How to Make the Most of Sportsbook Bonuses
The sports betting industry continues to grow across the United States, and that’s good news for plenty of parties, namely sports bettors and sportsbooks. Ever since May 2018 when the US Supreme Court overturned the Professional and Amateur Sports Protection Act, allowing states to make their own decisions regarding sports betting, several sportsbooks continue to position themselves as the leaders in a booming industry. Sportsbooks are aiming to lure new users to their platforms and keep them there. One major way they do this is by providing bonuses for sports bettors.
Bonuses are a fantastic way for you to start out because you’re getting value in spots where nobody else is unless they’re also new users on the same betting platform. In addition, there may be times when your preferred sportsbook will offer a bonus to existing customers. Bonuses are sportsbooks’ way of bringing in new customers and trying to keep them happy. Sportsbooks are getting more and more creative as they try to compete in an expanding market.
That’s great news for sports bettors as the competition grows, and it’s up to you to extract the most value out of the bonuses you have at your disposal. In this article, you’ll learn everything you need to know about bonuses and how to get the most out of them.
Best VA sportsbook bonuses 2022
With sports betting in Virginia set to begin, the major sportsbook competitors are lining up in an effort to become the go-to place for Virginia bettors. While sports betting is not yet live in Virginia, below are some of the sportsbooks that are expected to operate inside the state. In addition, we listed bonuses available for first-time users in other legal states.
- FanDuel Sportsbook: Risk free first bet up to $1,000.
- DraftKings Sportsbook: Deposit bonus up to $1,000 plus a $50 matched bet on deposit.
- William Hill Sportsbook: Risk free first bet up to $1,001.
- BetRivers Sportsbook: Deposit match bonus up to $250.
- FOX Bet Sportsbook: Risk free first bet up to $500.
Each of these bonus offers may contain restrictions, so be sure to read the fine print before taking on one of the offers. The sportsbooks should be able to answer any questions you may have, so you can make the most informed decision possible.
The different types of online sportsbook bonuses
Online sports betting bonuses come in a variety of forms. Some are to attract new customers, while others are available for the entire betting public. With those types of bonuses, sportsbooks are trying to ensure existing customers feel cared about. And who’s going to say no to free money? Below is a list of some of the bonus types you’ll see at sportsbooks and what they mean.
- Deposit match bonus: You generally need to be making your first deposit to receive this type of bonus offer. Sportsbooks may differ in the percentage that they will match, and they may have different maximum deposit figures.
- Risk free bets: When you’re using your risk free betting bonus, you can place your wager wherever you feel it should go. If you get that bet correct, it’s no different from placing a regular wager. However, if you use a risk free bet and get your pick wrong, that’s where this bonus comes in handy. The sportsbook will refund you the amount you lost on the bet, and you’re free to make your next wager.
- Matching bet offers: Similar to a risk free bet where you can get your money back if your bet loses. However, if that first bet wins, you’ll still gain the free bet.
- Money back free bets: Bettors get their money back if the game ends in an odd way such as losing the game in overtime or in extra innings.
- Reduced juice: As you likely know if you’ve familiarized yourself with the sports betting space, the standard vig, also known as juice, is typically -110 on each side in many cases. However, sometimes sportsbooks can reduce that to -105, for example, letting you earn more of a profit than you otherwise would with a winning bet.
Why do online sportsbooks offer bonuses?
Sportsbooks offer bonuses for a few reasons. For one, it’s because they are looking to bring in new users. With new-user bonuses, sportsbooks make the sacrifice in the hope of attracting a long-term customer. Sportsbook operators are not stupid. They calculate the risk in every decision they make, and they recognize that giving essentially free money to a new customer can lead to a profit in the long run. The sports betting space heavily favors the house, so they’re likely right in assuming this is a worthwhile trade-off.
Additionally, once the sportsbook brings in a new user, it’s important to keep that customer satisfied. Sportsbooks know their competitors are vying for users from the same community — that being people interested in betting on sports. It’s up to each individual sportsbook to prove its product is worth using more than the others, and bonuses can go a long way in establishing trust with the customer.
Bonuses truly are one of the rare win-win situations in the world of sports betting. Sports bettors get to use house money on bets to entertain themselves, and sportsbooks add new customers.
How to claim a sportsbook bonus
Claiming a bonus may vary from sportsbook to sportsbook, so it’s always important to ask questions when you don’t fully understand something. This is your money, and you should use it in the best way possible when betting on sports. Be sure to follow the directions of the bonus in your account, and if there is a promo code to receive the bonus, make sure you’re typing that in correctly.
While many bonuses appear on the sportsbook mobile app or website, one thing to note regarding bonuses and keep an eye out for is that some will come from outside sources, whether it be from a website, a podcast or a radio show you listen to. These sources could direct you to a particular sportsbook with a special promo code that you can use to claim a bonus.
Most sportsbooks will have a promotions page especially for the bonuses available to you. It’s important to check out the rules for each bonus you sign up for because there may be certain elements you need to consider before you can even cash out.
How to clear a sportsbook bonus
What do you need to do before you can take the money you received through bonus offers and withdraw the winnings? It will vary by sportsbook and even by promotion, which is why it is critical to keep looking through all of the rules and regulations. In addition, the regulated sportsbooks should have excellent customer service and be willing to offer assistance whenever you need help or have questions.
Sometimes sportsbooks will have certain requirements that you need to meet in order to cash out the winnings off a particular bonus. That could mean a playthrough requirement, which essentially means you would need to wager the money a set number of times in order to be able to cash it out.
Tips to maximize benefits of sportsbook bonuses
Remember that you can certainly claim bonuses from multiple sportsbooks and don’t need to be tied to just one. This could get you double the bonus offerings, and you can shop for the best lines when placing your wagers.
In addition, do your homework before deciding where to go with your money. A large bonus offer is likely the way to go, but make sure you’re not getting inferior betting lines with that sportsbook. There are lots of sportsbook reviews that you can check out to compare sportsbooks across the industry.
Understanding terms of sports betting bonuses
Just like everything involving bonuses, sportsbooks may do things differently. It’s up to you to make sure you read the terms and conditions and ask questions regarding any bonus you’re looking to use. As we mentioned earlier, some bonuses may have betting requirements that you have to reach in order to cash out. That could also include a time limit requiring you to bet a certain amount in a short period of time, which is something to watch out for.
A few other examples of restrictions that might be out there include a maximum bet that limits how much you can wager. In addition, you might be allowed to have just one active bonus at a time. To start a new one, you’d have to close out the requirements for your previous bonus offer.