The Real Value of Money Back Free Bet Offers at UK Bookmakers

Updated October 2026

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27 October 2026 · verified against the Gambling Commission’s public licence register

A “money back” offer rarely gives you your money back. It gives you another go, often as a free bet whose stake you never see again, on terms set by the bookmaker and policed, since 19 January 2026, by a Commission that caps wagering at 10x and bans promotions that mix betting with casino, bingo or lottery play. This page ranks ten UK-licensed bookmakers that run a money back as free bet deal, walks through what each one is really worth, and shows where a newer or fresher offer beats a more familiar name on the same headline.

How a Money Back as Free Bet Deal Actually Works

A money back as free bet deal is a hedge the bookmaker sells you against one specific outcome. You place a real-money bet on something the operator names — a first goalscorer, an accumulator with enough legs, a correct-score line. If the bet loses, the operator credits your account with a free bet, typically equal to the stake that just went down, and you take a second swing on whatever the offer’s terms allow. If your original bet wins, there is nothing to come back for and the promotion simply passes you by.

Three terms decide whether any of that is worth having. The first is whether the free bet returns its stake with a winning wager. Most do not: Sky Bet is explicit that free bet winnings do not include the stake, so a £10 free bet at 3/1 returns £30 in profit, not £40, and that £10 of credit is gone the moment you press confirm. The second is the wagering requirement — how many times the bonus has to be turned over in qualifying bets before anything can be withdrawn. Under the Commission’s 2026 cap, that number tops out at 10x for any bonus offered to qualifying bets, and a bookmaker asking for more is breaking the rules. The third is the minimum odds each qualifying bet must be placed at; 1.75 (7/4) and 2.0 (evens) are common, and anything below that line does not count toward turnover.

Two consequences follow. A free bet is most valuable on a long-odds selection where the bookmaker’s margin is smallest relative to the price, because what you lose on margin you gain on the odds. And a money back offer is a side bet on your own judgement — if you expected to win the original wager, you wouldn’t have wanted the safety net in the first place. The honest framing is that money back deals price uncertainty for the punter who is already uncertain, and the price the punter pays is the stake-not-returned rule and the terms attached to the free bet that replaces it.

The Landscape in Great Britain: What the 2026 Rules Changed

Three things moved at once. The first is the 10x wagering cap on bonuses, in force since 19 January 2026. A £10 bonus used to be sold at 50x, which meant £500 of qualifying bets before a penny could be withdrawn; under the cap, the same £10 bonus tops out at £100 of qualifying bets, and any operator that asks for more is out of line. The second is the ban on mixed-product promotions — any offer that asks you to gamble on two or more product types, such as a sports bet that hands out casino free spins, is no longer permitted. The third is the steady tightening of safer-gambling controls: a financial vulnerability check fires when deposits minus withdrawals exceed £150 in a rolling 30-day window, and a multi-stage plan for fuller financial risk assessments has been published without a start date.

What the rules did not touch is just as important. There is no statutory cap on the size of a stake or a win; operators set their own maximums and may restrict individual customers. There is no national register of permitted markets, so novelty, politics and esports markets stay on the menu at each operator’s discretion. There is no list of approved payment methods, and the credit-card ban applies to credit cards and credit-card-funded e-wallets, not to debit cards or open-banking transfers. And the Commission has neither banned nor blessed cryptocurrency deposits; each operator decides for itself.

The shape of the market follows from that. The licence register runs into the hundreds; ten operators do not exhaust it, and a place in any shortlist is not itself a licence. Two of the brands below run under the same holding company, and several of them are newer names that did not exist in the high-street era. What every one of them shares is the same regulator, the same GAMSTOP membership, the same bonus cap, and a duty to verify a customer’s name, address and date of birth before the first deposit — including when the first deposit is just to qualify for a free bet.

Criteria That Matter When You Compare Money Back Offers

Five things separate a useful offer from one that reads better than it pays. The first is the wagering requirement and where it sits against the 10x ceiling; offers that don’t ask for any rollover are common, and they are the ones worth knowing about. The second is whether the free bet returns its stake; a deal that returns stake and winnings on the free bet is rarer and more generous than one that returns winnings only, and the difference is exactly the size of the free bet itself. The third is the minimum odds on the free bet, because a 1.75 floor is much easier to clear than a 3.0 floor on the same nominal value.

