include odds boost tokens and parlay insurance.