As markets continue to open their doors, the number of states with legal sports betting is skyrocketing in popularity. But popularity means options, and options can be overwhelming.
Entering the space as a newbie bettor can be especially daunting when every sportsbook worth its salt is throwing out varying sportsbook promos and sign-up bonuses to incentivize potential customers to choose their platform.
As it turns out, however, there are several common types of welcome offers that prospective bettors are most likely to come across. Getting acquainted with each of these bets is a great way to conquer any newcomer anxiety and decide where to begin.
Bonus bet
Bonus bets are arguably the least complicated type of sign-up bonus. Sportsbooks will offer a set amount of bonus money once bettors make a deposit that they can use to wager on whatever they wish. However, that money cannot be simply withdrawn as cash.
As an example, if a bettor wagers $10 of bonus money and profits $10, they will have gained $10 that they can later cash out. Some bettors may opt to bet big since they are using bonus money, such as with a parlay, but sportsbooks will sometimes have rules limiting payouts.
Bet credits, which are a form of sign-up bonus unique to bet365, also work like bonus bets. While they have a different name, bet credits can be used like real money, though they cannot be withdrawn on their own.
Here are our top two sportsbooks offering a bonus bet sign-up bonus:
| Sportsbook | Bonus Offer | Promo Code |
|---|---|---|
| FanDuel | Bet $5, get up to $300 if your bet wins | No code required |
| DraftKings | Bet $5, get $150 |
No code required |
| bet365 | Bet $5, get $150 |
COVERS CVSBONUS (CO, NJ only) |
No-deposit bonus
A no-deposit bonus is the closest a bettor can get to placing an actual bonus bet. In this case, a sportsbook will credit a new customer’s account upon sign-up with a specified amount of bonus money, no deposit required. Understandably, these amounts are usually smaller than other bonuses — often between $5 and $25.
If a bettor makes a wager and wins, they will receive the profit from the bet but not the bonus money stake. Essentially, no-deposit bonuses work the same way as bonus bets — they just don’t require a deposit to trigger.
Sportsbooks tend not to offer no deposit bonuses as often as other incentives because they completely favor the customer. As such, the hope is that new bettors will find they enjoy the experience of the sportsbook enough to commit long-term.
No deposit bonuses are now predominantly used as pre-launch offers, with bettors being given the likes of bonus bets or site credit. Site credit is essentially the same as a bonus bet, except with one key difference — it’s malleable. While a bettor will generally need to use a bonus bet all at once, site credit can be broken up and used on multiple wagers.
That means a bettor could use $30 in site credit to place two $15 wagers or three $10 wagers.
At present, there are no sportsbooks offering a no-deposit sign-up bonus. But stay tuned — upcoming big events like the Super Bowl could see them reappear soon.
Second-chance bet
A second-chance bet — also referred to as first bet insurance or a 'no sweat' bet — entails a bettor receiving something in return should they lose their initial wager. That something is typically a 100% refund up to the bet amount.
For example, BetMGM's current welcome offer for those living in most U.S. states is up to $1,500 back in bonus bets. That means the operator will gift the bettor’s account with their wager amount (up to $1,500) in bonus bets if their first wager falls flat.
It’s important to be aware, however, that different sportsbooks have different methods for returning a wager amount. Some, like FanDuel, will use site credit, while others may use a bonus bet or bonus cash.
Here are our top three sportsbooks offering a second-chance bet sign-up bonus:
| Sportsbook | Bonus Offer | Promo Code |
|---|---|---|
| Caesars | $1,000 on Caesars | COVERSBONUS1000 |
| bet365 | $1,000 First Bet Safety Net |
COVERS CVSBONUS (CO, NJ only) |
| BetMGM | $1,500 in bonus bets |
CVRBONUS1500 |
Deposit match
A deposit match bonus involves a sportsbook offering to match a bettor’s initial deposit up to a certain dollar amount. First-time customers will likely receive a 100% match rate, though the dollar amount will vary depending on the operator.
