Sports Betting Bonus
Can we all agree that a great sports betting bonus and bonuses in general are the main reason why most of us wish to bet on sports in the US? But, how free is that free gift or bonus?
Bonuses make betting attractive, and this attraction is the main reason why most companies are investing in betting, earning billions in revenue. But is that the only reason why you wish to explore the sports betting arena, you might be in for a rude a shock which is why recommend reading this article. It outlines everything you need to know about bonuses as well as the wager requirements.
With hundreds of online casinos offering sports betting services and even more attractive bonuses, choosing the right betting site and understanding what a 200X bonus actually means is essential.
So, you first have to understand why these companies offer bonuses you have to pay for, somehow.
- To attract new customers
- To encourage dormant customers to be active
- As a reward to its existing customers
In short, the bonuses show you to the gambling site’s door and encourage you to spend money.
Types of Sports Betting Bonus and Promotions Offered by Sportsbooks
A deposit bonus is the most popular form of sports betting bonus across the gambling scene. It represents the type of bonus offered by the sportsbook or casino you are gambling at. The casino will offer to match a portion of your deposit. A deposit of $100 with a 100 percent match bonus means your account will have $200.
The percentages offered vary significantly from one sportsbook to another, and you also should read the fine print in detail before accepting a deposit bonus. In most cases, there are requirements you have to meet for you to withdraw that sports betting bonus – this is the playthrough requirement.
Bonus deposits are only great if you are a long-term bettor.
Most of the sportsbooks you come across offer free bets. Unfortunately, they are not as free as the adverts claim. This is because whenever a sportsbook offers a free bet, they will not give you the promised amount of money to bet with. Instead, they are offering a risk-free bet. Think of it as insurance. Should you lose your first live bet, the sportsbook will only reimburse you up to the amount quoted as the free bet. This offer will only pay if and when you lose.
What happens if you win? Well, nothing. You’ll only collect the winnings and get moving. Think about your home’s insurance – you only get compensated if the thing you protected your home from happens.
This has to be the coolest promotions in the online betting scene. Why? With this promotion, your sportsbook will only take a tiny percentage from your bet as the house fee. This fee is also called the rake or house fee, or the juice.
Whenever you win a bet, you will realize that there is little missing money. So, reduced-juice bonus refers to the bet promotion where the sportsbook chooses to offer a favorable, something they don’t do ordinarily. The juice is only available for bets like totals and spreads where the two teams have a similar payout. Note that the sportsbooks tinker with the payout odds for them to be in everyone’s favor.
If you see a reduced juice bet anywhere, choose one side and bet on it. The house rake is low, and you don’t need many wins to profit.
However, a reduced juice bet isn’t helpful in the event of a loss.
The reload bonus looks a lot like the deposit bonus, save for the fact that it isn’t applicable to the first deposit you make. While gambling sites give huge bonuses whenever you make your initial deposit, they don’t always have many players on the bad run side of things or the ones wishing to top up to their accounts. So, when they offer the reload bonus, it is something you should consider taking up; even when you are not looking to top up your account.
Here’s how to enjoy this sports betting bonus: load up your account then pretend you don’t have the use for the money or that it isn’t in your account. Once you clear the set requirements with the usual bets you planned to make, you can then withdraw your wins plus the bonus earned from the reload bonus.
Some reload bonuses run year-round, and others are offered periodically.
Rakeback Bonus/ Cashbacks/ VIP Bonus
Casinos and books will reward you points whenever you bet to collect points and to move to the VIP level later. You can also use the points in exchange for merchandise and cash back among others.
In other VIP programs, there are point multipliers when you move up the levels. Such promotions increase your points-to-cash-back-ratio as you move up the levels.
Free Swag and Gear Bonus
Knowing that you may be a great sports fan, a sportsbook might run a promotion that will earn you a free swag or a gear from your favorite teams. T-Shirts, signed equipment, hoodies, and other sporting memorabilia are common.
How do Sports Betting Bonuses work
All bonuses offered by a sportsbook will have a catch in the form of a wagering requirement. The wager requirements applicable are in the form of time limits and rollovers.
A sports betting bonus with a rollover requirement is a common wager requirement. For example, if you deposit $200 to the sportsbook for a 50% bonus, and with a rollover of 5X, it means that you will have $300 to bet, but you cannot withdraw that money until you place a $1500 in bets ((200+100) x5)
Time and Odd Restrictions
In other cases, sportsbooks will impose time limits and odd restrictions on the rollover. What this means is that the sportsbook will credit you the amount of risk for a lost bet, and a lesser of your risk or the win in case of a winning bet.
Several books will have strict rules against betting on big favorites as a way of clearing out the rollover. Also, watch for time limits on rollovers. If you rush through the bet to clear an unknown threshold will result in losses.
Other wager requirements/ Restrictions include:
- No withdrawals within 30 days of claiming a sports betting bonus
- Bets of less or equal to a particular amount will not count
- Bonus can only be used in Casino, Sports, and Horses
- You only get one active bonus running at a time
- For multiple bets, one minimum selection should have an odd of ½ or 1.50 or more to meet the turnover requirements.
So, be careful about bonuses and always read the fine parts.
Staying on top of promotions
- Join a sportsbook’s email list
- Follow them on social media
- Ask them
Note: When a sportsbook runs a promotion, you are not certain that you will be included in the promotion. So, you might want to inform the sportsbook that you wish to be included.
To reiterate what we mentioned above, always read the fine print.