Bonuses are an easy way to increase your bankroll, but they come with conditions. It’s easy to understand that sportsbook bonuses are a great way to bolster your bankroll, but figuring out exactly what terms and conditions you have to fulfill before you’re able to withdraw these bonus bets is not as simple.
Every bonus offered by an online sportsbook, regardless of whether it’s an initial deposit bonus, a bonus bet, or otherwise, comes with a set of wagering requirements. Sportsbooks typically require you to wager a certain amount before bonuses can be withdrawn – this is called a rollover.
Understanding detailed terms of bonuses such as playthrough requirements and time limits can be complex, and sportsbooks often use complex jargon to obscure the complexities of redeeming these bonuses.
That’s where we come in. In this guide you will have all the nuances of your sports betting bonus explained.
What Is a Betting Bonus?
A betting bonus is funds you are rewarded, usually, for registering with a new bookmaker, but they are however not withdrawable cash but something that you can only use to place bets. Claiming a betting bonus typically entails finding an offer that you like with a bookmaker you haven’t registered with before, signing up as a new player, meeting the qualifying requirements for your new customer offer, before you are then awarded the amount specified in the welcome offer.
A betting bonus isn’t always for new players though, with existing players also able to claim betting bonuses, sometimes on weekly occasions with certain bookmakers. Quite often you will see betting bonuses available if you wager a certain amount or more each week.
Sports Betting Bonus Types
One of the main differences between land-based and online betting is sports betting bonuses. The modern punter would prefer to place bets predominantly online, also because of the variety of bonuses offered. But how well do you know your way around sports betting bonus types? It is not as easy as it seems.
Although a sports bonus is a convenient way to gain more money, it almost always comes with conditions you have to meet. Any type of bonus you receive — free bet, wager, or cashback — will come with a set of conditions you’ll have to fulfill.
Firstly, here are the six most common sports betting bonus types:
- Wager Bonus
- Express Bet of the Day
- Comboboost
- Freebet
- Bet Insurance Bonus
- Cashback Bonus
When it comes to acquiring new customers or retaining existing ones, offering a well-rounded mix of these common bonuses can be an effective strategy.
Read on for their full descriptions – with examples – and enjoy!
Wager Bonus
A wager bonus is a sports bonus that will definitely have wager requirements to convert it to cash. There are many types of wager bonuses: a Sign-Up Bonus (given after making your first deposit), Events bonuses (given for special sports events and occasions), etc.
How does it work?
To convert a wager bonus into cash, you must bet it a certain number of times. The wager varies from bookmaker to bookmaker.
Let’s add some math to see how this bonus works. For example, if the bettor puts in $100 and gets a 100% bonus for his deposit, then he will have $200 in his wallet. Let’s suppose that the wager is x12, so the player needs to multiply 12 by 200, he gets $ 2,400. In order to cash out his received bonus, the bettor needs to place wagers in the amount of $2,400.
As you see, the value of the deposit and the Wager bonus offered is usually summed up. The wagering requirement applies to the whole sum.
There’s no doubt that this is the most popular and common sports bonus. However, it’s also worth keeping in mind that the wager bonus system does become increasingly complex for the player: to be able to withdraw, the player must wager a big sum.
Express Bet of the Day
Basically, the Express of the Day is a sports bonus with a pre-selected set of events with an included bonus rate on them.
How does it work?
The number of express bets that a bookmaker collects in the Express bet of the Day is unlimited. To place the wager, the player simply needs to accept the terms. Any change by the player turns the bet into a usual express, not subject to an odds multiplier. It is a bonus that represents chance and luck as it is: the bookmaker offers, and the player decides whether he is ready to accept the risk or not.
Comboboost
Comboboost is used only for express bets. This sports betting bonus gives the player additional odds that enrich potential winnings.
How does it work?
In this case, the player decides to make several single bets and unites them in one Express bet. Each bookmaker can set up his own special criteria that the player should meet to get Comboboost. It can be the number of express bets, odds, etc. If the player meets all the criteria, they get special odds from the bookmaker.
For example, your potential win is 800$; the bookmaker gives you special odds, which increases the potential winning sum to 960$. So the Comboboost is a profitable sports bonus for bettors: if the wager wins, the customer wins more, but if the gamble loses, the player loses the bet amount only.
Freebet
Freebet is one of the most universal types of bonuses. It can be used in express bets, single bets, during live matches, and pre-match activities.
Sportsbook incorporates three types of Freebets:
- No risk
- AllWin
- OnlyWin
No Risk: How Does It Work?
The player chooses an event or collects an express, decides to use his risk-free bonus. He approves the bet, and here we go with three possible variants.
- The bet wins. The player gets his win and the bonus is written off.
- The bet loses. The player gets his bet amount in real money (no wager requirements). The bonus is written off.
