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Second Chance Bets

See the biggest and best second chance bets in the US, and get a better understanding about what they are, where to get them, and how to make the most out of this popular betting offer!

'Risk Free' Bets are a thing of the past

Well, at least the term 'risk free' is not allowed anymore, instead betting sites are calling these offers second chance bets, no sweat bets, or even bet insurance. But in reality they still work the same way, and we've opted to use the term 'second chance' in our explanations, since it's the most accurate description of how this type of bonus works.  

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Second Chance Bet Sign Up Bonuses
Bookmaker Welcome Bonus Turnover Min DepositAction
$1,000 First Bet on Caesars
Min Deposit
10 $
Bet $5 Get $150 in Bonus Bets
Min Deposit
10 $
20% Deposit Bonus up to $1000
Min Deposit
5 $
Bet365 bonus
Bet365 bonus
Bet $5, Get $150 or
$1,000 First Bet Safety Net
Min Deposit
10 $
2nd Chance Bet up to $500
Min Deposit
10 $
Get up to $100 Back on your First Bet
Min Deposit
10 $
Betway bonus
Betway bonus
$250 First Bet Reset
Min Deposit
10 $
$250 Bet Match over the first 5 weeks
Min Deposit
10 $
Up to $300 Cash Back with Promo Code BBST
Min Deposit
5 $
Borgata bonus
Borgata bonus
Bet $20 Get $100
Min Deposit
20 $
$250 Welcome Match Bonus
Min Deposit
10 $
$500 First Bet Insurance
Min Deposit

See the Best Second Chance Bets

Second chance bets are only one of the types of betting bonuses offered by online sportsbooks as a welcome package, but are comfortably the most common type of sign up offer on the market.

There are also second chance bet offers and bet insurance for existing players, but the high value bonuses in our lists are all for new players only, and deserve the most attention so you can really understand how to make the most out of signing up for a new betting site.

Best Second Chance Bet Offers

Betting SiteSecond Chance AmountTurnoverRating
Caesars Sportsbook$1,0001x★★★★★
FanDuel Sportsbook$1,0001x★★★★★
Betfred Sports$1051x★★★☆☆

For a more detailed breakdown on why we think these are the best Second Chance Bet offers, and where they are currently available in the US, just click on the betting site name for a short rundown. 

How We Rank Second Chance Bets


The first thing you see, and what betting sites really try to focus on since bigger (when we're talking bonuses) is usually better, is the value of the bonus.

However, when it comes to second chance bets, there are quite a few other factors that are important, so we weigh up the value against them in our overall ranking since things like turnover and market limitations can play a big role in how easy it is to get real value from the offers.


In all honesty, this may be the most important factor when thinking about second chance bets, since the turnover refers to how many times you need to wager the bonus bets received after losing your first wager before they can be withdrawn.

In the US turnover is almost always 1x, so any winnings from the bonus bets can be withdrawn, but in the cases that feature 2x, 3x, or even 10x, we really drop them in our ranking because it's incredibly difficult to win enough bets to have any winnings left over to withdraw if you need to bet the amount you've gotten as a bonus multiple times basically without losing.


For most welcome offer this doesn't factor in too much, since the markets available to wager on and the minimum odds are generally pretty open. But some betting sites to limit the way you can bet your initial wager, and the bonus bets you get as the second chance bet if you lose.

The low the odds, and fewer limitations on how you can bet and which sports are eligible the better. And we love to see bonuses that give players the chance to wager several times as part of the welcome offer which helps spread out the risk and give you more chances to win.

Ease of Maximizing

It's always tough to feel like you're leaving money on the table when claiming a bonus, and second chance bets are notoriously difficult to max out the potential value since they are usually a single bet, and the bonus bets come from actually losing.

It's always great to see a big number, but realistically not many people are going to drop a grand on their first wager with a new betting site, so offers that have slightly smaller amounts, or ideally let you spread the qualifying wager out over several bets or days are excellent, and you can really feel like your taking full advantage of the offer rather than just a small percentage of what you could have.

Top 5 Second Chance Bets

Bet365 Second Chance Bet

Bet $5, Get $150 or
$1,000 First Bet Safety Net

Topping our list as the best second chance bet welcome offer in the US, Bet365.

