What Is A Bonus Bet?
A bonus bet is a common sports betting welcome offer that’s awarded to new customers.
Essentially, with a bonus bet, the sportsbook alleviates your risk by guaranteeing a refund if you lose your first-ever wager on the site.
In the event that you win that initial bet, you won’t receive a bonus since you haven’t suffered a loss.
However, in this scenario, you’ll have the profit from that first wager, which you can freely withdraw without having to satisfy any wagering requirements.
For instance, let’s say you sign up at a sportsbook offering new bettors a bonus bet of up to $500. If your first wager on this site is a $300 wager that ends up losing, you’ll be rewarded with a $300 refund—either in the form of Bonus Bets or site credit—giving you the opportunity to go again.
On the flip side, if this $300 wager ends up being correct and you win $200 from it, your total cash balance will be $500.
In this case, since the $200 isn’t bonus money, you’re free to withdraw it immediately.
What To Look For When Choosing Online Bonus Bets?
If you want to get the best bonus bet offers around, you’ll need to look for promos that prioritize the following things:
- Wagering Requirements – The best bonus bets have extremely low wagering requirements. Most sportsbooks will place an elementary 1x wagering requirement, making it extremely easy to cash the bonus funds. Offers with less restrictive conditions are the ones that bettors should target.
- Maximum Refund Amount – If you’re looking to maximize a bonus bet bonus, it’s best to target promos that offer massive refunds. This will allow you to risk more with the knowledge that you’ll get a considerable chunk of your money back if your wager happens to lose.
- The Expiry Date Of The Bonus – Every bonus comes with an expiry date. With bonus bets, bettors should go for offers that give them ample time to spend the refund. If possible, try to target offers that give you 7+ days to use the refund instead of limiting yourself to promos that severely restrict your spending time.
How Bonus Bets Work
bonus bets are pretty easy to understand.
As previously mentioned, a sportsbook will simply offer you a refund of a certain amount if the very first wager that you place loses.
Most bonus bets are worded in the following way: First Bet Up To $1,000.
In this example, you have to join the sportsbook to claim the bonus offer. Once you do so, the first wager that you place will have the guarantee of a refund of up to $1,000.
Advantages Of Bonus Bets
bonus bets have tons of advantages. Here are a few such merits:
- Reduces a bettor’s risk
- Gives punters a second chance at winning
- Can help boost your initial bankroll by allowing you to risk an enormous sum
- Reduces the pressure of winning your first wager
Disadvantages Of Bonus Bets
Despite the above advantages, bonus bets have a few considerable downsides. Here are a few of these disadvantages:
- You only receive a bonus if you lose your qualifying wager
- Only a bettor’s first bet is insured
- Most bonus wagers aren’t truly bonus since you still have to wager the refund
Restrictions Around Bonus Bets
It’s common for betting sites to place restrictions on bonuses as this prevents bettors from abusing such promos.
With bonus bets, here are the most common conditions you’re likely to come across:
- Minimum Odds Apply – With most bonus bets, your initial wager—and the resulting refund bonus—must be placed on sports events that meet the sportsbook’s minimum price. On most offers, the minimum odds requirement is usually between -200 and -300.
- Time Limits – Once you register, most sportsbooks will give you a certain number of days to place your first bonus wager—usually 7 to 30 days from when you signed up. If you get a refund, you’ll also need to use the bonus within a certain period of time before the funds expire.
How To Get Bonus Bets
bonus bets are commonly awarded to new customers, so the best way of receiving such a bonus is by signing up on sites that offer refunds to new bettors.
Once you sign up and verify your new account, simply place your first wager to qualify for a refund.
On some sites, you may need to present a valid promo code during the registration process.
Occasionally, a sportsbook may use a bonus wager as part of an ongoing betting promotion.
What Are The Best Bonus Bets For Existing Users?
Currently, none of the listed sites offer bonus promos to existing users.