The fourth is the qualifying bet: what triggers the free bet in the first place, how much it has to be, what odds it has to carry, and how long you have to place it. A deal that credits a £10 free bet for a £10 losing wager at evens is generous in headline and modest in practice; a deal that asks for five £10 wagers at 2.0 in a seven-day window is asking for £50 of turnover before a single free bet lands. The fifth is expiry — Sky Bet gives 30 days, Coral gives 7, and a free bet that expires before it can be used is one that returns zero no matter what the headline says.

A sixth criterion hides inside the offer: market coverage. A free bet restricted to singles and each-way bets, with multiples excluded, will not be useful to anyone whose edge is in accumulators; a free bet that excludes virtuals cuts off the customer who only bets on simulated football. The free-bet terms read like boilerplate, but each clause that looks like boilerplate is a place where the operator has decided what kind of punter the offer is for.

A Direct Comparison of the Ten Licensed Operators

Star Sports’s licence in the public register is account 9177 (009177-R-104555-019); the table above shows the register entries as they did not appear under the trading name at the snapshot taken. Operators such as Sky Bet, bet365 and BetVictor run offers in this space and appear in wider comparison pages but are not part of this ranked set.

Statute and Enforcement: What a GB Licence Actually Buys

A Gambling Commission licence buys five things and not a sixth. The punter gets identity verification before any deposit, GAMSTOP coverage for self-exclusion, the 2026 10x bonus cap, a Commission complaints route through which withheld funds can be pursued, and an approved alternative dispute resolution body. The punter does not get anonymity, and the credit-card ban and the £150 vulnerability check are also part of the price. Every brand in the table above has all five protections, because every one of them is on the public register against a remote betting licence.

A Curaçao, Malta or Gibraltar licence is not a substitute. Since the Gambling (Licensing and Advertising) Act 2014, an operator whose remote facilities are used in Great Britain needs a Commission licence wherever it sits. An offshore brand may accept a UK customer, but it does so without the Commission’s checks, limits or complaints route, and a customer who loses funds to an unlicensed operator has no British consumer redress. Enforcement runs through cease-and-desist notices, search-engine referrals and work with registrars, hosts and payment providers; court-order DNS blocking powers have been signalled but were not in operation at the snapshot taken.

Spread betting sits on a different regulatory rail entirely. Financial spread betting on indices, shares and currencies is regulated by the Financial Conduct Authority under the same framework as CFD trading, and losses on a financial spread bet can exceed the original stake. Spreadex runs both halves: it is regulated by the FCA for spread betting and by the Gambling Commission for fixed-odds betting, and its own site warns that spread betting losses can exceed deposits. Anyone tempted by a spread-bet welcome offer should read the FCA’s risk warning before signing anything.

Wellbeing and the Safeguards Around a Welcome Offer

A welcome offer sits on top of the same safer-gambling controls that govern every other bet. GAMSTOP self-exclusion is a licence condition for every brand in the table and covers periods of six months, one year, five years, or five years with auto-renewal; after the minimum period ends the exclusion stays in place for a further seven years unless the customer asks GAMSTOP to remove it. A financial vulnerability check triggers when deposits minus withdrawals exceed £150 in any rolling 30-day period, and the operator is required to run a public-record check at that point — bankruptcy, county court judgments and the like — before accepting further deposits. There is no state-set deposit ceiling; the customer sets their own gross deposit limit at sign-up and can adjust it later.

The 2026 bonus cap sits alongside these checks for a reason. A wagering requirement of 50x on a £10 bonus asks for £500 of qualifying bets, and a customer being walked through that rollover is the customer who is least likely to come out ahead. The cap, the GAMSTOP membership, the vulnerability check and the identity verification all push in the same direction: an offer a punter cannot afford to chase is not an offer the regulator wants the punter claiming.

Help exists. GamCare runs the National Gambling Helpline. GambleAware funds treatment and research. NHS gambling clinics operate in several regions, and Gamblers Anonymous runs peer-support meetings. None of these routes asks whether the customer is in front of a welcome offer at the time, and none of them has to wait for a problem to be visible before the call is worth making.

