Sports Betting Bonuses - Everything You Should Know

Everything You Should Know About Sports Betting Bonuses

The world of sports betting is getting bigger by the day, and sportsbooks are doing their best to attract both rookies and more experienced betting fanatics. With the help of betting bonuses, almost anyone can get hooked on trying their luck while betting on sports.

However, these bonuses can often be confusing to newbie bettors. That’s why we’re here. We’ll remove any doubts about how to use sports bonuses by giving you clear instructions on how they work, the types of bonuses, the pros and cons of using them, and a lot more.

By the time you read our in-depth sports betting bonuses guide, you’ll be ready to bet on your favorite sports and increase your chance of winning big.

In this lengthy list of types of bonuses, we’ll explain them to you in detail so you can use them with ease once you start gambling on your favorite sport. We’ll throw in some examples so you’ll understand them even better.

Welcome Bonus

The welcome bonus is the first one that you’ll get when you start sports betting. You can claim this bonus by making an account at a sportsbook and transferring some funds to it. Some sportsbooks will demand that you enter a promo code as well to redeem the bonus.

The welcome bonus is also known as the “match-up bonus” because the sportsbook will reward you with an extra 100% of the money you invested when you opened your account.

To make this clearer, we will give you an example. If the sportsbook offers a 100% welcome bonus and you put $100 on your account, you will receive another $100 as your welcome bonus. This is an excellent offer for both novices and more experienced bettors because it is an efficient incentive that will entice you to place more bets.

Eventually, you can make some big wins just because you made that initial deposit and got the sign-up or welcome bonus. The welcome bonus percentage can typically go from 50% up to 400%.

Bear in mind that there’s a wagering requirement. That means that you have to wager the money you got from your bonus a particular number of times before you can withdraw the money made from the bonus. The wager requirement often ranges from 5x to 20x.

No Deposit Bonus

One of the most universal bonuses offered by sports betting sites is the no-deposit bonus. To get this bonus, you only have to make an account at a sportsbook.

This bonus is on the house as long as you create an account. The no-deposit bonus is generally smaller and funds you from $5 up to $100. We always recommend betting enthusiasts read the terms of the bonus.

For example, the welcome bonus commonly has a promo period of 7 to 30 days, which means you have to use it within that timeline. Also, you have to use the full amount of the bonus and divide it into more than one bet.

Free Bets

A universal promotional offer at a sportsbook is “free bets.”This bonus will award you with a certain amount of “free money” that you have the freedom to use for bets. The money from free bets will, of course, be lost if you lose a bet.

On the other hand, if you can pull off a win, you will get the amount of money from the bet.

We’ll explain this through a simple example. If you place a $50 bet with free bet money and profit $50 from the bet, you can keep the profits. You can also later withdraw that money from your account.

Keep in mind that sportsbooks set a limited amount for payouts, so you can’t make some big bets. Also, a wager requirement is set for free bets, which we explained earlier.

Risk-free bets

The risk-free bet, or as they call it, the second chance bet, is like the free bet but quite different. It is a promo bonus used to encourage players to keep betting even if they lose. With the risk-free bet, you use your funds, and with the free bet, the sportsbook gives you funds.

Getting a risk-free bet means that you’ve made a deposit on a bet, and if you lose, you get your money back. Let’s say that you’ve made a bet of $100 on a sports game, and you lose the bet. The sportsbook will refund you $100. But betting fans can’t withdraw that money. They have to make a couple of bets and start to make some wins before being eligible to cash out.

Enhanced odds or price boosts

Enhanced odds or price boosts are pretty self-explanatory sports betting bonuses. The sportsbook increases the odds of a particular match or tournament for a limited amount of time. Enhance odds are often capped at a lower increase because the sports betting sites want to minimize the risk of having to make a big payout.

For example, regular odds for a potential winner of a specific match are 2.00. But, for some time, the sportsbook will offer enhanced odds 2.50 for the same match.

The majority of enhanced odds bonuses are meant to retain betting fans who already have a betting account or to reward VIP program members. This bonus is rarely offered to newcomers, and when it is, they must make their initial wager to get it.

