Bonus bets are an incentive offered by sportsbooks to attract new customers, serving as free bets which cannot be exchanged or withdrawn in return for real cash.
Bonus bets are similar to deposit bonuses or bet matches, yet often come with greater wagering requirements and restrictions. Here are the key terms surrounding bonus bets.
What is a bonus bet?
Bonus bets are betting credits offered by sportsbooks to new users to encourage them to make their first bet risk-free and are typically displayed either in the bet slip or account page; bonus bets typically have terms and conditions such as maximum bet amounts or restrictions on bet types (eg exotic horse racing products).
The process for acquiring and redeeming bonus bets varies widely between bookmakers. They may be granted in various forms: deposit bonuses (typically to existing customers) or through betting promotions that often include specific requirements such as wagering requirements or minimum amounts to wager before winnings can be withdrawn from winnings accounts.
When redeeming a Bonus Bet, its amount will be added to your wager selection and marked with a green “BONUS BET” marker. However, any potential winnings from that bet won’t count toward it, and only eligible markets meet criteria of promotion can use it. It cannot be combined with other rewards and may only ever be redeemed once.
How do I get a bonus bet?
Bonus bets are offered by sportsbooks to both new and existing customers, usually in the form of credit that can be used to place bets but cannot be withdrawn as cash. Their amount depends on the promotion type and qualifying conditions; e.g. a first bet match bonus could offer site credit up to a specified limit; while free bet offers may provide credits instantly regardless of whether your bet wins or loses.
To be eligible for a bonus bet, it is necessary to register with a bookmaker, provide identity verification (if necessary), and meet any deposit and bet requirements listed within its terms of promotion. In general, promotions with lower minimum deposits and bet amounts generally offer greater bonus values.
Once activated, bonus bets appear in your “My Bets” section with a green “BONUS BET” marker. However, unlike deposit bonuses which are real money and available across all markets and odds restrictions may apply; bonus bets should only be used on select markets with certain odds restrictions applying – pairing it with an effective betting strategy however can help maximize bankroll growth while increasing chances of longshot parlays winning big! Bonus bets also have set expiration dates so it’s essential that they are used before they expire!
What are the benefits of a bonus bet?
Bonus bets provide new users with an opportunity to experience sports betting at a site without risking their own funds, while testing different betting strategies since in most cases your initial stake will be returned in most instances. Bonus bets often form part of daily promotions at sportsbooks, so make sure that they are taken advantage of regularly so as to maximize the benefits they provide.
Benefits of bonus bets depend on their specific offer and terms and conditions, from no deposit requirement to wagering requirements, maximum odds restrictions, event-specific criteria or even once use only regulations.
Not unlike cash winnings, the payouts from bonus bets differ in calculation from cash wins. Usually, winnings from such bets are calculated by multiplying their odds with their original stake (i.e. if your $20 bonus bet was on odds of $10 it will pay out $200 in winnings while keeping its original stake).
Bonus bets provide newcomers to sports betting an invaluable opportunity: building their bankroll. When used correctly, bonus bets can quickly transform promotional funds into real-money profits over time when used strategically and betted properly – increasing chances of winning big bets such as multi-team parlays or accumulators.
What are the drawbacks of a bonus bet?
As with any free-money promotion, bonus bets carry certain risks. Perhaps most significantly among these is their requirement that the bonus bet stake must first be wagered before it can be withdrawn as cash, which may explain why some bettors avoid these types of promotions altogether.
Bonus bets have some drawbacks, however. One such limitation is their incompatibility with exotic horse racing products like trifectas and quaddies. Furthermore, certain sportsbooks limit how often bonus bets can be redeemed; this may lead to bonus abuse, with bettors creating multiple accounts to take advantage of repeat bonuses; known as multi-accounting which violates most betting sites’ terms of service.
However, bonus bets do have several drawbacks that should be kept in mind, including winnings not automatically being transferred into your cash balance; rather they’re credited towards future bets placed using those same bonus funds. Furthermore, each offer may come with specific terms & conditions such as minimum odds requirements, event-specific criteria or time limitations that apply specifically to that offer. Typically speaking however, bonus bets are designed to help bettors expand their wagering bankroll without risking their own funds; so this type of bet provides an ideal way to test new strategies or markets without risking your own funds; just make sure you read carefully so as to avoid any missteps!