Second Chance Bets: Explained

Recently, bettors may have noticed a trend among online sportsbooks to offer second chance bets to new users. The terminology is new, but second chance bets are just the latest evolution of a type of welcome bonus sportsbooks have been offering to new customers for several years now.

So, what is a second chance bet, and how do they work? Read on for the full rundown. On this page, BettingUSA explains the concept in simple terms, lists the best second chance bet offers available to fans today, and shares essential information bettors need to know before they bet online.

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What Is A Second Chance Bet?

Second chance bets are promotions in which sportsbooks offer to refund losing wagers with site credit.

For example, the prototypical second chance bet sportsbook promotion invites new customers to register and place their first wager. If that wager loses, the sportsbook will refund it with an equal amount in site credit.

Customers who receive refunds can use their bonus bets to place additional wagers and win cash – hence the term “second chance bet.”

Second chance bets rarely issue refunds as cash. Instead, they pay refunds as site credit, usually called “bonus bets” or “bet credits.” Customers cannot withdraw site credit, but they can use their refunds to place wagers and win withdrawable cash.

Best Second Chance Bet Offers

Most second chance bet promos look similar from a distance but zooming in reveals critical differences between specific offers. The details count, and that’s how bettors can identify the second chance bets that provide the most value.

BetRivers Second Chance Bet

BetRivers offers a more modest $500 second chance bet to all new customers, but it also features player-friendly terms.

New BetRivers customers who claim this offer can place their first wager and receive a second chance bet worth up to $500 if it loses. The BetRivers bonus features zero wagering requirements, so bettors who receive refunds can immediately withdraw any money they win with their second chance bets.

How to Claim This BetRivers Bonus Offer

1. Visit betrivers.com to sign up for an account with the bonus code BUSA
2. Download the BetRivers app (optional)
3. Make a first deposit of at least $10
4. Place a first wager on any sport
5. If it loses, BetRivers will refund it as a bonus bet worth up to $500*

^{Max refund is $100 in AZ, IA, NY, OH, WV and $250 in CO, NJ}

More About the BetRivers Second Chance Bet Offer

The BetRivers second chance offer outshines most others because it has zero wagering requirements. That means anyone who receives a second chance bet can use it on any sport and immediately withdraw their winnings.

However, the BetRivers offer has a couple of limitations. First, bettors can only use their bet credits on wagers with odds of -200 or longer (e.g., -200, -110, +100, +300, etc.).

Additionally, bettors can only withdraw the net winnings if they use their bet credits to place winning wagers. All bonus bets expire 30 days after receipt.

• Read more: BetRivers Bonus
• BetRivers bonus code: BUSA

BetMGM Second Chance Bet

BetMGM welcomes all new customers with a second chance bet worth up to $1,000 when they register with the bonus code BUSABONUS.

Like the other offers described on this page, BetMGM’s second chance bet is worth considering because it features customer-friendly terms and lacks wagering requirements.

How to Claim This BetMGM Bonus Offer

1. Visit betmgm.com to sign up for an account with the bonus code BUSABONUS
2. Download the BetMGM app if desired
3. Make a first deposit of $10 or more
4. Place a bet on any sport
5. If it loses, BetMGM will refund it with a bonus bet of equal value worth up to $1,000

More About the BetMGM Second Chance Bet Offer

The BetMGM Sportsbook bonus features straightforward terms and conditions. The most important things for customers to know are that they must use their bonus bets within seven days of receipt.

One unique advantage the BetMGM second chance bet provides is that it issues any refunds greater than $50 as five individual bonus bets of equal size. For example, someone who places a $500 first wager and loses would receive five bonus bets worth $100 each. As a result, the BetMGM bonus gives customers more flexibility than most offers.

And finally, bonus bets are non-withdrawable. Bettors may only use BetMGM bonus bets to place wagers. However, any net winnings bettors obtain by wagering their bonus bets are immediately withdrawable.

• Read more: BetMGM Bonus
• BetMGM bonus code: BUSABONUS

How Second Chance Bets Work

The details vary from one second chance promotion to the next, but the general principle is always for bettors to place wagers and get refunds, typically paid as site credit.

For example, a user who claims a typical second chance promotion, places a $300 wager, and loses would receive a $300 bonus bet to use on the sport of their choice.

Some standard terms and conditions to be on the lookout for include:

• Minimum odds requirements: Some second chance bet promotions require customers to place their bonus bets on markets with odds of X or longer. For example, a promo that enforces a -200 odds or longer rule requires bettors to use their bet credits on markets with odds of -200, -100, +110, +200, +300, etc.
• Net winnings rule: Most bonus bets and bet credits only return the net profit when bettors use them to place winning wagers. For example, a bettor who uses a $50 bonus bet on a +100 wager would receive $50 in withdrawable cash instead of the $100 a regular cash bet would return.
• Expiration: All bonus bets eventually expire, often within seven to fourteen days. Bettors must always note how long they have to use their bonus bets, or they risk losing them.
• Single-use bets: Most bonus bets are good for a single use on one market. In other words, a typical bonus bet requires customers to use it in a single shot rather than splitting it up across multiple wagers.

How to Get Max Value from 2^nd Chance Bets

The best way to extract maximum value from second chance bets is to make high-variance plays. That means placing initial wagers and refunded bonus bets on big underdogs with legitimate chances to defy the odds.

Editor’s Note: Bettors should prioritize responsible gambling above all other considerations. It is never wise to place an uncomfortably large bet, no matter how great the odds may be. Bettors should only place wagers with money they can afford to lose.

There are two reasons for this. First, second chance bets provide an excellent opportunity to back undervalued underdogs.

Betting on underdogs is a high-variance play, but bettors can reduce the variance somewhat by leveraging second chance promotions. If the bettor’s first bet loses, the worst-case scenario is they get a bonus bet as a consolation prize.

But more importantly, it makes the most sense to also use refunds on wagers with long odds because bonus bets do not return the initial stake in payouts. That’s because the initial stake accounts for a large portion of the return on wagers placed at short odds.

For example, a $100 cash bet at odds of -300 returns $133.33 (the initial wager plus $33.33 in profits) if it wins. The initial stake in this example accounts for 75% of the payout.

In contrast, a $100 cash bet at odds of +300 returns $400 if it wins. Now, the initial wager only accounts for 25% of the payout.

The expected value calculations change when considering bonus bets because they don’t include the initial wager in payouts. Bettors can ignore the potential loss of the initial stake when calculating expected value because it’s gone regardless of the outcome.

For example, a $100 bonus bet at -300 only returns the net profit, or $33.33. Meanwhile, a $100 bonus bet on a +300 market returns $300.

The implied odds of winning a -300 wager are 75%, while the implied odds of winning a +300 wager are just 25%. Even though the underdog wins less often, it yields a higher expected value for bonus bets:

• A $33.33 payout 75% of the time on a $100 bonus bet yields an expected value of about $25 (33.33 x .75).
• A $300 payout 25% of the time on a $100 bonus bet yields an expected value of $75 (300 x .25).

Mathematically speaking, the optimal play is to use bonus bets on longshot underdogs. And it’s even better if the bettor can identify an undervalued underdog that will win more often than the odds imply.

Second Chance Bet FAQ