The best way for betting sites to attract new customers is by offering a welcome bonus and there is no better type of sign-up offer than free bets.

In the UK, free bets make up the vast majority of deals given to new players, and you can look no further than the lists on Bookiesbonuses.com for evidence of this.

The simplicity of free bets makes them so desirable. In many cases, you simply sign up and place a wager, and you are rewarded with a certain number of free bets.

It is the opposite situation with deposit bonuses, which is a more popular betting offer in other countries.

New customer free bets can be claimed at any time, but promotions may. be ramped up around big events such as the Cheltenham Festival, Grand National, and Euro 2020.

The reason for the success of free bets is largely because of their simplicity. A free bet does not have many complex requirements attached to it, unlike the other notable welcome offer type - the matched deposit bonus.

Free bets are also easy to manage for the bookmaker, as they are a one-time thing, whereas the matched deposit bonus and its intricacies can be tricky and result in frustration with players. They also require a lot of resources from the customer support.

Now, very few things in life come absolutely free, and the same can be said for free bets. A qualifying bet is usually needed but, unless there are wagering requirements, once you have the free bet, there is no catch - it is yours to use and take home the winnings if you manage to pick a winner.

In short, you get a credit from the bookmaker and that can be used as your stake, hence the use of the word “free”. You only keep the potential winnings, as the stake is considered a credit rather than actual cash.

A Bet £10 Get £10 offer can be compared to 'Buy One Get One Free'. An even more lucrative offer is Bet £10 Get £30, and this is essentially 'Buy One Get Three Free'!

There is also such a thing as a risk-free bet, and these can be offered as either a welcome offer or existing customer promotion as well.

Risk Free Bets

One of the most common types of free bets online is the risk-free bet. With this type of promotion, you first have to place a bet with your own money. If you win, you get to keep all of the winnings, as you normally would. Should you lose, on the other hand, the sum of the stake will be credited to your account. 

Depending on the terms, the sum will either be returned as cash or as a free bet. For it to truly be risk-free, a cash refund would be offered. If it was a free bet instead, you could argue that it isn't technically risk-free as you'd still need to win with the free bet in order to get any sort of cash return eventually.

Free bets are rarely given without a requirement on your part. You usually have to meet certain criteria before you can get your hands on the free bet credit.

The minimum action on your part is to deposit a certain amount to your betting account, in order to release the free bet.

However, more often than not, you are required to place a “qualifying bet”. This is indeed the case with Bet 10 Get 30 and other free bet offer variations.

The qualifying bet will always have some sort of requirements attached to it, and these are important to be aware of. They can include:

• Odds - The minimum/maximum odds that your qualifying bet must be placed at in order to get the free bet.
• Minimum stake - This is the smallest bet that you can place in order for it to count as your qualifying bet.
• Eligible markets/bet types - Some free bet offers may relate specifically to accumulators or perhaps one sport in particular.
• Deposit methods - Some deposit methods, such as Skrill or Neteller, are often excluded from free bet promotions.

All of these conditions will be written out on the landing page or promotion page of the free bet offer in question.

There are few different things to take into consideration if you want to find the best offers. The factors listed below are things that are important to consider in relation to all sign up bonuses and sports betting offers, not only for free bet offers.

Amount

Naturally, you want as large a free bet amount as possible. This is of course an important factor when choosing an offer from bookmakers, but all that glitters is not gold. Some of the larger free bets come with less favourable terms, such as a higher minimum odds requirement or a wagering requirement. Always make sure to read the terms and conditions.

Wagering Requirement

For some promotions, your returned stake is credited as bonus money that needs to be rolled over a certain number of times prior to withdrawal. However, there are rarely any wagering requirements for free bets and if there are some, they tend to be rather low compared to matched deposit bonuses.

Minimum Odds

Minimum odds for a bet can refer to a few different things. It can be the lowest odds at which you are allowed to place a bet to qualify for the offer.

It can also refer to the minimum odds at which you can use your already credited free bet.

Validity Period

After your account has been credited with a free bet, you need to use it within a certain number of days - usually somewhere in between 7 to 30 days. If you don’t use it within this period it will be forfeited.

The validity period can also refer to the period in which you have to place the qualifying bet. If you fail to meet the requirements within this period the free bet offer may be lost.

Best Betting Sites With Free Bets

1. 888sport - Great value free bets
2. Betway - Free Bet Club
3. Betfred - Classic bookie with many deals
4. Betfair - Get free bets on the exchange
5. Ladbrokes - Small qualifying bet
6. Paddy Power - Risk-free bet
7. BetVictor - Casino bonus included
8. Spreadex - Receive free bets in increments

Although rare, some betting sites offer online betting offers in the shape of free bets without any requirement of a deposit first. 

When this is the case, the free bet normally comes with quite heavy wagering requirements if you win with your free bet.

Normally even small deposits with the correct bookie are worth a lot more than free bets without a deposit.

From time to time, existing customers may be given a completely free bet with no need for a qualifying bet. Of course, these are usually very small and could be around a big event such as the Cheltenham Festival.

In the modern world we live in, your mobile device has risen in importance. More and more bookies are putting a lot of effort into making the smartphone the number one device from where their customers place bets. 

With that in mind, many modern bookmakers offer many kinds of promotions for mobile customers only. One bookie that has carried the torch in this development is the Swedish company, LeoVegas, who offer their customers many promotions on their mobile devices.

So, what should you do with the free bet once it has been awarded to you? What is the best way to turn it into cash? Our advice is to be sensible about your free bet, and to not be expecting too much.

Since it is a free bet, and the stake often is £10, you will not become a millionaire. But it is possible to convert it to a reasonable starting bankroll. Depending on the type of offer, the most important thing is to decide how much money you want to end up with.

Most bookies keep the stake when you place a free bet, which means you only keep the winnings. If you place a £10 free bet at 1/2 (1.50) and win you are only left with £5 as cash. That might be enough for some, but as it is “free”, most players will try to get more out of it. This is where the risk/reward discussion begins.

Say you want to make £50 back from your free bet, for a decent starting bankroll. In that case, you have to place a bet at 5/1 (6.00) and win. This is of course a possible bet, via a treble on three favourites for example. But still quite hard.

If you are really into getting much out of your free bet offer, and aim for a starting bankroll of say £300, you would have to place a winning bet at 30/1 (31.00). This is rare, but not impossible. One upset and a few favourites' victories can easily accumulate to 30/1. But with the potential reward, the risk of not winning is increasing.

Our advice is to either go with the second or third alternative, depending on your aim. As it is a free bet, you don’t risk anything, and “securing” a £5 win seems like a lot of work for nothing.