What Is a “Risk-Free” Bet? An Honest Explanation
- Risk-free bets are not “risk-free”.
- If first bet loses, stake returned as free bet.
- Also called “Second Chance” or “No Sweat” bets.
- Strategies can maximise potential profits.
Richard Trenchard
Last updated 26 Nov 2025
A “Risk-Free” bet is often a promotional tool that sportsbooks will use to attract new players. It works by returning your stake if the initial bet is lost, often as free bets. It is not entirely “risk-free,” as you do not get your cash back. If you want to learn more about what a risk-free bet is and how they work, we recommend you continue to read our expert guide!
Table of contents
- 1.How Do “Risk-Free” Bets Actually Work?
- 2.Best “Second Chance” & First Bet Insurance Offers
- 3.The “Catch”: Cash Refund vs. Free Bet vs. Site Credit
- 4.A Clear Example of a £100 “No Sweat First Bet”
- 5.The Evolution: Why “Risk-Free” is Now “No Sweat” or “Second Chance”
- 6.Strategies for Using Your First Bet Offer
How Do “Risk-Free” Bets Actually Work?
A “Risk-Free” bet is designed to work in a very simple way. You place a bet after claiming an eligible offer once signed up to a sportsbook (welcome bonus), and place it on a market that meets the terms and conditions.
If the bet wins, you’ll receive the winners as usual (per the T&Cs), with the offer coming to an end. If the bet loses, funds will typically be refunded as free bets, up to the maximum allowed stake value.
Best “Second Chance” & First Bet Insurance Offers
To claim the best “Second Chance” & first bet insurance offers available, check out the trusted UK bookmakers we have highlighted below. Our list has been curated following detailed analysis and testing by our expert team, so you can trust our recommendations and remain safe when betting.
Paddy Power is trusted by millions of sports fans across the United Kingdom, with members enjoying competition-smashing odds on football, horse racing...
| Overall rating | 90% |
|---|
| Overall rating | 87% |
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| Overall rating | 88% |
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| Overall rating | 86% |
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| Overall rating | 89% |
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The “Catch”: Cash Refund vs. Free Bet vs. Site Credit
As highlighted, “risk-free” doesn’t necessarily mean “risk-free.” It is a marketing term that players should recognise and understand fully before using this type of bet.
A refund for losing bets will not involve real cash. You’ll still have spent the money; you’ll just receive it back in free bets that cannot be withdrawn. Any winning outcome with the free bet will not return the original stake.
Receiving free bets (site credit) can be beneficial, as it promotes more flexibility. You are not limited to betting on the same sports, events, or markets. You can use your free bets more freely; T&Cs will still apply.
A Clear Example of a £100 “No Sweat First Bet”
A £100 “No Sweat First Bet” can appear as an attractive option for new players. The following process will be followed if used:
Place First Bet
The player will place their first bet of £100 on a team to win.
Winnings Paid Offer Ends
They will be paid their winnings, plus the original stake. The offer ends.
Lose Get Credit
If a bet is lost, players will receive £100 as site credit, often as free bets.
Place Free Bet
The free bet can then be placed on a market, subject to the eligible Terms and Conditions. If the free bet wins, the stake won’t be returned, but the winnings will.
The Evolution: Why “Risk-Free” is Now “No Sweat” or “Second Chance”
The term “Risk-Free” had been deemed to be misleading by the regulators and advertising standards bodies. The terms “No Sweat” and “Second Chance” have since been coined, as they better reflect what happens with this type of bet.
The new terms are more transparent, as they highlight how a second bet is offered if the first bet loses. They do not promise that no risk exists, nor do they suggest money will be refunded.
Strategies for Using Your First Bet Offer
Several strategies can be used to maximise potential success when using a “Risk-Free” bet for the first time.
Bettors should aim to use a conservative strategy, which may involve betting on the favourite, as this approach will still yield a profit if successful. At the same time, the strategy minimises risk.
It is also possible to consider the ‘High-Upside Approach.’ This strategy involves the opposite, as players will bet on an outcome that is the underdog. They have larger odds, and if it wins, the profit will be higher. It can be worth taking this strategic approach, as losing bets will be returned to your bankroll as free credit. It may be the only and best time to use this strategy.
A risk-free bet calculator can help optimise bets being placed, allowing for adjustments to betting strategies accordingly.
FAQ
Are risk-free bets actually risk-free?
No, risk-free bets still carry some risk. Money can still be lost when it is used, as losing bets are typically returned as site credit, such as free bets.
What is the best way to use a risk-free bet offer?
The best way to use a risk-free bet offer is to use a betting strategy that can help maximise profits. The ‘High-Upside Approach’ should be considered, as the potential rewards can be high with the risk reduced compared to the usual approach.
Can I cash out a risk-free bet?
You can withdraw a winning bet, but a losing risk-free bet cannot be cashed out. The funds returned must be used as a free bet.
Do I get my stake back if I win with the free bet credit?
No, your stake isn’t returned when you win with a free bet. Wins are paid out minus the original bet.
Do free bets have expiration dates?
Yes, they typically come with an expiration date. The bonus’s terms and conditions will specify what these are.
What is the difference between a risk-free bet and a deposit match bonus?
The main difference between a risk-free bet and a deposit match bonus is in how and when you receive the bonus, and in the requirements for withdrawing winnings. A risk-free bet provides a bonus only if the initial bet loses, whereas a deposit match bonus will match the first deposit immediately.
Meet the Author
We're delighted to have Richard on board at Flashscore. Offering a wealth of experience, Rich used to be a national newspaper and sports journalist before focussing entirely on the igaming and sports betting spheres. That means he is able to combine super sharp editorial instinct and crisp content with a wealth of information, having worked with some of the biggest names in the business over the past decade. So, when you see Rich's name on an article, you know it's packed information you can trust. Whether it's information on a particular casino, betting terms explained, betting tips, the best betting sites around, or anything else, Rich has got your back.
