Unless you’ve been living under a rock, you’ll have noticed that there’s been a huge explosion in the number of sports betting companies in recent years. And that’s been good news for consumers.
Not only do they have more choices when it comes to finding an online sportsbook that meets their needs, but they are also able to take advantage of the many betting bonuses available online.
In a hyper-competitive market, sportsbooks are all too happy to use bonuses and deals to attract new visitors.
The type of bonuses available can vary depending on the website, but you’ll generally see the same ones over and over again. Let’s take a look at some of the most common betting bonuses.
Free Bets
Offering new customers free bets is one of the most common marketing tactics of sportsbooks. They’re just what they sound like — if a website offers a no-deposit free $10 bet, then, once you’ve signed up for the website, you’ll have $10 to bet.
There are usually some conditions attached to the deal. For instance, you’ll likely need to use the $10 on a single bet.
Additionally, if the bet is successful, then you’ll probably have to use the winnings to bet a few more times before the money becomes available to withdraw.
Referral Bonuses
Referral bonuses are designed to attract new customers via existing customers. This is a popular betting bonus and one of the few that isn’t aimed exclusively at new customers.
How a referral bonus works is like this: the player invites a friend to join a betting website with a special link that is linked to the player. Once the invited friend signs up and makes a deposit, then a bonus is deposited in the player’s account.
It’s an easy, effective way to get a small bonus, especially if the player knows people who would already be interested in signing up for the website.
Price Enhancements
Price enhancements are another popular bonus, especially around major events. These promotions involve the betting website offering extra-long odds for sporting events.In some cases, you can get odds that are three or more times better than the ‘normal’ odds for the outcome.
These price boosts are usually only offered to new customers, but not always. Some sportsbooks make daily promotions available to existing customers, though these are usually less valuable than the price enhancements offered to new patrons.
Money-Back Bets
Money-back bets are also called risk-free bets and are offered to new customers. Risk-free bets return the stake of the player’s initial bet should it lose.
As with free bets, you’ll typically need to wager the value of any winning bets made using the “free” money multiple times before it becomes available to withdraw.
Match Deposit Bonuses
Match deposit bonuses, also known as a welcome bonus, are typical betting bonuses offered by modern sportsbooks. With this, the sportsbook will match the value of the first deposit that you make on the website.
For example, if you deposit $20, then you’ll be given $20 in additional funds. There’s an upper limit to deposit bonuses, but they usually run into the hundreds of dollars.
Loyalty Bonuses
Loyalty is rewarded by many types of businesses, including sportsbooks. Sportsbooks that have loyalty bonuses reward players who frequently use their service.
This type of reward goes beyond the monetary value of typical betting bonuses — while loyalty programs can offer enhanced odds and other exclusive deals to long-standing players, most of the rewards are not financially focused.
For example, players may be invited to exclusive events, have their own personal account manager, or receive free swag.
Given the diverse regulations governing betting globally, adhering to local laws is imperative when indulging in the thrill of gambling.