Getting a bonus in just about anything you do is a good thing right? The same thing is true for sports betting. A sports betting bonus is basically a promotion offered by online sportsbooks to players. This bonus is meant to entice and draw players in to bet at their Sportsbook. It’s a win-win situation as the player gets free money to help build their bankroll and the Sportsbook gets a new player. We are going to spend some time talking about what exactly a sports betting bonus is, how sports betting bonuses work, and where you can find some great bonuses.
What is a Sports Betting Bonus?
As mentioned above, a sports betting bonus is basically free money given to players from an online Sportsbook. Bonuses come in all shapes and sizes and differ greatly depending on what Sportsbook you are talking about. They can also differ depending on the time of year. Around big sporting events Sportsbooks like to offer larger sports betting bonuses because they know bettors are more willing to throw some money in. Let’s look at four different types of sports betting bonuses that most sportsbooks offer.
Initial Deposit Bonus – This is the most common sports betting bonus and is typically offered by every online Sportsbook. When a player joins the Sportsbook and finally decides to deposit money; the Sportsbook will offer them some % bonus on their first deposit ever. Be sure to maximize this first deposit as it may be the last time you can take advantage of a deposit bonus that large.
Reload Bonus – This type of sports betting bonus is similar to the initial deposit bonus. The Reload Bonus refers to every deposit after the initial one. If your bankroll got very low or to zero, you could deposit more money, and claim a reload bonus of whatever percent was set for that site. Sometimes you can take advantage of reload bonuses on every deposit after the first one. But do remember that your balance typically has to be below a certain threshold before you even qualify for the reload bonus.
Refer a Friend Bonus – The refer a friend bonus is becoming more popular at most of the online sportsbooks. If you tell a friends about the sportsbook and that person signs up and deposits money, you may be eligible for a refer a friend credit.
Free Play Bonus – This type of bonus is pretty rare but it is used around major sporting events typically. A Free Play bonus is basically the Sportsbook giving the player(s) money for nothing. A lot of times they will say something like, “enjoy a free bet on tonight’s game.” These again are no-brainers to take advantage of because there is zero risk for you, the bettor.
Do you now understand what a sports betting bonus is? You would be crazy not to take advantage of these right? We will now go into a little further detail about how these bonuses work and how you can go about claiming the bonus money.
How Sports Betting Bonuses Work
A sports betting bonus works a number of different ways. The most common way is that the Sportsbook will send players a “bonus code” to use at the time they are depositing money. If the code is used correctly and money is deposited, the free bonus money will then be credited to the players account after it is all approved.
Some sites reward you with bonus money in your “free play” account. This simply means you can’t take out that money until it is converted into “real play” money. A few select sites will actually give you your betting bonus as cash in your “real play” account. These are few and far between though.
Let’s look at a quick example. Assume the Sportsbook offers a 50% bonus up to $100. This simply means that Player A could deposit $200 and receive $100 free as the 50% bonus. The player doesn’t have to deposit that much, but that is the max bonus amount given out. If Player A deposits $50 he or she will receive $25 in the mail.
Read the Fine Print
One quick thing to remember when looking into sports betting bonuses is to be sure you read the fine print and requirements. Almost all bonus offers have some sort of minimum requirements stuck to them. For instance, some books make players wager X amount of money before you can withdrawal your money. Sometimes this number is 3x, 6x, 10x or even 12x the deposit plus the bonus. So in our example above, if Player A deposited $200 and received a $100 bonus, but there was a 10x rollover on the deal, Player A would have to wager $3000 before being able to take out that bonus money.