  • Value: the total value of $1,000 is nice and high, so players have a ton of flexibility with how much they're willing to lay down on their initial wager, so high rollers and just for fun bettors can all get great value.
  • Turnover: 1x is the standard for Bet365 for sports betting, and it's no different here. Once bonus bets hit your account, any winnings can be withdrawn from bets placed with them.
  • Versatility: Bet365 actually offers two different welcome bonuses, and while you are locked into the initial wager you place on the site, there is a 90 expiration time so you can really think about your wager and the minimum odds mean just about any possible wager is ok.
  • Maxing Out: An underrated aspect, but it feels nice to really get the most value from a welcome bonus. Most players probably are not going to stake $1K on their first bet, so actually 'maxing out' this offer isn't easy, but because it has quite a lot of range players can really max out what they feel comfortable betting.

Overall Rating: ★★★★★

Back to List ↑ | Read Full Review →

Caesars Sportsbook Second Chance Bet

$1,000 First Bet on Caesars

Caesars Sportsbook has always had a big dollar value on their welcome bonus, and this second chance bet is not different, with a possibility of claiming $1,250 in bonus bets if the first wager loses.

  • Value: This is the biggest second chance bet right now, and been a long running offer. If you're willing to bet big, you can insure a huge wager with Caesars, but otherwise anything up to this amount will also be covered.
  • Turnover: Caesars follows suit with the standard 1x turnover, which is great since any winnings from your bonus bets can be withdrawn right away.
  • Versatility: There are fortunately no limitations on odds or markets wi this second chance bonus, but it is limited to your first ever wager on the site so you do need to take that into account. Bonus bets from the offer expire after 14 days, which is longer than many other sportsbooks, so you do have a longer time to figure out how you want to win your money back.
  • Maxing Out: This is the major downside of 'high-value' offers, since you need to put up a lot of money to max out the potential benefits of the offer. Plus, maxing out does max out the potential loss if you can't convert the bonus bets into winnings should your first bet lose, so think about your wager carefully.

Overall Rating: ★★★★★

Back to List ↑ | Read Full Review →

FanDuel Sportsbook No Sweat Bet

Bet $5 Get $150 in Bonus Bets

FanDuel's No Sweat First Bet is one of the better second chance bets out there. While the amount changes sometimes around major events, the most common offer is $1,000 back as bonus bets.

  • Value: It's impossible to question the high value FanDuel offers new users, and it is one of the highest dollar values that gets covered.
  • Turnover: The 1x turnover is here again, so all winnings can be withdrawn if you end up losing your wager and betting with refunded bonus bets.
  • Versatility: Like other top end betting sites, FanDuel opens up the whole sportsbook for the first wager, and doesn't have minimum odds so you can play it pretty safe.
  • Maxing Out: With such a high value, maxing out the bonus on FanDuel is tough since you would need to stake the entire 1K. This is fine if you're a high roller, but the inability to have the bonus spread out or split into smaller chunks means most people will likely only have a small portion of the total possible value covered.

Overall Rating: ★★★★☆

Back to List ↑ | Read Full Review →

BetRivers Second Chance Bet

2nd Chance Bet up to $500

BetRivers may not have the jaw-dropping number on their second chance bet offer, but honestly $500 in bonus bets is still a hefty chunk, and they excel at other promotions too.

  • Value: While it may be one of the smaller values on this list, a $500 second chance bet is still fairly large, and for the vast majority of people will certainly cover how much they want to place for the first wager on a new sportsbook.
  • Turnover: BetRivers follows the 1x turnover trend, with all bonus bet winnings eligible for withdrawal.
  • Versatility: Aside from the slightly lower value, BetRivers does impose a -200 odds minimum, which limits some potential wagers. While there are no restrictions on sports or markets, if you like placing exceptionally safe bets you might not be able to quite as easily here, but most wagers will still be within the limits.
  • Maxing Out: Smaller top end amount, and minimum odds that force you into a higher potential payout can help with maxing out the bet, but $500 is still a lot, and it is linked to a single bet which can be frustrating if you like spreading out your risk even if you're willing to wager that much in total.

Overall Rating: ★★★★☆ (3.5 really...)

Back to List ↑ | Read Full Review →

Betfred Sports Second Chance Bets

$105 on Fred
if your first bet loses

We've dropped Betfred down to #5 since the Betfred welcome bonus isn't strictly a second chance bet offer, but a portion of the welcome offer refund losses as 'Fred Bets' you can wager again on the sportsbook.

