Over the past several years, a plethora of legal sportsbooks have cropped up across the country. Each sportsbook’s goal is to differentiate itself from the competition, and their most effective tools are welcome bonuses for new signups.
These sports betting offers come in different variations including deposit bonuses and risk-free bets. Here’s a look at some of the best.
Are Sportsbook Bonuses Worth It?
Yes, of course, sportsbook bonuses are worth it! Some sites offer risk-free bets that usually range from $1,000 to $5,000. That means if you bet $5,000 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, where the sportsbook matches your first deposit up to a maximum amount, as well as no-deposit promos, which don’t require any deposit. These are terrific offers that help further pad your bankroll.
Best Sports Betting Sites With Signup Bonuses
DraftKings is one of the top sportsbooks in the US. With sports betting, daily fantasy and even a casino, it is becoming a jack-of-all-trades in the online gambling space.
The sportsbook is available in more states than any other and regardless of your expertise level, DraftKings offers a user-friendly experience where you can find almost any bet for any market.
FanDuel Sportsbook offers myriad ways to bet on a multitude of sports and may have the best app interface in the sports betting business. They have provided new users with welcome bonuses like risk-free bets and Bet & Get offers.
There are many ways their bonus could be used, you could bet on a safe choice or a longshot underdog. However, due to the nature of risk-free bets, your best bet is to shoot for the moon because if your bet loses you are given a site credit that can be used as if it were a cash deposit.
FanDuel is a great choice because not only does it offer a wide variety of sports and events to wager on, but also an unmatched selection of player props. It is constantly changing the game through innovation that is making online betting more convenient and fun.
PointsBet offers a unique risk-free bonus, in that it is actually risk-free bets for two different types of wagers. Currently depending on your state, PointsBet is 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 users to try their hands at PointsBet’s unique and custom betting style, which involves variable odds and payouts as opposed to traditional bets with fixed odds and payouts. This means that if your bet wins by a larger winning margin, you win more money and vice versa if it loses.
PointsBet also offers a wide range of fixed 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 in which they can only earn profit from their winning bet as opposed to gaining the winnings and their stake. However, what makes PointsBet different is they allow users to split their free bets.
A common complaint about risk-free bets is if a user’s initial bet loses then their free bet loses, he/she loses everything. In the case of PointsBet’s offer users can split your risk-free bet into multiple bets to spread your risk.
Caesars is a fan favorite in the sports-betting world and has a highly publicized new-signup bonus offer. Caesars is offering up to $1,500 in first bet insurance, which can really help you build your bankroll. This promo gives you a maximum of $1,500 as a free bet if your first wager loses.
Caesars, which purchased the popular UK-based sportsbook William Hill in August 2021, offers a wide range of betting options, including a slew of markets on international sports. But Caesars also offers a great rewards program where users can earn tier credits and level up for rewards at various properties around the United States and abroad.
The sportsbook is constantly updating its new-user signup bonuses, and each seems to get better than the previous one. Plus, Caesars offers competitive odds and a user-friendly app, which makes it a terrific option for your sports betting needs.
BetMGM has a terrific risk-free bonus to go along with daily and weekly offers that keep users coming back. The website frequently updates its new sign-up offer, and some vary from state to state, but it is offering users a $1,000 risk-free bet with the promo code “GAMEDAY."
The site features an extensive array of betting markets, bonuses and rewards. It 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 gamblers to 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.
BetRivers is fast becoming one of the major players in the online sports gambling space. It makes betting on sports a cinch, especially for new and novice gamblers, thanks to its unique index of terms that some might’ve been too intimidated to ask about.
The site also has a great new signup offer where users will receive a 100% first deposit match of up to $250. This means that interested sports bettors can double their initial deposit and use that as playable funds on whatever they want as opposed to hoping their risk-free bets pan out.
The BetRivers app and online sportsbook is available in several states and includes competitive odds with a slew of offers, making it one of the best sportsbooks around.
Best Betting Offers
There are many offers that sportsbooks give to first-time depositors. Here’s a helpful ranking of which are the best.
1. Sports Betting Deposit Match
Sports betting deposit bonuses are universally considered the No. 1 sportsbook promotion 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 your wager hits.
2. 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 will only pay out winnings as opposed to winnings and the stake wagered.
For example, if a bettor picks the Lakers at +100 with $500 and lost, he or she would receive a $500 risk-free bet (had the Lakers won, the user would’ve returned $1,000). If you wager that $500 on another +100 bet, you’ll only receive $500 in return, not $1,000.
3. 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 the potential for big winnings is rather limited. Plus, no-deposit bonuses are rarely offered since sportsbooks typically want bettors to invest their money to play.
However, no-deposit bonuses can be useful as trial runs for a new sportsbook. You can use these bet credits on a longshot parlay to try to hit that high payout.
How To Pick the Best Betting Offers
When searching for the right sportsbook promo for you, you’ll want to consider these criteria:
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 is a deposit bonus, though risk-free offers are pretty useful as well.
Make sure to check the wagering requirements. If a site is going to offer a 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:
These bonuses typically only work if you wager on -200 or longer, which means like +100 or +300. If a site has restrictions, it makes it harder to win.
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 longer. 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.
For a risk-free bet, you should use it on a large longshot. This is because this offer eliminates financial risk with your wager, so why not take a shot on an 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 longer to qualify for most offers.
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 and no-deposit bonuses are completely different. For instance, many online sportsbooks will dole out free bets to users who bet up to a certain threshold or are regulars. No-deposit bonuses are typically given to new signups in states where sports betting is coming.
Most no-deposit bonuses are small, like $10 or $20, and rare because sportsbooks typically want users to at least put in some funds before they receive more money.
Sportsbook Promo Code vs Bonus Code
Some sites will ask for a bonus code while others call it a promo code. Each term means the same thing.
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 our 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 one of our “Get Bonus” links 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 have your best interests in mind.
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.
- New Hampshire
- New Jersey
- New York
- Rhode Island
- Washington D.C.
- West Virginia
Look for More Than One Sportsbook Promo
There are several different sportsbooks that offer sign-up and deposit bonuses. This means that you should sign up for multiple betting sites so that you can take advantage of the free bet credits provided through the welcome bonuses.
If you don’t have the capital to join all at once, try to join one or two per month to reap the benefits from each sportsbook.
Remember though, these are one-time offers, so it’s a good idea to try to max out the bonus. Once you’re ready to do so, sign up for another sportsbook to reap the rewards!
You can use your different accounts to compare odds, putting you in a better position to succeed in sports betting. Taking advantage of several bonuses is the way to go.