All sportsbooks essentially offer the same thing: a chance for people to bet on their favorite sports teams and/or players with the hope of winning money. With that being the case, how can a sportsbook separate itself from the pack? Well, one surefire way is it can offer a better welcome bonus.
But much like how the odds are competitive at every sportsbook, so are the welcome bonuses. The following are some of the most common ones offered by sportsbooks in the U.S.:
- Risk-Free Bet: The risk involved with sports betting is one of the things that keeps many people from giving betting a try. What if there was no apparent risk involved on a bet as high as $1,500? If you cannot lose, who would not want to give it a shot?
However, since you only get site credit back that you must use within a given timeframe, the “risk-free” name is misleading. It would be more accurate if they called it a “second-chance” bet.
- First Deposit Match: If you are going to give betting on sports a try, you will need money for a bankroll. The bigger your bankroll is, the more you can bet. So, many books will match the amount of your first deposit by a certain percentage and amount.
It is not uncommon to see sportsbooks offer a 100 percent match up to a certain amount. But matching a percentage of your first deposit is also common. You will want to be sure and check the rollover requirement and the time period you have to meet it.
- Free Bets: If betting on sports is fun, how much fun is betting on sports with someone else’s money? That is what you get to do when a sportsbook offers free bets as a bonus. The book credits your account with them, and you use the free bet credits like money.
However, with every bonus a sportsbook offers, customers must meet some specific terms and conditions. Meet them within the given timeframe, and you receive the bonus. Fail to meet them, and you get nothing.
The most common condition is the rollover requirement. Let’s say your bonus was $500, and there is a 5X rollover requirement. You would need to make $2500 in wagers before you can withdraw the bonus money.
Books will also offer several types of promotions and bonuses with the hope of keeping you active on the app. Free bets of small denominations are common. Many will offer “insurance” on certain bets. Boosted odds are also common.
With all this “free money” offered in these welcome bonuses and promotions, it is hard not to wonder if you should open accounts at several books to maximize your earning potential. But if you are only interested in opening one account, you should shop around.
Depending on your level of interest, you will get more out of some promos than others. For example, deposit matches often max out at $1,000. So if your bankroll is going to be more, it would be worth looking into opening an account with another sportsbook.
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