The way Betfred's bonus works is that for the first five weeks, 50% of net losses will be refunded as Fred Bets (bonus bets) up to $200, for a total possible amount of $1,000 over the five weeks.

  • Value: Five weeks with the chance to get back $200 as Fred Bets is pretty great, especially when you factor on the $111 just by wagering $50 after signing up. Together this is one of the highest potential value bonuses in the US.
  • Turnover: Fred Bets have a 1x turnover, which means all winnings can be withdrawn, so nothing unusual on this two stage offer.
  • Versatility: The second chance bet part of this bonus (50% refund) is incredibly versatile, since you don't really have any limitations as long as you don't wager with any extra boosts or bonuses from the sportsbook. Fred Bets can be broken down into smaller chunks as well, which helps if you live diversifying your betting portfolio.
  • Maxing Out: $200 a week is a lot more manageable than a one of wager of $1,000 - but the key thing to remember is that only 50% of net losses will become second chance bets, so you would need to wager (and lose) $400 a week to max out this bonus, which is actually a lot of money, and would put it as one of the toughest bonuses on this list to maximise fully.

Overall Rating: ★★★☆☆

Back to List ↑ | Read Full Review →

Betway Second Chance Bet

$250 First Bet Reset

An honorable mention at #6 of our top five list, Betway has a solid second chance bet. And even though the dollar value may seem low, we think it's easy to max out which is a nice aspect for players not willing to drop a grand on their first wager with a new sportsbook.

Like traditional second chance bets, you'll get bonus bets refunded if your first wager loses, up to $250.

  • Value: $250 is on the lower end, but given second chance bets are based on a single wager, its actually a pretty good chunk.
  • Turnover: Betway has a 1x turnover for this welcome bonus, so all winnings from your bonus bets are yours to keep.
  • Versatility: The minimum odds on this second chance bet welcome bonus are -300, and you only need to wager $10 to become eligible. Overall there are a ton of available markets, so its a very versatile offer for big spenders and casual players who want to bet safe.
  • Maxing Out: Betway has one of the easier offers to max out, since the value is only $250. But this is still a hefty amount for a single wager, so you can max out and get good value if your bet wins, which puts this bonus up a little in our books.

Overall Rating: ★★★☆☆

Back to List ↑ | Read Full Review →

What is a Second Chance Bet

Second Chance Bet bonuses are basically a form of insurance for your first wager with a sportsbook, since the amount you lose will be refunded as bonus bets you can wager again on the site, giving you a second chance to try and win (or at least win back your money). 

They used to be called 'risk-free bets' but since you have to stake your own cash and lose, there is still a substantial risk involved given bonus bets only pay out the winnings, and even thats not a guarantee to make back your initial wager. 

Example of a Second Chance Bet

Betting Site X is offering new users a second chance bet up to $100 on their first wager - there are three possible outcomes for this wager and subsequent bonus bets.

1. Player wagers $100 on the NY Jets to beat the Patriots at +100 odds and they win. The player get back his bet stake and winnings for a total of $200.

2. Player wagers $100 on the NY Jets to beat the Patriots at +100 odds and they lose. Betting site X refund the loss with $100 in bonus bets.

  • The player then wagers the $100 bonus bet on the 49ers to beat the Chargers at odds of -110. They do and the player wins $90 (bet stake is not included in the bonus bet payout).

3. Player wagers $100 on the NY Jets to beat the Patriots at +100 odds and they lose. Betting site X refund the loss with $100 in bonus bets.

  • The player then wagers the $100 bonus bet on the 49ers to beat the Chargers at odds of -110. They do not, and the player loses the $100 in bonus bets.

The best outcome of any second chance bet is to actually win your wager, which seems a bit anti climactic since you don't actually see a tangible bonus if you do. But you do see your winnings and bet stake, so you actually get a lot more money, which is why we like to think of second chance bet bonuses as insurance rather than going into the wager wanting to get any bonus bets.

How to Claim a Second Chance Bet

Choose Which Bonus You Like

Bit hitting any of the green claim buttons you'll lock in the welcome bonus and get redirected to the betting site to start the sign up process.

Most sportsbooks don't require an additional promo code, but if they do we will have it listed next to the second chance bet offer.

