Risk Free Bets

What Is A Risk Free Bet ?

Risk Free bets are bets that you can place knowing that should you place a bet that loses you will receive a full or partial refund, these can be credited as either cash, a free bet or as bonus funds.

These risk free bets are becoming more and more popular as bookmakers are increasingly aware that if normal customers lose their first bet they will most likely try to win a second time.

Bookmakers very rarely get it wrong and they have certainly gained an upper hand on your every day punter with these kind of offers as they know full well they will bet with them a second time, however for us matched bettors we know we will profit from the offer so it’s a win win situation.

How Do Risk Free Bets Work ?

Placing a risk free bet is exactly what it says because if you place a losing bet the bookmaker will credit you will a refund.

There are three ways you may be refunded, firstly if you are refunded via a free bet or a bonus you will need to do another matched bet to convert the refund to cash, this is done like a normal matched bet where you just find a selection and place a back bet and a lay bet using the Risk Free Equal Profit Calculator.

Some bookmakers prefer to refund as cash, this is the best option as you don’t have to do anything but withdraw the money !!

Whatever happens though you will end up with profit and that is why these risk free bets are more and more popular.

These offers are slightly different to your normal back and lay bet but i will show you an example in the next section.

How to make Profit from Risk Free Offers

We will use this offer from Paddy Power as the Example

Remember you should always check the terms and conditions before attempting any offer. 

Key Terms and Conditions

Applies to first real money bet on horse racing within the promotional period.

Minimum qualifying stake of £1.00.

Maximum free bet of £20.00.

Free bet will be valid for 7 days.

Check the Odds at the Bookmaker

Check the Odds at the Betting Exchange

When doing these risk free bets it is important that we look for higher odds and as always try and find a close matched bet, the higher the odds the more profit we can lock in from these offers.

You should of course be aware that using higher odds means more liability needed at the betting exchange so make sure you have enough to cover the lay bet. You can of course use lower odds which means less liability but this would also impact the profit you would make.

Looking at the race above and the odds offered, Tathmeen is the standout choice at back odds of 6.00 and lay odds of 6.20.

We will be using the Risk Free Equal Profit Calculator

Oddsmonkey > Tools > Calculators > Risk Free Equal Calculator

The Calculator will work out how much return you will get should the first bet lose, enabling you to enter the correct overlay stake

The Overlay stake will be different from offer to offer depending on how the refund is paid out

Aim to make 80% from Free Bets so your Free Bet figure should be around £16 and that should convert into around £12+ cash profit

Place the £20 Risk Free Bet at the Bookmaker

Place the £16.83 Lay Bet at the Betting Exchange


Let’s take a look at your overall profit/loss for each possible outcome…

OutcomePaddy PowerSmarketsFree BetProfit/Loss
Tathmeen wins+£100-£87.51 £12.49 profit
Tathmeen Does NOT WIN-£20.00+£16.49+£16.00£12.49 profit

So if Tathmeen WINS, you will make a straight profit of £12.49, with no further action required.

If Tathmeen DOES NOT win, you will make a Qualifying Loss of £3.51.

However you will be able to make £16.00 cash from your incoming £20.00 free bet, take away the Qualifying Loss of £3.51 which gives you an overall profit of £12.49

OddsMonkey Trial - 12 Days for £1

Our OddsMonkey promo code gives you full access for 12 days for just £1. Just upgrade your account to premium using the code OM12FOR1. 

At the end of the trial period your subscription will automatically renew at our normal membership price unless you cancel.

Remember this doesn’t affect your rights under our normal 30-day money back guarantee, cancel within your first 30 days of Premium membership and we will refund your subscription. No questions asked.

Please note:  Only one promotion code can be used on each OddsMonkey account.