- The bet wins partially. The player gets his winnings. The bonus is written off.
AllWin: How Does It Work?
A player makes a bet with money that is not displayed in his wallet. Bookmakers allow players to make wagers using the company’s funds. If the bet wins, the player’s winnings are credited in real money to his wallet. The player doesn’t lose anything if the bet loses, making it an easy win-win scenario.
OnlyWin: How Does It Work?
The essence of this sports bonus is that the player makes a bet with bonus money that is available for making a wager, but the sum is not credited to the player’s wallet. If the wager wins, the player receives the difference between the win and the bet sum in real money.
Bet Insurance
Betting insurance is an option for players who are not sure if their bet will win. Some sportsbook brands let players insure a bet at any time (it is just a paid service at an extra cost), while others represent it as a bonus offered.
How does it work?
Very often the cost of bet insurance depends on the current odds for a particular outcome. You can insure the rate in full (100%) or only partially. Both ordinary and express bets can be insured. If a sports bet is lost, the part insured is returned to the player’s balance. It is a good option for almost all types of players: the risk is lower and the winnings are not cut.
Cashback
There are many types of bonuses, but the Cashback bonus is one of the most profitable perks for customers. The classic option is a partial repayment of a loss. For example, 5% of a lost bet. Cashback is usually only provided for a specific sport, a championship, or competition, or it can be intended for just one or a few games (be aware that the situation can change).
How does it work?
Usually, the cashback is returned as a freebet or a wager bonus. It depends on the sports brand you choose. This type of bonus is one of the most favoured among players. It’s rather uplifting when the team you were hoping for loses or you’re just on a bad streak.
But with the bonuses offered for wagering, the process can be more difficult. Sportsbook companies often have strict wagering requirements for converting the winnings into real money. In most cases, it is rather challenging, several steps must be completed.
What is Rollover in Betting?
Firstly, “rollover” can also be referred to as “playthrough.” The two terms are interchangeable.
An example might help in understanding just what these mean. Let’s say that you deposit $250 to a sportsbook that is offering a 50% bonus with a 5x rollover. This means that you’ll have $375 to bet with, but can’t withdraw the bonus money until you’ve placed $1,875 ((250+125)x5) in bets.
Sportsbooks calculate rollover and the bets that go towards clearing it differently, so be sure to read the terms and conditions carefully.
Sportsbooks May Place Odds Restrictions and Time Limits on Rollover
Some sportsbooks credit you your risk amount for losing bets, and the lesser of the risk or win amount for winning bets. This means that if you bet $10 on the Patriots at -110, you earn $10 towards your rollover requirement if they lose, but only $9.09 if they win.
Most books have rules against betting strong favorites to clear the rollover, so don’t be surprised if you have to bet at higher than even money to earn credit towards your rollover. If you have to bet at better than 2/1, it’s probably not a good deal.
Another thing to look out for is a time limit on the rollover. Rushing your bets to clear an arbitrary threshold is a sure way to place poor bets and lose money. Before you take a bonus with a time limit, calculate how much you need to bet per week to clear that requirement, and figure out if this makes sense for the way you want to bet.
Additional Requirements on Your Sportsbook Bonus
Besides rollover requirements, sportsbooks have a variety of other terms associated with sign-up bonuses that you need to be aware of in order to clear your bonus for withdrawal.
They vary from sportsbook to sportsbook, so it’s worth reading the fine print before jumping on one and trying to cash out before you’ve met all of them.
Here are some examples of additional requirements:
- Bets with a price of less than or equal to -200 (1.5) do not count toward fulfilling sportsbook bonus rollover requirements
- No withdrawals can be made within 30 days of claiming this promotion
- Only eligible for use in sports, horse racing, and casino
- You can only have one active bonus at any one time. To claim another bonus the current active bonus must be completed or closed first.
- In multiple bets, at least one selection must have odds of 1.50 (1/2) or greater to count towards any turnover requirement
Essentially, you might have to look out for the following requirements at your sportsbook:
- Odds restrictions on bonuses. Some bets may not count towards your rollover beyond a certain threshold. Usually, this means that you can’t just bet on massive favorites over and over again for your rollover requirement.
- You may have to wait for a specified time period before you withdraw your bonus.
- You may be restricted to only using your bonus at certain sections of your sportsbook.
- Sometimes, a sports betting site offers multiple bonuses. This is common if they have ongoing bonuses. You’ll likely only be able to have one active bonus at a time.
Apply Your Knowledge and Start Betting Today!
Now that you know exactly how sports betting bonuses work, you know the next logical step: start betting!
No matter whether you’re after a sign-up bonus or an ongoing bonus, these promos can point you in the right direction that helps you decide on the optimal sports betting bonus.
