Table of Contents

History

If you are relatively new to online gambling, you may not be familiar with the bonuses that the vast majority of gambling sites give away to new customers. These bonuses can get pretty large in order to entice said new customers. 

The idea back then was to try and make a profit, withdraw it, and then move on to the next site. This is no longer feasible.

When sites first started offering bonuses they were generally a lot more generous than they are today. We don’t necessarily mean in relation to how much they gave away, but in terms of how easy it was to meet the required terms and conditions. In many cases, there were certain strategies you could use to guarantee making a profit.

These days the terms and conditions tend to be a lot stricter, making it that much harder. 

The method outlined in this guide takes a novel approach where these terms and conditions do not matter. From the sportsbook’s perspective, you were another sucker that lost all your money.

 

The “risk free bet” and it’s risk

The promotion this guide utilizes is the abundant “Risk Free Bet”. While I always recommend thoroughly reading any promotions terms and conditions, the majority of them contain the same roadblocks to prevent the average Joe from using it to profit. 

The way this promotion usually works is, if your first bet loses, you are reimbursed with a credit or “free bet” of the same value lost, up to their promotional limit. This bet comes with tons of strings attached. The most important are:

  • Bet must be placed on a wager with certain odds or greater (usually unlikely odds)
  • It cannot be withdrawn 
  • If a bet is won, the promotional credit is not returned (instead of getting the $500 you wagered back with your winnings, you receive just the winnings)

These restrictions make it impossible to use the promotion to generate a profit from the promoting sportsbook.

Playing both sides

So if it’s impossible to profit, why does this guide exist

Instead of relying on one sportsbook, we use two. When you place your first bet for the promotion you wager on something “unlikely”, usually 3+ odds. At the same time you wager on the other outcome at a second sportsbook. Wager amounts can be calculated with the included program see “The Calculator Explained Your First Bet” section for more info. After placing the wagers, let’s look at the possible outcomes:

Sportsbook 1 wins

In the event our unlikely wager on the First sportsbook wins, the money spent on the second sportsbook should be 100% recouped. In this case you just withdraw your cash and move on to the next promotion having won nothing, but more importantly, you lost nothing. 

Sportsbook 2 wins

Wagers are placed so if the bet on the First sportsbook loses, Money will be recouped on the second sportsbook. This is not a 1-1 trade, some money is lost as predicted by our calculator THIS IS OK. 

After Sportsbook 2 wins is when you have a chance to profit. Your account on Sportsbook 1 should be automatically credited with a free bet. If this is not the case contact support to make sure you get it!

Using the provided calculator, place a second bet on both sides of another sporting event. This is similar to what we did before. Once again the wager on Sportsbook 1 should be placed on an “Unlikely” outcome, and Sportsbook 2 should have a wager on the “likely” side. Like the last bet,  there are two outcomes. You either break even or make money. Alternatively you can change the wager values to guarantee a lesser profit. For more info see “The Calculator Explained Your Second Bet, or Tips and Tricks”

Note: It is required that you place wagers on sports with only two outcomes. Sports such as HOCKEY, BASKETBALL, and AMERICAN FOOTBALL work great.

FOOTBALL(SOCCER) or any other sports with commonly tied games will NOT WORK.

Your First Bet (Calculator Explained)

Before starting, We suggest you access the calculator through your free trial included HERE

For this explanation we will split the calculator into two parts, your first bet and your second. 

FREE BET AMOUNT: The promotional risk free bet amount, usually anywhere between $100-500.

HEDGE 1: How much you want to hedge your bet. Moving the slider changes the net return. If you would rather have a smaller GUARANTEED profit vs. a larger risky profit: change this. 

Back  Bet ODDS: The odds for the “likely” outcome

Promo Bet ODDS: The odds for the “unlikely” outcome

RESULTS

BET AMOUNT: The size of bet to place on each outcome, Back Bet corresponds with Back Bet ODDS, Promo Bet with Promo Bet ODDS. 

