December 2, 2022
Sports Betting

5 Most Popular Sports Betting Bonus Types Explained (Beginners)

5 Most Popular Sports Betting Bonus Types Explained

Sports betting is one of the most traditional types of betting. Thanks to mobile internet, and the widespread availability of smartphones, it’s possible for fans to take their chances in their favourite sports anywhere in the world. That’s why this niche receives millions of new players daily, offering loads of bonuses and promotions. If you’re one of them, read about the most common types of bonuses you’re likely to come across.

More Bang for the Buck

There are thousands of online sportsbooks worldwide, competing for new customers every day. So, it’s possible to shop for the option that brings a wide selection of betting bonuses, allied with attractive odds and convenient banking methods. In your search, you’ll probably see the bonuses explained below.

Deposit Match

A deposit match is one of the most popular kinds of bonus on any gambling site. This offer doubles your deposit up to a certain amount. However, the deposit match isn’t always 100% over the deposit amount; the percentage and values may vary from one offer to another.

For instance, consider a deposit match bonus of 100% up to 100 bucks. So, if you deposit 100, you receive another 100. Eventually, this percentage can be 50% or less. This kind of offer typically comes with a wagering requirement.

Free Bet

Everybody loves a free bet! The concept is straightforward: the house offers you a certain amount to place on a bet without spending a dime of your bankroll. There are rules concerning withdrawals from such offers, though.

Because it’s a free bet, some players may choose to aim high and make risky bets. Most sportsbooks impose withdrawal limits for this offer precisely for this reason. Alternatively, sportsbooks can offer bet credits, which can be used in normal bets without using money.

Enhanced Odds

Its name says it all: enhanced odds are those odds boosted by the house. Sportsbooks may enhance the odds in a match for several reasons. Bookmakers define a withdrawal limit for this option to avoid unexpectedly high payouts.

It’s a common offer for first-timers and is often part of welcome packages and VIP programs. Some sportsbooks even treat enhanced odds as a standalone bonus, not offering cash bonuses to attract new players. Typically, these offers also require a minimum betting amount.

Risk-Free Bet

Many beginners confuse risk-free bets with free bets, but both types are fundamentally different. While free bets are like free money, risk-free bets return the amount wagered to a certain percentage. Still, players must use money from their bankroll here.

However, sportsbooks can return this wager differently, not only in cash. In some cases, the house may return this value in betting credits; in other cases, it can be returned as free bets. Anyway, these options should be clearly stated in the terms and conditions of the offer.

No Deposit Bonus

No-deposit bonuses are among the most popular types of bonuses. Like a free bet, it’s almost like free money since players can enjoy it before making their first deposit. It’s a one-time kind of bonus that players usually get when they sign up.

Unsurprisingly, these offers are relatively small and range between 5 and 25 bucks. The advantage of the no deposit bonus over a free bet is that you don’t need to place a bet immediately to receive it. From the house’s perspective, this kind of bonus brings no profit other than bringing in new players that can be converted into regular customers.

Where to Start

Since you’re here, you also may find it helpful to understand the most popular types of bets. Check below how they work and how to make the best of each.

Moneyline

Moneyline is arguably the most straightforward kind of bet. Here, players must choose the winner of a match. Negative odds reward less because they’re ascribed to the favourite side. Underdogs get positive odds and are more rewarding, though less likely.

Points Spread

Unlike Moneyline, points spread allows players to almost even the odds between two sides. It’s a common type of recreational bet. It’s also a wise choice for those using bonus offers to meet the house’s wagering requirement.

Totals

You’ll also see this bet referred to as over/under bets. Here, the house projects a final score for the match, and you must choose whether the final result will be over or under that prediction. Typically, these projections show the number of points, runs, or goals.

Wagering Requirements

The wagering requirement, or rollover requirement, defines how many times a bonus must be wagered until it can be cashed out. It’s a requirement that comes with pretty much every bonus offer. So, if you receive a bonus of 10 bucks, and the wagering requirement is 2x, you need to wager 20 bucks before cashing out your winnings. This requirement must be clearly explained in the terms and conditions of the offer.

Bet On!

Now that you know the basics about sportsbooks bonuses, and the best options to start betting, you’re ready to take your chances. Bet responsibly, and stop as soon as fun stops.

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