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The Best Sports Betting Bonuses

Updated March 16th, 2021
Published August 14, 2019

sports betting bonuses

Sports betting bonuses are the best way to make the most of your wagers. They help turn even the smallest bets into sizeable payouts, and extra money goes a long way when you’re managing your bankroll.

Online sportsbooks are becoming increasingly competitive, and they’re ramping up their promotions to attract new sports bettors. You should keep an eye out for all types of bonuses, even if this is your first-time wagering.

Keep reading to learn more about the best sports betting bonuses in 2021.

Bonus Offers You Should Look For

Sportsbook bonus offers can differ on each betting site, but there are a few household examples you can find at almost any major provider.

Some of the best sports betting bonuses include:

  • Sign up bonuses
  • Deposit matching
  • Risk-free bets
  • No deposit bonuses
  • Free bets
  • Parlay insurance
  • Boosted odds
  • Reload bonuses

Let’s explore each of these bonuses in detail and highlight some of the best examples from different sportsbooks.

The Different Types of Sports Betting Bonuses and How They Work

There are many bonuses available at multiple different bookmakers. The terms and conditions vary depending on who you’re betting with, but they’re all structured in similar ways, so don’t get caught up in the fine print.

Best Sports Betting Sign Up Offers

Welcome offers are usually the best sportsbook bonus offers, but you can only use them once. They’re more valuable than most ongoing offers, and they’re designed specifically to attract new players.

Here are the best sports betting sign up bonuses:

Sportsbook Welcome Offer Promo Code Get Started
DraftKings $1,050 Deposit Bonus WIN Sign Up
FanDuel $1,000 Risk-Free Bet BESTPROMOCODE Sign Up
PointsBet $2,000 in Risk-Free Bets N/A Sign Up

You should opt-in to a welcome offer if you’re looking to sign up with a platform like DraftKings, FanDuel, or PointsBet.

Now, you might be wondering, “What’s a deposit bonus? What’s a risk-free bet?”

We’re about to get into all that and more!

Deposit Match

A deposit match bonus is typically offered for signing up with a sportsbook. This promotion will match a certain portion of your initial deposit and reward you with an equal amount in bonus funds.

Deposit Match Bonus Pros:

  • Opportunity to double your funds
  • You can use the bonus funds on many different wagers

Deposit Match Bonus Cons:

  • Usually has a playthrough requirement – bet a certain amount to collect a bonus dollar

Best Deposit Match Bonus Offer: DraftKings

DraftKings will match 20% of your first deposit up to $1,050. If your first deposit on DraftKings is $500, you qualify for a bonus credit of up to $100.

You can collect the bonus money by placing more bets with DraftKings. You receive $1 in bonus money for every $25 you wager until you reach the total amount.

This is a strong bonus offer, and you should take advantage of it if you see it at any sportsbook.

Risk-Free Bets

A risk-free bet will cover your wager if you happen to lose. You can find risk-free bet bonuses on sign up or as ongoing promotions.

Risk-Free Bet Pros:

  • Receive bonus funds if your first bet with a sportsbook is unsuccessful
  • Like the name suggests, there’s no risk

Risk-Free Bet Cons:

  • No bonus if your first bet is a winner

Check out our full guide to risk-free bets if you’d like to know more.

Best Risk-Free Bet Offer: FanDuel

Say you sign up with FanDuel and opt-in to their welcome offer. If you make a $500 bet on the Super Bowl and you lose, FanDuel will return your $500 wager in the form of site credit.

The FanDuel welcome offer will cover you up to $1,000 in the event your first deposit loses. Hard to argue with that deal.

No Deposit Bonuses

Some say nothing in life is free, but no deposit bonuses would beg to differ. A no deposit bonus is a free bet that’s usually offered for signing up with a sportsbook.

Just sign up, place your no deposit bonus, and you keep all the winnings subject to terms and conditions.

No Deposit Bonus Pros:

  • As the name suggests, no deposit required to earn the bonus
  • Keep any winnings you made with the bonus

No Deposit Bonus Cons:

  • Hard to find

No deposit bonuses are harder to find than risk-free bets, but you should be jumping for joy if you come across one.

We also have a guide to no deposit bonuses. You can find all the details right here.

