By Jason Radowitz
Sep 4, 2021
Over the past several years, a plethora of active and legal sportsbooks have proliferated across the country. To bring in the most customers, sportsbooks need to be competitive and battle for market share. One of the ways they do that is by offering sportsbook bonuses for new signups, which help attract bettors
These sports betting bonuses come in different variations including deposit bonuses and risk-free bets. I will go through each type of bonus and which are the best sportsbooks to get these offers.
Are Sportsbook Bonuses Worth It?
Yes, of course, sportsbook bonuses are worth it! Most sites offer at a minimum a risk-free bet up to $500 on average. If you bet $500 on a single wager and win, you’re making bank. If your wager ends up losing, the sportsbook gives you a site credit or a free bet as a second chance.
You can also get first-deposit bonuses and even no deposit promos to help further pad your bankroll.
Best Sports Betting Sites With Signup Bonuses
Caesars
Intuitive App
Plenty of Markets & Bet Types
VIP Rewards System
Bank Transfer
- Read Review
WynnBET
User-friendly, Easy-to-Browse Interface
Comprehensive Array of Betting Options
Plentiful & Advantageous Promotions
Get Up To $1000 FREE
Risk-Free Bonus
Bank Transfer
- Read Review
BetMGM
Terrific Promotions
User-friendly Layout (Similar on Desktop & Mobile)
Live Streaming for Most Events
Get Up To $1000 FREE
Risk-Free Bonus
Bank Transfer
- Read Review
DraftKings
Huge Variety of US & International Markets
Tons of Promotions & Features
VIP & Rewards System
Get Up To $1000 FREE
First Deposit Match
Bank Transfer
- Read Review
bet365
Easily Accessible Web Layout
Favorable Odds Compared to Competitors
Live Streaming & Live Betting
Get Up To $500 FREE
First Deposit Match
Bank Transfer
- Read Review
DraftKings Sportsbook
DraftKings offers sports betting, DFS, and even a casino, truly becoming a jack of all trades and is indeed one of the top sportsbooks in the US.
Currently offering a $1,000 deposit bonus for new signups, it’s clear why so many people are fans of the betting site. Regardless of your expertise level, DraftKings offers a user-friendly experience where you can find almost any bet for any market.
FanDuel Sportsbook
FanDuel Sportsbook offers a myriad of ways to bet on a multitude of sports and may have the best app interface in the sports betting business. And they currently offer a risk-free bet of up to $1,000 when you sign up.
There are many ways this bonus could be used, you could bet on a safe choice, a small underdog, or a large underdog. However, due to the nature of risk-free bets, your best bet is to aim for a longshot. That is because if your bet loses you are given a site credit that can be used as if it were a cash deposit.
With most sportsbooks risk-free bet offers, if your bet loses you are rewarded one free bet. Typically, a free bet cannot be split into multiple free bets and if your free bet loses, then you lose your shirt. With FanDuel’s offer, you have an account balance that you can manage however you want.
FanDuel’s offer is worth taking advantage of. Not only does the sportsbook offer a wide variety of sports and events to wager on, but there are numerous promotions and odds boosts to consider as well.
PointsBet
PointsBet offers a unique risk-free bonus, in that it is actually risk-free bets for two different wagers. Currently depending on your state, they are offering up to $2,000 across two risk-free bets; up to $500 back if you lose your first fixed odds bet and up to $1,500 back if you lose your first PointsBetting wager.
This promotion is great because it allows you to try their unique points betting feature risk-free, which involves variable odds and payouts as opposed to traditional bets with fixed odds and payouts. PointsBet also offers a wide range of bet types and betting options, making this promotion worthwhile for sports bettors of all kinds.
Like most risk-free bet offers, PointsBet compensates losing customers with a free bet where you can only get the winnings from your winning bet rather than the winnings and your stake. However, what makes PointsBet different is that they allow you to split your free bets into multiple bets.
A common negative about risk-free bets is that if your initial bet and your free bet lose, you lose everything. In the case of PointsBet’s offer you can split your risk-free bet into multiple bets to spread your risk.
