How Free Bets Work at Online Betting NZ Sites
Why Betting Sites Offer Free Bets
Before we go into the details of how free bets work, let’s start off by asking why online betting NZ sites offer free bets in the first place? Like the casino industry, the online sports betting industry is highly competitive and betting sites need to find ways to entice punters to sign up with their particular site and stay on as an active member. To do this, they offer welcome bonuses and free bets. However, not all free bets are as lucrative as they sound.
In order to be granted a free bet, punters first have to sign up with the online or mobile betting site and make their first deposit into their betting account. Only then is the free bet awarded. In some cases, the free bet and welcome bonus is one and the same, in other cases, the free bet is separate from the welcome cash-match bonus.
Accessing Free Bets
Free bets come in many shapes and forms, but for the most part will be offered as a cash value such as $25 on your next bet. On the surface, it looks like the online betting NZ site is simply giving you $25 to do with what you wish, in reality, there are a whole bunch of restrictions that are linked to the bet itself. These terms and conditions regulate the type of bet placed, the odds and the market. Before accepting any free bet, always read the T&C’s to ensure you are not getting into something that is just going to end up losing you money.
In some cases, free bets are only given when an equal bet is placed before. So in order to receive a $20 free bet, a similar $20 bet has to be placed on a specific market at specific odds. The betting sites are not in the business of just handing out free cash. They want to ensure that their money is coming back to them at some point. This is achieved by regulating the type of bet placed, the market and the betting odds.
In most cases, online betting NZ sites will restrict the free bet to a particular betting market that is not particularly profitable. Also, the betting odds are restricted to avoid paying out high amounts. Generally free bets have to be placed on odds of 2.00 or below. This means the most you can win is double your money. The payouts on free bets also exclude the original stake. So, on a $10 bet at odds of 2.00, your total payout will be $10. This is what you can take home.
Reading the Terms and Conditions
However, before you can actually withdraw your winnings from the free bet, there is another hoop you have to jump through. Most free bets and betting bonuses have a stipulated rollover requirement. This can be anything from 1x to 5x the bet amount. If a betting site is offering a $50 free bet with a rollover requirement of 5x, this means that you will be required to place a total of $50x5 or $250 worth of bets before you can cash out any of your winnings. This is why it is so important to check the T&C’s at a casino or sportsbook to determine if the free bet is worth your while.