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Risk-free bets in Wisconsin

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Online gambling is big business, and the industry is booming in Wisconsin. With so many betting sites on the market, everybody is keen to attract new customers. That’s why most sites now have special sign-up promotions to encourage gamblers to open an account. A risk-free bet is one of the most popular welcome bonuses on Wisconsin betting sites.

But what is risk-free betting? Is it truly risk-free? How does it work, and how can I use it? Read on, and we’ll tell you everything you need to know about risk-free bets in Wisconsin.

About risk-free bets on Wisconsin sportsbooks

A risk-free bet is a special offer where you will still get something back even if your initial bet loses. The betting platform might reimburse your loss as cash, but it is more likely to be a free bet or site credit.

A risk-fee bet returned as cash is by far the most valuable option. However, this inevitably has strings attached. In horse racing, for example, you are unlikely to get your money back if you bet on a horse that simply loses. However, you might if your pick is second behind the SP favorite or if it is beaten by half a length or less. Here, though, there is a considerable danger that your horse will lose without fulfilling the bonus conditions.

Risk-free bets are often returned as non-withdrawable site credits or free bets. Thus, once you win the bonus wager, you can only withdraw the winnings, not the bonus stake. This might apply to an offer of a risk-free bet on the Packers to win at the weekend. If Green Bay loses, the free bet arrives with no strings attached. However, to recover your loss on the Packers game, you need to pick a winner, ideally at even money or better.

How to claim a risk-free bet in Wisconsin

Although many sportsbooks and betting sites in Wisconsin offer risk-free bets, you need to ensure you know how to claim before you can benefit. In most instances, customers must sign up for the bonus using a unique promotion link. Other times, there might be a promo code or opt-in on the site. Once you are ready to find your preferred bookmaker in Wisconsin, the following steps are crucial when claiming your risk-free bet:

  • Pick a risk-free bet offer from our list: Check out the various risk-free bet options available from the offer list. Choose the one that interests you, then register on the site.
  • Sign up for a Wisconsin sportsbook: Before accessing your risk-free bet, you must sign up for your chosen Wisconsin sportsbook. Deposit the exact amount you would want your risk-free bet to be if there is no free bonus bet. Usually, the offer will have a minimum and maximum stake.
  • Claim your risk-free bet: You can use the various payment options available on your selected betting site to claim your bonus. Go ahead and place your bet; if you win, the promotion ends. Alternatively, if you lose, you will be entitled to free bets or site credits, depending on what the bookmaker is offering. Make sure you confirm the validity period of the free bet so that it doesn’t expire without maximizing it.

Terms and conditions of risk-free bets in Wisconsin

As much as the online betting arena is full of risk-free bonuses and free sports bets in Wisconsin, caution should always be on the bettor’s mind. The terms and conditions usually differ from one bookmaker to another.

Because of this, it is vital to identify the key pointers to watch out for regarding risk-free bets in Wisconsin. Let’s dive deeper into some significant elements to focus on to get the best out of your risk-free bets:

  • Wagering requirements: Before plunging blindly into your risk-free bets, ensure you understand the betting requirements of your preferred WI betting app. Online betting sites often attach wagering requirements to promotional bets. This obliges customers to stake their winnings again before making a withdrawal. Oftentimes, bettors need to make multiple follow-up wagers to comply with the requirements. This, unfortunately, greatly increases the risk associated with a ‘risk-free’ bet since you may need to pick several winners in a sequence before you can access your cash.
  • Withdrawal limits: Betting sites have different withdrawal limits for their payouts. Some sportsbook charge for the withdrawals while others don’t. Even though most sportsbooks don’t charge on their deposits and withdrawals, you have to confirm whether the payment method used charges. It helps you calculate your risk-free bet wager and what to expect depending on the sportsbook’s terms and conditions.
  • Eligible games or bet types: When your risk-free bet comes as a free wager, you need to know which bets and games you are eligible for. Very often, if your initial risk-free bet was on, for example, baseball, the subsequent bonus will only be eligible for baseball betting. Find out if your free bet is limited to specific betting types and markets. It will help you maximize your payouts by finding a market and a type of bet that offers the biggest potential yield.
  • Expiration date: Bonus promotions are just like any other promotion, with an expiration date. Once you convert your risk-free bet into a free bet, make sure you know its expiration date. That way, you can be sure to use the bonus while it is still available. Some sportsbooks may give short periods like 3-7 days while others could offer up to 30 days before expiring. In either case, don’t let the bonus lapse.

Risk-free betting strategy on WI sportsbooks

Matched betting is a strategy that can ensure that the risk-free bet bonus will generate a guaranteed small reward. It’s important to note that this will never be a life-changing sum, but it can make for some nice pocket money.

Look for risk-free offers where you can place a qualifying bet on a market with just two outcomes. After placing the qualifying bet, you can then make a covering wager on the other outcome, using a stake smaller than your potential win.

Example: if we back the Packers to beat the spread against the Giants at -110, a $50 bet will return $95, or a $50 free bet if the Giants overperform. That’s a potential win of $45. Spread markets tend to have the same price for both teams. Therefore, by betting $40 on the Giants to cover the spread, we get a $5 profit overall if the Packers get the job done.

If the qualifying bet loses, we’re down by $9. Luckily, we can use the free bet to recover that loss. Again, we want a two-way market, and we’re looking for a specific odds range. Ideally, we want an outsider priced at +150, with a favorite at -200. Use the $50 free bet to back the outsider for a total return of $75. Bet $50 cash on the favorite for a total return also of $75. Whatever the outcome, you get $75 after risking $50 of your own money. That’s up $25, wiping out the $9 loss on the original bet.

This strategy can work, at least while risk-free bets are available. However, make sure that the terms of your chosen bonus offer will allow you to do this.

FAQ

Does every betting site in Wisconsin offer risk-free bets?

No. Not every betting site or sportsbook in Wisconsin offers risk-free bets. A risk-free bet is quite popular in the US gambling market, but it is offered on particular gambling sites. This is because it is a promotional feature, and bookmakers can make their own decisions concerning it. Some sportsbooks find it to be a way of luring incoming bettors, while others feel it is a loss on the house.

What is the difference between a risk-free bet and a free bet?

A risk-free bet is a bet offered as a compensatory bonus after losing a bet. It applies when you lose a designated wager and are given a site credit or a free bet as a second chance. On the other hand, a free bet is the outcome of a risk-free bet in terms of redeeming the lost wager. Bookmakers provide free bets in the form of coupons or non-withdrawable vouchers.

Is it possible to withdraw what I won from a risk-free bet in WI?

Yes. It is possible to withdraw what you win from a risk-free bet in WI. However, it is essential to note that your winnings will not include your staked bonus. In addition, wagering requirements may prevent you from immediately accessing the winnings from your bonus amount until you have gambled with that money at least once more.