In the exciting world of online sports betting, bonuses play a pivotal role for operators and punters alike. In fact, most, if not all, sportsbooks have special bonuses for new bettors and different frequent promotions for existing ones. So, punters are often spoilt for choice regarding incentives.
However, the plethora of options available and the terms and conditions involved can sometimes be daunting for bettors, especially beginners. In this article, we examine everything a beginner must know about online sports betting bonuses. Now, let’s dive in and explore.
What are Sports Betting Bonuses?
Betting bonuses are simply some form of benefit or promotion issued by sportsbooks to their new and existing customers. They are basically incentives that punters can use to place bets on sports games and win real money outside of their own bankroll. The primary goal of these offers is to incentivize bettors and encourage brand loyalty.
Sports betting bonuses typically come in various forms and at different periods, depending on the bookmakers. But they mostly all operate similarly and are designed to enhance punters’ betting experience and boost winnings. You can read more about attractive bonuses and promotions for your wagers here.
Types of Sports Betting Bonuses
Due to the competitive nature of the gaming industry, sportsbooks have created different ways to reward their punters. Whether you are joining the site for the first time or you’ve been a member for a while, there’s something for everybody.
No Deposit Sign Up Free Bet
The no-deposit offer is by far the most sought-after bonus in the gambling scene. It is an incentive that sportsbooks give to encourage new punters to sign up on their site. You get free credits to wager on games without making any initial deposit.
Deposit Welcome Bonus
This is the type of bonus bettors receive when they fund their accounts for the first time. With this offer, the sportsbook will match your first deposit by a certain percentage up to a specified amount. For example, a 100% welcome bonus promotion will effectively double your deposit. If you deposit $100, the bookie will also give you $100 in bonus funds.
Bet and Get Free Bet
The bet and get free bet is another popular offer across most sports betting sites online. This type of bonus requires that punters first lay down some money in wagers to redeem it. For example, you may see a bookmaker offer, “Bet $10 and Get $50 in bonus bets.” This means that after your first deposit, you still have to make a qualifying bet of $10 to get the $50 free bet. These days, the bonuses are matched and can go up to $300 or more.
Risk-Free Bets (Money back)
A risk-free bet bonus, also known as a money-back or second chance bet, essentially insures the wager that a bettor places. The way it works is that if a player’s initial bet loses, the sportsbook will refund the stake in bonus funds, providing a safety net.
Other Offers
Aside from the ones above, there are many other types of bonuses in the sports betting scene that punters can take advantage of. A few noteworthy ones include:
- Parlay/Accumulator boosts
- Odds boosts
- Loyalty freebies
- Reload Bonuses
- Cashback
- Referral bonus
Understanding the Bonus Terms and Conditions
Sports betting bonuses typically come with terms and conditions (T&Cs). These T&Cs dictate the usage of bonuses and determine whether they are worthwhile in the long run. So, it’s essential to familiarize yourself with them.
- Rollover/Wagering Requirement: The rollover or wagering requirement indicates how many times a punter needs to wager a claimed bonus before they can redeem the winnings gained from it. For example, let’s say you receive a $10 free bet with 10x wagering. In that case, you must wager a total of $100 (i.e., 10 x $10) before you can cash out.
- Validity Period: Sports betting bonuses usually have a short lifespan after you claim them, usually between 1 day and 1 month. You must meet the wagering requirement within the specified timeframe, or the bonus expires.
- Minimum Odds: Most sportsbooks typically restrict bettors from using their bonuses on heavy favorites by assigning minimum allowable odds. For example, a bookie may restrict its bonus offer to odds of 1.80, making it somewhat more challenging to make a successful bet.
- Accumulator: Many sports betting sites have implemented accumulator wagers as a requirement for their bonuses. This usually involves combining three or more individual selections into a single accumulator wager, naturally making winning much harder.
- Cashout Limits: Most sports betting sites also limit the amount you can cash out from winning with their bonuses. The actual amount will depend on the casino and bonus type.
Closing Thoughts
Sports betting bonuses are an excellent way to improve the sports betting experience. After all, they can significantly increase players’ bankroll, providing them additional value and more chances to win. Thankfully, there are loads of bonus offers available across many sports betting sites online that punters can enjoy.
However, no matter how tempting a bonus looks, checking the fine print is essential. The rollover requirement, eligible market, minimum qualifying odd, and other T&Cs., can make an offer less worthwhile than it seems.