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Bettors universally welcome bonuses and promotional offers because of the significant advantages that they hold.
Bonuses may be packaged in many different ways, but they basically give bettors more betting money upon depositing, and some bonuses require no deposit at all from a bettor! Other bonuses increase a bet’s odds or boost a bettor’s potential winnings.
Since there are many types of bonuses, bettors need to be aware of the common types they are bound to encounter. For that very reason, we’re going to cover bonuses in-depth.
Sportsbooks give bonuses to incentivize betting action on their sites; therefore, they get the business while bettors get additional betting money. While many may think that the bookies have the advantage in this trade-off, most of the advantages are actually on the bettor’s side.
Some of the advantages explained below show why bettors should always look for betting bonuses:
Bonuses cannot be withdrawn instantly because of specific requirements known as rollover requirements.
Rollover requirements require that you wager the bonus—and the deposited amount in relevant bonus offers—a certain number of times before making a withdrawal.
So if you see that a bonus has a 3x rollover requirement, it simply means that you have to bet with the bonus three times before you can withdraw it. Most bookies won’t force you to place three separate bets in the example above, but that you at least triple the bonus before unlocking it.
Rollover requirements play a huge part in helping bettors choose the best bonuses. Since bettors naturally want their winnings within the shortest time possible, searching for bonuses with less stringent rollover requirements should always be a top priority.
So always keep rollover requirements in mind when you’re choosing between bonuses from different sportsbooks.
To get a bonus, bettors first need to have a bonus code. Bonus codes, also known as promo codes, are a unique set of numbers and letters used to trigger bonus offers. Such codes are easily available on the internet, mainly on promotional material and betting websites.
If you have a bonus code, follow these steps to claim a betting bonus from a sportsbook:
It’s important to note that you may not always need a bonus code. If you sign up through an affiliate link, you won’t be required to enter any promo codes, but you’ll still end up getting the bonus.
As stated before, bonuses can be packaged in many different ways. Some are given upon signing up, others are given daily or weekly, while others are given as loyalty bonuses.
The main types of bonuses that bettors will most likely come across are discussed below:
Risk-free bets are bonuses that give you your stake back, to a certain amount, in the scenario that the first bet that you place loses. Though it’s mainly used as a welcome bonus for new customers, risk-free bets are occasionally used during ongoing promos.
So in case you’re very unsure about an upcoming bet and have the option to opt for a risk-free bet, doing so will technically "insure" your bet. If the bet ends up losing, you get your stake back and can use that refunded credit to place another bet. In case the bet ends up winning, you lose nothing and can continue betting.
The main benefit of a risk-free bet is that you have a win-win situation since both outcomes guarantee a return with no loss.
However, risk-free bets have a few major setbacks:
Sign-up bonuses are welcome offers reserved for new customers. These are rewarded when one completes registration on a betting site.
The three main sign-up bonus offers are risk-free bets, first deposit bonus, and no deposit bonus.
If you're signing up for a new account, ensure that you get one of the above offers since getting such offers is an easy process.
However, sign-up bonus offers are only for new customers, and most books limit such offers to one account per household.
A matched deposit bonus is probably the go-to bonus choice for many sportsbooks, so don’t be surprised if you see this bonus very often.
Here, the first deposit that you make on a site is matched up to an initially stated amount, hence why it’s also called the first deposit bonus. The most common way that a matched deposit bonus is advertised is in this form: 80% Deposit Matched Up to Z Amount. So depositing $100 in this example will give you an extra $80 in bonus credit that you can use to place wagers.
A matched deposit bonus is best used when one is new to a site and doesn’t want to invest too much in it at first; however, don’t dismiss this bonus if you come across it during an ongoing promo.
The obvious benefit of this offer is that you can receive a greater bonus by depositing a larger amount, as long as it is still within the sportsbook’s stated bonus limit. Since many books offer a 100% match that doubles your deposit, this can be highly advantageous.
However, stringent rollover requirements often accompany this bonus, so always check on that first.
