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Bonus Bet Offers: A Complete Overview of Sportsbook Bonus Bet Promos

Patrick Cwiklinski

by Patrick Cwiklinski

Updated Jun 12, 2024 · 10:01 AM PDT

You’d be hard-pressed to find an online sportsbook that doesn’t provide bonus bet offers of some sort. The term “bonus bet” is associated with so many different promotions it can be somewhat confusing, especially for new players.

If you’re wondering if bonus bet offers are worth looking for, the answer is yes. While these intriguing sports betting promotions do come with certain restrictions, they can still be a great way to bolster your bankroll.

This guide provides an overview of the different bonus bet promos available at legal sportsbooks and betting apps. We explain how bonus bets work and outline some common rules and regulations you need to know. Plus, we share examples of the best bonus bet offers we’ve seen.

What Is a Bonus Bet Offer?

Bonus bet offers are one of the many ways online sportsbooks compete for your business. Like other bonus offers, these promotions provide a bit of extra cash for you to play with so you can feel comfortable putting extra cash down on major leagues like the NFL, NBA, MLB, NHL, or other sporting events like the Super Bowl or the NCAA college football championship.

Everyone loves bonuses, and sports bettors are always on the hunt for extra value. Bonus bet promo offers of some sort are available at nearly every online sportsbook and mobile app worth signing up for.

These bonus offers take many different forms, each of which is covered in detail below.

How Do Bonus Bets Work?

You may receive a bonus bet when your wager loses in a certain way, when depositing to a sportsbook, when you place a certain amount in wagers, or as a bonus for signing up to a site. It all depends on the promotion.

Many bonus bet offers are accessible without entering a promo code, but you may need to opt-in to the promotion to receive your bonus bet credits.

Are Bonus Bets Really Free?

Sports betting promotions can help boost your bankroll and give you a better chance of beating the books. If you want to take full advantage of bonus  bet offers, it’s critical to understand their rules and regulations.

You might be wondering: are bonus bet offers worth it? Are these sports betting promos really free?

The truth is that most bonus bet promos are not completely free and they often come with fine print terms and conditions (T&Cs) that you always need to consider. You’ll typically have to wager some of your own money before you can cash out, so it’s important to look over all wagering requirements and playthrough requirements that may apply.

We recommend you always read the T&Cs before activating any sportsbook promotion. Here are some common rules and regulations you can expect to see with bonus bet bonuses:

  • Minimum odds requirements (typically -200)
  • Time limits for both the qualifying bet(s) and the bonus bet(s)
  • Wagering types are typically restricted to straight bets (moneyline) but may also include parlays
  • Bonus funds may be subject to rollover requirements before they can be withdrawn
  • Most sportsbook promotions are limited to one per household
  • Many bonus bet offers are sign-up bonuses, which are only available to new users

Knowing how your sportsbook treats payouts on bonus bets or site credit is essential when considering promotions. In many cases, only the winnings from bonus bets are returned to your account – you won’t get back the bonus bet stake. Look for sportsbooks that treat bonus bets and site credit like cash, as this results in higher returns when your bet wins.

Promotions vary widely and change frequently, so don’t forget to read the fine print!

Best Bonus Bet Offers

Our reviewers have spent countless hours evaluating the best betting websites, and we check for the latest promotions on a weekly basis.

Check out the following best sportsbooks to find the top bonus bet welcome offers:

Sportsbook Learn More
DraftKings Sportsbook DraftKingsReview
FanDuel Sportsbook FanDuel Review
BetMGM BetMGM Review
bet365 bet365 Review
Fanatics Sportsbook Fanatics Sportsbook Review
Caesars Sportsbook Caesars Sportsbook Review

Types of Bonus Bet Offers

Sportsbooks offer a variety of bonus bet bonuses. Understanding the differences between them is important when deciding which bonus bet promotions are right for you.

Bonus bet offers fall into two broad categories: sign-up bonuses and recurring promotions.

Disclaimer: Promotions change frequently. The examples below were current at the time of writing but may no longer be available.

Bonus Bet Sign-Up Bonuses

In an increasingly competitive US sports betting market, sportsbooks offer lucrative sign-up bonuses to attract new customers. These welcome offers

Most sign-up offers result in bonus bet credits, but they differ in when and how the credits are awarded. Keep in mind that sign-up offers are only available to new account holders.

No Deposit Bonus

The only truly free bet promotion is a no deposit bonus. All you have to do is sign up for a new account and place your bonus bet wager.

Unfortunately, free bet offers with no deposit requirements are getting harder to find as the terms are highly favorable to the bettor.

Most often, you’ll see these bonus bets offered when a new sportsbook first expands to a new market. If sports betting is new to your state or soon to be legalized, you’ll want to keep a close eye out for these offers.

Check out our comprehensive guide to no deposit bonuses here.

Matched Bet Bonus Offers

We like to think of matched bet bonuses as buy-one-get-one-free offers. Often used as sign-up deals (known as deposit matches), matched bet offers require you to make a deposit and/or place a real money wager first. The sportsbook will then match the initial deposit or bet with a bonus bet up to a certain amount. The deposit match bonus is one of the best BetRivers promotions available.

Example: BetRivers

Matched bet bonuses have an advantage over traditional bonus bets: you will receive a bonus bet whether your initial wager wins or loses.

Recurring Bonus Bet Offers

Recurring or ongoing bonus bet offers are available to any customer who opts-in to the promotion. You do not need to be a new account holder.

Occasionally, bonus bets and matched bets are offered outside the realm of welcome bonuses, but here we will focus on other examples of ongoing bonus bet offers.

Money-Back Bets or Insurance Promotions

Sportsbooks are getting more and more creative with their promotions. A more recent development is the offer of getting your money back if your bet loses in a particular way. The refund will be in the form of a bonus bet credit. One of the latest Caesars sportsbook promo code offers does exactly this. These are also known as insurance bets as they provide some protection when your team loses in overtime, for example.

Example: PointsBet

Many sportsbooks also provide what’s known as parlay insurance when you construct a parlay or same-game parlay (SGP) with a minimum number of legs. If just one leg of your parlay fails, you’ll get some or all of your initial stake back as a bonus bet.

Weekly Bonus Bet Promotions

Some sports betting sites offer weekly promotions that provide bonus bets when you risk a certain amount or bet on particular sports or events.

Example: BetMGM

For instance, BetMGM customers can opt-in to the Money Monday Club to receive a $10 bet every week, so long as they placed $50 in qualifying real money wagers during the previous week. You don’t need any kind of BetMGM sportsbook bonus code to use this offer.

Sportsbook Refer-A-Friend Bonuses

It pays to bring your friends into the action at several top sportsbooks. Refer-a-friend promotions typically provide bonus bet credits to both you and your friend. A true win-win!

All you have to do is provide your buddy with your unique invite link or referral code. Once they sign up, verify their account, and make the first deposit or place their first wager of a certain amount, you’ll each receive a bonus bet.

Example: DraftKings

The best part is most sportsbooks that offer refer-a-friend programs place no limits on how many referral credits you can earn.

The Bottom Line

Bonus bet offers are rarely free but taking advantage of other various online sportsbook promotions is key to beating the books and growing your bankroll.

Sports Betting Dime’s extensive set of guides to sports betting bonuses will help ensure you don’t leave any money on the table.

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