Claim Button With Click Icon
Register with the Betting Site

The next thing you need to do is register a new account. This is usually very quick, with you supplying some details like:

  • Name
  • Date of Birth
  • Address
  • Email
  • SSN

Once you've done this, you'll be ready to deposit some funds and start betting!

Place Your Qualifying Wager

This is the most important step, since it determines the value of your second chance bet should you lose. If you win thats even better since you get the winnings and bet stake back.

To make sure you don't place an ineligible bet, check the terms for:

  • Minimum odds
  • Minimum bet stake
  • Eligible markets
  • Type of wager
Get Your Second Chance Bet (Bonus Bets)

If you've hit this step then your first wager lost, which is a shame. But not all is lost as the bonus will kick in a refund the amount you lost as bonus bets!

Depending on how high the bonus limit is, you could potentially be getting a huge amount of bonus bets added to your account, ready to be wagered again.

Wager Your Bonus Bets

Once the bonus bets land i your account, make sure to check any terms like expiry, minimum odds, etc. so you know what you can bet them on.

The best types of second chance bet bonuses let you actually split the amount you get refunded into smaller chunks, giving you a lot more flexibility when wagering.

Either way, now you can bet these credits and try to win back you lost cash, since all winnings are your to keep!

Tips for Using a Second Chance Bet

Whether your new or an experienced bettor, understanding how to really get the most out of your second chance bet is always a good thing. We've broken down a few tips below to get you started, but the main thing to remember is these are NOT 'risk-free' bets, and should not be thought of like that. All second chance bets do is give you a chance to win back your money. 

Think about the implied odds

If you're new to sports betting you may not even know what implied odds are, so here is a very quick rundown:

  • Implies odds are based on the sportsbook's calculation of win probability
  • True odds are are what you, the bettor, give to the probability of an outcome

The basic principle is that if the true odds are higher than the implied odds, it's a good bet. But again, trues odds are never exact and can be based on complex models or just a finger in the air - so this doesn't mean it's a guaranteed win.

The reason we bring this up here is because a second chance bet bonus effectively gives you two chances to win, however the second chance comes with a major caveat of only paying out the winnings. When you take this into account you might want to consider your bet as a two part wager, which means your first wager could be with longer odds aimed at a big payout, with the second working to recouping the loss.

however, you could go for the 'safe' option. If you take odds with the implied probability of 50% (which would be +100), and base this wager that the second chance part of the bet will be at the same odds, you are statistically winning one of the bets, which means your initial loss will be covered if you lose, or you will get a nice payout with a successful first bet.

Remember the turnover

Because all bonus bets have a turnover requirement (usually 1x) it's incredibly important to remember that only your winnings will be eligible to be withdrawn. What this means is the wager you place with your bonus bets will need to be a slightly higher odds otherwise you won't full recoup your loss.

A wager with bonus bets (of an equal value to your first wager) would need to be bet at +100 odds to get a payout that equaled your loss. As you can see it's not that easy to win back the loss, so your first bet is really the most important, and it's not a bad idea to play it safe, unless you plan on getting quite a few second chance bets in which case you can consider the implies odds and go for longer odds expecting at least one to win.

Consider bonus bets as a way to win back your loss

This is really up to you, and how risk averse you are, but a second chance bet can be though of in a few different ways: a chance to win back you money, or a chance to bet big twice and hope for a huge payout.

If you're a gambler, you could go for longer odds hoping that over the two wager you win, or play it a little safer and just try and win back your loss with the most favorable odds.

Where You Can Get Second Chance Bets

The good news is there is no state by state limitation on second chance bets (apart from which states allow online sports betting of course), so any state a betting site is active in will allow you to claim a second chance bet.

Our list below shows all the current bonuses on offer in the US, with each eligible state so you know if you can claim the offer. 

