Sportsbook Bonuses Explained

Online Sportsbook Bonuses

The sportsbooks that offer services to sports bettors that want to place wagers on the NFL matches, more often than not, have various different bonuses that they offer. These bonuses can be different and they usually deal with totally different situations. It would be extremely advantageous for a bettor to know and understand the different bonuses that could be offered, so that they can use them when betting. The most common bonuses that sportsbooks tend to offer are the Welcome Bonus, Cash Back bonuses, Deposit Bonuses, and Payout Rewards.

The Welcome Bonus

This particular bonus is usually reserved for the new members, as it is a welcome bonus after all. The welcome bonus is the first step a bettor will take when starting their betting career at that sportsbook. The bonus as such is a money matching bonus. In other words, when a bettor deposits for the first time, whatever amount they deposit will get matched a certain percentage, up to a certain amount.

   

Using the WagerWeb online sportsbook welcome bonus as an example, we can see that they are offering a 200% bonus, up to $2000. What this means is:

  • They will match the bettor’s deposit 200% (initial deposit x 200%)
  • The bettor could get up to $2000 in free cash to use

Welcome Bonus Tips

For new bettors that encounter this bonus, they should learn to take full advantage as it only happens once. They should try to max out the bonus amount. In other words, whatever the sportsbook is willing to match; the bettor should get them to match it all. This way, the bettor will start with their own bankroll, as well as have extra cash to bet with; free cash if you think about it.

Cash Back Bonuses

Cash back bonuses are a sportsbook way of saying thank you for using our services, and for every certain amount of money you wager with us, we will give you back some cash.

   

This way, a bettor can get back a certain amount of money back every time they place a bet or several bets. It can be said a bettor will be getting a free risk bet of whatever amount they are giving back. This means, the sportsbook will give the bettor that amount of cash back, regardless if their bets win or not.

Cash Back Bonus Tips

This is a very straightforward bonus, and a bettor should take this into account. If they are planning on placing a $98 dollar bonus, but they would get $2 cash back every $100 wagered, they should simply bet the $100, get the $2 cash back, and have a chance at getting a bigger payout if their bet wins. This obviously comes with a warning, and that is to not overextend your bankroll just to get the cash back, it will come in time so do not rush it.

Deposit Bonuses

This type of bonus works very similar to the welcome bonus, as the sportsbook will match a bettor’s deposit a certain percentage, up to a certain amount. The one big difference is that the Deposit Bonuses are much more often, which is why the percentage and the bonus amounts are smaller than the welcome bonus.

   

Comparing the welcome bonus and the reload bonuses at the TopBet sportsbook, we can already tell there is a big difference.

Deposit Bonus Tips

Same as the welcome bonus, use the deposit bonus to its maximum. If a bettor wants to deposit more than what they would get a bonus for, that is up to them, but they should always try to at least match what they are getting a bonus on. Using the above as an example, the bettor would need to deposit a total of $1000 in order to get the max of $100 in bonus money. For some bettors this may not be possible, so they should just deposit the amount they can afford, since they will still get a deposit bonus on it.

Payout Reward

This may be one of the most overlooked bonuses that any sportsbook could offer. As it does not offer a bettor anything in return, most bettors ignore it. What a payout reward does is it eliminates the payout, or withdrawal, fees that a bettor may incur when wanting to take money out of their account. Some fees are quite large, and may limit a bettor’s ability to withdraw money from their account.

Some sportsbooks could offer their members, depending on their activity, one or more free payouts each month. To put this in perspective, a bettor may incur fees of up to $50 each time they withdraw funds from their account, by using this payout reward, they would save themselves $50.

Payout Reward Tips

The first thing a bettor needs to do is make sure how many free payouts they receive each month, and based on that number, they can proceed to withdraw funds that many times per month. Bettors should try to stick to the number of free payouts they are offered, as this will save them money on fees. If by chance a bettor has to withdraw money, and they will be charged the fees, they should withdraw at least 10 times what the fee is, or else it would be wasting money.

Other Bonuses

There are many other bonuses and promotions that sportsbooks offer, but these are the main ones that a bettor will most likely find at any sportsbook they decide to bet at. A less common bonus, but excellent for bettors, is the Reduced Juice Bet. If you happen to find a sportsbook with that reward on it, join since it is a great way of getting the best odds for the best price.

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