Every bettor in the world would love free money to bet.
But for most gamblers at regular offline sportsbooks, this is never the option. That is one majoradvantage that online sports bettors have over offline bettors.
Before you go out trying to find this free money, read the following online betting guide to sportsbook bonuses so you understand the different types of bonuses available to the online sports bettor.
The most common sportsbook bonus available online is the Sign-Up Bonus.
Also known as an Initial Deposit Bonus, sign-up bonuses are designed to entice new players to a particular sportsbooks. The new player will receive a bonus, usually anywhere from 10% to 100%, when they make their initial deposit after opening their account.
Reload bonuses are not as common as they once were. However, many of the top sportsbooks still provide this type of bonus to their players.
Similar to the sign-up bonus, the reload bonus is designed for player retention. Instead of risking a player of only depositing once to earn the sign-up bonus, sportsbooks will reward players for depositing more money in their account anytime after their initial deposit.
Unlike the sign-up bonus, a reload bonus keeps giving year in and year out, which is why many bettors stay with a sportsbook that offer this type of bonus.
Cash Bonus vs Match Bonus
It used to be that every bonus was simply a Cash Bonus and was added to your betting account. In recent years, sportsbooks have been implementing the Match Bonus. While still free betting money, there are slight differences between the two.
A cash bonus is deposited directly to your account. When you lose, it is subtracted from your account and when you win, your account is credited with the amount of the wager plus the winnings – just like if it were your own cash.
A match bonus is usually set up in a separate sub-account. It works just like a cash bonus in that you use it to place your bets and the wager amount is subtracted from the account but the difference is when you win. Unlike the cash bonus, when you win on money from a match bonus, only the winnings are credited to your regular betting account that includes the rest of your funds.
While it is true that bonuses are free money to bet with, it isn’t like taking candy from a baby. All sportsbook have rules for qualifying for the bonuses and when you can withdraw the bonus money from your account.
To even qualify for a bonus you must satisfy the Minimum Deposit Amount. This is simply a minimum amount that you must deposit to receive a bonus.
The Maximum Bonus Amount tells you the maximum bonus that you can receive.
A bonus might require you to make a minimum deposit of $100 to receive a 100% bonus, but the sportsbook might also tell you that the maximum bonus amount is $500. This means that any amount over $500 will not be credited with a bonus.
The final rule that most sportsbooks have is a the Bonus Rollover. The rollover is the betting requirement that you must meet prior to withdrawing any of your winnings from your account.
Sportsbooks define the rollover differently. Some sportsbooks consider only the bonus amount while others include the bonus amount + the deposit amount.
Regardless of how the sportsbook defines the rollover, it is always expressed as a multiple such as 10x, or 10 times. This rollover would mean that you must bet 10 times the bonus amount or bonus amount + deposit amount depending on the sportsbook’s definition. A rollover isn’t as hard to meet as it sounds because both winning and losing wagers count.
Now that you understand the anatomy of a sportsbook bonus, be sure to investigate all bonuses and ask questions prior to depositing any funds into a sportsbook account. You must be comfortable with all the limits and know that you can satisfy them. Otherwise you will not be able to enjoy the benefits of all of the free betting money.