William Hill
William Hill is a fan favorite when it comes to sports betting and offers a risk-free bonus upon signing up, but be aware that the amount of this offer changes depending on which state you are in at time of signing up. Additionally, your free bet expires seven days after being awarded your wager, so you must decide what to do with your free quickly if your risk-free bet loses.
While William Hill has the standard betting options which found in the majority of sportsbooks, William Hill is worth checking out if you’re looking to broaden your betting horizons.
The sportsbook offers a wide range of betting options, including multiple international markets, which you could say is tied to the fact that William Hill a UK-based sportsbook.
William Hill can be a fun way to diversify your betting portfolio, especially since the risk-free bet enables you to wager on a sport or event that you may be less familiar with.
BetMGM
BetMGM has a terrific risk-free bonus to go along with daily and weekly promotions that keep you coming back. While they are frequently changing their sign-up offers, at the moment BetMGM is offering a risk-free bet up to $600.
BetMGM is one of the most extensive on the market in terms of the variety of betting markets, promotions, and rewards. They also feature some of the deepest NFL Futures betting options around, which makes this promotion extra appealing for football fans.
NFL Futures can be tough to predict given the sport’s high injury rate and overall volatility, but BetMGM’s risk-free bets allow bettors to gaze into their crystal balls and take their shots.
In addition to their standard sign-up offer, BetMGM frequently offers event-specific offers such as bet $1 and get $200 in free bets if a player scores one point. Typically, these offers require only a $10 deposit, and it is a great way to build your bankroll with a small amount of money.
Unibet
Unibet also offers a risk-free bet for new bettors up to $500. This is a standard risk-free offer where if your bet loses, you get it back in the form of a free bet. Unlike many sportsbooks, Unibet does not list when you must use your risk-free bet on.
The Unibet app is similar to BetRivers app in its interface, and in its odds. Once Unibet moves into more states, it is going to be a real player due to its diversity of markets.
Best Sports Betting Promos
There are many offers that sportsbooks give to first-time depositors. To help guide you I’ve ranked the best promotions to look for when picking your next sportsbook to join.
Sports Betting Deposit Match
Sports betting deposit bonuses are number one in my book due to the ability to receive extra funds whether you win or lose (unlike a risk-free bet).
When you get a sports betting deposit match, you don’t need to worry about your first wager’s outcome. Sure, you’re going to root for your wager regardless, but your bonus money isn’t reliant on winning or losing, as you already are credited the bonus when you deposit.
Again, you still need to play with that bonus money before withdrawing it, but there is less pressure when making big wagers the better.
The most important thing to look out for is if your deposit match comes in the form of cash or in free bet credits. Cash is the most beneficial as a sports bettor as you receive your stake in addition to your winnings on winning bets. For free bets, you only receive your winnings and not your initial stake bet if you have a winning wager.
Risk-Free Bet
Risk-free bets are great because if you end up losing, you’re guaranteed to get your investment back as site credit. The catch with this, however, is that for most apps when you wager your risk-free bet, you only get your winning and not your initial stake.
For example, if you bet on the Lakers at +100 with $500 and lost, you’d receive a $500 risk-free bet (had the Lakers won, you would’ve returned $1,000). If you wager that $500 on another +100 wager, you’ll only receive $500 in return, not $1,000.
No-Deposit Bonus
No-deposit bonuses are fantastic for the obvious reason that you get free money to wager upon signup without risking any of your own. But you usually need to meet a wagering requirement to withdraw your winnings or you will need to deposit in order to withdraw.
Unfortunately, these bonuses tend to be low amounts ($10 or $20), and therefore your potential for big winnings is rather limited. At the moment this is not a promo that is being offered, but it has been offered in the past.
How To Pick the Best Sportsbook Promos
When searching for the right sportsbook promo for you, you’ll want to consider these criteria points:
Type of Bonus
When you’re getting a deposit bonus, is it going to be an actual deposit bonus? Are you getting a risk-free bet? Is it a bet & get type promotion? We ranked the types of bonuses above. The best bonus in my view is a deposit bonus, though risk-free offers are another popular option.
Wagering Requirements
Make sure to check the wagering requirements. If a site is going to make you wager your bonus five times, it’s likely not worth the time and energy unless you know you can guarantee yourself money. Finding bonuses that only require one rollover is crucial when looking for promos. Most legal sites that give bonuses for first-time depositors have wagering requirements just one time, which is good.
