Sportsbooks, like any good business, recognize that competition exists. That’s why it is vital to have the latest offers and perks to attract new bettors.
It’s important to understand the in’s and out’s of sportsbook promo codes and bonuses in order to select the best book for you.
Using Sportsbook Promo Codes Is Easy
Like a timeout in a sporting event, sportsbook bonuses are only valuable if you use them strategically. That said, they are easy to take advantage of.
Most bonuses are going to involve signing up, making a bet, or both. The sportsbook is going to give you a code to enter during the process and upon doing so the bonus will be applied.
Generally, it is as simple as being clear upon sign-up what bonus code you are utilizing, but the occasional sportsbook might require an additional step. Even if it takes one more step, like an email, you won’t need to put in much effort to meet the terms.
Enjoy Your Initial Bonus, but Don’t Settle
Sportsbooks seek new clientele regularly, but they also spend energy keeping their customers engaged and happy. Obtaining a bonus or promotion via a promo code is a way to show that appreciation. While sign-up bonuses are the most prominent, consider all of the ways a sportsbook can show you love before choosing a promotion.
It is very likely that the best deal you’ll get is the initial sign-up bonus. Call this an acquisition cost for the company if you want. Once you are in the system it is easier to keep you around. Companies figure that if you are having a quality experience you won’t look elsewhere for betting alternatives.
While often standard sign-up bonuses covered here result is significant cash, some sportsbooks will give better parameters around your bonus (a higher percentage or larger amount) if you deposit using their preferred method. If you are comfortable with whatever extra bonus a sportsbook is offering, great. If not, they usually have an option that works for most prospective account holders.
While sign-up bonuses get most of the headlines and usually are the most lucrative, many sportsbooks offer other worthwhile enticements too.
It is very common for books to offer re-load bonuses. This is basically a sign-up bonus but for people who are already customers. If you are low or out of funds, they will give you an incentive to put more cash in and continue wagering with them.
Refer-a-friend promo codes often work on both sides. You and your friend, who signs up because of you, get a thank you bonus for bringing the site more business. If you are having a good experience, and tell a friend about it, everyone wins. It is a nice extra reward from the sportsbook that you did the work in helping to get them a new customer.
Often sportsbooks will pass along a bonus or promo for trying a new product out. Whether it be their app or giving a look to their live betting section, they want you to explore. If you try out the racebook or casino, there may be a perk. Sportsbooks are interested in having you utilize everything going on at the site, and sometimes will make it worth your while.
Regardless of what the site states their bonuses are, be your best advocate. If you are looking for something specific and within reason, just ask. Promos are meant to attract business and sportsbooks will often listen to reasonable requests. Particularly if you are a volume player, it is in their best interest to have you bet at their site, not one of their competitors.
Most Common Type of Sportsbook Promotions
While almost every sportsbook uses the term bonus, the way that players are rewarded varies at each betting site. The two most common bonuses are cash bonuses and free plays. These can sound similar, but be clear on understanding the differences before accepting one or the other.
A cash bonus literally means they are adding money to your deposit. If you get a 50% cash bonus on a $200 deposit your total balance will be $300 ($200 deposit + $100 bonus). Gamble as you wish and you have $300 to play with. One of the most common bonuses is a 100% sign-up bonus as covered here, that matches the amount you’ve deposited for double the wagering money. There are restrictions on when you can get a payout that we will touch on in the next section.
A free play means that instead of adding the $100 to your account, it comes in the form of a bet. Rather than being able to divide and use that $100 in a variety of wagers, you can use it once. If you win, now you have it in your account. So a 50% free play means you deposit $200 and you have $200 in your account plus a voucher for one free $100 wager. If that wager wins and the odds are +100, you have $300 total.
Obviously the cash bonus is cleaner, easier, and more helpful. However, sportsbooks know that and often free play bonuses come with fewer or less stringent restrictions.
Sportsbook Bonus Restrictions
You will find a variety of nuances when it comes to cashing in sportsbook bonuses, but mostly they are procedural part of the promo code. You often need to have an account active for a certain amount of time. Sometimes you need to provide some sort of identification or proof of an address. However, by and large, they are minor paperwork or communicating with the company type things.
On the other hand, when you are granted a bonus, it is important to know what the rollover is, and exactly what that means. The idea behind rollover is that sportsbooks offer a bonus so that they know you are going to wager using their site. They are trying to avoid someone depositing cash, taking advantage of a big bonus, and then quickly asking for a payout.
Here’s how rollovers work. Each bonus is assigned a multiple; often the better the bonus the larger the rollover. If you deposit $200 and get a 50% bonus ($100) and it may come with 10x rollover. That means you can not withdraw money until you bet 10 times the initial deposit plus the bonus. In this instance, the $200 deposit + $100 bonus = $300 to bet with which means the x10 rollover = $3,000 must be bet before you can ask for a payout.
That sort of high rollover sounds imposing, but remember a lot of bettors are going to hit at around 50%. If you win $50 and then lose $50, and win $25 and then lose $100, and win $50 and then win $25, your account balance is at zero, but you have bet $300. That is ten percent of the rollover. It doesn’t take that long to get to the full rollover amount.
Also, if rollover is a concern of yours, usually smaller bonuses are available with lower rollover, and you can decline bonuses and not deal with rollover at all.
Find the Bonus Fit for You
The point of a promo code is to tempt customers to try out a sportsbook or features within them. Most sportsbooks have competitive offerings, and so long as you understand the details involved and your options, they should be a nice incentive. That’s the point of this series of articles about the in’s and out’s of sportsbooks. A handy guide should help you to enjoy and maximize your experience.