PointsBet Offers Up to $2,000 in Risk-Free Bets

A man counts dollar bills. Adem Altan/AFP

PointsBet has just begun operating its sportsbook in several states, and to celebrate, it’s offering up to $2,000 in risk-free bets to new users.

The bonus is split into two parts. New users get up to $500 back if they lose their first fixed odds bet and can get up to $1,500 back if they try PointsBet’s PointsBetting wager and lose their first bet.

What is PointsBet?

PointsBet is based in Australia and has gone live in nine states over the last few months. The risk-free promotion is available in all of them: Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, New York, Virginia, and West Virginia.

It expects to expand to several more states with launches in Louisiana, Maryland, and Tennessee coming in the next few months. Arizona is also in the plans, and PointsBet already operates in some native American casinos in the state. The risk-free bet offer will be available as each state comes online.

Risk-Free Fixed Odds Bet

New users can earn up to $500 back if they lose their first fixed odds bet. If a new user loses their first bet, the money will be available within 24 hours and can be split up into four ways for future bets.

Fixed odds include bets on the point spread, money line, futures, over/under totals, or teasers.

Fine Print

New users must also be 21 years old, and the new account must be created and the first bet placed within the promotional period.

Risk-Free PointsBetting Bet

The second part of the risk-free bet offers up to $1,500 back if new users lose their first bet using the high-risk, high-reward PointsBetting feature.

PointsBetting differs from traditional betting because the amount of money won or lost varies depending on the margin of victory. As the site explains, “The more you’re right, the more you win. The more you’re wrong, the more you lose.”

For example, if a user bets $10 on the combined point total of an NBA game being over 200, each point over or under that cutoff multiplies the stake. So, if the game produces 201 points, the user wins $10. 202 points win $20. 210 points would earn $100 (10 point win times $10 stake).

On the other hand, if the game goes under, the user loses their $10 stake for every point under 200. A 195 point game would cost the user $50 (five-point loss times $10). A 180 point game would lose $200 (20-point loss times $10).

Similarly, if a user bets $1 on under 250 yards passing for an NFL quarterback and he throws for 100 yards, they win $150 ($1 stake times 150-yard margin of victory). If he throws for 500 yards, the user loses $250 ($1 stake times the margin of defeat of 250 yards)

PointsBetting is currently available for NFL, MLB, NBA, and NHL games, as well as golf and MMA events.