Smarkets

Smarkets is a betting exchange rather than a traditional bookmaker, and that distinction shows in the welcome structure. The qualifying bet is a £20 wager at minimum odds of 3.0, and the payout is £60 in free bets credited within 48 hours — a 3x headline on the qualifying bet, which is large against the field. The free bet can be used with Cash Out, the Bet Builder feature and live horse racing streams, which are not always offered by exchange-led welcome packages.

Three things to know before claiming. The qualifying odds floor of 3.0 is steeper than the 2.0 floor at Coral or the evens floor elsewhere, and a £20 wager at 3.0 carries more risk than a £20 wager at evens for the same £60 headline. The free bet is exchange credit and behaves under the exchange’s own settlement rules; lay and back are both available on the credit, but the credit itself cannot be withdrawn as cash. And Smarkets runs a second sportsbook brand, SBK, with a separate welcome offer that is structured as a £20 deposit and a £20 qualifying bet for £60 in free bets under similar terms, so a customer who has already used one welcome offer cannot use the other.

The verdict: best for the experienced exchange customer who already plans to back a 3/1 selection and can stomach a losing qualifier to clear the rollover. Less suited to a first-time customer whose first instinct is to back a short-odds favourite.

William Hill

William Hill’s Football Acca Boost is not a money back offer in the strict sense. It pays an extra percentage on winning accumulators, scaling from 3% on a double up to 200% on 20+ legs, with each leg at 1/5 or bigger and the entire boost capped at £10,000 per online bet. The promotion runs until 30 May 2027, which is unusually long for a bookmaker boost and signals that William Hill expects the offer to sit at the centre of its football pitch for the rest of the season.

The catch is structural. The boost pays only on a winning accumulator, so it is a sweetener for the customer who would have placed the acca anyway rather than a safety net for one who would not. The minimum odds of 1/5 per leg allow heavy odds-on shots, which means the boost does not save the punter from short-odds legs but does save them from a single losing pick bringing the whole thing down. And the £10,000 ceiling sits well above the stake size most recreational customers will reach, so the cap is a marketing line rather than a practical limit.

The verdict: best for the acca punter who backs five or more football legs a week and wants a percentage on top of the winnings. The boost is not a substitute for a money back free bet and should be read as a long-running loyalty mechanic rather than a one-shot welcome.

Bet600

Bet600’s welcome offer asks for five qualifying single bets of £10 or more at minimum odds of 2.0 within seven days of registration, after which a single £10 free bet is credited. Read that carefully: five wagers at £10 is £50 of qualifying turnover for a £10 free bet, and the free bet is the only thing returned — there is no stake return, no acca insurance, no boost on top. Compared with Coral’s £20 for £40 or Smarkets’ £20 for £60, the headline value is small and the qualifying cost is the same or higher.

Two things offset that. The 2.0 floor is the same as Coral’s and lower than Smarkets’ 3.0, so each qualifying bet is easier to place. And the offer is part of a newer app whose broader product (in-play markets, Bet Builder features, price boosts on selected events) is competitive with the established names even if the welcome is modest. A customer who plans to bet on football over the first week regardless can clear the rollover for a free bet that costs nothing in marginal stake.

The verdict: best for the customer who would place five singles at evens in their first week anyway and wants a small free bet on top. Unsuitable as the main reason to choose the brand.

Coral

Coral’s headline is “Get £40 in Free Bets when you bet £20” — a 2x return on the qualifying stake, with minimum odds of 2.0 (1/1) and a seven-day window from issue for the free bets to be used. The free bet cannot be withdrawn as cash and the stake is not returned with a winning wager, which is the standard arrangement across UK licensed operators and not a Coral-specific clause.

Three things matter beyond the headline. The offer must be qualified with a debit card or instant bank transfer; e-wallets and prepaid cards do not trigger it, and a customer funding the £20 with Apple Pay or Revolut Pay should check before staking. Coral also runs a free daily Reward Shaker, an Odds Booster on hundreds of markets and free-to-play games including Football Super Series with a £10,000 jackpot, so the welcome is one part of a larger promotional structure rather than the whole of it. And Coral and Ladbrokes share the same licence holder, so a customer who has used one welcome cannot use the other.

The verdict: best for the new customer placing a first bet at evens who wants a generous free bet on a familiar brand with a deeper safer-gambling and rewards stack behind it.

