Explaining Sportsbook Bonuses
Some Sportsbook Bonuses can be Tricky
Sportsbook Bonuses are utilized in a number of formats to entice bettors to sign up for accounts. The idea, of course, is that if a sportsbook offers a good enough bonus it will get multiple players to open accounts. When those players open their accounts and make deposits, sportsbooks know that they have a potentially loyal customer for a very long time.
How do these sportsbook bonuses and betting incentives work? It seems like there is free money available everywhere but, as with most anything, there are conditions attached and rules to follow.
Deposit Match Sportsbook Bonuses
One of the more popular bonuses is the initial deposit match bonus. A bettor signs up for a new account at a sportsbook. For doing so, the bettor receives an amount put into his betting account equal to (or nearly equal to) the amount deposited.
For example, many sportsbooks offer a 100 percent deposit match bonus. The condition may be a minimum deposit in order to trigger the bonus. They may also offer varying percentage match sportsbooks bonuses.
Bettors may receive 10, 20, 50 percent or more of their initial deposit amount in the form of a bonus. Always check to see what a sportsbook’s deposit bonus offer is. You don’t want to miss out on “free” money.
Rollover Requirements
Typically, one of the conditions attached to bonuses is a rollover requirement. You will often see something like “your bonus amount needs to be rolled over 10 times.”
What this means is that you can’t simply take your bonus amount and withdraw it from your account. Take a simple $20 bonus at your online betting site. When you receive the bonus in your account, you will not be able to withdraw it. You can use it to place bets and your winnings can be withdrawn but the initial amount.
Only when you have reached the rollover requirement can you take out that money. A $20 bonus that has a 10X, or 10 times, rollover requirement means that you must wager $200 – $20 x 10. Once you’ve reached that limit, you can withdraw the bonus.
Free Bets or Free Plays – Sportsbook Bonuses
A free play is a little different than a matching bonus. Some sportsbooks may offer a number of free plays equivalent to a certain percentage of your first deposit. Other sportsbooks may just offer a certain dollar amount in free bets. Some will offer special free plays for the NFL. Those promos can be used to help you pick a sportsbook for football.
Some sportsbooks will allow you to divide that dollar amount and make more than one wager. There are some though where you must make a single wager with the free bet amount.
Like a deposit matching bonus, you will not be able to withdraw the free bet amount until you meet certain conditions. You will be able to withdraw winnings from these free plays, but not the free play dollars.
Risk-Free Bets
Similar to free bets, many sportsbooks are now offering risk-free bets rather than the basic free bets. Most risk-free bets require you to place a wager of a certain amount.
If your bet loses, the sportsbook will refund your bet amount and put it in your account. If you use a risk-free bet, the ideal strategy is to find a big underdog to increase your shot at winning big.