RETURNS: How much the bet should return. This should be visible on the sportsbook while placing bets, useful for double checking bets. 

NET RETURN: How much overall the bet will return, a net return in the negatives is fine for your first bet, however the larger the loss, the less money is left on the table. In order to avoid losing money the Promo Bet should always be zero or positive. 

EFFICIENCY: How much potential profit is retained. This is a good performance metric for measuring return. Typically 75:90% is good, 95% is great. 

 


Your Second Bet (Calculator Explained)

 

HEDGE 2: How much you want to hedge your bet. In the case of your second game wager the slider probably needs to be changed. Both bets need to be above zero to prevent losses. Additionally, the slider can be adjusted to guarantee a profit on your second game wager regardless of outcome. For more information on a guaranteed profit, check out the “Tips and Tricks General section”

BET 3 ODDS: The odds for the “likely” outcome for your second game wager

BET 4 ODDS: The odds for the “unlikely” outcome for your second game wager

RESULTS-

BET AMOUNT: The size of bet to place on each outcome, Bet 3 corresponds with BET 3 ODDS, Bet 4 with BET 4 ODDS. 

RETURNS: How much the bet should return. This should be visible on the sportsbook while placing bets, useful for double checking bets. 

NET RETURN: How much overall the bet will return, both bets should be either zero or positive here. 

EFFICIENCY: How much of the total potential profit retained. This is compounded with the previous bet, anything between 70-90% is great. 

Terms to Know

  • Sportsbooks– websites that conduct sports betting
  • Moneyline– straight bets, which team will win
  • Decimal odds–  Decimal odds examples are 3.0, 1.2, etc.
  • American odds– American are +200, -100. 
  • Decimal vs American: Both are used to quantify odds, just different formats. Generally sportsbooks have an option to set the odds format, we want decimal so we will change them as below.

Generally sportsbooks have an option to set the odds format, we want decimal so we will change them as below. Similar options are found on just about any sportsbook towards the bottom of the site. Alternatively, American odds can be converted to decimal using an online calculator. For example, like this one found HERE

 

 

Getting Started

First make an account at sportsbook with a small or no promotion. This is so that no promotion is wasted, to maximize profits. NJ users can use bet365.com as an exception.  We will refer to this account/website as “Book1

They may ask you to verify your ID, this is normal. Depending on the state you may be required to install a geotracking program to ensure you are in a state where gambling is legal THIS IS NORMAL.

 

Next make an account on any other site from our list located HERE, we will call this “Book2

You are all set to start bonus hunting!

 

Bet 1

Optional step:

Contact LIVE CHAT on book 2 and confirm that the risk free bet is not OPT-IN, if it is, ask to be granted the promotion.

“Hello, I am inquiring about the promotional free bet, do I need to do anything to get it?” Most sportsbooks will say you will receive your free bet if your first bet loses, which is fine. 

 

Note: You MUST place wagers on sports with only two outcomes. Sports such as HOCKEY, BASKETBALL, and AMERICAN FOOTBALL work great.

FOOTBALL(SOCCER) or any other sports with commonly tied games will NOT WORK.

 

Look through both books and find a two outcome match with high moneyline odds discrepancy E.G 1.3 vs 3.55. The lower (likely) betting odds should be from Book 1, the higher (unlikely) from Book 2. 

Pictured below is the odds for the same basketball game from different sportsbooks. Notice moneyline for Indiana is higher on Book 2 here

 

 

Now take those odds and put them into the calculator. Our promotional risk free bet is $500 so we input  500 for FREE BET AMOUNT

 

We can see that with these odds, the first bet has an efficiency of 82%, not bad. We will continue using these odds, however efficiencies of 90%+ happen all the time if you are patient. 

 

Results explained:

If BET 1 wins, $88 is lost but this is GOOD, it means you get your free bet $500 and that is where you profit. If BET 2 wins, you breakeven and withdraw the funds to move on to the next sportsbook. 

