Of all the avenues gambling companies use to encourage new customers to their platform, free bets are by far the most consistent, proven way to do so. As this industry continues to grow and find new audiences, free bets have not lost their importance – in our humble view, they’re the backbone of any marketing strategy worth its salt.
However, while you might be opening up your emails every other day to free bets, spins and promotions, how can gambling companies remain profitable when they’re running these free bet promotions? It costs money to place a bet, and surely people are winning, resulting in a net loss?
Well, we will highlight why these promotions are such a hit in the gambling industry and why, even after 30 years, they continue to be the number one avenue to attract new players to gambling sites.
The foundations of the free bet idea
There’s a famous saying in advertising that if a promotion is free, then the product is you. While there’s more to it than that in the gambling world, the essence and general idea remain the same. The whole purpose of a free bet is for a gambling platform to get itself out in the market.
They’re not advertising the game or product highlighted in the bet – they want you to visit their site to browse through everything they offer.
Think of an ice cream parlor offering free samples; if you like the sample, you’ll return to the parlor and check out other flavors. While it might seem like a farfetched example, the same principle applies to a free bet. Providers are putting themselves in the proverbial shop window.
As customers, nothing stops us from shopping around and checking out the latest free betting offers. If we try samples of different bonuses and explore what platforms have to offer, not only can we become accustomed to what a good promotion looks like, but it’s a cost-effective way to shop around and play a few games without putting your hand in your pocket every time.
Ultimately, it’s a two-way street, and that’s why the foundation and design of a free bet promotion works so well.
No deposit bonuses
There’s a wide selection of free bets to choose from, and while specific companies will try and focus on certain areas of the market – such as on soccer during the World Cup – the vast majority of free bets will allow you to place a wager on several sports betting markets that are available.
As we touched on previously, the main goal is to appeal to as many people as possible, and cast the net widely to maximize the potential of the bonus. While you’re more likely to come across deposit bonuses or matched deposit promotions, no deposit bonuses are among the most sought-after free bet promotions in sports betting and casino gaming.
Usually, you’ll have to register and verify your details, and then you’ll receive your no deposit bonus.
Read the terms and conditions
Be sure to read the terms and conditions of the bonus to ensure that you qualify when you sign up, as they are an integral part of how free bets work. Some platforms will bury the less attractive details of the bonus in there. While they may seem like a good promotion at first, they might have things that hinder it, such as:
- Terms that restrict the number of games you can use your bonus on.
- A short expiry date of 24 hours.
- Wagering requirements – how much you must play through before you can cash out any potential winnings.
- Payment method exclusions – such as you can only verify PayPal details, or you will not receive your betting bonus.
Breaching conditions set out in the T&Cs can result in you not receiving your free bet, but these are the most common terms you will come across, regardless of whether your free bet is in the form of betting credits or real money.
However, if you check the terms and conditions, you may be able to find those rare no deposit bonuses that sometimes let you withdraw your winnings right away, with no other conditions attached.
Final thoughts
Sports betting companies and casino platforms take the hit on free bets because they know that only a small percentage of customers must convert into regulars for it to be a viable marketing strategy.
In truth, many free bets aren’t what you’d think – at least not on the face of it. You’d think that by simply signing up, you’ll get $20 or more into your betting account to do with as you please. While a small percentage of no deposit bonuses have tried that over the years, the overwhelming majority of betting platforms will use a combination of free betting credits that you can use only on their platform, or specific tokens for one match or game.
Wagering requirements are also a condition that helps betting platforms give you a bite of the cherry, ultimately getting you onto their site to play and showcase all the other games they have on there.