Explain "risk free" bet to a newbie?

[Laimbeer]

Caesars Sportsbook Promo Code: Quick Start
This short road begins by clicking on the BET NOW button in this review. You will then see the Caesars Sportsbook sign-up page on your screen. This page asks for some basic personal information required to create a new account, such as name, address, and email address. Provide and confirm this information and put the Caesars Sportsbook promo code REALGM15 in the promo code box and you will only be a $20 deposit away from receiving the risk-free first bet.

This wager can be placed on any of the dozens of sports betting markets available at Caesars Sportsbook. You may want to consider maximizing the amount of this first bet when creating your betting budget, as this initial wager has more value than your standard bet.


A Winning Celebration or a Free Bet
A victory toast will be in order if your first bet comes through as a winner, as you can then take those funds and wager again to get a win streak going or withdraw them.

You will get a quick second chance for a victory toast if that first bet lands in the loss column, as Caesars Sportsbook will post a single bet credit in your account equal to the value of your initial wager, up to $1,500.

Caesars Sportsbook wants its customers to use this single bet credit, which is why it provides 14 days to wager with it. That is a full week longer than the usual seven-day window that most sports betting apps provide for their free-bet credits.

So I deposit my own money to place my risk-free bet. Say I deposit $1500 and then make a $1500 wager.

I win, I could withdraw the $3000 from my account?

I lose, they cover the bet and I preserve my original $1500, withdraw, and break even?

What's the catch?

[Audi]

At first glance it looks like the catch is that upon losing, your $1,500 is then converted to a “single bet credit” that is worth $1,500 on their platform. You have 14 days to use that credit up on a single bet, to which you either win or lose for good. Think of it more like a “second chance” than “risk free”.

[CptCrunch]

I win, I could withdraw the $3000 from my account?

Yes, if you bet $1500 on a -100 line, you will win $1500, withdraw $3000 (and pay IRS taxes)

I lose, they cover the bet and I preserve my original $1500, withdraw, and break even?

If you lose your $1500 bet, you will get a $1500 token that must use within 14 days. This token does not return the amount of bet when you win.

So let's say you bet on another -100 line with the token, you win $1500 because you bet $1500 with the token. You win and only get $1500 since the token has no return value.

Using these -100 line as simple examples, if you were to deposit $1500 and make up to 2x truly 50/50 bets.

50% chance, you are plus $1500 after winning the first bet.
25% chance, you are down $1500 after losing both bets.
25% chance, you are neutral after losing first, winning second bet.

Your expectation is +$375.25 for depositing $1500. This expectation changes as a function of the line you are betting on.

[Dominator83]

At first glance it looks like the catch is that upon losing, your $1,500 is then converted to a “single bet credit” that is worth $1,500 on their platform. You have 14 days to use that credit up on a single bet, to which you either win or lose for good. Think of it more like a “second chance” than “risk free”.

Yep it's basically a "double elimination" situation. Like if your a 7 or 8 seed in the play-in you get two to win 1.

[zimpy27]

You effectively get 2 bets for the price of 1.

There's a phenomena where a person that gambles initially and wins will lose more money long term than if they first gambled and lost. That's the average but there are always exceptions