A second chance bet means that you will get your money back in the form of bonus bets if you lose your first wager, giving you a 'second chance' to win. In this page you will find everything you need to know about this kind of offer.
You might be wondering why you don't see the term 'risk-free bet' anymore, and what even is a 'second chance bet?' Good news is they are basically the same exact thing, just with a different name.
The reason for this change is because legislation in the US has highlighted that this isn't a totally accurate term, given players do need to risk their own money. Since bonus bets awarded after losing the initial wager are not immediately withdrawable, there is a risk you will lose again, and not get your money back.
Some of the other terms you will likely see replacing 'risk-free bets' are: Second Chance Bets, No Sweat Bets, Bet Insurance, No Regret Bets, but the most common is the second chance bet, so that's what we will be using generally.
| Website: pointsbet.com | Founded: 2017 |
| Owner: Pointsbet | Headquarters: New Jersey |
BettingScanner's verdict 9/10
Pointsbet is an Australian company, that launched in the US in 2019. The sportsbook places a heavy emphasis on point spread betting, a unique form of betting where you are rewarded, or docked points, according to how wrong or right a bet was.
Second Chance Bet bonuses are the most popular form of welcome promo offered by legal online sportsbooks in the US.
This type of bonus allows you to place your first wager - in some cases multiple wagers - safe in the knowledge that you'll be repaid in bonus bets should you lose your bet.
There will be a minimum and maximum amount stipulated by the sportsbook.
This type of offer is an excellent way to test a new sportsbook, as you can get a couple chances to win. Although, it is important to remember that bonus bets may contain a turnover requirement that we explain in further detail further down.
Second Chance bets are a popular form of welcome offer but what do they mean and how do you use them? We do our best to answer your most common questions.
A second chance bonus is a welcome offer for new players. It means that you can, as a new customer, place your first wager and if it loses you will receive your money back in the form of bonus bets.
There will be a minimum and maximum amount that you can wager and you will be restricted to certain types of wagers.
Most second chance bet bonuses, such as PointsBet's, will only require you to win once more with your bonus bets before the winnings are counted as yours. Other sportsbooks may place a higher turnover requirement.
Sportsbooks that offer second chance bet bonuses will require you to sign-up and place your initial deposit before the promo is activated.
Once you have received your bonus, you can place your first wager. Once you have done this your bonus is live.
If you win your wager then you will receive your winnings as normal. If you lose your wager then the bonus will kick in, and you will receive the amount of your initial wager in bonus bets, up to the offer's maximum threshold.
These bonus bets in turn will contain their own terms and conditions including a turnover requirement. This means you will need to win with your bonus a certain amount of times before the money is yours.
You can collect a second chance bet bonus at an online sportsbook that has advertised this type of promo.
You will need to sign-up and make your first deposit with this sportsbook to qualify for your second chance bet bonus. You can read more about this at our guide to deposits and withdrawals.
When you place your first wager your bonus will go live. This means that if you lose your bet you will receive your original wager back in the form of bonus bets.
You can get your second chance bet bonus by signing up for an online sportsbook that offers this form of promotion to new players.
You cannot collect your second chance bet bonus if you are already signed up for this sportsbook.
You will then need to make your first deposit. Then you can place your first wager at which point your second chance bet bonus will be activated. This means that if you lose your wager you will receive your money back in the form of bonus bets.
Second Chance bets are the most common form of promo offered by US sportsbooks.
A second chance bet ensures that you, as a new customer, will get your money back in the form of bonus bets should you lose your first wager.
This is a prevalent bonus because it offers insurance on your first wager, often the riskiest since you are new to a sportsbook and possibly new to betting in general.
To receive your second chance bet, you must first sign-up to the sportsbook and place your first deposit. You will need to click on the claim button on our site or make sure you enter the correct promo code when signing up to receive your welcome offer.
Once you have made your first deposit, you can then place your first wager, which will activate the bonus.
In contrast to other forms of new player bonuses, second chance bet promos may result in your never actually receiving a bonus bet. This will be the case if you win with your first wager, in which case it will be treated as a standard win.
