How do Free Bets Work?Ī free bet effectively takes out the risk element for punters, with wagers being staked using a token, rather than their own funds. Such offers can be used in order to try and win real cash earnings, however, this is often made more difficult by the introduction of terms and conditions and potentially even wagering requirements. Simply put, a free bet is offered to punters by online bookmakers either as a reward for signing up or ongoing loyalty.