VBet

VBet’s welcome offer is the cleanest money back deal in the table: a £10 free bet if a new, verified customer’s first-ever bet of £10 or more loses. There is no minimum odds floor above the £10 stake, no seven-day window for the qualifier, and no requirement to place more than one bet. A customer who registers, verifies, deposits £10, places a single wager on anything and loses it walks away with a £10 free bet.

The trade-off is the size of the free bet. £10 is half of Coral’s headline and a sixth of Smarkets’, and the free bet does not return its stake. The verification step is also the moment the offer either becomes available or does not — VBet, like every GB-licensed operator, has to confirm name, address and date of birth before the first deposit, and the welcome is conditioned on that check passing. For a customer who has moved from an exchange or a smaller bookmaker and is verifying for the first time, VBet is a low-friction way to land a free bet.

The verdict: best for the first-time verified customer who wants a single wager to count toward a free bet. Unsuitable as the reason to choose VBet over a higher-headline rival.

Kwiff

Kwiff’s Supercharge is not a money back offer in the conventional sense — it boosts the odds on selected bets after placement, with examples published in the app showing a 2/1 selection jumping to 20/1. The boost can land on a single bet or a multi and applies to any sport, so the mechanic is closer to a randomly-promo-ed price boost than to a refund structure. The boost is automatic once triggered; the customer does not opt in per bet, but cannot choose which bets qualify.

The gamble is on the trigger. A boosted bet pays more if it wins, but the original odds still apply if Supercharge does not fire, and a customer who assumed they had locked in 20/1 can find themselves paid at 2/1 when the bet wins. Kwiff publishes examples rather than a fixed percentage, and the effective value of the offer depends on how often the boost lands and on what odds. For the punter who likes the surprise, the offer is novel; for the punter who wants to know the price of a bet before placing it, the offer is harder to read.

The verdict: best for the customer who treats the offer as a feature of an already-attractive sportsbook rather than as a reason to switch. Not a money back deal in the strict sense and should not be compared with Coral’s £40 or VBet’s £10 on the same axis.

10bet

10bet advertises a 100% deposit bonus up to £50 plus daily free bets and free spins on sign-up. Under the 2026 cap, the bonus is offered as bonus funds subject to wagering, and any free spins component would have to be on casino only — a mixed-product offer that hands out casino free spins alongside a sportsbook bonus is banned under the new rules. A customer who sees free spins advertised should check the terms for which product the bonus credit applies to and what the wagering requirement is on each part.

The casino component is the part most likely to confuse a new customer. A 100% sportsbook bonus at 10x is generous on the sportsbook side — a £50 deposit would carry £50 in bonus funds with £500 of qualifying bets before withdrawal — but a casino bonus typically carries a higher wagering requirement and a different games weighting, and the two cannot be tied together under the post-2026 rules. The daily free bets are useful on their own and are not subject to the same rollover as the sign-up bonus.

The verdict: best for the customer who plans to use the sportsbook bonus and treats the free spins as a separate product. Read the wagering terms carefully before committing the £50 — the headline is generous, but the multiplier is real.

Star Sports

Star Sports runs Bet Boosts, Daily Specials and Weekend Enhanced Boosts on pre-event and in-play markets across football, horse racing, golf and US sports. There is no single welcome offer on the table in the same way as Coral’s or VBet’s; the value comes from ongoing price boosts rather than a one-shot free bet, and the structure suits the customer who already bets on the four sports Star Sports leads on rather than the customer chasing a headline free bet.

The market coverage is the differentiator. Star Sports carries a deep horse racing book alongside football and golf, and the in-play product is consistent with the established names rather than thinner than them. The licence register lists Star Racing Limited as the holder, and the remote licence category is general betting standard on real events — the same category as the larger high-street names. For a punter who likes to back weekend racing or US basketball with a boosted price, Star Sports is a more interesting home than for someone whose betting is concentrated on Premier League matchdays.

The verdict: best for the customer whose betting is spread across horse racing, football and US sports and who values ongoing price boosts over a one-off free bet.

Sporting Index

Sporting Index runs a fixed-odds sportsbook alongside its spread-betting products, and the welcome offer combines the two. A £10 fixed-odds bet at 1/2 or bigger unlocks three £10 fixed-odds free bets, three £5 Total Goals spread bets, three £5 Winning Favourites spread bets and a £1 Race Index spread bet. The qualifying bet cannot be placed in-play or cashed out early, and the spread-bet tokens are designed to be used on Sporting Index’s own markets.

