Free bets explained
Betting · Canada 
"Bet C$10, get C$50 in bonus bets" sounds like C$50. It is not, and the reason is one line in the terms: the stake is not returned. Once you see what that does, you can work out what any free bet is worth in real money, and which odds get the most out of it. This guide does the maths and compares the free-bet offers you will meet at sportsbooks serving players outside Ontario and Alberta.
Free bet, bonus bet, bet credit
Books use different names for the same thing:
- Free bet / bonus bet / bet credit: a stake the book gives you. If the bet wins, you get the profit. The stake itself disappears.
- Stake returned free bet: rarer. If it wins, you also get the stake back, so it behaves like cash.
- Risk-back, first bet back, bet insurance: your own cash bet; if it loses, you get the stake back as bonus bets, not cash.
Always look for "stake not returned" (often abbreviated SNR) in the terms. It is the default.
What SNR does to the payout
| Bet | Odds | Cash stake returns | Free bet (SNR) returns |
|---|---|---|---|
| 25 on a winner | 1.50 | 37.50 | 12.50 |
| 25 on a winner | 3.00 | 75.00 | 50.00 |
| 25 on a winner | 6.00 | 150.00 | 125.00 |
At short odds the missing stake is most of the payout. At long odds it is a smaller share. That is why odds choice changes the value of a free bet so much.
What a free bet is worth on average
The expected value of a free bet is the profit if it wins times the chance it wins. If the market has a typical margin (a -110 two-way line pays back 95.45%), the true chance of a price D winning is about 0.9545 / D. So:
- Value = stake x (D - 1) x 0.9545 / D
| Odds used | Value of a C$10 free bet | Share of face value kept |
|---|---|---|
| 1.50 | C$3.18 | 31.8% |
| 2.00 | C$4.77 | 47.7% |
| 3.00 | C$6.36 | 63.6% |
| 5.00 | C$7.64 | 76.4% |
| 10.00 | C$8.59 | 85.9% |
Check on the 3.00 row: profit if it wins is C$20, chance is 0.9545 / 3 = 31.8%, so 20 x 0.318 = C$6.36.
| 1.50 | 31.8% |
|---|---|
| 2.00 | 47.7% |
| 3.00 | 63.6% |
| 5.00 | 76.4% |
| 10.00 | 85.9% |
Two caveats. First, these are long-run averages: at 10.00 you lose the free bet nine times out of ten. Second, wider-margin markets (props, futures) keep less than the table shows. Our bookmaker margin guide explains how to check a market's margin.
The common offer types, valued
Worked example: "Bet C$10, get C$50 in bonus bets." You stake C$10 of your own at the minimum odds. Then you receive C$50 in bonus bets, often split into smaller tokens. Used at 2.00, C$50 of SNR bonus bets is worth about 50 x 47.7% = C$23.85 on average. Used at 3.00, about C$31.80. Your own C$10 qualifying bet costs about 4.55% of C$10 = C$0.46 in expected margin. Net average value at 3.00: roughly C$31.
bet365 runs this structure for new customers, with a minimum of 1.20 on the qualifying bet; LeoVegas runs a bet-and-get with a 1.80 minimum and a seven-day window. Current amounts render on each review from the book's terms.
First bet back. You bet cash. If it wins, you are paid as normal. If it loses, you get the stake back in bonus bets up to a cap. The extra value is the chance of losing times what the bonus bets are worth. A first bet of C$100 at 2.00 loses about 52% of the time; C$100 in bonus bets used at 3.00 is worth about C$63.60; so the refund adds about 0.52 x 63.60 = C$33 of average value. BET99 uses this model with a 14-day window on the bonus bets.
Free bet clubs and reloads. "Bet C$50 across the week, get a C$10 free bet." Value the free bet with the table above, then subtract the margin on the qualifying turnover: 4.55% of C$50 is about C$2.28.
Terms that change the value
- Minimum odds. A 1.50 minimum on using the free bet stops you placing it on a heavy favourite, but nothing stops you going longer.
- Expiry. Bonus bets often expire in 7 to 30 days. An expired token is worth zero.
- Splits. Some books issue the total as several tokens that must be used separately, sometimes on different bet types.
- Excluded markets. Some free bets cannot be used on live markets or same-game parlays.
- Rollover on winnings. If winnings land as bonus funds with a playthrough, apply the cost from the betting bonus terms guide.
Free bets vs deposit matches
A deposit match ("100% up to C$500, 6x rollover") is a different product: you get bonus funds you must roll over before withdrawing. A free bet has no rollover on the stake but loses the stake. Which is better depends on the numbers; a small free bet with no rollover often beats a big match with a heavy one. The welcome bonuses page and the free bets page list both kinds.
Using free bets without overspending
The trap is the qualifying bet, not the free bet. Do not raise your normal stake, or bet on a sport you would not otherwise touch, just to unlock a token. Keep promotions inside the budget in our bankroll management guide; the Lower-Risk Gambling Guidelines suggest no more than 1% of household income a month. Responsible gambling lists the helpline for your province.
Summary
- Most free bets are stake not returned: you keep profit only.
- Average value rises with the odds you use: about 48% of face value at 2.00, 64% at 3.00, 76% at 5.00.
- Value bet-and-get and first-bet-back offers by the bonus bets' value, minus the margin on the qualifying bet.
- Expiry, splits and excluded markets cut value fast.
Convert odds with the odds converter and compare with odds boosts, the other promo that changes your price directly.
Sources
- help.bet365.com/en/terms-and-conditions
- leovegas.com/en-ca/betting
- bet99.com/en/sports
- playnow.com/sports
- gamblingguidelines.ca
Questions players ask
Is a free bet the same as cash?
No. On most free bets (also called bonus bets) the stake is not returned when you win; you keep only the profit. A C$10 free bet at 3.00 pays C$20, not C$30.
What odds should I use a free bet on?
Longer odds keep more of a free bet's value, because the lost stake matters less. At 1.50 a free bet keeps about 32% of its face value on average; at 5.00 about 76%. Minimum-odds rules and how often you can stomach losing still apply.
What is a first bet back offer?
If your first bet loses, the book refunds the stake as bonus bets, usually up to a cap. If it wins, you get paid normally and no refund applies.
Do free bet winnings need wagering?
Sometimes. Many sportsbook free bets pay winnings as cash, but some attach a rollover or a minimum-odds condition. Check the terms of each offer.