Risk-Free Bet Offers at Indiana Sportsbooks
Like odds boosts and deposit matches, free bets are another way that mobile sports betting apps try to encourage new bettors in Indiana to join their sites. Four of the mobile apps that are up and running in Indiana (BetRivers, FanDuel, PointsBet and DraftKings) have offered a free bet at one time or another. BetAmerica just started running in late December
A free bet is different from a risk-free bet. The free bet is a certain amount the site gives you to bet. If it gives you a $20 free bet, you can put that down however you would like.
There are usually withdrawal restrictions on free bets. Normally, you will have to play through that amount about 10 times the original amount. So on that $20 bet, you will have to wager it through a number of different bets, or a few substantial bets, to the amount of $200 before you can withdraw it.
The risk-free bet means you can wager an amount with insurance if it loses. A lot of the sites have a $250 or $500 risk-free bet. So if you bet on Kansas City -1 for $500 and lose, they will credit your account $500.
The $500 is now a site credit and will have a playthrough as well. This is your money you are actually betting, though, whereas the free bet is extra money the site gives you for a first-time deposit.
We will go over the introductory offers of the four running sites in Indiana.
FanDuel free bet – up to $250
As of now, FanDuel doesn’t technically offer a free bet. It is offering up a risk-free bet up to $250. So if you deposit $250 into your account, you can bet it without any real risk, because you will get it back into your account.
If you are a first-time depositor, you should play it all on one bet, even though you are subject to the playthrough, because the reward far outweighs the risk.
If you do win on the first big bet, you have now doubled your bankroll. If you lose, while there is some downside, you have the money back in your account.
The playthrough is around 20 times on the risk-free bet, so it will take you awhile, but you can get your money back.
DraftKings free bet
Currently, DraftKings is offering up to $25 in free bets that are issued in $5 increments. If you deposit enough money ($250 or more), you will get five free $5 bets.
You can bet those however you like, but the playthrough is 25 times the bet. So to be able to withdraw the money you win, you will have to bet that amount 25 times.
For example, you bet $5 on Patrick Mahomes to win the MVP at +150. You win $7.50 on that bet. You now have $7.50 in free money, but to be able to put that money in your account, you will have to accumulate bets up to $125.
This is quite a large amount. This is why DraftKings doesn’t mind offering free bets. It figures even if you win, you will eventually have a losing streak and lose the money before you can hit the playthrough amount.
The best strategy is to play the amount safely and bet money lines. If you are betting on teams that are -400 or so, you can play decent amounts of money.
While the payouts aren’t great, you can hit your playthrough amount quicker and with less chance of losing on a 50/50 bet.
BetRivers free bet
BetRivers offers the deposit matches just like its competitors. While it is not currently offering a free bet or risk-free bet, it is offering a deposit match up to $250.
The best part about BetRivers is the playthrough. Its playthrough is only one time the amount. This is by far the best in the industry.
While the bets are not free, the money is much more liquid and easier to get into your bank account if you start out on a nice winning streak.
What is a Free Sports Bet Offer?
A free sports bet is just like the name implies: it’s free money for you to use to bet on sports. These are promotional offerings from sportsbooks that they use with an eye towards attracting new players.
For example, there are a number of exclusive bonuses available with our recommended operators. To be entitled to them, all you need to do is click through on our exclusive links to create your new account.
Free bets can come in one of two forms. The first is a straight credit from the site of free funds for you to use to place bets. The second opportunity is a risk-free bet, which means that you can place your first bet on the site with a safety net.
For straight free bets, you can use them to place wagers on any of the upcoming games and events offered. While the amount of the free bet credit isn’t withdrawable, any winnings obtained while using them are yours to keep free and clear.
When it’s a risk-free bet, the first wager on the site that you place will be refunded to you in full if it’s a loser. At some operators, we’re not talking about chump change either as the risk-free offer is good for up to $500.
How to Get Free Sports Bets
To get a free sports bet, you’ll need to find an operator which is making one of these fantastic offers. We’ve done the heavy lifting for you and gathered together the best of these offers for folks here in Indiana.
Each of our recommended operators is offering free bets for users who sign up via our exclusive links. For example, DraftKings is offering free bets of $25 and a risk-free bet of $500.
Both FanDuel and BetMGM are also offering huge risk-free bet offers of up to $500. Here’s a step-by-step look of how you can get these opportunities for yourself.
- To create a new account with these operators, get started by clicking through on our exclusive links.
- Afterwards, you’ll be directed to the sign-up page.
- You’ll need to enter some basic information such as name and email address.
- Once everything is all set, click through to complete the registration process.
- Your new account will be created right away.
For the free bet offer from DraftKings, the $25 will be credited to your account as five $5 free bets. You are free to use them to bet on what you wish. The amount of the free bets isn’t withdrawable, but any profits earned by using them are yours to keep.
When it comes to the risk-free bets, you’ll need to make a deposit up to the amount of the offer. On each of our preferred sites, it’s up to $500. You can deposit a lesser amount if you like, but they’ll only honor the risk-free bet up to that maximum.
