One of the ways that the online sportsbook product outshines the brick and mortar sportsbooks is through the use of Sport Betting Bonuses. Online sportsbooks use these bonuses as a way to obtain new customers or to re-engage their current customers. For the new customers, these sport betting bonuses are usually centered around signing up and getting a match or greater on their initial deposit. For previous customers, they may be more game or sport specific that can earn them a free bet. There are a plethora of sports betting bonuses out there and we’ll help you find the one that is right for you.
Different Types Of Sports Betting Bonuses
While the list of sports betting bonuses varies by each sportsbook, below are the most common sports bonuses found at the top online sportsbooks:
- Sign Up / Welcome Bonus (Deposit Match)
- No Deposit Bonus
- Reload Bonus
- Bet Insurance
- High Roller Bonuses
Sign Up / Welcome Bonus
The Sign Up Bonus, also known as the Welcome Bonus, is a sportsbook bonus that is found at essentially every online sportsbook out there. More often than not, the Sign-Up or Welcome Bonus is a percentage of the first amount you deposit, which is known as a Deposit Match. This entices new players to sign up by starting out with a bigger bankroll than they would normally have. The range of what percentage of your initial deposit the sportsbook will match varies by the operator but usually ranges from 20% to 200%. For example, DraftKings has offered users a 50% deposit match as their Sign Up Sportsbook bonus, meaning that if a player deposits $100, DraftKings will give them $50 in bonus dollars.
No Deposit Bonus
While a bit harder to find, online sportsbooks do tend to offer a No Deposit Bonus. This bonus is favored by sports bettors because, as the name suggests, they don’t have to make a deposit. When you sign up with a sportsbook, they will give you bonus dollars in your account to bet with, meaning you can bet on your favorite sports teams without putting any of your own money in. BetMGM Sportsbook currently has one of the better no-deposit offers out there, giving new players $25 without having to deposit any money of their own. Something to keep in mind about these bonuses is that there can be wagering requirements attached to them. This means that you have to wager the free bonus a certain amount before it can be withdrawn.
Cashback / Bonus On Loss
The Cashback Bonus, while it may seem small at first, can end up helping your bankroll the most in the long run. There are a few different ways that a Cashback Sports Bonus can be presented from the online sportsbooks. The most common option is providing a certain percentage back of the lost bet. For example, a sportsbook may give a 5% cashback bonus on an upcoming game, meaning that a $100 lost bet would give a player back $5 in their account. While a bit more sparse to find, one of the more frequent sports, where you can find a Cashback Sports Bonus, is at 888 Online Sportsbook.
In order to keep new players happy, some online sportsbooks will offer a Reload Sportsbook Bonus. This bonus occurs after you’ve used your initial Sign Up / Welcome Bonus offer. After this bonus and your initial deposit, some sportsbooks will offer a bonus on the following deposit. It will be a much smaller bonus compared to the initial bonus that was offered but still nice to have all the same. These reload bonuses may not be all that frequent, with many sportsbook sites only offering the reload bonus during special events or promotions. BetRivers Sportsbook has been known to offer a fair amount of Reload Bonuses.
The Freebet is quickly becoming the most popular sports betting bonus out there. Many online sportsbooks are gearing their new and returning customer promotions around the Freebet. SImply put, the Freebet allows you to make a wager of your choosing without risking any of your own money. The freebet is usually in a smaller denomination for returning players and a bit bigger for new players. For example, FanDuel will give you $125 in free bets on any sport of your choice if you make a wager of $5 or more. This is only for new players. A returning player may see a $5 freebet offer if they haven’t used their sportsbook in a while.
Betting insurance is another way for you to hedge your bets. When you’re not entirely sure if your wager will win, you should get Bet Insurance if your online sportsbook offers it. How much bet insurance costs depends on what you’re insuring and what the odds for your original wager are. There are all sorts of sports insurances to bet on, including overtime, parlays, totals, and specific quarters or halves or games. For example, if a game goes into overtime and your original wager losses while you have overtime insurance, you make some of your original wager back. Caesars Sportsbook has been known to have some Bet Insurance promotions available.
High Roller Bonus
While not for all sport bettors, the high roller sports bonus is for those who can place large bets with a big bankroll. Some online sportsbooks will give you a certain percentage of your deposits that are over a certain amount. For example, some sportsbook sites will offer up to 50% on your deposit if you make a deposit of $1,000 or more. For some sites, this is a weekly occurrence. Others can be for each deposit. DraftKings Sportsbook has been known to have some really good promotions centered around the High Roller sports bonus.
Grab Those Bonuses
Now that you know the basics to sports betting bonuses, you are ready to start claiming as many as you can. It doesn’t matter if you are a first time player at a new sportsbook or if you’ve been playing at your favorite sportsbook for years. There’s always going to be a first time or loyalty bonus to be found at all the top rated online sportsbooks that are out there.