Free Bets

Free bets are self-explanatory. Sports betting sites offer a small portion of funds, usually delivered in the form of site credit, that you can use to place bets.

Free Bet Pros:

  • Use free bonus funds to place bets
  • Site credit is easy to use

Free Bet Cons:

  • Smaller amount than a no deposit bonus

You can find free bets as sign up offers or as ongoing promotions. They’re similar to no deposit bonuses but usually smaller in total value.

Best Free Bet Offer: BetMGM

BetMGM has a great free bet promotion. They call it the Monday Money Club, which rewards you with a $10 free bet bonus amount every week.

All you have to do is opt-in to the promotion, spend $50 over the course of a week on BetMGM, and you get $10 in site credit.

Parlay Insurance

Parlay insurance is an excellent bonus if you like making multi-tiered sports bets. It gives you a small refund if you lose your parlay by just one leg.

Parlay Insurance Pros:

  • The ability to make a high risk, high reward bet with more confidence
  • Flexible betting options

Parlay Insurance Cons:

  • Only one leg of the parlay is covered

Best Parlay Insurance Offer: FanDuel

FanDuel has a couple of great parlay insurance promotions.

Parlay Insurance Number of Legs Maximum Refund Get Started
Multi-Sport 1/5 Legs Insured $25 Build Your Parlay
Same Game 1/3 Legs Insured $25 Build Your Parlay

The multi-sport parlay insurance promotion asks you to build a 5-leg parlay with games from any eligible sport. The same game bonus asks for a 3-leg parlay, but with games from the same sport.

No matter which insurance you choose, your wager is covered up to $25 in the event you lose by just one leg.

It’s a rough feeling when you miss a big payout, but it’s not as bad when you have parlay insurance. See our comprehensive breakdown for more information.

Boosted Odds

If you’re the type of shopper who just can’t resist a good deal, then boosted odds are right up your alley.

Sportsbooks temporarily offer increased betting lines on certain outcomes. This is referred to as an odds boost, boosted odds, or a bet boost.

Boosted odds increase your potential payout, and they’re offered on a variety of different bets, including:

  • Totals and over/under
  • Point spread
  • Moneyline
  • Specific prop bets on a team or player

Boosted odds are designed to entice bettors into wagering on games or propositions they otherwise might not interact with.

Boosted Odds Pros:

  • Increased payouts
  • Multiple wagers available

Boosted Odds Cons:

  • Only available for a limited time

Odds boosts can change daily, so it’s best to check with your preferred sportsbook to see what they have going. Learn more about boosted odds with our comprehensive guide.

Best Odds Boost Offer: FOX Bet

FOX Bet is a great place to start if you’re looking for good bet boosts. They have a “super boost” with even better odds available every Saturday, which is great for wagering on big weekend games.

Reload Bonus

We mentioned that online sports betting sites are doing everything they can to attract new customers. It turns out they’re even more motivated to keep you around long after you’ve placed your first bet.

Reload Bonus Pros

  • Free additional bonus funds
  • A great reward for being a loyal customer

Reload Bonus Cons:

  • Hard to find

Reload bonuses reward loyal customers for making frequent deposits. Your first deposit with a sportsbook might come with a 100% bonus, and subsequent reload bonuses might offer up to 25% in bonus amounts for adding more to your virtual wallet.

Reload bonuses can be hard to find, but you’ve got nothing to lose if you happen to see one.

Other Terms and Conditions

There’s a few key terms and conditions you should be aware of when it comes to the biggest sports betting bonuses.

Rollover Requirement: The minimum wager amount, or the number of bets you must place before withdrawing a bonus. Also known as a wagering requirement or playthrough requirement.

Odds Requirements: Some bonuses can only be used on betting lines above or below specific odds.

Free Play Bonus: A credit that can be used on a specific sportsbook, as opposed to a cash value.

Cash Bonus: A real money bonus that can be withdrawn from your account. These might be subject to a rollover requirement.

Time Limit: Some bonuses expire after a certain amount of time has elapsed.

Want to Know More? We Have All the Answers

Whether you’re betting on the NFL, NBA, or any other major professional sports, SportsBettingDime.com has you covered!

Visit our Bonus Section to see all the best sports betting bonuses available on the market.

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