What is Stake Not Returned?

Stake not returned is the standard condition attached to a free bet: if the bet wins, the player collects the winnings but not the face value of the token that was staked. The token is consumed by the bet whatever happens, so a settled free bet leaves the account with less than a cash bet of the same size would have. The arithmetic is clearest at a fixed price. A cash bet at decimal odds of 3.00 returns three times the stake, two of which are profit and one of which is the stake coming home. A free bet at the same price returns only the two. Its real worth is therefore always below the number printed on it, and the shortfall widens as the odds shorten, because at short prices most of a return is the stake and the stake is the part that is withheld. This is why free bets reward being placed at longer odds than the holder would normally back: the shorter the price, the more of the token's value is thrown away. Two things are worth finding in the terms. Whether the offer says stake returned, which does exist and is a materially better deal, and the minimum odds requirement, which usually blocks the very short prices where the token is worth least.