While football dominates the headlines throughout the Fall, wagerers have extremely good chances to cash in their risk-free or sign-up bonuses on other sports too. Major league baseball, early season college and professional basketball, and even hockey provide individuals with excellent opportunities to turn risks into rewards.

One hidden gem many wagerers have not unearthed is wagering on tennis. Due to the low volume action on lesser-known ATP and WTA tournaments, exceptional underdogs can be found in the tennis world. Wagerers who own a risk-free wager—or a sportsbook promotion that returns credits in the same amount of a losing wager to the wagerer—have an excellent chance to profit off tennis. 

Understanding how to best use risk-free wagers allows the individual to ensure he or she will pocket cash from this promotion. Three simple strategies exist to turn profits off longshots with risk-free wagers. Keep reading to find out these risk-free betting strategies to maximize profits from these one-time promotional wagers.

Strategy 1: Arbitrage Opportunities with Risk-Free Wagers

Arbitrage wagering is the act of placing competing wagers through two separate sportsbooks. This type of wagering allows the individual to have a true risk-free wagering experience and turn an immediate profit. While individuals must take time to research these options, arbitrage wagering opportunities are significant cash-earners for smart wagerers.

One scenario for arbitrage wagering exists if Coco Gauff and Danielle Collins are playing in the 2023 Australian Open quarterfinals. The odds of Gauff winning the match on the sportsbook with the individual’s risk-free wager is +110 while Collins is listed at -140. A second sportsbook is offering Danielle Collins at +110 while Gauff is listed at -120. 

To arbitrage the wager, place $1,000 on Gauff to win in the first sportsbook with the +110 odds and place a second $1,000 wager with the other sportsbook on Collins to win at +110 odds. If Gauff wins, the wagerer earns $1,100 from the successful wager while only losing $1,000 on the second sportsbook, netting a $100 profit.

Conversely, if Collins wins, the wagerer still profits the same $100 for the wager. The advantage this time, however, is that Gauff’s loss created a $1,000 free wager for the individual at the first sportsbook in addition to a net profit.

Strategy 2: Hedge a Risk-Free Wager by Wagering the Other Side on Another Book

Hedging a risk-free wager is similar to arbitrage wagering. The difference, however, is that the odds are no longer both longshots and there is a risk of losing money by hedging a wager. The advantage is that this type of wager requires significantly less research on the individual’s part in comparison to arbitrage wagering.

In the same fictional match from before, Gauff and Collins are both listed as -110 to win the match. Placing identical wagers on Gauff and Collins at competing books ensures that $909.09 is returned to the winner off a $1,000 wager. To come out ahead, however, the wagerer would want Gauff to lose, creating a future $1,000 risk-free wager while yielding a $909.09 profit wagering Collins.

Strategy 3: Wagering the Opposite Side of the Ensuing Free Wager with Another Book

For this strategy, reference the previous scenario. Assuming Gauff lost her quarterfinal match against Collins in the 2023 Australian Open quarterfinals, the individual now is the owner of a free wager.

The individual places their $1,000 free wager on Shelby Rogers (+250) as the semifinal match winner between herself and Collins. Then, the wagerer places a second $1,000 wager on Collins (-190) with another sportsbook. 

If Rogers wins the match, the wagerer’s profit of $2,500 more than covers the amount lost on the previous hedged wager and the $1,000 spent wagering on Daniel Collins. Conversely, if Collins wins the match, the $555.56 profit from that wager covers the losses from the previous hedged wager with nearly $464 in profit realized.


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