Wagering requirements can include:
Odds Restrictions
These promotions typically only work if you wager on -200 or better odds like +100 or +300. If a site has restrictions, it makes it harder to guarantee yourself money on the sportsbook alone.
Time Constraints
If you’re visiting a different state and want to bet, make sure you look at time constraints. If you can only use your bonus within five days after you make the wager, you must make sure you’ll be physically present in that state to make the final wager so you can withdraw it when you leave.
How To Use Sportsbook Bonuses
Cash Deposit Bonus
The best way to ensure that you receive the most of your cash deposit bonus is to spread your bonus on multiple low risk wagers at odds of -200 or better. Spreading out your bets into multiple small wagers rather than one large wager reduces your chances of losing a large amount.
Free Bet Deposit Bonus
For deposit bonuses where you are rewarded in free bets, your best strategy is to use your cash balance as you normally would. For your free bet balance, you should spread your free bets out if possible, on several longshots. If you have only one free bet, based on your risk tolerance you should use it on either a small underdog or a large underdog.
Risk-Free Bet
For a risk-free bet, you should use it on a large longshot. For your free bet, if your risk-free bet loses, you should use it on a smaller underdog.
Do Sports Betting Bonuses Have Restrictions or Limitations?
Every site has different words in fine print but for the most part, sites are going to limit you based on the odds. They don’t want customers putting a free bet on a -5000 favorite. Typically, they’ll require a wager of around -200 or better to qualify for most promotions.
But again, read the terms and conditions to understand what is required for your specific book.
What Are Wagering Requirements?
A wagering requirement is a multiplier that represents the number of times you must play through a bonus before you are able to withdraw any winnings.
Like we’ve been talking about, these wagering requirements apply to an account from the time a bonus is accepted and/or applied to an account.
Free Bets vs No-Deposit Bonuses
Free bets are usually given as a special offer to current bettors who wager a lot of money on a given site. Meanwhile, a no-deposit bonus is a welcome bonus for opening an account on a sportsbook without the need to invest any money. No-deposit bonuses are usually small, so don’t expect a big payout.
Sportsbook Promo Code vs Bonus Code
Some sites will ask for a bonus code while others call it a promo code. Both terms are the same. These codes are typically associated with a promotional marketing strategy like offering deposit bonuses and risk-free bets.
Do You Need A Promo Code?
When it comes to promo codes, these sportsbooks don’t necessarily ask you to enter a code. Most times, unless it is specified, you simply need to click on a link or a “Get Bonus” button from a review site to activate the offer.
There are also times the sportsbook will have a code inserted when you first sign up, which should be good to go whether you click on a link or opt into a promotion. Though I recommend clicking on a “Get Bonus” link just to be safe.
Make sure to read the fine print when depositing for the first time but understand that these sportsbooks aren’t here to scam you in that regard. If you need any help with your sign-up bonus, the customer service chat is very helpful in making sure everything works. As a new customer, the apps want you to be happy, so you continue using their product.
Make sure to read the fine print when depositing for the first time, but understand that these sportsbooks aren’t here to scam you in that regard.
Where Can I Legally Bet With Sports Betting Bonuses?
If you’re looking to legally bet with sports betting bonuses, you must be in these states. More and more states are legalizing sports betting, so it’s only a matter of time before more states are added to this list. Once that happens, more people will be eligible to receive these bonuses.
- Colorado
- Illinois
- Indiana
- Iowa
- Michigan
- Montana
- Nevada
- New Hampshire
- New Jersey
- Oregon
- Pennsylvania
- Rhode Island
- Tennessee
- Virginia
- Washington D.C.
- West Virginia
Look for More Than One Sportsbook Promo
There are over ten different sportsbooks in New Jersey that offer sign-up and deposit bonuses. If you don’t have the capital to join all at once, try to join one or two a month to reap the benefits from each sportsbook.
By doing this, you can potentially make a little money through the free-bet calculator and hedging calculator to guarantee yourself profit using these promotions. Once you get through a year of doing this, the profits will add up!
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