The Best $500 Bonus Bet Offers


Alex W


Sep 7, 2023

Huge sports fan. Football & MLS fanatic. Lover of all things gambling - Sports betting, Casino, Poker and of course, Las Vegas.

$500 Bonus Bet Offers

Looking to kick off your sports betting with a new operator? Then a $500 free bet provides bettors with the option to place a wager without having to risk losing any money.

Free betting offers appear in several different formats, and although they are excellent for most purposes, any free bet offered by licensed US Sportsbooks does not come entirely without risk. Despite many believing the term ‘risk-free’ is too good to be true, some sports bet options are better than others. How good a free first bet typically comes down to how a losing wager will be refunded.

One of the most generous sports betting or online casino offers is a $500 free bet. A free bet promotion is an excellent bonus for new and experienced bettors. Some sportsbooks may call their offers different things, but essentially they are all there to provide new users with a boost. Using a free bet worth up to $500 means that if your first bet loses, the operator will refund you up to the value of $500. This is basically the same as a free $500 bet.

Lots of customers will come across different betting bonus options, promising bet credits or a second chance bet if you lose. The key is to do some shopping around to establish which bonus suits your needs the best, and doesn’t have strict wagering requirements.

Some punters prefer free bet offers over matched betting promotions because it gives them a second chance if the opening bet loses and removes any pressure they may feel. Sport is unpredictable by its nature, so having access to a free bet or deposit bonus can give you a second chance without losing money.

This page covers how free bets can differ, the best 500 free-bet offers with sportsbook promo codes, and how to determine which are the best for you.

Risk Free-Bets Worth $500

Promo Code: SPORTS
951 ratings
Up To $500 2nd Chance Bet
21+. T&C Apply
21+. T&C Apply
  • Promo Code: SPORTS
  • Regular promos & rewards
  • Generous sign up bonus
Promo Code: SPORTS
Up To $500 2nd Chance Bet
21+. T&C Apply
21+. T&C Apply
596 ratings
Second Chance Bet Up To $500
21+. T&C Apply
21+. T&C Apply
  • Awesome second chance bet bonus
  • Massive market choice
Second Chance Bet Up To $500
21+. T&C Apply
21+. T&C Apply
592 ratings
Bet $1, Get $365 In Bonus Bets
21+. T&C Apply
21+. T&C Apply
  • Easy and fast banking options
  • Huge welcome bonus bet
Bet $1, Get $365 In Bonus Bets
21+. T&C Apply
21+. T&C Apply

Not all operators offer a 500 risk free bet. Some offer less, some offer more. Offers usually come in all shapes and sizes, but these sportsbooks listed below offer the best $500 free bets:

#1 BetRivers Sportsbook

One of the most popular sports betting operators to hit the US market, Join BetRivers sportsbook and get second-chance sign-up bonus worth $500. There is no BetRivers bonus code required to claim this offer.

#2 Unibet Sports

Another operator offering $500 free bet to all new customers is Unibet sportsbook. This is an an insured opening bet forย up to $500. You can claim thits offer on Unibet PA, Unibet Virginia or on the online sportsbook in New Jersey. There is no Unibet promo code required to claim this offer. Click to open a Unibet account to qualify for this Unibet Sport bonus. The Unibet sportsbook welcome bonus is one of the best in the US and this one time risk free wager is a big reason why.

#3 FOX Bet

The FOX Bet sportsbook offers a $500 sign-up bonus with no Fox Bet promo code required. Players can use this offer on their favorite events, such as the NBA finals on teams like the Golden State Warriors and the Boston Celtics.

There are other well-known sportsbooks such as the PointsBet sportsbook, BetMGM sportsbook, and FanDuel sportsbook that offer generous sportsbook bonuses for any sports bettor who is eligible. These online sportsbook bonuses are available on their Arizona sportsbook and Indiana sportsbook sites, in addition to any other states where they are based.

All of the above offers can be used via the regular desktop site or apps for those who prefer betting on their mobile.

How Does a $500 Free Bet Work?

Numerous online sports betting sites offer free bets as sign-up promotions. They are arguably the most popular bonus offer in the US market for bettors who are about to make their first sports bet. Essentially, they are first-time sportsbook bonus offers to give to new players. When a new customer places a sports wager, and it wins, they have won some money with no strings attached. However, if the bet loses, the sportsbook will give them their money back in the form of โ€œbonus cash,” site credit, or a โ€œfree betย to be for bets at the sportsbook. The amounts of online sports betting free bonuses will typically be equivalent to a customer’s first bet at the sportsbook.

Free bets will come in different amounts, typically ranging from $100 all the way up to $2,000 on sports betting sites such as William Hill US. Some terms and conditions come with these offers, so you won’t be able to bet up, and there will be requirements before you place your first bet.

There is no need to visit Atlantic City to use your risk free bet. Features such as live betting and live streaming are available at your fingertips on betting apps. Using mobile is a very popular betting option as you can wager on the move.

Example Of Using a $500 Free Bet

Let’s take a look at an example. You have just signed up for the sportsbook of your choice and are ready to make your first deposit. You plan to wager on the Seahawks at -110. If you win, you will get $955 (the original $500 bet plus the $455 in winnings) added to your account, which will be available for withdrawal. The beneficial aspect of the bonus comes in if you lose. You won’t have any money in your account but will have a $500 free bet to use. The free bet cannot be converted into real money.

