A free bet is a promotional token given by a bookmaker that allows you to place a bet without risking your own money. If the free bet wins, you receive the profit but typically not the stake (SNR — stake not returned). If it loses, you lose nothing from your own funds — only the free bet token is used.
Welcome bonus free bets are the most common. A new customer deposits and places a qualifying bet (often £10 minimum at minimum odds of 1.50 or 2/1), and receives a free bet matching their qualifying stake — sometimes more (e.g. deposit £10, get £30 free bets). Welcome offers are the foundation of matched betting profitability.
Reload free bets are ongoing promotions for existing customers: enhanced odds offers, acca insurance payouts, bet credits for losing accumulators, and price boost tokens. These offer smaller but ongoing value for active matched bettors.
SNR vs SR value: a £10 SNR free bet converts to approximately £7.50-£8.50 guaranteed profit through matched betting. A £10 SR free bet converts to approximately £9.00-£9.80. The difference is whether the free bet stake comes back if it wins — SR bets are 10-15% more valuable.
Terms to watch: minimum odds requirements (the free bet must be used at odds of at least X), market restrictions (some free bets can only be used on certain sports), and wagering requirements (casino-style, where winnings must be bet multiple times before withdrawal — rare in sports betting but worth checking).
Example
New account free bet: Bet £10, receive £30 in free bets (3 × £10 SNR). You use matched betting to convert each £10 SNR free bet to approximately £7.50 cash profit (backing at high odds at the bookmaker, laying on Betfair). Total extracted: 3 × £7.50 = £22.50 guaranteed from the £30 free bet offer.