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With sportsbook bonuses, you can boost your initial bankroll, giving you more moolah to punt on your favourite markets. The bookmakers that we recommend offer value-for-money bonuses with fair wagering requirements, but how do you discover the best sports betting bonuses for you? Keep reading our guide to find out.
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When it comes to the best sports betting bonuses, we’ve uncovered the most valuable offers out there. Online sports gamblers know that bonuses vary greatly from one bookmaker to the next, which is why we’ve put together this guide to teach you about the different types of bonuses and those all-important terms and conditions you need to be aware of.
How It Works
Just about every online bookmaker offers some type of bonus to new and loyal players. Sportsbooks know you’re on the hunt for bonus opportunities, and they’re vying for your business, which is why there are so many sportsbook promos right at your fingertips.
For many punters, deposit sports betting bonuses are what draw them in when it comes to deciding which sportsbook to sign up at. The overall odds, variety of markets and payout speeds count, too, but are often a second place to the number of bonus funds you can get just for making a deposit.
Sportsbook bonuses are certainly a great way to boost your initial bankroll, but picking a bonus isn’t as easy as depositing money and receiving the funds. There is some due diligence you need to follow to make sure you’re getting a fair deal.
To understand just how sports betting bonus works, you need to know about the different types of sportsbook promos on offer.
Types of Sportsbook Bonuses
|Deposit Welcome Bonus||The sportsbook matches a percentage of your deposit up to a specified amount.|
|Reload Bonus||Built for existing players, you receive a percentage of your deposit in bonus funds.|
|Free Bets||Free wagers on a particular game, attached to the welcome bonus or as a reward for loyal punters.|
|Events Bonus||Given for special sports events.|
|Express Bet Of The Day||A sports betting bonus with a pre-selected set of events and an included bonus rate on them.|
|Risk-Free Bet||If your bet wins, you get the win and your bonus. If the bet loses, you get your bet amount in real money but no bonus. If the bet partially wins, you get only your winnings and no bonus funds.|
|AllWin||Make wagers using the sportsbook’s funds. If your bet wins, the winnings are credited to your account. If the bet loses, you don’t lose anything.|
|OnlyWin||Bet with bonus money, and if you win, you’ll receive the difference between the bet and the win in real money.|
|Cashback||A partial repayment of a loss on a specific sport, competition or championship, often returned as a free bet or wager bonus.|
|Parlay Insurance||Great for making multi-tiered sports bets, Parlay insurance gives you a small refund if you lose your parlay by one leg. This bonus offers flexible betting options and the chance to make a high risk, high rewards bet.|
|Boosted Odds||Increased betting lines on specified outcomes. Boosted odds may increase your potential payout and are offered on various bets, like point spread, moneyline and over/unders.|
|VIP Rewards||Bonuses for high rollers and regular players, can include holidays, cards and exclusive promotions.|
Why do online sportsbooks offer sports betting bonuses? It’s their way of trying to gain new customers and retain regulars. It’s the same as the way online casinos offer signup and regular bonuses. The operators know that throwing special perks your way will keep you coming back for more.
But before you claim any bonus, you need to know the difference between the most popular types of sportsbook bonuses.
Bonuses vs Free Play
Most of the sportsbook bonuses you’ll come across are “free play” bonuses. With these, you receive a portion of your deposit in free-play form, with wagering requirements attached.
The biggest difference between free play and cash bonuses is that when you bet from your free play balance, the cash is removed from your balance, no matter what the outcome of your wager is. For example, if you have €300 in your free play balance and you bet €100 in free play funds, the total drops to €200, regardless of whether your bet wins or loses. If you win, your winnings are only added to your cash balance.
On the other hand, cash bonuses return both the stake and profits if your bet wins, making them the most favourable type of sports betting bonus.
Bet on Popular Sports Events
Now that you have an idea of the different types of sports betting bonuses to boost your betting bankroll, you’ll want to know which sports to spend them on.
Some of the most popular events at online sportsbooks include:
Getting your claws into online sportsbook bonuses isn’t as easy as making a deposit and claiming the reward. With pretty much all bonuses, there is a rollover rate (wagering requirement), and you must meet the requirements before you can cash out your bonus or winnings from the bonus.
A wagering requirement is the number of times your bonus (and often the deposit) must be wagered before you can withdraw your bonus.
For instance, if you deposit €2,000 and receive a 25% free play bonus, you get an extra €500 to bet with. If the bonus comes with, let’s say, a 4x wagering requirement, it means you’d need to bet at least €10,000 (€2,500 x 4) before you can get your hands on your €500 bonus. It may sound unreasonable, but it’s the bookmaker’s way of making sure punters don’t simply deposit, grab the bonus funds and be on their way.
But it’s a double-edged sword. Wagering requirements vary depending on the sports betting bonuses and operators. That’s why it’s important to read the terms and conditions and only bet at licensed sportsbooks that clearly set out their requirements. The most common wagering requirements for sports bonuses are between 3x and 6x.
The higher the wagering requirements, the more difficult it is to clear a bonus. Rollover rates within the 10x – 12x range make it almost impossible to clear without significant losses.
Clearing Sports Bets
You can simply wager the required amount to clear your bonus, but there are a few ways to maximise your funds, too.
Firstly, free plays don’t work the same way as money coming out of your cash balance, as we mentioned. But parlays allow you to wager the same amount several times on multiple different selections. For example, betting on 3-team parlays is a great way to maximise your chances of winning with a free play bonus and clear a rollover.
Secondly, you can lock in a profit using sure-betting or arbing. The latter involves locking in your profit due to differences in betting lines between two bookmakers. All you need to do is watch the betting market and take advantage of line moves to wager your free play funds on a market move while locking in the price at another bookmaker. For this strategy, though, you’d need to have two or more accounts at different online sportsbooks.
How To Claim a Sport Betting Bonus
Claiming and enjoying sports betting bonuses means choosing a bookmaker with an attractive offer right from the time you sign up. You can browse through our top list of sites and check out casino reviews and recommendations. Then, pick a site and register. It’s usually during the registration process, or at least when you make your first deposit, that you get to unlock a best signup bonus sports betting.
Most sportsbooks will automatically credit your account with the bonus sports betting, but others may require a bonus code, for you to opt-in, or you might have to contact customer support to claim an offer. Remember to read the terms, conditions and wagering requirements. You don’t have to take an offer if you don’t want to.
Once you’ve met the bonus’s wagering requirements, you can head to the bookmaker’s withdrawal section, pick your preferred payment method and request a withdrawal. While deposits tend to be instant, there’s usually a short processing time for withdrawals – which differ depending on the sportsbook and your chosen payment method.
If you prefer to punt on the move, you can always use a sportsbook’s mobile site to sign up, claim sports betting bonuses and play them.
Pros and Cons
While using sportsbook bonuses has its benefits, there are also a few drawbacks worth noting.
Yes, major sportsbooks offer the best signup bonus sports betting for new bettors and regular punters alike.
It all depends on what you prefer in terms of bonuses and the terms and conditions attached. You can check out different sites in our reviews section to see which odds and markets are on offer before signing up and claiming a sports betting bonus.
Keep an eye on the best betting sites and compare the various sportsbook promos to find free bets that work for you and your budget.
Yes, although they are rare. Some online sportsbooks offer no deposit free bets to new players who register an account.
For most punters, it’s a risk-free bet that gives you the opportunity to place one large bet as opposed to many large bets.
Typically, you need to be 18 years or older to sign up at online sportsbooks and claim the bonuses.
Yes, but you can only claim each bonus once. That aside, you can sign up at as many sportsbooks as you like and shop around for the best markets and odds.
These wagering requirements are set for you to receive bonus credits and ensure you are rewarded for betting as opposed to just using the site’s bonus funds and moving along to another site.
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