How Do Bonus Bets Work in Sports Betting?
Bonus bets are a form of site credit offered by sportsbooks and online casinos. Typically used to encourage brand loyalty and keep customers coming back for more, bonus bets allow players to place wagers without risking any real money.
Sportsbooks use bonus bets in different ways. They can have a range of terms and conditions attached, determining everything from eligibility and how bonuses can be used, to the criteria that must be reached for bonuses to be withdrawn as real money.
Read on for all you need to know about bonus bets and the strategies you need to make the most of the bonuses on offer.
What is a Bonus Bet?
Bonus bets come in many forms and are known by a number of different names. Sometimes referred to as free bets and bet credits, bonus bets can be offered as part of promotional offers to both new and existing customers.
Sportsbooks rely on bonus bets to entice new customers in, and keep existing customers loyal. The bets almost always come with specific terms and conditions attached. In most cases players are required to deposit a predetermined amount of money into their account in order to activate the deal.
Bonus bets differ from regular bets in that they allow players to bet without spending any money. If a player wins a bet using bonus site credit, it’s possible to withdraw real cash (as long as any playthrough requirements are completed beforehand).
In some cases, such as in a current offer provided by DraftKings, a bonus can be split into smaller bets, to be used in different markets. DraftKings is currently guaranteeing $150 in bonus bets, paid instantly once a $5 deposit is made and a $5 real money wager is placed.
In the case of the DraftKings offer, players receive six $25 bonus bets which can be used on any sports betting market whether their initial bet wins or loses. Other similar offers might only pay out bonus credit should the first wager lose. In other cases bonus credits can be paid as one lump sum.
Bonus bets can be included in many different types of promotion. New customers are often provided with bonus bets as a thank you for signing up and making a deposit. Bonuses are usually a set amount, but will sometimes match the amount deposited (up to a stated maximum), or may equal a percentage of that deposit.
The second chance bet, or safety net bet, is another form of bonus bet that sportsbooks will offer periodically.
The second chance bet sees players refunded the amount wagered on a losing bet, as side credit. The site credit cannot be withdrawn, but can be used to place another bet in the same way as other bonus bets. If that bet is then won and playthrough requirements have been completed, real money can be withdrawn.
We’ve touched on playthrough requirements and will discuss these in more detail later, but it’s worth noting that all bonus bets will have some playthrough requirements attached. This simply refers to the amount of times site credit must be wagered and won before a player can withdraw that credit as cash.
How Do I Get Bonus Bets?
All the best sportsbooks and online casinos face fierce competition, which is why there’s almost always a bonus offer available to new and existing customers alike.
Claiming offers like these is simpler than you might think. But it does vary from sportsbook to sportsbook, depending on their chosen terms and conditions.
In some cases, as with our bet365 promo code, sportsbooks require an actual code to be entered either on sign up or prior to a bet being placed. Doing so will activate the bonus offer. Other offers, like our DraftKings promo code offer, do not require an actual promo code and will activate automatically as long as all terms are met.
Look out for emails from sportsbooks, whether you’re a new customer or not. You’ll often find bonus offers within promotional emails, and these emails will usually contain any promo codes that need to be entered to get those bonus credits.
Similarly, online ads might contain promo codes that will activate bonus offers. In some cases, you’ll just need to click a link to activate an offer.
If you’re a new customer, the chances are you’ll be entitled to an exclusive new customer offer on sign up. So, before you sign up with a new sports betting site, make sure you check the latest news on sportsbook promo codes and offers to activate any current promotions.
Read up on the terms and conditions of all bonus offers before you place your first wager; it’s the easiest way to check your eligibility and make sure you don’t miss out.
Almost all offers have a specific deposit requirement that must be met before an offer is valid, so double check you’ve deposited the correct amount before you check out the latest odds. The required deposit is typically in the region of $5-$10.
What are the Rules of Bonus Bets?
Bonus bets come with a wide variety of rules attached. The first and probably most important one you’ll need to know about is any playthrough requirements that apply to your bonus credit.