Should a bettor make a $100 deposit at a sportsbook with a 100% match rate bonus, they would be given an additional $100. However, depending on what form that currency is offered in — be it bonus money or site credit, for example — there may be extra terms and conditions that must be met to withdraw it.
Here are our top sportsbooks offering a deposit match sign-up bonus:
| Sportsbook | Bonus Offer | Promo Code |
|---|---|---|
| DraftKings | 20% deposit match up to $1,000 | No code required |
Enhanced odds
Enhanced odds are as straightforward as can be — they’re when a sportsbook boosts the value of its betting odds. This is sometimes done for a bettor’s first wager following sign-up, though the bonus is often offered to existing customers or those who are part of a loyalty program. Certain sportsbooks will also offer boosted odds in general rather than a bonus to lure new bettors.
Bookmakers will usually apply a maximum stake to an enhanced odds bet to ensure they won’t have to deliver a massive payout. Sometimes, there will be a minimum stake, too.
Here are our top two sportsbooks offering enhanced odds in lieu of a sign-up bonus:
| Sportsbook | Bonus Offer | Promo Code |
|---|---|---|
| Circa Sports | Sharp odds, high limits | No code required |
How to use sportsbook bonuses
There are a multitude of ways to use a sign-up bonus. An instinct for a novice bettor is to bet on a favorite to play it safe for their first wager. However, sportsbooks often place odds restrictions on bonus bets, preventing them from being used on heavy favorites.
It tends to make the most sense, then, for bettors to use their welcome bonus on an underdog since, if that underdog wins, they’ll immediately add a significant boost to their account. And if the underdog loses, they’ll receive a bonus bet (or something similar) to soften the blow.
Of course, this all depends on a first-time bettor’s comfort level and the size of their bankroll.
What are rollovers?
A rollover is an amount a bettor must wager with a sportsbook before they can withdraw a bonus — typically a bonus bet. The amount is always determined by multiplying the sum of the initial deposit and welcome bonus by a given number.
For example, if a bettor deposits $100, receives a $100 sign-up bonus (equating to $200), and is subject to a 5x rollover, they will be unable to withdraw any money until they wager at least $1,000.
Of course, different sportsbooks will have different rollover requirements. It’s always vital to read through the terms and conditions before placing a wager at any online site.
Are sportsbook bonuses worth it?
When it comes to sign-up bonuses, yes. While few welcome offers act as foolproof safety nets for novice bettors, something is always better than nothing. So long as the terms and conditions of the offer are understood, bettors can plan to maximize their preferred opportunity.
The average sportsbook will often offer a $500 second-chance bet for signing up, which can result in a nice boost to a first-timer’s account. Major players, such as DraftKings, FanDuel, and Caesars, provide bonuses that reach up to $1,500.
Sportsbook sign-up bonuses FAQs
A sign-up bonus is what a sportsbook offers prospective bettors with the hopes of incentivizing them to choose their site.
Sportsbook bonuses are offers that operators will provide customers should they meet certain criteria. For sign-up bonuses, new bettors usually have to register an account, and then may be required to enter a promo code. Placing a wager or making a deposit may also be necessary.
Bonuses typically appear in an account immediately, but it may take up to 24 hours, depending on the sportsbook.
Yes, so long as the sportsbook is operating legally. Make sure to check which legitimate operators can be found in your region.
Bonus bets themselves generally cannot be withdrawn as cash. To make a real-money profit with them, they must be used on a winning wager.
Some do. Generally, bonuses expire 7-30 days after they¡¯ve been added to an account.
Most bonuses, including sign-up bonuses, require promo codes. DraftKings¡¯ current welcome bonus promo code, for example, is WIN.
Yes, there are plenty of ongoing bonuses and promotions for existing players. Some examples include sport-specific bonuses, reload bonuses, and parlay insurance.
No. Sign-up bonuses are meant to reward a new customer for joining a sportsbook and are only offered once. Some sportsbooks will offer reload bonuses to existing customers, which provide free money for additional deposits.
