Competition for business continues to be an important part of the sports betting industry. Sportsbooks in every state with legal wagering are being forced to devise new and creative bonuses and promotions to entice new bettors to try out their products and keep them playing.
The explosion of new customer bonuses and promotions has benefitted bettors but has also negatively affected the bottom line of most sportsbooks. Profit reports from some of the biggest names in the game, like FanDuel, DraftKings, and Caesars Sportsbook, have all, in the recent past, cited soaring customer acquisition costs as the reason for underwhelming profit margins.
That is not to say that sportsbook bonuses are going away. Sportsbook bonuses are an important part of the customer acquisition process, which is expensive. It will always cost a lot to earn a new customer’s trust and bankroll. Bonuses and promotions are part of doing business for the sportsbooks.
More on Sportsbook Bonuses
There are two main Welcome Bonuses that the bulk of participating sportsbooks offer to new customers: the popular “Bonus Bet”, which comes in three different forms, and the “Deposit Match”, which also appears in a couple of different forms.
Follow along as we take a look at those two bonuses along with all the terms and conditions that go with them. We will look into the most (and some of the least) common sportsbook/online casino bonuses in the business and identify which types are most beneficial to you, the bettor. Let’s get started.
Types of Sportsbook Bonuses
Sportsbook bonus shopping has become a right of passage for novice and experienced gamblers alike. RotoGrinders always has the latest bonuses in all of our review pages for this very reason. Sportsbooks want you to see value in what they are offering, and it is our job to keep you informed of all the latest bonuses and promotions.
Simply put, the more enticing a welcome bonus a mobile site has, the more likely they are to acquire new customers. Everyone is looking for a little extra value from their sports betting provider or an increase to their betting bankroll! Bonus bets are always a good thing.
But just like everything, there is a catch with most sportsbook and online casino bonuses. Playthrough requirements, expiration dates and limitations on just what kind of bets are eligible for Bonus funds usually exist in the small print and are sometimes difficult to define.
Bonus bets are the most straightforward type of bonus that sportsbooks offer new customers. Unlike the deposit match, a bonus bet doesn’t just apply to a customer’s first action taken on a participating platform.
Following your first deposit with a participating legal sports betting provider, sportsbooks provide a set amount of dollars. A Bonus Bet is essentially a credit awarded to new (and often existing customers) in the form of capital for bettors to use on a huge range of markets offered by a competing sportsbook.
Instead of using their own money, bettors that claim the Bonus Bet bonus won’t have to use their own money to fund the wager. They use “house money” to place that bet. Caesars has a somewhat unique spin on this Bonus – they sometimes, not always, include a 100% bet match, meaning that they will double your first bet.
In this type of wager, bettors will only benefit from the profit from that Bonus Bet win. The original stake of the bet, including that bonus cash, isn’t credited to the bettor’s account. Bettors only receive the profit from such bets.
For example, if you won a $10 bonus bet at odds of +200, the total return would be $30. Bettors would keep $20 – that’s the $30 return minus the original $10 stake.
No Deposit Bet
The “No Deposit Bet” is the alternative thing to a Bonus Bet, with the least amount of arduous Terms and Conditions. They are also the least common of the family of bonuses.
Upon sign-up, participating sportsbooks will credit new bettors’ accounts in the form of a specified amount of bonus money. As advertised, there is no actual deposit required, just your personal information that will inevitably lead to a slew of emails and promotions from the company. Generally, sportsbooks offer between $5 and $50 toward their No Deposit Match campaigns. Barstool Sportsbook is well-known for offering new customers $10 as a sign-up bonus that bettors receive even without making a deposit. These days they are just about the only sportsbook offering such a promotion.
No Deposit Bets work in a similar fashion to Bonus Bets in that if and when a bettor wins, they will receive just the profit – not the total bet, including the original stake. The only difference is that there is no deposit required to claim the bonus.
One key difference between the two is that bettors claiming the No Deposit Bonus Bet aren’t limited to just 1 wager. In some cases, the bonus bets can be divided up any way they see fit. In the case of a $50 No Deposit Bet, customers can place 1-$50 wager, 2-$25 bets, 5-$10 bets and so on.
One of the most common sportsbook bonuses is the “Deposit Match,” which is the favorite of such sports betting providers as DraftKings and BetRivers.
The Deposit Match simply means that participating sportsbooks will match your first deposit to a new account. It essentially means that sportsbook providers will double your first deposit in the form of site credits to be used at customers’ leisure. Generally, sportsbooks will match a customer’s first deposit between $100 and $1000.
As mentioned, the “matched” funds appear in a new customer’s account in the form of site credits, which means the player will have to meet a list of terms and conditions before they are eligible to withdraw those Bonus funds.
Deposit matches are much less restrictive than Bonus Bets. There are no limitations on how much or little of the Bonus has to be bet, the sports you are confined to betting on or any of the markets that the participating sportsbook offer.
