What are Sports Betting Promos? Understanding Sportsbook Bonuses & Promotions

Bonuses are an integral part of the sports betting world. Online sportsbooks have realized the importance of sports betting bonuses, and that’s why most online sportsbooks have a welcome bonus, in addition to other ongoing promos.

Most bonuses are advantageous to bettors; this is why you’re always encouraged to take advantage of bonus offers when you find one with a lot of value. However, with the numerous types of sports betting bonuses that are available these days, it’s easy for bettors to get confused.

To help you understand the essentials, we are going to discuss all the different types of sports betting bonuses, so read on!

What Are The Different Types Of Sports Betting Bonuses?

In the sports betting world, you are going to interact with a variety of bonuses, and each is going to have its own unique perks.

Typically, sportsbooks have a special welcome offer that is solely reserved for new customers. Aside from that, they also have ongoing promos that existing customers can take advantage of.

So when you’re registering on a sports betting site, you’re most likely going to see one of the following welcome offers: no deposit bonus, first deposit bonus, or a risk-free bet. In addition to these three, there are other types of bonuses that we are also going to discuss below.

Risk-Free Bets

With risk-free bets, you get a refund of a certain amount if your qualifying wager ends up losing.

For example, let’s say that your qualifying wager is a $300 bet. If that bet ends up losing, the sportsbook will credit you with $300 in bonus funds that you can use to place a different wager. However, you have to keep in mind that you won’t get a bonus if you win your initial bet.

When used as a welcome bonus, typically, your first bet is the one that is insured. In such cases, you don’t get a refund if you lose your second, third, fourth bet, etc.

How to Use a Risk-Free Bet

First Deposit Bonus

With first deposit bonuses, sportsbooks credit you with an amount that is equal to your first deposit. Such bonuses are usually written in this way: 100% match up to $1,500. So, in this example, if your first deposit is worth $1,000, then the sportsbook will credit you with $1,000 in bonus funds.

Matched deposit bonuses are great because you have the freedom of choosing the bonus amount that you wish to receive. However, you always have to keep the advertised bonus limit in mind to avoid depositing more than the book is giving out.

How to Use a Deposit Bonus

No Deposit Bonus

For a majority of bettors, finding a no deposit bonus is like drinking from the holy grail.

As the name suggests, this bonus has one major perk that triumphs all the other welcome bonuses: you don’t require a financial deposit to get this bonus. With this bonus, you’re literally playing with the bookies’ cash!

However, unlike the other two welcome bonuses, this bonus is extremely rare. Plus, most no deposit bonuses usually focus on small amounts, so don’t expect a $1,000 no deposit bonus from a sportsbook.

Boosted Odds Bonus Offers

Odds boosts are another great bonus offer. With such an offer, your odds get a substantial increase, but your selections still remain the same.

So, let’s say that your four-game parlay is priced at +600. With an odds boost offer, those odds can be raised to +800, +900, or even more depending on the book’s offer.

Typically, selections that receive odds boosts are usually chosen by a sportsbook, so you may not have the freedom of applying an odds boost on certain bets and events.

Free Bets

Free bets are like complimentary bonuses that come in fixed amounts. So when you’re going to place a bet, you’ll be given the option of using the free bet currency to place your bet.

Usually, you have to wager the entire amount at once, so you can’t break a free bet into multiple bets.

Advantages of Sports Betting Bonuses

Sports betting bonuses have many advantages. Here are some advantages that you can expect from the above-mentioned promos and offers:

  • New bettors can use welcome offers to test out sportsbooks without risking too much at first.
  • Most welcome bonuses are easy to get and don’t have complicated procedures attached to them.
  • You can use bonuses to explore different sports markets.
  • Sports betting is all about margin. Bonuses can help you gain that extra edge; this can be crucial if you’re looking for long-term profits from your sports bets.
  • A lot of bonuses reduce your risk since you’re playing with bonus money instead of your own money.

Things To Keep In Mind Regarding Sportsbook Promos & Bonuses

That being said, a lot of bonuses aren’t as straightforward as they seem.

Each bonus has specific terms and conditions, and you always need to check such terms before choosing to participate in a promotional offer.

Most bonuses also have rollover requirements. This simply means that you need to bet the bonus amount a certain number of times for you to make the bonus funds and any accompanying winnings withdrawable.

For example, if a bonus has a 3x rollover requirement, you’ll be required to wager that bonus a minimum of three times. So if the sportsbook gives you a $1,000 bonus, you need to turn this $1,000 to $3,000, i.e., $1,000 × 3 = $3,000.

You also need to avoid bonuses with extreme rollover requirements. This is because such harsh requirements can make it harder for you to withdraw your bonus funds.

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