Where You Can Claim Second Chance Bet Offers

PointsBet - 5x Second Chance Bet up to $50 Each


DraftKings Sportsbook - Bet $5 Get $150 in Bonus Bets


Caesars Sportsbook - First Bet on Caesar up to $1,250


FanDuel Sportsbook - $1,000 No Sweat First Bet


BetRivers - $500 Second Chance Bet


BetMGM - $1,000 Paid Back as Bonus Bets


Bet365 - Bet $1 Get $200 in Bonus Bets


Unibet - $500 Second Chance Bet ($250 in AZ, IN. Bet $25 get $100 in NJ)

  • PA/VA

WynnBET - Bet $100 Get $100 (Bet $100 Get $5 in NY)


SI Sportsbook - Bet $10 Get $50

  • CO/MI/VA

ClutchBet - $1,000 Bet Match over 5 Weeks

  • CO/IA

Borgata - Bet $20 Get $100

  • NJ/PA

Betway - $250 First Bet Reset


Betfred Sports - Bet $50, Get up to $1,111 in Fred Bets


Desert Diamond Sportsbook - $250 Bet Match

  • AZ

Hard Rock Sportsbook - $200 No Regret First Bet


SuperBook Sportsbook - $250 Bet Match


Barstool Sportsbook - up to $1,000 Back in Bonus Bets


PlayUp - Bet $100 Get $100 in Bonus Bets

  • CO/NJ

FOX Bet - $50 First Bet on FOX


Tipico - 100% Deposit Match up to $250

  • CO/IA/NJ

Betr - $50 Sign up Bonus

  • OH

PlaySugarHouse - $100 Second Chance Bet

  • CT/PA
Promo Codes for Each State

Second Chance Bet Promos

Existing user promotions are always nice, especially with second chance bets since losing a bet sucks no matter when it happens. So we love to see betting sites that offer second chance bets, bet insurance, or parlay insurance on wagers besides just the welcome offer bet. 

While there is usually a big difference in potential value, having the chance to get back a decent chunk of bonus bets for more typical wagers or from a risky parlay is still great, and can really add up over time. 

Points Bet Single Game Parlay Insurance

Bet insurance on parlays is a common promo on PointsBet

There are a few different types of second chance bets you'll be able to get as an existing user, but generally they are linked more specifically to certain events or types of bets.

Parlay Insurance

Arguably the most common second chance bet for existing users, parlay insurance refunds players with bonus bets if a single leg of their parlay loses. There will be minimum numbers of legs, minimum odds, or sometimes it must be a same game parlay to qualify, but given the risky nature of parlays this is a great promo to find. 

Bet Insurance

Similar to parlay insurance, bet insurance works almost exactly the same but has a little more versatility as it isn't tied to a parlay wager. 

Are Second Chance Bets Worth It?

Ben Smith
Ben Smith

That's the real question. In general we would say yes, they are absolutely worth it since getting bonus bets back after a loss is obviously better than nothing. But it's important to remember than bonus bets are not real money, so there is still a chance the offer will end up in a loss.

The good news is there are a ton of insane second chance bet welcome bonuses in the US right now, so there is no better time to test out a new betting site with a bit of security on your first wager. If you missed anything important, or just want another look at the best second chance bet bonuses click the links to jump back up the page:

Second Chance Bet FAQ

What is a second chance bet?

A second chance bet is a bonus offered by betting sites that refunds you initial wager as bonus bets if you lose. You can think of it more as insurance for your bet, since a win won't give you any bonus bets, but you get all the payout.

If you lose, not all is lost since you can re wager your bonus bets to try and win back your cash.

Why are there no more 'risk-free' bets?

The notable lack of 'risk-free' terminology is a result of regulatory changes which have highlighted the misleading nature of the phrase, as all wagers come with a level of risk, and since players are not refunded in cash, there is a chance to lose the money completely.

What are the best second chance bet offers?

We've showcased our list of the best second chance bets up above, with a little breakdown of why we think they're so good, but for a quick recap these are the best second chance bonuses in the US right now:

  • Bet365 - $1,000 First Bet Safety Net
  • Caesars Sportsbook - $1,000 First Bet on Caesar
  • FanDuel Sportsbook - $1,000 No Sweat First Bet
  • BetRivers - $500 Second Chance Bet
  • BetMGM - $1,000 Paid Back as Bonus Bets
What is the difference between a second chance bet & bonus bet?

Second chance bets are the offer, whereas bonus bets are the betting site currency you can use as a cash replacement, and are almost always what your awarded for a betting promotion.

Are second chance bets given as a lump sum or smaller chunks?

That depends on the offer, most sportsbooks will require a single large bet, but some of the more versatile offers either break up the qualifying wager or allow you to split the bonus bets into smaller amounts to wager on several events.

Are second chance bets only for new users?

No, there are plenty of second chance style bonuses even after signing up, though they will be lower value and usually linked to specific events or types of betting.

  • Parlay Insurance
  • Bet Insurance