What’s better than a sports bet with a loss rebate? The only thing that could possibly be better than a loss rebate wager is a strategy to turn the first bet into more money. If you’re shopping for a new online sportsbook, you’re probably familiar with loss rebate betting offers. On this page, you’re going to learn everything you need about these bonus offers.
What Is a Loss Rebate Sports Bet?
Many online sportsbooks offer promotions to entice you to sign up for an account. One of the popular types of promotions is a first-bet loss rebate. But what exactly is a loss rebate? As with any offer, read all of the terms and conditions. Most sportsbook loss rebates work the same. However, the only way to know exactly how each offer works is by reading the terms.
Here’s how most loss rebates work:
You sign up for a new online sportsbook and receive an offer for a first bet loss rebate of up to $500. After depositing $500, you make a bet for $500 on a point spread and have a chance to win $454.55. The difference between the bet and the win is the vig at $110 to win $100.
If you lose the bet, the sportsbook refunds your $500 loss. Alternatively, if you win the bet, you have $954.55 in your account.
Of course, if you don’t want to bet the maximum amount, you can make a smaller bet. The best strategy is to take advantage of the maximum amount if you can. However, it’s important to stay within your bankroll.
So, why do online sportsbooks offer first-bet loss rebates? Sportsbooks know if they can get you to make a deposit and make a bet you’re likely to continue making bets. A loss rebate still requires a deposit and a bet, so it’s a proven marketing strategy.
Where to Get a First Bet Loss Rebate
Where you can get a first bet loss rebate depends on where you live. The first step is determining which sports are legal in your area. Then when you compile your list of sportsbooks serving your state, read the promotion offers for each book. Some sportsbooks offer loss rebates and some offer deposit bonuses. Some let you choose or have a combination of bonus offers.
You might be tempted to jump on the largest loss rebate. Sometimes this is the best choice. However, don’t forget to read the terms for each bonus offer before making a final decision. If you want to take advantage of more than one bonus, sign up for as many as you can easily afford.
The Best Loss Rebate Bet Strategy
A first-bet loss rebate seems like a simple thing. However, you need to consider the best strategy when you use any bonus. Online sportsbooks offering loss rebates have many different types of bet options. The most common bet options include totals, moneylines, and point spreads. These three betting options are covered in the next three sections. In this section, you’re learning the best strategies.
The best strategy for using your loss rebate depends on what you want to accomplish and your risk tolerance. The first thing for the best strategy is making the maximum-sized bet. If you get a loss rebate of up to $250, the best value is in making a $250 bet. If you get a $1,000 offer, you want to bet $1,000. Of course, the downside to using the maximum bet amount is you have to deposit enough money to make the bet.
If you want to maximize the possible win on your first, you can bet on an underdog on the moneyline. Your odds of winning are lower on these bets. However, when you win, you win more.
When you bet on a point spread or total, you have a 50% chance to almost double your money. You don’t quite double your money because of the vig. For the best chance to win, bet on a moneyline favorite. You don’t win as much money this way, but your odds of winning are higher.
Here’s some more information about using a loss rebate with each of the common bet types.
Point Spread Bets
The best choice for most sports gamblers with a loss rebate is a point spread wager. On average, sports bettors win 50% of their point spread bets. The way sportsbooks make money from point spreads is vig.
And the vig is why you won’t quite double your money when you win a loss rebate point spread bet. However, with a 50/50 chance to win, a point spread is a good choice. If you’re already a winning handicapper, you have a better than 50% chance to win your point spread bets. Handicap the games the same way you always do and place your loss rebate wager on the game with the most value.
If you have a loss rebate at two different sportsbooks, bet on each side of the same game using the point spread. You’re guaranteed to win one bet using this strategy.
Moneylines are the best option for bettors who don’t have much risk tolerance and those who want to risk more to have a smaller chance of winning big. Here’s how both sides of moneyline loss rebate wagers work.
Consider the numbers when you bet on a moneyline favorite at – 250 or a moneyline underdog at + 250. You’re not going to get the same number on both sides of the same game, but the same number is used here for comparison. However, most online sportsbooks do not allow wagering on favorites higher than -200.
If you have a $1,000 offer and bet on a favorite, you risk $1,000 to win $400. When you risk $1,000 on the underdog, you stand to win $2,500. The question is how often does the favorite win and how often does the underdog win? Winning $2,500 is a lot better than winning $400, but you’re much more likely to win $400.
You have to let your handicapping ability and risk tolerance guide you in this situation. Winning more is better, but winning a lower amount is better than winning nothing.
You can bet both sides of a game using the moneyline with loss rebates at two sportsbooks, but it’s not quite as good as using point spreads to do it. Instead of betting on both sides of the same game, pick two underdogs or two favorites and bet them both.
Totals are in the same area as point spreads for loss rebate bets. You have a 50/50 chance to win, and you almost double your money when you win.
The reason why point spreads are listed before totals here is that many sports gamblers struggle with totals. If you make a profit picking totals, then use a totals line for your loss rebate bet.
And just like betting point spreads, if you have two first-bet bonuses at different sportsbooks, bet the over at one book and the under at the other book. You lock in a win at one book using this strategy.
Should You Use Multiple Loss Rebate Bets?
Is there any downside to using loss rebates at multiple sportsbooks? The question you should be asking is why wouldn’t you use multiple offers? A few possible downsides to using these bonses exist. These downsides are covered in the next section. But overall, you should take advantage of as many loss rebate bets as you can get.
See reviews of every safe sportsbook operating in the United States. The reviews include information about which sportsbooks offer loss rebates. Sign up for every book offering a loss rebate if you can afford to make the deposits. When you finish collecting all of your rebates, sign up for the other sportsbooks to get deposit bonuses.
Are There Any Downsides to Loss Rebates?
Usually, loss rebates have few downsides. However, to avoid surprises, read the terms first. Be aware that most rebate offers must be used within seven days. This means any bonus credit(s) must be wagered within seven days of the first losing wager settling. Otherwise, it will be removed from your account.
Play-through requirements are normal. However, cash-out limits are something you want to avoid. A play-through requirement is a rule about what you have to do before you can cash out. Most sportsbooks use play-through requirements for all of their promotion offers. As long as you read the terms and know what the requirements are, you’re in good shape.
There are three typical play-through requirement arrangements. Some sportsbooks require the same amount to be wagered. So, if you bet the maximum $1,000 loss rebate and lost, you would then have to wager the $1,000 bonus at once. Others break it up into equal increments while others offer it as credit, usable in any increment.