The spread-bet element is the part that needs a warning. Spread bets can lose more than the stake, and a customer who has never placed a spread bet before is being asked to use ten small spread-bet tokens on products that carry real downside risk. A £5 Total Goals spread bet, for example, pays or loses per goal above or below the spread, and the loss on a heavy-scoring game can dwarf the £5 stake. The fixed-odds free bets are straightforward; the spread-bet tokens are not. Customers who do not want spread exposure can leave the tokens unused, but the headline value counts them in.

The verdict: best for the customer who already uses Sporting Index’s spread-bet products and wants the fixed-odds welcome as a topping. Unsuitable as a first introduction to spread betting.

Fafabet

Fafabet’s standout offer is Best Odds Guaranteed on UK and Irish horse racing — if the starting price is bigger than the price taken, the bigger odds are paid. BOG has been a standard racing promotion for years and is not a money back offer in the strict sense; it is a price guarantee that pays extra when the market moves in the punter’s favour between the time of betting and the off. Fafabet applies BOG from 9am on race days across win and each-way bets.

The welcome structure is built around the BOG rather than around a free bet, which makes Fafabet more useful for the regular racing punter than for the customer whose betting is concentrated on football or tennis. The licence is held by Taichi Tech Limited, one of the newer holding companies in the register, and the brand sits in the second tier of UK-licensed sportsbooks rather than the household-name tier. For a customer placing a £10 each-way bet on a 3pm race who wants the SP safety net, Fafabet’s BOG is the offer that pays.

The verdict: best for the racing-led punter who values BOG above a free bet and is comfortable betting with a less established brand.

What a Free Bet Is Actually Worth: The Arithmetic

A free bet is worth less than its nominal value because the stake is not returned with a winning wager. On a two-way market priced at 1.90 / 1.90 — fractional 9/10, or just shorter than evens — the payout share of the market is 1 ÷ (1/1.90 + 1/1.90), which works out to about 52.6%. The value of a £10 free bet at those odds is then £10 × (1.90 − 1) ÷ 1.90 × 0.526, or roughly £2.49 in expected return. A customer who treats the £10 free bet as if it were £10 in cash is overstating its worth by a factor of four.

The same arithmetic on a 3/1 selection (decimal 4.00) gives a different picture. The market payout share at 4.00 against 1.25 is about 80.0%, and the free-bet value becomes £10 × (4.00 − 1) ÷ 4.00 × 0.800, or roughly £6.00. The lesson is the opposite of what a punter might assume: the free bet is worth more when it is placed on a long-odds selection, because the stake-not-returned rule costs less in proportional terms at a bigger price. A 2/1 shot at decimal 3.00 against 1.40 gives a free-bet value of roughly £4.55; a 1/2 shot at decimal 1.50 against 2.50 brings the value down to about £1.65.

These are expected values, not guaranteed returns. A free bet is a one-shot wager and the outcome is binary — win the bet or lose it. The arithmetic tells a punter what the credit is worth on average across many such wagers placed at the same price on the same margin; it does not tell them whether this particular free bet will pay out. The honest summary is that a £10 free bet at a short price is worth around £2.50 in expectation, that the same £10 at a long price is worth closer to £6, and that the £10 in headline terms is never the £10 the customer can bank.

How to Read a Money Back Offer Before Claiming It

Three checks catch most of the bad deals. First, find the wagering requirement. If it is above 10x, the offer is non-compliant with the 2026 cap and should not be claimed; if it is 0x, the offer is a genuine free bet and the headline is the headline. Second, check whether the free bet returns its stake with a win. Sky Bet, Betway and most of the licensed field do not return stake, and that single clause is the difference between a £30 return and a £40 return on the same winning free bet. Third, check the expiry. A free bet that expires in seven days is a free bet that has to be used immediately; one that expires in 30 days can be held for the right price.

Two more checks sit underneath. The minimum odds on the free bet are the practical ceiling on what the credit can be placed on, and a floor of 1.75 is friendlier than a floor of 3.0 because more markets clear it. And the qualifying bet — what triggers the free bet in the first place — is where most of the risk sits. A deal that asks for five singles at 2.0 in seven days is asking for £50 of qualifying turnover, and a customer who would not have placed those bets anyway is paying for the free bet out of their own edge.

