Let’s face it – the world of sports betting is competitive. As such, sportsbooks must do everything in their power to get more customers through the door. One of the most effective ways to accomplish this is offering bonuses. Before you jump in from one offer to the next, it’s a good idea to keep these 4 types of sportsbook bonuses in mind and learn how to differentiate between them.
Let’s take a look at them now!
1. Free deposit bonus
Once you’ve signed up with a sportsbook, you’ll usually be offered a free deposit bonus, the size of which depends on how much you decided to deposit. Generally speaking, you can expect it to be 100% matched.
In other words, if your initial deposit was £50, that’s the amount you can expect to get. Still, firing off the cannons blindly is not the recommended way to go about it when placing your first bet, despite the fact there is nothing to lose due to the funds being a free gift.
Have a look at the odds instead and choose a game you’re familiar with to maximize the chances of winning.
2. No deposit bonus
Many sportsbooks want to offer you a free way to test out the platform – no strings attached. They are willing to go to great lengths to get your attention, including letting you play with their funds without being asked to deposit anything on your end.
Note that there’s a limit which not many of them will exceed; typically, it’s in the ballpark of £15. Before you try to get too creative with it, bear in mind there are rollover requirements to clear before you can take the money out and transfer it to your bank account.
Otherwise, someone could simply withdraw the money right off the bat and run with it without making any bets whatsoever.
3. Cash back bonus
Once customers have signed up to the website, the bookie needs to give them a reason to stay for as long as possible to avoid them being swayed by the competition.
To that end, a portion of them offer cash back bonuses on certain market types so even if their bet ends up being a losing one, a percentage of the bet size is refunded, allowing the customers to have an easier time absorbing the hit.
4. Reload bonus
Speaking of being on a losing streak, giving up and casting your betting hobby aside for good is the quitter’s mentality. To help encourage you to give it another shot, many bookies are willing to offer what’s called a reload bonus to existing members.
Bear in mind, however, that these vary from provider to provider and aren’t always a given. Some websites offer them seasonally, while others may have them as a special promotion (if you’ve signed up to their mailing list, you’ll probably be notified about it).
As a rule of thumb, most of these will be comparatively smaller to the first deposit bonuses.
Never forget to read the fine print
Before getting too excited about any given bonus, be sure to read the terms and conditions where you’ll also be able to find the rollover requirements. Furthermore, bear in mind that you don’t have an unlimited amount of time to clear the bonuses, so act swiftly.
There may be other conditions as well. For example, the sportsbook may require you to bet at certain odds for your bets to count towards clearing the bonus.