Cash Back

This type of bonus isn’t the most common offer that can be found in sportsbooks. Another name for the cashback bonus is the loss bonus. The basic premise of the cash bonus is that you’ll be reimbursed with a small percentage of what you’ve lost on a certain bet. In most cases, it will be around 5%.

Also, the cashback bonus can be rewarded only if you wager on certain sports, such as horse racing. Remember that even a small token of appreciation, like a reimbursement of a few percentages of the total amount of your lost wagered money, is a positive thing. In addition, it is an excellent incentive to entice you to place more bets at your favorite sportsbook.

Reload bonus

Bookmakers frequently reward you with a nice bonus when you place your initial wager. Some of them are more rewarding, and you may receive a bonus to encourage you to place your second wager.

The betting site will give you the exact amount of money for your second bet that you set when you made your first bet. That bonus is called the reload bonus.

To explain this type of promo offer more clearly, we’ll provide you with an example. When you make an account at your preferred bookmaker and place a bet of $100, you’ll be rewarded with another $100 to make your next bet.

Like in most bonuses, wagering requirements should be read so you can see how much you have to play through in order to withdraw your winnings.

Referral bonus

One of the most straightforward bonuses savvy or novice bettors can get is the referral bonus. Sportsbooks always look to attract more players to join them, and one way to do that is through the referral bonus.

If you have a friend or someone in your family who is keen to start betting, suggest they open an account. Once you refer them to the betting site and they make their initial deposit, you will get your bonus.

How big of a bonus you’ll get solely depends on how much funds your referred person deposits at a sportsbook. Like with every bonus, there’s a limit on how much you can get. Nevertheless, getting a bonus is always something positive, no matter the size of it.

Loyalty or VIP Programs

Sportsbook rewards its most loyal customers by offering them a chance to become a member of their VIP or loyalty program. The condition of getting a membership is to bet and spend a certain amount of money regularly.

To clarify how it works, you collect points after every wager you make. When enough points are gathered, you can become a VIP Program member.

There are a couple of levels of the Loyalty program, and the bookmaker will rank your loyalty to them via collected points. After that, you can reach a specific VIP Program level. Each level of the program will give you different perks. For example, you can get special bonuses on holidays and your birthday, private 24/7 customer support, and many other exclusive offers.

Most Common Terms and Conditions Of Bonuses

Now, we’ll explain to you the most common restrictions when it comes to rollovers.

Minimum deposit — you can get a lot of bonuses if you make your first deposit. Usually, the minimum goes from $10 to $20.
Minimum odds—You can get bonuses only if you meet the minimum odds terms you have to place on a particular match (usually 2.00).
Specific sports and matches—Bettors can bet on a wide range of matches and tournaments. However, promo offers can only be won if you bet on specific ones.
Limited time—The terms and conditions contain information on how long a bonus lasts once you’ve received it.
Withdrawal limit — some bookmakers will have a withdrawal limit on their bonuses, so please check out the terms and conditions of each bonus when it comes to this.

What Is A Rollover?

Familiarizing yourself with the bonus is as crucial as learning the basic terms of sports betting, including the rollover or play-through.

A rollover requires you to place a bet and spend a particular sum of money before you’re eligible to make a withdrawal of your bonus winnings. The goal of bookmakers is to encourage you to place a lot of bets, not to make fast withdrawals.

Let us walk you through how this works. For instance, your bookmaker offers you a 100% welcome bonus with a 5x play-through, and you make a $100 deposit. Then, you’ll have $200 to use for placing bets. The catch is that you can withdraw your winnings until you place bets totaling $1000.

This is how you calculate your rollover. You make your initial $100 deposit, and the welcome bonus gets you an extra $100. So, you take those $200 and multiply them with the 5x rollover. That will add up to $1000. As we’ve previously mentioned, check your terms and conditions for the bonuses.

Conclusion

In summary, bonuses guarantee making your sports betting experience more fun and enjoyable. We gave you some clear definitions of those bonuses and examples that can be of help when you start betting. Choose a sportsbook of your liking, limit how much money you’ll place on bets, and bet responsibly.

Make a wager with your first deposit, and redeem those bonuses!