A bonus for a deposit-gated package stacks these checks together: how much of the deposit is bonus, what the wagering requirement is, what the minimum odds are, when the bonus expires. The 2026 rules cap the rollover but say nothing about the time limit, and a bonus that has to be turned over in three days is a different proposition from one that allows thirty. None of this is hidden, and all of it is in the publisher’s terms — the work for the punter is to read them before the deposit rather than after.

Where the Comparison Lands

Two brands lead the headline value: Smarkets at £60 in free bets for a £20 qualifier, and Coral at £40 in free bets for a £20 qualifier. Smarkets’ offer is bigger but the 3.0 minimum odds makes the qualifier harder to clear, and Coral’s offer is smaller but the evens floor is easier to land. For a customer whose first bet is already going to be a 3/1 shot, Smarkets is the obvious pick; for a customer whose first bet would naturally be at evens, Coral is.

Three brands offer something that is not a money back deal in the strict sense: William Hill’s acca boost, Kwiff’s Supercharge and Fafabet’s BOG. Each rewards an existing customer behaviour rather than refunding a losing bet, and each is more useful as a long-term feature of the sportsbook than as a one-shot welcome. A punter who already backs five-fold accas, likes the surprise of a boosted price or backs UK racing every Saturday will find these offers worth more than the headline £10 free bet elsewhere.

The newer brands — VBet, Bet600 and Fafabet — sit below the established names on welcome value but above them on the friction of the offer. VBet credits a £10 free bet on the first losing bet with no minimum odds, Bet600 offers a £10 free bet for £50 of qualifying turnover, and Fafabet’s BOG runs from 9am on every race day. A customer who wants the smallest possible qualifying commitment lands on VBet; one who wants the deepest racing offer lands on Fafabet; one who plans to bet on football in their first week regardless can clear Bet600’s rollover for a free £10. The ten brands do not collapse into one another, and the right choice depends on what the punter was going to bet on anyway.

Frequently asked questions

What is a money back as free bet deal?

A money back as free bet deal is a promotion that credits a free bet to your account if a named wager loses. The free bet is the refund, and it replaces the stake that just went down. Most free bets do not return their stake with a winning wager, so the credit is worth less than its headline value, and the offer is a hedge against a losing bet rather than a refund in cash.

What does money back in free bets mean?

“Money back in free bets” means the refund is paid as a free bet rather than as cash. A £10 losing wager that triggers the offer is replaced by a £10 free bet, not by £10 returned to your withdrawable balance. The free bet is then played once under the operator’s terms, and the winnings — without the original stake — become withdrawable once any wagering requirement has been cleared.

What does use money back in free bets mean?

“Use money back in free bets” is the instruction to place the credited free bet on a market the offer allows. The free bet is used by adding a selection to the bet slip, choosing “use free bet” or equivalent at checkout, and confirming the wager. The free bet is consumed when the wager is placed; if the bet loses, the free bet is gone and there is no further refund; if it wins, the winnings are credited subject to the offer’s wagering terms.

What is the maximum wagering requirement on a betting bonus in Great Britain?

The maximum is 10x. Since 19 January 2026 the Gambling Commission has capped wagering requirements on bonuses at 10x, and a bonus offered at 50x — the historical norm — is no longer permitted. A £10 bonus at the cap requires £100 of qualifying bets before withdrawal. Whether the cap applies to free bets with no wagering condition has not been settled, and operators handle those on their own terms.

What do minimum odds and the wagering requirement mean in a sign-up offer?

The minimum odds are the smallest price at which a qualifying bet counts toward the wagering requirement; a bet placed below the minimum does not count and is, in effect, lost turnover. The wagering requirement is the number of times the bonus has to be turned over in qualifying bets before winnings can be withdrawn. A bonus with a 5x wagering requirement and a 1.75 minimum odds asks for £50 of qualifying bets, each placed at 1.75 or higher, before any withdrawal is allowed.

Why is the stake of a free bet not paid back with the winnings?

The stake of a free bet is not paid back because the bookmaker has already paid for it. A £10 free bet is a £10 credit the operator hands over; if the bet wins at 3/1, the operator pays £30 in profit, and the £10 stake that would normally be added to a real-money return is the £10 the operator never collected from the punter in the first place. Returning the stake would make the free bet equivalent to cash, and operators price the credit on the assumption that it is not.

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