Free Bet

Free bets stake the book’s money: a €10 free bet at 3.00 returns €20 (winnings only, stake-not-returned being the standard).

Real value and its exploiters

Expected value ≈ stake × (odds−1) / odds minus margin — maximized on longshots, which is why terms often cap odds. Matched bettors industrialized free-bet extraction by hedging on exchanges, forcing books into gubbing (account restrictions on promo abusers). Content note: markets differ on whether “risk-free bet” phrasing is lawful (US enforcement has punished it); “bonus bet” language exists because regulators demanded honesty.