What is a freebet?
A freebet (free bet) is virtual credit the bookmaker gives you to place ONE bet without risking your own money. If you win, you only receive the net winnings (the odds minus 1). If you lose, nothing happens: you did not lose your own money. It is one of the most popular bonuses because it is simple to use.
How it works in numbers
You have a $1000 freebet and use it on odds of 2.00. If you win, you receive $1000 (the profit, not the stake). If the odds were 3.00, you receive $2000. The difference with a normal bet: with a normal bet you would receive $2000 or $3000 (stake + profit). With a freebet, only the profit. It is important to know this when choosing your odds.
Which odds are best for a freebet?
High odds (2.50-4.00). Because you only collect the net winnings, short odds (1.40, 1.50) pay little: a $1000 freebet at odds of 1.40 pays only $400. The same freebet at odds of 3.00 pays $2000. If you are going to use a freebet, give it volume: pick an evenly-matched game, not an overwhelming favourite.
Typical freebet restrictions
Allowed markets: sometimes only 1X2 (not BTTS, handicap, etc.). Minimum odds: typically 1.50 or 1.70. Deadline: 7-14 days, after which it is lost. Specific bookmaker: the freebet can only be used at the bookmaker that gave it. Some also restrict it to a specific event (e.g. the Argentina match).
Freebet vs bonus: the main differences
Deposit bonus: gives you credit for multiple bets, requires rollover, takes time to release. Freebet: a single bet, no rollover, but you only collect the profit. The freebet is simpler and faster. The bonus is bigger but has more friction. Both have value depending on how you use them.
How to get the most out of a freebet
Pick an evenly-matched game with odds of 2.50-3.50. Check that the market is allowed (1X2 usually is). Bet immediately: freebets expire fast. If the bookmaker lets you, combine 2 picks with odds of 1.80-2.00: the combined odds land around ~3.5 with less risk than a single pick at odds of 3.5.
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