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A FreeBet is an amount that can be used to place a sports bet. If your bet wins, the net winnings (winnings minus stake) will be credited as cash into your account balance.
FreeBets are available only on sport betting to place single and multi-bets, but not system-bets. There aren't wagering requirements, but you do need to use the whole FreeBet at once. If you have one to use, you'll see it in the upper right-hand corner of the sport betting pages.