Since the odds check out, place your bets on the respective sportsbooks + teams, using the values from the BET AMOUNT column in the results chart. In this case we bet $500 on Indiana @ 3.35 in BOOK 2, and $1,175 on Purdue @ 1.35 in Book 1. Note how the returns on the sportsbooks match our RETURNS column on the calculator. It’s good to double check this to verify no mistakes were made. 

 

 

Make sure to record BET 1 + BET 2 odds, you will need them later. 

After this, wait for the wager to settle (game to end)

WARNING: It is IMPERATIVE that your first bet is done correctly and CANNOT BE CASHED OUT. Most sportsbooks have clauses that void the promotion if you do so.

If you have cashed out your first bet you may have luck convincing live chat to re-enable your promotion by saying you didn’t know better or it was an accident (which it was) but this is not something to rely on.

 

Bet 2

In this example we will assume BET 1 won. After BET 1 wins, put the recorded BET 1 + BET 2 odds into the calculator as before then find another match with favorable odds and put them in the GAME 2 section under BET 3 and BET 4 respectively. 

 

For the second game we found slightly better odds. However, notice BET 4 has a NET RETURN of $-88. Since this is the second wager BET 3 AND BET 4 NET RETURNS must be greater than $0 to prevent losses.

We can fix this by adjusting the HEDGE 2 slider.

This way there is no money lost if BET4 wins, and a strong profit is made if BET 3 wins. 

 

Now that we have found a second game to bet on with favorable odds. Use your “RISK FREE BET” from Book 2 to place BET 4, and place BET 3 ($1232) on Book 1, This process is similar to the first match we bet on. 

After that is done all you need to do is wait! If things go well, BET 3 wins and you profit $342, however even if BET 4 wins, you do not lose money.

 

General tips and tricks

Guaranteed profit: It is possible to generate a guaranteed profit using risk free bets by playing with both Hedge Sliders. The amount is usually around 25-50% of the actual promotion.

 

When calculating your first bet set HEDGE 1 such that BET 2 NET RETURN is equal to half of the promotional amount.

 

 

This way, if BET 2 wins, you profit $250, but if it loses you still have value left on the table for your second bet.

 

If BET 1 wins, then we place a second bet with the provided Risk Free Bet from the promotion and set the HEDGE 2 slider such that both NET RETURNS are similar:

 

Larger Promotions: Sometimes Sportsbooks have even larger promotions available, it never hurts to ask live chat support what promotions are available.

More Promotions: Sportsbooks will keep giving you money! Many Sports Betting apps will send out random promotions anywhere between $50-$250 for a single day. Even if you got your bonus from one site it pays to keep their app on your phone or visit them once a weekend.

 

Sportsbook specific tips and tricks

WARNING: These are sportsbook specific and will only work with the corresponding sportsbook. Furthermore, while we strive to keep this as up to date as possible, it is possible that these tips are no longer accurate. Use at your own risk!

Fanduel: At the time of writing Fanduel will allow a user to cashout and withdraw their “Risk Free Bet”. So after your first bet is lost, place a second wager with your risk free bet only on Fanduel (no need to place a bet on another sportsbook). After the match has started you should be able to “cash out” and then withdraw your bet.

 

Fanduel: Building upon the first Fanduel tip, if a user leaves their bet in-play long enough and their wagered team starts winning, there is the potential to win more than the promotional $1000. When a bet is cashed out on Fanduel it does not subtract the promotional amount as with other sportsbooks.

 

Unibet: At the time of writing Unibet’s risk free promotion is actually risk free. You should be able to withdraw your funds after the first bet is lost. This will result in a more “sure” profit and a higher efficiency since there is no need for a second bet to be placed. It is recommended to use the guaranteed profit method with Unibet and playing with the HEDGE 1 slider. In this case profit can be calculated for BET 1 by taking NET RETURN for BET 1 and adding $250, profit for BET 2 is just the value of NET RETURN.