However, you will have placed that bet safely in the knowledge that should you lose, all will not be lost. This can encourage you to be more confident than you usually would and possibly win more cash. In other words, it's still a kind of bonus even if you never actually receive a bonus bet.
If you lose your second chance bet, then that's when the promotion really kicks in and you will be repaid in the form of bonus bets.
It is important to remember that these bonus bets contain their own terms and conditions. You will normally have 7 days to use your bonus bets. There will also be minimum and maximum odds - although these are not usually that restrictive and are in place to avoid you placing a wager on a guaranteed win or winning so big you bankrupt the sportsbook!
There will also be a turnover requirement placed on your bonus. This is the number of times you must win with your bonus bets before the money is officially yours (i.e. you can withdraw it as cash). Usually, you are only required to win once, but sometimes sportsbooks can place a higher requirement - we highly recommend you avoid turnover requirements higher than x1.
Nils Edmondson
PointsBet has delivered a very versatile welcome offer, that is actually spread out over the first five days of betting with the sportsbook.
It is a second chance bet, so you have several chances to win, and several more chances to win if you lose the first bets!
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There are several important factors to consider when sign-up for a new sportsbook and collecting your second chance bet.
You might think the most important factor is how much you can wager with your second chance bet, but this is not necessarily the case. This will usually be well advertised and the first thing you spot. Instead, it is some of the terms included in the small print which can make all the difference.
One of these is the minimum and maximum odds you are allowed to wager on. These restrictions are in place to protect the sportsbook from bonus hunters that will look to place a wager on a safe bet and then withdraw the winnings as cash or a wager that could potentially bankrupt a sportsbook. Considering this, these requirements are not usually restrictive. However, it is always important to check before you wager as you could accidentally miss the minimum or maximum and therefore wave goodbye to your second chance bet bonus as a result.
Another important term to consider is the type of bet you can place with the second chance bet. Often a fixed-odds wager is the only form of bet you can place; however, there are exceptions such as PointsBet, which allows you to place a sizable points spread bet.
Finally, but most importantly, you must check the turnover requirement. We do not recommend you place a second chance bet wager with more than an x1 or x2 turnover requirement. If it is higher than this amount, it is simply encouraging you to bet more and more and not for the right reasons. Our team at BettingScanner are very experienced in the field, and we can say from experience that it is tough to keep track of how many times you have won with a single bonus, especially as a new customer, and the more time you need to bet, the higher the chance you will lose and not be able to recoup your loss.
No Deposit-Bonuses are the darling of the sports betting industry.
Finding a legit no-deposit bonus is like striking gold - valuable but rare!
So, why are they so great? The main reason is you do not need to place any of your own cash, you simply sign-up to a sportsbook and away you go! You can really only win!
We also see a no-deposit bonus as a good indication that a sportsbook believes in its product. You simply wouldn't give away a load of bonus bets to new customers without confidence that these customers are going to want to return and spend their own cash.
Nils Edmondson
Deposit bonuses are another popular form of new customer offers.
A deposit bonus means you will receive bonus bets equal to your first deposit. There will, like all bonuses, be a maximum amount and a minimum (usually $10).
Many new customers will compare the maximum deposit bonus when picking their sportsbook. However, just focusing on the maximum amount is wrong for two reasons.
Nils Edmondson
Sign-up to sportsbook→ You must complete the registration process with the sportsbook before you can qualify for your bonus. You will need to provide your personal details and social security number during this process.
Place your first deposit → You must transfer funds into your account in order to qualify for your first second chance bet. Remember this first deposit must cover your first wager.
Collect Bonus → Once you have completed the first two steps your bonus will be activated.
Place wager → Your first wager will now be a second chance bet, awarded if you lose.
No Deposit Bonuses → This is a form of promo that offers new customers bonus bets in exchange for simply signing up. You do not need to deposit any of your own cash in order to collect this bonus.
Deposit Bonuses → This is a promo where the sportsbook provides new customers with bonus bets equal to their first deposit.
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