Boosted odds simply means what it sounds like: your odds get a substantial increase with this bonus offer. Since higher odds=higher winnings, you get a larger payout than you would have before without increasing your level of risk.
So say that your three-game parlay had odds of +800; a boosted odds bonus offer might bump that to +900 or +1000 without increasing the number of games in your ticket. So instead of cashing out $900 on a $100 stake, you can end up with $1000 or $1100 in this example.
Boosted odds are usually offered daily or on special events like the Super Bowl or Stanley Cup. Searching for boosted odds during these special events is a wise choice because most sportsbooks have promos for such occasions, largely due to the high level of competition that these events attract.
Aside from higher winnings, boosted odds usually don’t have rollover requirements attached to them. You can withdraw the bonus winnings earned instantly without having to play them a certain number of times.
However, one downside of boosted odds is that they are mostly restricted to events chosen by the sportsbook. Bettors don’t have the luxury of choosing events that they want to bet on.
Juice in betting is another term for vigorish, which is the amount that sportsbooks charge a customer for taking their bet. Juice is not paid as an upfront fee but is always integrated into the betting odds.
Reduced juice, therefore, means a decrease in the cut that sportsbooks charge. Bookies often take a 10% cut, which is why most events with a 50/50 chance have odds of -110 rather than +100. With reduced juice, these events usually have odds of between -105 to -107, giving bettors a bit of some added value.
The terms reduced juice, enhanced odds, and boosted odds are often used interchangeably, though their application is slightly different.
The main benefit of reduced juice is that bettors pay less for a bet, which helps them save a lot of money in both the short and long term.
However, reduced juice isn't commonly used by most mainstream sportsbooks since such books often opt for other more lucrative bonus options.
Reload bonus schemes often target loyal customers. Bettors get a bonus each time they reload (deposit), and the bonus is usually a certain percentage of the amount deposited. This bonus can be given daily, weekly, or monthly, depending on the bonus’s terms and conditions.
For example, a sportsbook might give a user a 50% deposit bonus for the first deposit that they make every week.
So users who are usually loyal to one sportsbook should go for this offer.
However, users who often jump between sportsbooks most likely won’t qualify for this offer.
Most online sportsbooks have casino extensions, so they give users free spins as bonuses that can be redeemed on any of their casino offerings. Bettors get several free spins that allow them to play their preferred casino games without paying.
The good thing is one can still win money on the casino games using these free spins, but the chances of winning something substantial are usually very low.
Bettors adore no deposit bonuses because such bonuses do not require any financial investment. Since it’s usually a welcome bonus, users are given this bonus when they finish signing up on a sportsbook. No monetary deposit is required to trigger the bonus, meaning that this is the closest thing to free money that a bettor could yearn for.
The upside, of course, is that one can still place bets without risking their own money. The downside is that this offer is rarer to come by because of its obvious perks.
Additionally, this offer often has stringent rollover requirements attached to it.
Cash bonuses are given in cash, meaning that they are directly added to your main account balance. On the other hand, free play bonuses are separate from the main balance and need to be wagered to become cash.
Additionally, with cash bonuses, you get the winnings plus the stake if you were to wager the bonus, while with free plays, the winnings are not inclusive of the staked bonus.
E.g., if you bet a $50 free play bonus at odds of +100, you only get the winnings, $50, instead of the usual $100 that a normal bet would have returned.
It’s obvious that cash bonuses are superior, but sportsbooks are aware of this, and that’s why they prefer to go for free play bonuses instead.
Terms and conditions are extremely important in bonuses because they lay out the essential information that a bettor needs to know.
Every sportsbook has its specific terms and conditions, so it’s always important to read through a sportsbook’s terms before opting in. This is because things like rollover requirements differ between sportsbooks, so knowing the requirements that a sportsbook has laid out will appropriately inform you on whether pursuing the bonus is worth it or not.
Additionally, every bonus has an expiration date stated on the terms and conditions, and knowing when your bonus will expire will help you plan accordingly.
Other important details, such as deposit limits and minimum amount of odds required, are also always stated in the terms and conditions. So always read the terms and conditions to prevent future disputes from arising.