You might then decide to bet on theย Lakers +5 at -110. If the wager is successful, your account will show $500. You will not receive the $500 stake from the “free bet” back as you would in the scenario where the bet won, and you had $955 in your account. So by losing the Seahawks bet and winning the Lakers bet, in this example, you end up down $44.025 from your original deposit.

WynnBET $500 Risk free bet offer

Strategy For 500 Free Bets

You can ‘beat’ these offers only one way, so you are getting a genuinely free profit without taking on much risk. To do this, you must carry out some research by comparing the lines between competing sportsbooks in the hope of finding an arbitrage situation where you can bet both sides of a wager and guarantee that you will win.

These are not easy to find, but you may find another sports betting site offering a promotion or “odds boost” on a game that you can take advantage of if you look hard enough.

For instance; Let’s say you are a new customer at DraftKings Sportsbook and are about to place your first bet. You are also simultaneously looking around other sportsbooks for “booster” bets, and you discover a site that is “boosting” the 49ers moneylineย spread game against the Packers. Instead of being -200 moneyline favorites, which is the 49ers at most sportsbooks, the boost comes into play and makes the 49ers +150 to win. However, at DraftKings, the Packers are also +150 to win. So now you decide to bet your $500 on the Packers at +150 at DraftKings, and then wager $500 on the 49ers at the boosted +150 odds. This removes as much risk as possible from the bet.

If the Packers win, you haveย just collected $250 because the +150 bet ensured you made a nice $750 profit at this sportsbook. You may have lost a $500 49ers bet at the other sportsbook, but that is what made this wager less of a risk; you couldn’t lose.

So to sum up, if you are using a 500 free bet:

  1. Bet as much as the free bet allows. In this case, $500 (if you feel comfortable wagering that amount)
  2. Don’t bet any more than the maximum when claiming the offer (make another bet if you wish to wager more)
  3. Choose your bet wisely. At the end of the day, it will be free but it’s always nice to win.
  4. Bet on something you wouldn’t normally. As the bet will be free, it’s a good chance to try a new market
  5. Use a few operators. This way you can claim several 500 free bet offers.

Do you get your stake back on a Risk Free Bet?

Whether it is $500 risk free bets or any other bonus bet, players want to know if they will also get their stake back. This all depends on which site you are betting on and how each platform refunds the wagers. For example, if you use your BetMGM sportsbook promo code and bet on BetMGM and the site offers refunds in site credit, you get site credit. This works the same as cash meaning you can wager any denomination you like, and you get the stake in addition to the profit instead of free bets that only payout the profit.

However, there are some sportsbooks that will refund your bet in entirely withdrawable cash, which means they are free bets in the truest sense of the word.

Ultimately, the majority of the free bets out there don’t come without some risk. If the first cash bet you make loses and also the second โ€œbonusโ€ bet fails, you will lose all of your stake. Some betting sites will give you site credit in lieu of a free bet if it loses. These are worthwhile, as you can then wager as much as you want of the site credit on numerous bets instead of being required to submit a second bet equal to the first. Another benefit of this is that when you win bets with site credit you get both the stake and the profit, resulting in a profit instead of only trying to break even and getting your money back with a one-time free wager.

Other Free Bet Example

Whether you are claiming a free bet at Caesars sportsbook, PointsBet Maryland, Barstool sportsbook or any other online sports betting platform, the principle is the same. Let’s take a look at an example of a risk free bet offer, using the Unibet welcome bonus:

You have just signed up to Unibet and deposit $250. You want to bet on the Indiana Pacers -7 at -110. If the bet wins, your bankroll will read $477.25, which is made up of original $250 bet and the $227.25 in winnings. You can choose to withdraw this instantly, or continue you with it as the current bankroll in your betting account.

If the bet loses, you will have nothing in your account but still have a $250 free bet to use. Please be aware that this free wager can’t be converted into cash. You then choose to wager on the Nets ย +5 at -110. If this bet wins, $227.25 will appear in your account. However, you won’t get the $250 stake from the โ€œfree betโ€ as mentioned in the scenario above where you would have earned $477.25. So, in this example, losing the Pacers wager then winning the Nets bet, you will be down $22.75 from your first deposit.

Terms & Conditions

Online sportsbooks offer various wagering requirements and T&Cs for their free bet offers. It is vital you pay attention to the fine print before handing over cash to the website. Site credit and free bets come with expiry dates, so if you don’t lose them within the stated timeframe, you will lose them. overall, using a 500 free bet is a great way to kickstart your betting with a new online operator. If you win, all good. If you lose your bet, you’re covered.


How do you use a sportsbook promo code?

We have listed some of the best $500 bonus bet offers on this page. Find the one you think is the most suitable, sign up for a new account and then make a qualifying deposit to get your bonus funds. You can enter the promo code you have during the registration process to get the bonus added to your new account instantly.

Can I claim a bonus bet at more than one sportsbook?

Yes, you can claim more than one promo, in fact, we recommend that you do. There is nothing out there stopping you from receiving bonus funds at several sportsbooks and getting as much value as you can along the way.

Can I withdraw my bonus money straight away?

With most bonuses, you are not able to withdraw the money instantly. This is because of the wagering requirements. Once you have met those requirements, you will be eligible to withdraw all of the bonus funds you have accumulated from one bonus.

Up To $500 2nd Chance Bet

Up To $500 2nd Chance Bet

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