The risk-free bet is available for the first wager you place on the site. If it’s a loser, your account will be credited with the full dollar amount that you put into play. For bets that are winners, your account will be credited with your winnings and the original bet amount.
Examples of How Free Sports Bets Work
To further illustrate free bets, let’s walk through an example of both types. We’ll begin with the $25 free bet offer from DraftKings.
After you have your account all set by using our links, it’ll be credited with the free bets. You can then explore the betting lobby and search for opportunities.
Let’s say that an MLB game between the Cincinnati Reds and Chicago Cubs tickles your fancy. Here’s what the moneyline odds look like.
- Cincinnati Reds +120
- Chicago Cubs -140
As you see it, the Cubs have this one, so you decide to place a $5 free bet on them to win at moneyline odds of -140. The Cubs go on to win the game, so you’ll get winnings of $3.57. This amount is yours to keep and do with as you wish.
For the risk-free bet, it’s a similar concept. Let’s say that you decide to take full advantage of the offer and deposit $500. You are now eligible to place a bet with that amount in risk-free fashion.
Let’s say that you find an NFL game you like with the following odds.
- Tennessee Titans +2.5 (-110)
- Indianapolis Colts -2.5 (-110)
You think the Colts will win by at least a field goal, so you feel pretty good about this opportunity and decide to use your bet. Indianapolis goes on to win the game by a score of 27-21. Your account is credited with a total of $954.50 – the original bet amount plus your profit.
If the Colts lost the game, then your account would be credited back with the original $500 bet amount which you can then use as a bankroll to continue playing.
When to take the free bet offer
If you are getting a free bet, make it worth your while. I’m not taking a free $5 bet and putting it on the Hoosiers -6 against Nebraska. Play something where you can get some return.
With all the sites besides BetRivers having significant playthroughs, make it worth your time. If you are going to have to bet the amount 20 times to be able to withdraw it, you need to have a solid base.
While we tell you to stay away from parlays, this might be the time to do it. Now, keep in mind that some of the sites do have restrictions, and you have to bet the free bet on one single event.
But, if they don’t, this is a great time to try a parlay. Put three or four games on a parlay you like and throw down your free $5 bet. You can have a nice little chunk of change to play with if you hit.
The $100 or so will give you some flexibility if you hit a losing streak trying to bet enough to get through your playthrough amount.
Understanding the terms and conditions
As we said earlier, every site varies. FanDuel and DraftKings have the biggest playthrough amounts but usually have the best deals. Whereas BetRivers and BetAmerica have lower playthroughs but limit you on what you can actually use your free bets on.
A lot of the free bets are limited to being used on one single game. They will restrict you from doing parlays and for some sites even futures.
Do your homework and figure out which site and bonus is best for you. If you know you like to bet a lot, then maybe the higher reward amount is more beneficial because you will hit your playthrough.
If you are a small bettor, maybe the smaller bonus or free bet, but the much smaller playthrough, is the way to go. If you hit a couple of your bets, you have doubled your bankroll and are sitting pretty for quite some time.
What Sports Can You Bet on in Indiana?
In short, a lot. The wagering menu ranges from incredibly popular sports such as the major North American leagues all the way down to international competitions which fall into the niche category. First up, here are the sports that attract the most betting action.
- College Basketball
- College Football
All of the above sports attract tons of betting volume, and you’ll have plenty of different wagering opportunities to choose from as a result. For those looking to expand their horizons, there are a whole bunch of other markets to choose from.
- Formula One
- Table Tennis
- Various International Football, Basketball, Hockey, and Soccer Leagues
For a good rule of thumb, if it’s a sport or event which attracts at least a decent amount of volume, then there’s a good chance you’ll find it offered by sportsbooks. However, keep in mind that offerings may vary, but each of our recommended operators offers a slew of markets.
What’s the easiest sports bet to make?
Quite simply, there are no guarantees with sports betting, so each bet can be considered difficult to hit. However, there are several bet types which are straightforward and easy to understand. A moneyline bet is a great place to start, as you are simply choosing the winner of a contest.
Are Vegas odds better than Indiana sports betting odds?
Not necessarily. Las Vegas remains the sports betting capital of the world, but it no longer has the best odds on lockdown. Legal sports betting states are serviced by a number of top operators, all of whom post odds and lines which are comparable to what you’ll find in Nevada.
How does a point spread work?
A point spread is a number installed on a game by oddsmakers and most commonly found in sports such as Basketball and Football. It’s helpful to think of it as an estimated margin of victory. In order to ‘cover’ the spread, the favorite must win the game by an amount greater than the spread. For the underdog to cover, they need to keep the margin of victory less than the spread or win the game outright.
Can you have more than one sports betting account?
For an individual operator, the answer is no, you can only have one account for each site. That said, you can have accounts at a number of different sportsbooks, including all of our recommended providers. Remember to click through on our exclusive links to get access to the outstanding sign-up offerings.
Can you bet on College sports in Indiana?
There are no restrictions for betting on College sports in Indiana, but this is a thing in other states. For example, New Jersey residents are allowed to bet on College sports with the exception being games involving teams located in the state.