Free Bets: Stake Returned vs Stake Not Returned (SR vs SNR)
With a stake-not-returned (SNR) free bet you only get the winnings if the bet wins; the free stake itself is not paid back. With a stake-returned (SR) free bet the stake comes back too, as with a normal cash bet. Almost every free bet offer in the UK is SNR, so a £10 free bet is worth well under £10 of cash.
The worked example: £10 free bet at 3.0
Take a £10 free bet on a selection priced at 3.0 in decimal odds (2/1 in fractions). This is an illustration, not a quote from any bookmaker.
| SNR free bet | SR free bet | £10 cash bet | |
|---|---|---|---|
| Stake | £10 (free) | £10 (free) | £10 (your money) |
| Total payout if it wins | £20 | £30 | £30 |
| Of which profit | £20 | £20 | £20 |
| Result if it loses | £0 back, nothing lost | £0 back, nothing lost | £10 lost |
The sums: winnings are stake × (decimal odds − 1), so £10 × (3.0 − 1) = £20. An SR bet adds the £10 stake on top, giving £30. The SNR bet pays the £20 and keeps the stake, because the stake was never your money in the first place. The only difference between the two free bets is that returned £10.
Why SNR is worth less than its face value
A free bet is only worth the profit it can produce. On a £10 SNR bet at 3.0 you collect £20 if it wins, but only a third of the time (roughly, if 3.0 is a fair price), so the expected value is a fraction of £10, not the full amount. The higher the odds, the more of the face value you can recover on average; the shorter the odds, the less.
Compare the same £10 SNR bet at three prices. Again, illustration only:
| Decimal odds | Fractional | Profit if it wins | Chance implied by price |
|---|---|---|---|
| 1.5 | 1/2 | £5 | about 67% |
| 3.0 | 2/1 | £20 | about 33% |
| 6.0 | 5/1 | £50 | about 17% |
At 1.5 you win more often but the prize is only £5, which is half the face value of the bet. This is why the short-priced favourite is usually the weakest use of an SNR free bet. Win-or-nothing at 6.0 pays more but loses more often, and variance rises with it. Bookmaker margin is built into every price, so none of these are free money.
How to use an SNR free bet sensibly
- Look at higher odds, within reason. Because the stake is not returned, a price in the evens-to-5/1 range usually gives the free stake more to work with than a 1/3 shot. Terms often set a minimum price, so check it.
- Avoid very short prices. A 1/5 favourite returns £2 profit on a £10 SNR bet. You have used up the offer for very little.
- Do not stretch for a 100/1 shot. The free bet is real value to you, but it is not a reason to back something you would not otherwise touch.
- Consider each-way. If the terms allow it, each-way betting splits the free stake into two parts; read how the free stake is divided first.
Common terms to check before you place it
- Qualifying bet. Most free bets are credited after you place and settle a first bet of a set size at a set minimum price. Voided bets and some bet types often do not count.
- Expiry. Free bets usually lapse after a set number of days. Unused credit is simply removed.
- Minimum odds. Either on the qualifying bet, the free bet, or both.
- Bet types. Some free bets are limited to singles or specific markets, and cash-out may be unavailable on a free bet.
- Payment method exclusions. Some operators exclude certain deposit methods from offers. Check the page for the exact list.
These terms are set by the operator, not by a regulator, and differ from one offer to the next. The full conditions must be shown to you; if the headline claim and the small print disagree, trust the small print and ask support before you stake.
What to do
- Read the terms and note whether it is SNR or SR, and the minimum odds and expiry.
- Work out the profit on your intended selection: stake × (odds − 1).
- Choose a price that fits your own view of the event, not just one that makes the number big.
- Place it before expiry and keep it separate from your cash bankroll plan; see bankroll management.
People who work out exactly how to turn free bets into cash with lay bets are doing matched betting, which has its own risks and rules. For help with your own limits, see responsible gambling.