A playthrough requirement is the number of times money has to be bet and won before it becomes real cash that can be withdrawn via your chosen payment method.
All bonus bets have playthrough requirements attached, helping sportsbooks to retain as much of that bonus credit as possible. They’re presented as a multiplier, to give a clear indication of how many times bonus money has to be wagered and won.
Playthrough requirements can range from 1x right up to 40x or more. The lower the playthrough requirement, the greater the chance of that credit translating into real money.
In some cases, the initial bet that activates a bonus also comes with strings attached. Sportsbooks might include a range of odds that must be met for that bet to be valid, like in the case of DraftKings’ $1,000 deposit bonus offer. With this offer, the sportsbook requires players to wager $25 on market with -300 odds or longer in order to qualify.
Sportsbooks can also stipulate which markets wagers can be placed on to activate bonus bets. These bets might be sport-specific, or only applicable to certain games.
Bonus bets commonly have expiration dates. In most cases, bets need to be used within seven days or they are forfeited. However, this can vary across different sportsbooks, so always check the terms and conditions of your chosen offer to make sure you can use those bets in time.
Strategies Around Using Bonus Bets
There are steps that you can take to maximize your chances of making a profit using bonus bets.
Players champion a range of different strategies in order to do so, so the best option for you will depend on how you prefer to use those bets - and whether the money can be split across different markets.
One commonly used strategy that’s mathematically proven to guarantee the return of your bonus bets is betting on both outcomes of a game at once. It’s known as matched betting. Now for this to work, you’ll need to find a game in which the odds on a win or loss for one term are relatively equal.
Do that, and you can ensure that while you won’t get the full bonus amount returned, you definitely will get a proportion of that money. It’s easier said than done though, because finding a game with very similar odds on both outcomes is no mean feat.
Before you embark on a new strategy to turn your bonus into real money, you’ll need to do some quick calculations to determine how much of your bonus pot you’ll get back. These calculations vary in simplicity depending on the odds at hand, and the terms of your bonus.
For more complex calculations, online calculators can be used to establish exactly how much you will get back if you place bets using bonus funds. You can even use the calculators to work out exactly how much you should bet, depending on the odds offered.
When it comes to deciding on whether to bet on a market with low or high odds, it’s a matter of personal preference. There are pros and cons to both options, whether you use bonus bets to do so or not.
If you use your bonus credit to bet on an outcome with low odds, you’re less likely to eat into that bonus fund too much. But you will have a higher chance of having to complete the entire rollover. If, on the other hand, you go all out with a high stakes bet, potential winnings are of course more valuable. The downside is the increased chance of that bonus being lost before playthrough requirements are completed.
Latest Bonus Bet Offers
Don’t miss the biggest bonus offers now available at our recommended sportsbooks. Take a look at the latest offers and learn how to claim your bonus credits right now.
bet365 Sportsbook promo code
*Deposit required. Bonus Bets wager excluded from returns. T&Cs, time limits and exclusions apply. Gambling problem? Call 1-800-GAMBLER
bet365 is rapidly expanding its U.S. footprint. After recently launching in North Carolina and Pennsylvania, bet365 is now available in 11 states: AZ, CO, IN, IA, KY, LA, NJ, NC, OH, PA and VA. If you're in one of those states, you should definitely check out bet365 and its generous welcome promotion.
New users can collect a bet $5, get $150 in bonus bets welcome offer. It's a solid reward that requires a minimal initial risk, making it a great way for novice bettors to get their feet wet without risking more of their own money. Remember to use the bet365 bonus code SBRBONUS to collect this offer (or SBR365 in NJ, PA and CO).
bet365 also offers an alternative welcome bonus, for those interested: up to $1,000 in first bet offer variety. Just remember that you can only choose one of the two offers.
BetMGM Sportsbook promo code
Bonus bets will expire in 7 days. One new customer offer only. Additional terms and conditions apply.
