If you're in one of the states where online sports wagering is allowed, there's a way to make a few hundred bucks absolutely risk-free. There are some hoops to jump through.

 

The nuts and bolts are that if you open up a new account at Bet MGM, and you make an initial deposit of up to $1,000, you can make your first bet up to that amount and should you lose, you get that amount back in "free bets." Those bets usually have to be placed within a short period of time, such as within seven days of the initial loss.

 

The first thing to consider is that a free bet isn't worth its face value. You don't get the initial amount back when you win--you just get the winnings. So, a $99 free bet that wins would return $90 to you--not like a $99 cash bet where your ticket would pay $99+$90, or $189. (This discussion assumes that you bet basketball or football on a side, at -110.)

 

The most risk-free way to exploit this promo is to partner with a friend. You each deposit $1000 and you both bet on the same game, but on opposite sides. One will win, one will lose. You will wind up with $1,909 in one account and $0 in the other--a loss of $91.

 

At this point, the losing account has $1,000 in free bets. These bets are worth $909 in total. They will usually consist of five $200 free bets. You can simply bet them one by one, and if you win at least one of them, you have a profit. Or...you can offset each free bet with a regular $100 cash bet from the other account, thus locking in a profit.

 

1. You should only bet into 1/2 point lines, because if you push your first bet, there goes the bonus--no profit. It really doesn't matter what bet you choose, within this criterion.

2. You have to be physically present in the state when you bet. Most people bet using their phones, which tell the casino where you are.

3. You may at some point have to verify that you live in the requisite state, perhaps at cashout. But all you usually have to do is give somebody's address--a friend's would work.

 

The expected value of $1000 in free bets is (1000) (0.5) (.909). So, $454.50, minus the initial $91 loss you had to incur to get the free bets. Net: $363.50.

 

Free money! And at absolutely zero risk!