Mobile sports betting has been gaining in popularity since first launching in 2018, when individual states began legalizing the practice.
Now, several have operational online sportsbooks, as sports betting continues to expand across the country — including the North Carolina betting launch that went live on March 11.
If you’re a new bettor looking to sign up at a sportsbook, one of the most critical factors in the selection process is their new player bonus offers. With so many welcome bonuses out there, it’s important to find the best on the market.
Bonus bets are used to entice new users to sign up at a sportsbook. They are most lucrative during state launches, particularly because most sportsbooks offer pre-registration bonuses and then new user bonuses when the state goes live with legal sports betting for the first time.
Bonus bets come in a variety of forms, though the best bonus bets are the ones where you get the tokens as soon as you register. Other bonus bet offers require you to lose your first wager.
Other times, bonus bets come as a deposit match. In this instance, you’ll get bonus bets that match the amount of your first deposit. Most sportsbooks that have this deal offer a 100% deposit match bonus.
Let this page be your guide to assist in your decision and walk you through everything you need to know about bonus bets in the US online sportsbook market.
What Is a Bonus Bet?
A bonus bet is a promotion given by sportsbooks to encourage new sign ups. These bets have no cash value and are not included in any winnings.
There is sometimes a playthrough requirement that will need to be met before you can withdraw your winnings. This means if the playthrough is 1x, you’ll need to be your bonus amount one time before the funds are available.
The value of the reward bet will vary by promotion and by the sportsbook operator.
Usually, a player can obtain a sportsbook bonus through a welcome offer, ongoing promotion, or a referral system.
While the operator will pay the stake of the reward bet, the stake is not part of the payout if the bonus bet is a winning wager. For example, a bet of $100 at +200 odds placed with cash would pay $300 ($100 stake + $200 profit) but a bet made with a reward bet would only pay $200.
Terms and conditions will vary by site, but luckily we did all the hard work for you in our individual online sportsbook reviews. While some operators may not have any restrictions for bonus bets, others may not allow you to use them on parlays or odds/profit boosts.
Types of Bonus Bets Explained
Bonus bets can come in different forms, such as the following:
- First-Bet Bonuses (also known as First Bet Insurance or No Sweat First Bet; these were formerly known as “second-chance bets.")
- Ongoing promotions such as Parlay Insurance.
- Loyalty rewards for existing customers.
Reward bets are provided to new users at an online sportsbook. This is where your first wager is refunded in reward bets (capped at a certain number ranging from $200 to $1,000) if it loses.
Your token bets can either be used as a single bet token or split into smaller denominations, depending on the operator. If you win your initial wager, you simply collect your winnings and move on.
Each type of bonus bet can be used to try to rack up more profit, but they are not included in the stake of your wager. For example, if you use a $100 reward bet on a game with +100 odds, you will receive $100 in withdrawable funds if your wager wins.
Top Bonus Bet Promos For New Bettors
Best Bonus Bets To Grab Today
If you are looking for the best bet and get offer, then the DraftKings Bonus Bets promo may be your best option.
If you are looking for online casino games, you can play at sweepstakes casinos such as Pulsz Casino and get free Sweepstakes Coins to play for real money.
Bonus Bets For Existing Customers
Most sportsbooks will give players a bonus for referring friends, often varying from $50 to $100 in reward bets.
You may also receive token bets as a loyalty reward throughout the year.
There are even promotions that provide you with reward bets. For example, parlay insurance is when your parlay loses by one and you’re given bet credits.
You may notice a bonus bet during a marquee sporting event, such as the Super Bowl. Sportsbooks give their existing users some bonus credits to play with on the big game.
What Happens If A Bonus Bet Pushes?
If a reward bet pushes and is voided, the fate of the free stake is at the discretion of the sportsbook.
A sports betting site may simply count the pushed wager as your token bet. You would then move on to your next wager. However, some may elect to give you a second chance since the initial bet did not have a win or loss outcome.
These decisions are always dependent on the betting site. Since all are different and have varying rules and regulations, you should always be sure to read the terms and conditions of the reward bet offer. ‘
It is also a good idea to not bet even number spreads or totals to help minimize the chances of a push occurring. For example, a bet on the Eagles -4 has a chance of pushing, where Broncos -7.5 will either be a win or a loss.
Do Bonus Bets Expire?
Bonus bets usually expire after about seven days, depending on the sportsbook.
This means that you need to use your bonus credits within this timeframe, or they will be removed from your account.
However, some operators may give you more time. Be sure to check in on the terms and conditions so that you’re fully aware of any potential expiration dates.
Can I Withdraw My Bonus Bet Winnings?
Yes, you can withdraw your bonus bet winnings. However, some sportsbooks may have playthrough requirements attached to those winning funds.
For instance, if you win $100 on a bet credit and the sportsbook has a 1x rollover requirement attached to it, then you must place $100 in wagers before you can withdraw the initial reward bet winnings.
