There are many types of promotions offered by online sportsbooks. This includes loss rebates, bonus bets, deposit matches, odds boosts, and VIP rewards programs. This article covers what each of these means and how it increases your online sports betting returns.
Loss rebates are the most common new player bonus
Loss rebates are widely used by online sportsbooks to attract new players. This type of bonus, once called a free bet until that language was banned by regulators, replaces a lost first wager by a new player. For example, Caesars Sportsbook currently has a $1000 loss rebate offer for new players. If a sports bettor does not have an account at Caesars Sportsbook, he or she can create an account and deposit up to that amount.
The next step is to place a bet with it up to the amount of the offer. If the first bet wins, the promotion is over. The player keeps the money risked and the amount of the win. If the bet loses, Caesars and any other sportsbook with this type of offer replace the lost amount with a bonus bet. If it pushes, the player typically gets the bet back and the promotion also ends.
In the event of a loss, the bonus bet must be wagered. The bettor usually has seven days to place it. If the bonus bet also loses, the player’s initial stake and the promotional money are gone. The same is usually true if the bet pushes. If the bonus bet wins, the player receives the winnings but not the amount of the bonus, which is known as sticky.
Read the terms and conditions
Some sportsbooks break the bonus bet up into multiple smaller ones. Others require the player to wager it all at once.
Make sure to always read the sportsbook’s terms and conditions. There are often limits on the types of ways bonus bets may be placed. For example, large favorites are usually prohibited.
BetByState recommends this type of bonus for bettors with large bankrolls. If your bankroll is small, the next section is for you.
Bet small, win big
DraftKings and FanDuel often have promotions for new players that say something like, “Bet $5, Get $150.” These are exceptional offers for players with small bankrolls. A bettor deposits the minimum amount, makes a bet with it, and gets the larger number in bonus bets. Note that the bonus bets are sticky, as described above, meaning only the winnings may be withdrawn. However, this is still a great way to turn $5 into weeks or months of entertainment.
Deposit matches
Deposit matches have been around for decades. This is when a sportsbook gives the player a bonus based on the size of the first deposit. An example of this is 100% up to $500. The player deposits up to $500 and receives an amount equal to that as a bonus.
The bonus comes with a wagering requirement. The amount depends on the house rules. The larger the bonus, the higher the wagering requirements usually are. Small deposit match bonuses usually only have a one-time wagering requirement. An example of that is the one at the new Durango Casino in Las Vegas.
Bonuses usually expire after a short period. It may be a couple of weeks or months. Large wagering requirements may be tough to achieve in a short period. Players should always read the terms and conditions before depositing. Accepting a bonus that is too large can lead to it expiring before the player meets the terms and conditions.
Odds boosts
Odds boosts are often available to all players, not just those who make a first deposit. These usually apply to player props, but can sometimes be for a side in a game. For example, maybe a prop on the first touchdown scorer has a dozen possibilities. An online sportsbook may boost one to give players extra value. Another example may be in the futures market.
Caution should be used when making bets on advertised odds boosts. In some cases, the extra payout is still worse than players find on the board at value sportsbooks. Line shopping is still important when making bets with odds boosts.
VIP rewards programs
VIP rewards programs are offered by most online sportsbooks. These pay rewards based on the amount a player bets. VIP programs give active players comps just like a casino does. The amount awarded is computed based on the house advantage of the bets. This means that parlays and teasers usually pay players more points and comps than straight bets.
Points are often traded for bonus bets. Higher VIP rewards program tiers may have special perks like branded merchandise, gift cards, and tickets to live sporting events.
