Sportsbook Bonuses: How Bonuses Work with Online Sportsbooks
If you’re an avid sports bettor, you are no doubt the kind of customer an online sportsbook would like to have. And so two things would seem to make sense: (1) that sportsbooks will want to attract your business, and (2) you will be inclined to accept an invitation, given there was something in it for you.
Bonuses offered by online sportsbooks and casinos are promotions designed to incentivize players to sign up and make a deposit. These bonuses come in different forms, including welcome bonuses, deposit bonuses, no-deposit bonuses, free bet bonuses, and cashback bonuses. All of it is limited only by the extent if the sportsbook’s imagination.
The good news here is that these bonuses are available for all customers to take advantage of. And the process is relatively simple. To claim a bonus, players typically need to create an account and make a deposit, or in the case of no-deposit bonuses, simply create an account.
Okay, maybe you’re a newcomer, or have never taken a bonus before. So before you get too excited, it’s important to understand that a bonus is not just some amount of money you take, put into your account, and cash out. The reason the sportsbooks have offered this is to attract your business, but you most definitely have to give them your business. And you had better believe that they want an opportunity to win your money.
So this is the principle upon which the system of bonuses operates.
And so it makes sense that these bonus offers are going to come with certain terms and conditions. The most common of these conditions comes in the form of a “wagering requirement,” which requires that the customer must put a certain amount of money into action in order to get qualified to withdraw any of the bonus funds.
All of this is based upon a formula, and customarily this formula is a equation in which the amount of your initial deposit PLUS the bonus you receive is multiplied by the number of times that figure has to be wagered.
Let’s use an example as it relates to a sportsbook. You may be offered a 100% welcome bonus that is good for up to $1,000. What this means is that if you deposit, say, $1,000, you’ll be credited with $1,000 in bonus funds, giving you a stake of $2,000. And there is a wagering requirement (otherwise known as a “play-through” figure) of 10x.
As you plug that into the formula, you would have to make wagers amounting to at least $20,000 ($2,000 times ten) before you will be eligible to withdraw any funds that were produced as a part of that bonus.
And, well, a lot can happen in your play before all that happens.
Don’t be all that intimidated by the $20,000 figure, though. If you are betting $100 a game, you would have to get 200 times that average bet to qualify for withdrawals. You actually might be able to do that relatively quickly, depending on the aggressiveness of your play, of course. This doesn’t mean you have to LOSE $20,000. Obviously you’re going to win some games and lose some games, and the online sportsbooks understand that perfectly. So it wouldn’t be all that unusual for you to lose just a very small fraction of that, or even be ahead at that point, That doesn’t matter; if you have put the required aggregate amount of wagers into action, you can start cashing on your bonus.
We’d be remiss if we didn’t point out that there might be some subtle differences between the bonuses offered by a gaming establishment from its sportsbook and its casino.
We can make the statement that in general, the play-through multiple for casino action is going to be higher than it is in a sportsbook. It wouldn’t be unusual if it was anywhere between 25% and 40% in a casino.
And casino bonuses usually exclude certain games. There may be a bonus where any action on, say, video poker can not be applied toward reaching the threshold for redeeming that bonus. At the same time, some casinos have bonuses that are dedicated toward specific games. So there might be, for instance, a video poker bonus. Slots bonuses are extremely common, because casino operators know full well that slot games are enormously popular, and that want to establish all the enticements they possibly can.
Whichever way you go, it’s important to read the terms and conditions carefully before claiming a bonus to make sure you understand the requirements and are comfortable with them. You don’t want to get caught being unaware of these things.
What you potentially have with online casino and sportsbook bonuses is a great opportunity to get more value out of your playing experience. But you absolutely have to go about the right way.