Make sure to see what the wagering requirements are so that you’re aware of how much you need to bet in order to withdraw these winnings.
The good news is that most operators allow you to withdraw your bonus bet winnings right away.
Bonus Bets vs Site Credit
While most sportsbooks will issue the refund for a losing reward bet in the form of a bet token, some sites will issue site credit instead. Site credit plays the same as cash, in that wagers placed with site credit will pay out both the stake and the profits from the bet on winning wagers.
Benefits of Bonus Bet Offers
Bet credit or bet & get offers are absolutely worth it. Who doesn’t like free money or the opportunity to win free money?
Here are some of the benefits of bonus bet offers:
- You can use your bonus bet to try out a different betting strategy since there is no cash coming out of your bankroll.
- A user can also use their bonus bet to try to hit big and build a longshot parlay you normally wouldn’t wager. Since the bet would be on the house, you won’t be out anything if it loses.
- Another advantage of a bonus bet is bankroll building. If you strategize on how to use it, you could turn it over with a safe wager.
- If that bet wins, you could add money you wouldn’t have had to your initial bankroll but keep in mind, the stake amount is not included, so anything shorter than -150 may not be worth the extra security.
- Bonus bets are an excellent way for new users to test their luck at sports betting and see if it’s something they would like to pursue.
- If you are an avid sports bettor, you can join a multitude of sportsbooks and accumulate bonus bet offers, turning them over to add to your overall bankroll.
Best Ways to Use Bonus Bets
There are three great ways to utilize reward bet offers. You can use them to build your bankroll, try to hit big, or test out a new betting strategy.
Bonus bets given to existing users typically aren’t worth as much. If you have a $10 bet credit from BetMGM, you may want to take that and build a lottery ticket parlay and try to cash for a $100 or $1,000.
However, since welcome offers are often worth a lot more, you shouldn’t use these as longshots. Instead, try to use it on a safe bet and build your bankroll.
A safe bet is a wager with a higher probability of cashing. The return might not be as large since they won’t have the most favorable odds, but having 70% of your reward bet turned over than risk losing all of it on a bet that has a minimal chance of winning.
Also, keep an eye out for special winter sports betting promos for events like NBA’s Christmas games, college football bowl games, the NHL’s Winter Classic, and the Super Bowl. During these times, some sportsbooks may improve their bonus bet offers.
No Deposit Bonus Bets
No deposit bonuses are a true rarity in sports betting. In most cases, you won’t find a no deposit reward bet sportsbook, so a bettor must place a wager or make a deposit to earn these bet credits.
However, you can find no deposit token bet offers through online casinos. These reward bet no deposit promotions generally range from $10 to $25 or can include free spins.
If you are interested in casino games, below are our recommendations for the best no deposit bonus bets and online casinos to check out in your area. This includes sweepstakes casinos, which are similar to real money online casinos that are legal in most states.
The best no deposit reward bet sweepstakes casino currently is with Wow Vegas. The Wow Vegas no deposit bonus gives you some free Sweepstakes Coins over the course of three days. You can play real casino games for the chance to win cash prizes with these no deposit token bets.
Where Can I Legally Play at Bonus Betting Apps?
You can find reward bets anywhere in the United States where sports betting has been legalized.
Most sportsbooks provide you with bet credits, either as a new or existing user.
Here are the following states in which online sports betting is legal, as well as those in which it is pending:
- Arizona
- Colorado
- Connecticut
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- Nevada
- North Carolina
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- Tennessee
- Virginia
- Washington D.C.
- West Virginia
- Wyoming
Choose More Than One Betting Apps with Free Money
This notion of having accounts at multiple online betting sites is not just a good idea for taking advantage of promotions, but for price shopping, giving you a variety of options when it comes to lines and odds.
For big events, you may see multiple sites offering promotions that can provide you with some value. For example, one site may have the Chiefs moneyline boosted from +100 to +140. That’s $40 in additional profit on a $100 wager.
A sharp sports better utilizes all of the sportsbooks in their arsenal if they are line shopping. Our odds comparison tool helps do the hard work for you by showing the best lines and odds for NFL, NBA, NCAAF, and NBA along with expert picks for select games.
Not only that, when it comes to reward bet offers and other sportsbook bonuses, a sharp sports bettor will always take advantage of all the free money betting sites are giving away daily.
Remember, though, that bonus bets are not just for new users. They are out there for existing users too as part of revolving daily promotions. It’s important to keep tabs on a sportsbook’s promotions page and see which offers you can use to your advantage each day.
For example, you may see that your site is offering Parlay Insurance on NBA parlays placed on Wednesdays, as long as it’s at least four legs and you lose by one. In this case, you’d be wise to build a parlay that adheres to these terms.
Be sure to follow these tips because they’ll put you in a terrific position to succeed in sports betting. You’ll be making the most out of your bet credits by joining multiple sportsbooks.