Bonus. It’s one of the best words in the English language. And in the sportsbook world, it usually means more money just for funding your account. Bonuses have been a part of the online sportsbook industry since its inception – though they have changed over the years, the basic premise remains the same: give bettors a reward for placing their sports bets.
The best sportsbook bonuses are the online version of casino comps – perks designed to draw in more business and keep existing bettors coming back. In a bricks-and-mortar casino, comps (short for “complimentary”) are free things like hotel suites or room upgrades, show tickets or free meals.
Best Sports Betting Bonuses
How do Sportsbook Bonuses Work?
A sportsbook bonus generally comes in the form of money or free bets – more on that below. If a store offers you a BOGO deal on sneakers (buy one, get one free), there may be certain restrictions in place. For example, they may be limited to certain brands like Stan Smiths or Air Jordans.
It’s important to read the bonus terms and conditions before accepting any offers because each betting site has its own rules or wagering requirements. Sometimes referred to as rollover requirements, these are often listed with numerical values such as 5x, 10x or 25x. This number tells you how much you’ll have to wager in order to clear your full bonus amount. Let’s say you were to deposit $100 to your account and the bonus offered was 50 percent with a 5x rollover. You are entitled to a $50 bonus (50% of $100). To claim your reward, you would need to bet the equivalent of $500 ($100 x 5). However, you don’t have to bet $500 all at once but can break it down into smaller wagers.
Other bonuses come attached with dollar amounts. They may offer cash amounts, like up to $100 in bonus money, or another amount that matches your deposit.
Another thing to look for is the time requirement. Depending on the sportsbook, you may have a limited time to claim your bonus – like 30 or 60 days – otherwise it disappears.
Odds may also come into play with your sportsbook bonus. This means that if you bet $10 on the Cowboys at -110 and they lose, you would earn $10 toward your rollover requirement. However, you would only earn $9.09 if they win. It’s kind of like extra credit for your bet coming up at a loss. Some betting sites go even further and won’t allow you to use your bonus on strong favorites.
What is the Best Sportsbook Bonus?
The answer to that question depends on you, the bettor, and your preferences. Let’s break down the types of bonuses and you can decide which one is best for you.
This is a generic term for bonuses made available to new depositors. It’s usually the largest and most advertised bonus at an online sportsbook, often seen splashed across banner ads.
The idea behind the sign-up bonus – or welcome bonus – is to incentivize people to sign up for an account and give them a reward for doing so. Cash and free bets are the most common type of reward.
Deposit Match Bonuses
This advantage, also known as a cash bonus, allows you to receive a percentage of your initial deposit to add to your bankroll. For example, if you were offered a 50 percent match bonus, and you deposited $100, the betting site would add $50 to your account. The match rates vary from book to book and can be anywhere from five percent to 100 percent of your qualifying deposit.
The type of currency and deposit method you use can also influence the bonus. Bitcoin bonuses are becoming incredibly common as cryptocurrency grows in popularity. Some sports betting sites will also offer match bonuses if you use a certain coinage such as USD, CAD, euros, GBP or rupees.
Free Play Bonuses
The free bet incentive is meant to give you a worry-free wager. Instead of giving you a dollar amount match for your first deposit, you would get a freebie. If you win your free bet, the funds go into your account as it would with any other winning ticket. If you lose your free bet, you may be offered another bonus with rollover requirements that you can redeem right away to keep playing.
For existing customers who have already received their cash bonus or first deposit bonus from signing up at the site, you’re not done with advantages just yet. You could be offered a reload bonus. When you add more money to your account, the sportsbook may give you a percentage match of five percent or 10 percent. So, if you were to add $100 to your bankroll and the sportsbook bonus is 10 percent, you’d get an additional $10 to bet with. Reload bonus amounts are usually lower than those of first deposits. You may even see deposit option-specific reload offers like credit card or Bitcoin bonuses.
Some sports betting sites offer bonuses that are for certain sports. For instance, you could get five percent of your deposit for making March Madness picks. If you are known to bet on football, the site may give you a bonus for wagering on the Super Bowl. These may come with a rollover or odds restriction.
The Sportsbook Bonus Advantage
Bonuses are a great way to grow your bankroll and have fun wagering at your favorite betting site, as long as you follow a few key principles: