Today we are going to talk a little bit about betting bonuses, and all the different ways they can be used to make you a winner. Most sportsbooks offer so many bonuses that they can be hard to keep track of or understand how to use.
That’s why we are here. Let’s break down a few different bonuses for a number of sportsbooks and make you a winner today!
There are many different types of betting bonuses in the world of sports betting. So many, in fact, we will likely miss several in this rundown. What we will do is break down each of the most common and popular bonuses with several different sportsbooks.
So, what types of betting bonuses are offered at these different sportsbooks? We will get to that.
The first thing you need to do is select an online sportsbook that best suits you. Many different variables can come into play when selecting a book to use.
The largest variable is whether that particular sportsbook is available and legal in your home state. Chances are, if betting is legal in your home state, one of the following books will be legal, or you’ll be able to find one that is with comparable bonuses.
Currently, the most popular sportsbooks in legal betting states are as follows, in no particular order:
All of these books will likely be the first you will see open in states where sportsbooks have been made legal. Most of these will not only offer mobile sports betting bonuses but also live bonuses at the brick and mortar location or their casino affiliate.
Each individual book offers many fantastic bonus offers to its customers, but one stands head and shoulders above the others when it comes to giving free money: DraftKings. It truly is the king right now.
Most are called sign-up bonuses or risk free sign-up bonuses, and they come in many different forms.
The most common of these are the ‘match your first deposit’ or ‘match your first bet’ bonuses. These are fairly simple to understand, but you’ll always want to read the fine print as they can differ from site to site.
It is important to note that users will very rarely receive a full-on cash bonus. You will either receive a risk free bet or what is known as a deposit match.
A risk free bet offer is exactly what it states. The site will typically match either the amount of your first deposit or the amount of your first bet, and sometimes both.
For example, say you deposit $100 for your first deposit, and the sportsbook says it will match your deposit. It will match it with a risk free $100 bet. You cannot cash the risk free bonus out; you must first place a bet with it.
After placing your bet, if you win, most books will also reclaim their risk free bet amount, leaving you with the winnings. While it isn’t as lucrative as it seems on paper, it is free money nonetheless.
These risk free bets that match your deposit on sign-up or first bet will almost always have a minimum and a maximum that they will match. As previously stated, always read the fine print.
When sportsbooks offer to match via playthrough, things get a bit more complicated. Some books offer a 20 to 25% deposit or bet match bonus that is paid out as ‘playthrough’, or betting the deposited amount.
For instance, with DraftKings, for every time you bet $25, DraftKings will deposit $1 into your account until the total of the playthrough bonus is reached or the expiration date on the bonus hits, whichever comes first.
Like most bonuses, this helps both the sportsbook and the user. More users sign up for the sportsbook, and the users get free money.
Many sportsbooks use both of those methods for new users. They will offer a free bet when you make a deposit, and also match 20% your first deposit up to $1,000.
DraftKings offers a $50 free bet when you make your first deposit of at least $5. In addition to the free bet, DraftKings also gives you a 20% deposit match up to $1,000 for a total bonus amount up to $1,050.
The free bet is awarded when you make your first deposit. The 20% deposit match is paid out in accordance with their play through requirements. Currently, DraftKings awards $1 of bonus for every $25 bet.
The maximum bonus amount possible is $1,050. So if you were to deposit $50, you would receive the $50 free bet plus a $10 deposit bonus (20% of your deposit amount).
FanDuel offers $1,000 in risk free bets upon sign-up, but read the fine print because its is a tad different and also a little more complicated.
If you wager $1,000 for your first bet on FanDuel, it is completely risk-free. Meaning if you lose, FanDuel will cover the loss.
However, if you win, it will only offer you up to $50 in promotional bets. There is very little reason not to deposit and bet $1,000 if it is your first time betting with FanDuel.
This type of bonus is known as a money-back free bet and is one of the most popular amongst the major sportsbooks. Some sportsbooks will offer this type of bet and allow users to take their stake back in the middle of a contest, sort of like bettors insurance. Obviously, terms and conditions will apply.
FanDuel also offers an initial deposit match of up to 20% of the deposited amount. The deposit bonus works the same way as at DraftKings. You will have to play through the deposited funds to receive small amounts of the bonus as you play.
These playthrough scenarios are not as complicated as they sound. In a nutshell, every time you place a bet, the sportsbook will release a small percentage of your bonus until it is met or expires.
Very rarely will any book offer free cash as a bonus. Almost all of these bonuses will be offered in the form of free bets. When you place a free bet, the sportsbook will almost always take the bet amount back if you win, leaving you with only the winnings.
There can also be other restrictions on this form of bonus. FOX Bet has a slightly different setup for its sign-up bonus.
FOX Bet also offers a free bet of up to $500 for your first bet with the book. It will match your first bet as long as it’s $500 or less and has odds no greater than -200.
If your bet has odds better than -200, FOX Bet will not match it. This is the case with many other books as well. It goes back to the most important thing in all of this, which is read the fine print.
BetMGM also offers a deposit bonus of up to $1,000. BetMGM, unlike a few of the others, will match 100% of your initial deposit in free bets, all the way up to $1,000. Most only offer playthroughs for deposit bonuses or will only match a percentage of your deposit.
BetMGM also offers the Money Monday Club for both new and existing users. If you sign up for the club and place $50 in qualified wagers through the week, you will receive a free $10 bet every Monday to do with what you please.
For those of you who love to play parlays rather than single bets, BetMGM offers a bonus in the form of parlay insurance. On qualified parlays, you can choose to insure the bet for up to $25. It also has a monthly parlay leaderboard that offers many bonuses, rewards, and promotions.
While BetRivers may not be the best book for bonuses, it does offer a rather interesting sign-up bonus. It will match your initial deposit of up to $250, but rollover conditions apply to the bonus and withdrawal.
Rollovers are very similar to playthrough bonuses. If you deposit $250 with BetRivers, it will match the $250, and you’ll start with $500. However, a 1x rollover is required before you can withdraw your deposit or bonus.
This means that you will have to put $500 in play before you can withdraw your funds. This is comparable to taking the initial bet and only allowing users to keep the winnings of a free bet, but just a tad different.
Compared to other sportsbooks that offer rollover bonuses, a 1x rollover is actually very good. We’ve seen them as high as 5x with other books. A rollover of 1x is much better because chances are, users plan on betting most or all of the amount that they initially deposit in most cases.
It is one of the few ways that a book can add to your account rather than just offering you free bets. Regardless though, a user isn’t allowed to withdraw the amount of the free bet until they’ve played through a certain amount. In this case, you’ll have to play through your deposit and the bonus before withdrawing.
Unlike other books, BetRivers mainly sticks with the deposit bonuses rather than having ongoing bonuses for existing users. Most books will offer what is known as odds boost bonuses that basically just multiply the odds of a contest a certain amount.
Some of these odds boosts will also have minimum and maximum bets you can make for the contest. In BetRivers’ case, it often only boosts odds on farfetched games and contests that have little chance of success but bring a very nice payout when they do succeed.
Other books have offered some of the craziest boosts that we’ve seen since sports have kicked back off from COVID. In an attempt to lure bettors back to the books, we have seen point spreads of over 100 in NFL games and odds of over +1000 on many games and props.
Odds boost bonuses will likely pay off more than any sign-up or free bet bonus because they are ongoing and for existing users rather than just new sign-ups. Be on the lookout for these odds boosts, as they are often very smart bets. Always go back to the cardinal rule, though, and read the fine print.
Before signing up for any sportsbook or online casino, always check the bonuses and promos that it offers. Some change quite often, and an offer you saw a few weeks ago may no longer exist.
Any form of bonus should always be taken advantage of. Of course, the sportsbook may profit off the bonus as well, but that doesn’t mean it can’t also be to the user’s advantage.
As long as you have read all of the details of the bonuses and promotions that your favorite sportsbook offers, we highly encourage taking advantage of them. Free money can be free money in many forms.
You may need to sign up for multiple books to take advantage of all of the free money out there, which we also encourage. Even if you are forced to deposit a small amount at each, the more bonuses and bets you have out there, the better the odds of ensuring a big win in your favor.
So get out there and go on the hunt for these bonuses and free sports bets. Remember, risk-free does not always mean risk-free, and always read every detail of a bonus’ terms and conditions.
We cannot stress enough how important that is. We also can’t stress enough that if someone is offering you free money, you should almost always take it. Good luck out there.