Odds boosts are a popular promotion offered by many sportsbooks, but they only offer value if you like the underlying wager. For example, an upcoming primetime NFL game might have some odds boosts available, but they are usually tied to parlay wagers. So if Patrick Mahomes and the Chiefs are playing in primetime, a sportsbook might boost the odds on the QB throwing for over 2.5 TD passes, over 225 yards, and not throwing an INT. That would be a 3-leg parlay that would normally pay out at +600 or so. An odds boost might increase the payout to +800, but it’s still a 3-leg parlay that has a 16.6% chance of winning. So, using this example, if you think Mahomes will have a monster game, there is value in your taking the odds boost. Otherwise it doesn’t offer any additional value.
To put it another way, odds boosts simply move the odds one way or another to benefit the bettor. They make certain bets more attractive and heighten the payouts of the bets, but you don’t get to control what the actual bet is.
Some sportsbooks that have online casinos attached to them offer new bettors Free Spins with their Slots gaming options in conjunction with Bonus Bet or Deposit Match promotions. Free Spins are just that – a chance to try an online casino on for size with Free Spins with some of the offerings’ more popular games! Most states do not allow online casino gaming, but if you’re in one of the five states with online casinos–Michigan, New Jersey, Pennsylvania, West Virginia, and Connecticut–you should definitely check out any free spin promotions that you come across.
Sportsbook Terms and Conditions
It is time to talk a bit about the Terms and Conditions that typical sportsbooks employ in relation to their Bonuses and Promotions. Most sportsbooks will put a deadline on claiming a Welcome Bonus after registering for their product. They will require their new customers to claim Bonuses within 7-14 days of signing up. Most bettors will do this right off the bat, but some fail to either recognize the Bonus option or ignore it altogether.
Generally, you must check a box and sometimes enter a promo code showing your interest in claiming the Welcome Bonus. We’ve got all the freshest promo codes available for you right here at RotoGrinders, so be sure to take a look at all our sportsbook pages to find the best promotions.
Notable Sportsbook Terms and Conditions
Play-through or Rollover Requirements
This is defined as the amount of money that customers who receive a sportsbook Bonus need to wager before they can withdraw those Bonus funds. They essentially ensure that clients don’t simply sign up, collect their bonus funds, and immediately withdraw them.
You will see sportsbooks require a 5X, 6X, even up to 25X in relation to Playthrough or Rollover requirements. It means that bettors will need to bet 5X, 6X, or 25X the total amount of the deposit, plus the Bonus and before being able to start withdrawing funds from their account.
For example, if you received a 100% deposit match on your $500 deposit, there would be a total of $1000 to play through ($500 deposit + $500 deposit match). With a 5X playthrough or rollover, you would be required to wager $5000 (5X $1000 = $5000) before being able to withdraw funds from their account.
This applies to Bonus Bets especially. Odds restrictions ensure that those using their Bonus Bets aren’t able to bet on a heavy favorite in order to clear the rollover. Most sites cap their bonus bets at -200 or higher.
Most sportsbooks give bettors a maximum time with which they must satisfy Rollover requirements. Generally, bettors will have up to 30 days to bet the amount required before being able to withdraw funds. To put it in perspective, those that take advantage of a 100% deposit match and max out with a $1000 deposit at a 5X Rollover will have 30 days to place $10,000 in bets to realize their requirements fully. That’s 5X $2000 ($1,000+$1,000) = $10,000.
Specific Eligibility Requirements
Some sportsbooks will only allow bettors to use their bonus funds on certain sports. Others will only allow bonus funds to be used in their online casinos.
There are other Terms and Conditions that are restrictive and may take some of the luster off a particular Bonus. It is up to the individual bettor to familiarize themselves with the rules for sportsbook bonuses and promotions. There is generally quite a list and the terms aren’t the easiest to follow.
Sportsbook Bonus FAQ
What are the most common sportsbook bonuses?
Just about every sportsbook offers some sort of bonus or promotion for new and existing customers. The most common types of promotions offered are bonus bets, deposit matches, and odds boosts.
Why do sportsbooks offer bonuses and promotions?
Sportsbooks give out bonuses and new customer promotions to provide bettors with an incentive to try out their products. It’s marketing like airing a commercial or giving out a sample at Costco. If someone signs up for an account because of the first bet bonus, the sportsbook has already gained their contact information and can send them additional marketing emails. Additionally, once someone has signed up for an account, chances are they are going to spend some money. New customer promotions are an effective way to get customers to try out the sportsbook the same way any business offers a sale or other marketing campaign to draw in new customers.
Does RotoGrinders have information on specific sportsbook promotions?
Of course! RotoGrinders is your one-stop shop for all the latest sportsbook promotions. We have reviewed just about every sportsbook that exists in America and have special agreements set up with many of them to ensure that you get the biggest and best promotion possible. Our exclusive promo codes offer you unrivaled value for your sportsbook bankroll. Check out all our sportsbook review pages here.
We haven’t forgotten about the DFS fans either. Many DFS sites also offer new customer promotions, including deposit matches. Check out our DFS reviews here and snag some exclusive promo codes to maximize your new customer promotion.