Bonus. The one word that every handicapping enthusiast adorns to hear. And in the world of sports betting, it can only mean one thing – free money will assist your bankroll and fund the betting account said bonus is stemming from. Sportsbook bonuses are an age-old tactic that bookmakers have utilized to keep their consumer base happy since the dawn of sports betting. The basic thesis has never altered: give bettors a reward for placing sports bets or entice new customers by offering them various bonuses.
Sportsbook bonuses are the online equivalent of complimentary casino gestures – perks solely created to generate business and keep existing customers positive about the services offered. The online version slightly differs where a bricks-and-mortar casino would offer free meals, tickets, hotel rooms, or room upgrades.
How Does a Sportsbook Bonus Work?
With the gambling industry growing at an unprecedented rate, a plethora of different bonus types are offered. As thousands of bookmakers compete with one another, the most common form and the leading method to producing the best sportsbook bonuses is to provide money or free bets. However, much like any consumer deal in this world, terms and conditions are often attached, such as rollover requirements and the refusal to withdraw bonus money without using it to wager first.
It’s imperative to read each bookmaker’s bonus terms and conditions before accepting their promotional offers to gauge whether or not the bonus is right for you, the customer.
Let’s take rollover requirements, AKA wagering requirements, for example. These cash bonuses require the bettor to gamble their bonus a certain number of times before a withdrawal process can be requested. They’re usually listed with numerical values, e.g. x10, x20, x30, and this figure represent how much you’ll need to wager before clearing the bonus amount. If you were to deposit $200 into an account and the promotional bonus offered 50% with a x5 rollover, you’d be entitled to a $100 (50% of $200). To claim the reward, you would need to bet x5 $200, although it isn’t usually a requirement to bet the entire amount all at once, and it can be broken down into smaller staked wagers.
Fear not; if the above bonus seems daunting, there are a multitude of bonus opportunities outside of this realm. Alternative bonuses could involve a cash amount, such as $100 of bonus money or another amount that matches your initial deposit.
Always pay attention to the allotted time requirements. Depending on the sportsbook you are using, you could be presented with a limited time to claim your bonus; if you haven’t claimed before the set time, the bonus will disappear.
Which Sportsbook Bonus Is the Best for Me?
There isn’t necessarily a correct answer to this question. Every bettor is different and individual preferences are put into play. The best I can offer is by running through some of the most common bonus types, and you can then decide for yourself.
Sign-Up Bonus
The sign-up bonus is what almost every sportsbook will offer new customers upon their initial sign-up. It’s often the most significant and worthwhile bonus at online sportsbooks.
The sign-up bonus, also known as the welcome bonus, rewards new customers for becoming a new member, and it’s usually in the form of cash and free bets.
Matched Deposit Bonus
Matched deposit bonuses give you a percentage return on your initial deposit, therefore increasing your bankroll instantly. If a website offers a %50 matched bonus, and you deposited $500, you will receive an extra $250 into your account. Bonus offers of this variety will vary, but collecting a 100% matched deposit isn’t uncommon if you find the right sportsbook. With that said, 100% matched deposits will be limited, don’t just assume that depositing your life savings is a possibility.
Reload Bonus
Reload bonuses are for existing customers that can no longer receive a cash bonus or first deposit bonus. Sometimes, sportsbooks will offer you a matched percentage deposit to receive an extra bang for your buck when reloading your account. They are significantly lower than first deposit bonuses, but nobody turns down free money, right?
Free Play Bonus
A free bet bonus does exactly what it says on the tin; bettors receive a free bet incentive to wager with. These bonuses can be offered to new customers in the form 2,3,4 or even 5 free bets but also get offered to existing customers – mainly those who’re regularly active will receive the most free bets, and those who haven’t used their account in some time may be offered a free bet as an incentive to return.
Sport-Specific Bonus
Some sportsbooks offer bonuses for particular sports. For example, you could receive a free bet for the NFL, NBA, or March Madness. These bonuses usually remove the original stake from your winnings and sometimes allow you to wager on parlays on the sport they offer.
Why Should I Use a Sportsbook Bonus?
Bonuses are fundamental promotion tools for sportsbooks worldwide, but that doesn’t mean they aren’t helpful. They’re a fantastic way to grow your bankroll or have fun on some riskier odds with money you won’t actually lose from your deposited cash.
