Now that online sports betting has become legal in certain parts of the United States, there are multiple sportsbooks opening their doors for business on a monthly basis. Nearly all of the sportsbooks will be offering promotions to try to win your business, and most of them do this through the use of bonus incentives!
Throughout the Total Sports Picks website and advertised on social media, you’ll start to see promotional banners saying ‘Sign up to xxxx today and receive xxxx in bonus bets’.
If you’re only just dipping your toe into the gambling world now that is has become legal in certain states, then you’re probably unfamiliar with the term Bonus Bets, so we are here to help you understand what they are, and how they work!
What are Bonus Bets?
Bonus bets, or sometimes referred to as bonus money or bonus funds, are a predetermined value that can be used to bet on sporting events.
They are usually rewarded to a user in a few different circumstances:
- Sign up bonuses – When a user signs up to a new sportsbook, they will often have a portion of or all of their first deposit matched in bonus bets ie. deposit $100, get a $100 bonus bet.
- Bonus bet refunds – Sportsbooks will often run promos that help you limit your risk on a bet. A bonus bet refund could be something like ‘place a win bet on any horse and if your horse comes 2nd or 3rd, get your stake back in bonus bets’.
Example of a bonus bet refund promotion at FanDuel
How are Bonus Bets different to real cash?
While bonus bets are definitely a massive incentive, users should be aware that they do not work the same way as real cash. With a real cash bet, if the user places a bet and wins, they will get their stake PLUS their winnings back.
If a user places a bet with a bonus bet, they will ONLY RECEIVE THE WINNINGS form the bet, not the actual stake. For example:
- A $100 CASH bet on the Cowboys to win against the Giants at +100 will return a total of $200.
- A $100 BONUS BET on the Cowboys to win against the Giants at +100 will return a total of $100.
As the bonus bet is technically not your money to begin with, the result is usually the same in that the user finishes $100 up. But it’s an important factor to remember.
Terms & Conditions of a Bonus Bet
One thing that we recommend to all users before opting into a bonus bet promotion is to read the terms and conditions of both the promotions and the use of bonus bets on the specific site.
Sometimes, sportsbook can make it extremely difficult to withdraw any winnings that you might collect from bonus bets or even from the money you deposited to claim the bonus bets. Be wary of certain terms and conditions like:
- Turnover requirements – Most online sportsbooks require you to turnover (bet) your cash deposits at least once before withdrawing any money. Sometimes, when you deposit to claim bonus bets, the amount of times you have to turnover your money can go up to two or even three.
- Minimum odds – While users will typically bet their bonus bets on something at higher odds as it is essentially a risk free bet, it’s still a good idea to check the T&C’s of the bonus bet, as sometimes they require you to place a bet on something at minimum odds.
Now that you’re familiar with how to claim bonus bets and how to use them! You’re ready to dip your toe into the beautiful world that is bonus incentives.
To get started, why not take advantage of this great $250 sign up bonus at BetRivers! Simply sign up using this link or clicking the banner below, sign up for an account and deposit ANY amount up to $250 and your deposit will be matched in bonus bets!
This content is intended for entertainment purposes only. For full details and disclosures, visit our Terms section. For more information on licensed sportsbooks – including available states and the best places to play – visit our Reviews section.