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How to Use a Bonus Bet? Sports Betting Tutorial
This video tutorial provides answers to the most popular sports betting promo questions about risk-free betting strategies: What is a risk-free bet? How does it work? What is the best way to optimize a bonus bet?
What is a bonus bet in sports betting and how does it work?
A risk-free bet is an offer from a sportsbook in which your first wager will be refunded to you in some capacity should you lose that bet.
What is the best way to optimize a bonus bet?
To take full advantage of the expected value from this risk-free bet promotion, let’s say a bettor deposits $1,000, earning a risk-free bet up to $1,000.
To take complete advantage and optimize, the bettor places all $1,000 on the Bengals to cover the spread in the Super Bowl at -110 odds. If the Bengals cover, the promotion is over and the bettor has taken full advantage.
It worked out perfectly because the bettor risked $1,000 to win $909.09. Since the bet won, the bettor now has $1,909.09 in the account.
If the $1,000 risk-free bet loses you would be refunded $1,000 in site credits on FanDuel, for example. However, you would need to bet through all $1,000 before it’s possible to withdraw.
If the return is not in site credits but is in the form of a free bet, it gets more complicated.
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