Most Common Sportsbook Bonuses 2024 Explained

In this exhilarating world of online sports betting, sportsbooks are constantly trying new ways to grab and retain the attention of bettors. One of the most common and effective ways is offering various promotional bonuses to bettors. 

These bonuses work excellently to attract new players and keep the existing bettors engaged. From welcome bonuses to loyalty rewards, the horizon of sportsbook bonuses is vast. 

Do you know alluring bonuses are one of the main reasons punters are moving online? Various bonuses and promotions online sportsbooks offer have beaten the traditional betting realm. 

If you’re naive towards online sports betting bonuses and don’t know how they work, this is the right place to get educated and become a more informed bettor. 

In this guide, we will explain all the common sports betting terms, their types, how they work, and how you can unlock them. 

But first, let us understand…

What are sportsbook bonuses?

Sportsbook bonuses are incentives offered by sportsbook operators to attract and retain players. The promotional offers or bonuses come in various forms to add value to betting, encourage more players to sign up, get more deposits, and increase betting on the platform. 

These bonuses are key aspects for online sports betting operators and play a major role in players’ retention. However, it is crucial for players to read all the terms and conditions carefully to gain maximum profits from such promotional offers. 

Let us now move towards understanding different types of sports betting bonuses.

Types of Sportsbook Bonuses

 

Below are some of the most common types of sportsbook bonuses. Mixing these bonuses is a great strategy for engaging and retaining players on the platform. 

Keep on reading to find out about them in full detail. 

Read Also: Choosing the Right Whitelabel Sportsbook Software for Your Business Model

Welcome Bonus

A welcome bonus is an inaugural bonus the sportsbook offers as applause for choosing the platform. It acts as an entry excitement pass for your first game, often manifesting into a generous match on your first deposit.

To understand it better, let’s assume you’ve deposited $50. The sportsbook will automatically double it by adding another $50 to your bonus funds (it can vary, depending on the percentage they’re offering as a welcome reward). This bonus will enhance your ability to explore more and significantly increase your probability of winning more. It acts as a foundation for a thrilling experience ahead. 

Wagering Bonus

It is a strategic promotional betting offer aimed at amplifying the betting experience of the player. A wagering bonus functions very differently than a welcome bonus; hence it is critical to understand its functionality. 

For example: if you receive a bonus of $100 with a 5x wagering requirement, you will have to place bets totaling $500 to unlock that bonus. 

This way, operators ensure bettors actively engage with the platform and place bets throughout the markets. Overall it is a win-win for both bettors and players, as you get more action, and sportsbooks generate more engagement. 

Express Bets of the Day

Consciously curated, operators pick Express Bets of the Day to enhance the odds for the players. These unique bets are handpicked every day by combining several events into a single bet slip. They provide odds that are collectively more attractive than single bets. Express Bets of the Day is a unique type of sports bonus that aims to keep bettors engaged and increase participation with a promising increase in value.

It works on a straightforward yet powerful mechanism. Each day, the sportsbook selects a series of events that can range from the most eventful matches to other games with promising odds. These are then combined as a cumulative bet with better odds available only for a certain period of time. Bettors who opt for this sportsbook bonus can place bets to enjoy returns based on these odds. 

Combo Boost

Combo boosts are bets that can only be used for express bets of the day. They give the players some additional odds to enhance their winning potential. A bookmaker can easily set up their own special criteria for players to meet to get a combo boost. The criteria can vary from the number of bets to odds and more. If a player is able to meet all the criteria, bookmakers can offer them these special odds. 

For instance, let us assume your potential win is $500, and the bookmaker gives you special odds to increase your potential to $660. In this case, if the wager wins, a player wins more, but if the wager loses, the player only loses the bet amount. Therefore, it is a profitable sportsbook bonus for the players. 

Free Bet

As the name suggests, freebet is a promotional offer online sportsbooks offer to their players. It is a bet fully covered by the operator, i.e., you will receive fixed “free” money in your wallet to place a bet as part of the offer.

Operators release such offers to motivate players to either bet more or try out any new game. But in either case, it is a win-win for both, as free bets secure your way to experience a new game.

Free bets are straightforward. When you win a free bet, you receive a specific amount to wager on the next game. Simply put, if you win a free bet of $50, you can place a bet of the same worth on your next match, as specified in the operator’s guidelines. If you win, you will receive the winning amount minus the free bet amount. 

Cashback Bonus

Sportsbooks offer Cashback bonuses to mitigate the effect of losses and give bettors a chance to redeem themselves. This bonus works by refunding part of the net loss made by the bettor within a predetermined period, say a week or month. For anyone starting in sports betting or an experienced player, Cashback bonuses act as a fail-safe in case of the unpredictability of sport and improve your betting strategy’s security.

How Cashback bonuses operate is very simple but immensely consequential. Under such cash-back deals from bookies, gamblers can get back part of their losses either through withdrawable money or bonus credits for future bets, depending on the specific terms offered. In case there was a 10% Cashback bonus on net losses given by one sportsbook and you faced a tough week with $200 in net losses, you would be refunded $20. It gives hope to those still playing because they might lose once again after losing money by placing wrong bets.

Read Also: Top 6 Tips on How to Choose Turnkey Betting Platform Providers

Bonus Terms and Conditions that You Should Pay Attention to

At first, these sportsbook bonuses and promotions seem inviting as they fly by on banners. However, looking deeper into the terms, it becomes clear that despite often being eye-catching, these deals usually have various conditions.

The following are some types of terms and conditions that you should carefully consider. 

The small print can make or break a promotion. For example, it may not be better off if the $50 free bet has greater wagering requirements and minimum odds than a $20 free bet.

Thus it is vital to read the terms and conditions before claiming any sports betting offers. Here are some important things to consider:

Minimum deposit– You must make a qualifying deposit to access certain betting promotions. Offers may require different minimum deposits.

Minimum odds– In most cases, bets must be placed on markets with specific odds to qualify for such promos. This varies from offer to offer but is usually up to 2. 

Wagering requirements- This is the number of times bonus funds received have to be gambled before the remaining winnings can be withdrawn. If, for instance, you win a $10 bonus under 6x wagering requirements, you must gamble up to $60 to withdraw your money from the account.

Eligible Markets and Sports- Every sportsbook offers betting on hundreds and thousands of events but offers bonuses only for a few. For example, combo boost will only be offered on selected events or markets. So, read the terms and conditions carefully before opting for any bonus. 

Read Also: White Label Betting Exchange Solutions: A Comprehensive Overview

How Do SportsBook Bonuses Work?

It is easy to claim a bonus even if you’re a beginner. Sportsbooks always clearly outline instructions on how to unlock various bonuses offered. There is also a customer support system to assist you with any further queries. 

Generally, following written steps can be followed to some of the bonuses like a welcome bonus. 

1. Visit the iGaming site of your choice. 
2. On the homepage, click on the signup button. 
3. Complete your signup by entering all the required details.
4. As asked, check for the promotions section and add the minimum wagering amount. 
5. Add funds to your wallet. 
6. Add coupon codes if needed. 
7. You’re now ready to receive bonuses as mentioned on the specific site. 

Voila! It was that simple. We believe you’re now ready to play and unlock those bonuses by being more informed with us. 

Conclusion

We hope this guide was useful and answered all your queries related to sportsbook bonuses. Herein, we tried to cover some of the most popular sports betting promotions and their working mechanism. 

While bonuses are an interesting way to add some more money to your wallet, it is crucial to understand that they should not be the only key aspect of choosing a Sports betting platform to play on. One should also check other aspects like the quality of odds, the range of games/sports available, payment modes, and the user experience that a platform provides.