BetMGM Sportsbook has deep roots in Las Vegas, where its casino resorts have taken retail sports bets for decades. Their online sportsbook lives up to its reputation with a smooth, easy-to-use interface and even includes access to casino games and online poker in some states.
BetMGM’s welcome bonus is a get back up to $1,500 in bonus bets. Just deposit at least $10, and place a bet on any event, parlay, or SGP. Then, receive up to $1,500 back in bonus bets if your bet doesn't win.
The bonus bet expires after seven (7) days and is for new customers only. Just use the BetMGM promo code SBRBONUS when you sign up.
Caesars Sportsbook promo code
New users only. Must use promo code. Min. $10 deposit. Max. additional winnings $2.5K per token. Tokens expire in 14 days. Void where prohibited. Full terms.
Caesars Sportsbook has a long history in the gambling industry. After building up a strong reputation over the years, they’ve maintained it with a top-notch online sportsbook. For new players, Caesars delivers some of the most generous and best sportsbook promotions we've ever seen.
The welcome offer for new customers with Caesars is now a bet $1, get 10x 100% profit boosts.
- Register with bonus code
- Make first cash wager of $1+.
- Receive ten (10) 100% profit boosts for any market.
- Profit boosts active for 14 days.
Ensure you use the active Caesars Sportsbook promo code — SBRBONUSDYW — to claim the offer.
DraftKings Sportsbook promo code
Terms and conditions apply.
DraftKings Sportsbook was a big player in the daily fantasy sports industry before launching its legal sportsbook in the U.S. in 2018. DraftKings has parlayed strong brand recognition and partnerships with big players like the NFL, offering strong odds and frequent bonuses and promos to become one of the most popular sportsbooks in America.
If you’re a DraftKings veteran, you’re likely familiar with the regular bonuses and promos they offer customers. This includes odds boosts, parlay insurance, and special promos throughout the various sports seasons, including special offers all year for the NFL and College Football seasons.
DraftKings' latest welcome bonuses allow new customers to bet $5 and get $150 in bonus bets in selected states and bet $5 win $150 in the other.
You don’t need a DraftKings promo code to claim the bonus, which made claiming my bonus even easier. One of my favorite things to do on DraftKings is take advantage of the daily boosts and super boosts, especially surrounding big events. They can help my winning bets be even more profitable.
ESPN BET Sportsbook promo code
Terms and conditions apply
ESPN BET is new on the scene, having only launched in November 2023. However, with decades of sports expertise behind the brand, it's making up ground in a hurry. The online betting platform is already legal and licensed in 18 different states, giving millions of bettors a chance to check out their new product and earn potential bonuses.
Right now, new ESPN BET customers can claim up to $2,000 in bonuses after making a real money deposit and first qualifying bet. Your deposit is matched at 200% (up to $500), and your first bet is insured against a loss (up to $1,500).
It's a solid value, and you can claim both bonuses. That makes it one of the best values available, since most sportsbooks with dual welcome offers force you to pick one or the other.
Fanatics Sportsbook promo code
Terms and conditions apply.
PointsBet's American assets were purchased by Fanatics in mid-2023. Twelve months later, the Fanatics brand has fully replaced PointsBet in the U.S. and is legally operating in 22 different states, plus Washington, DC.
Fanatics is combining its vast experience as a sports merchandise retailer to offer an online betting product that truly appeals to sports fans. We particularly like the strong in-house odds and creative promos, such as daily bet boosts and special deals for major sporting events, like the Super Bowl. We also found the playthrough requirements for most Fanatics bonuses to be extremely reasonable.
FanDuel Sportsbook promo code
New customers only. Deposit min. $5. Place first bet of $5+ and get $200 in Bonus Bets (within 72 hours).
Born out of the daily fantasy sports craze in the late 2000s, FanDuel moved into the sportsbook game when the laws changed in 2018 and offers one of the best user experiences for sports bettors in several states nationwide.
FanDuel offers competitive odds and strong promotions, especially when it comes to bonuses for new and existing users. Even current FanDuel users can cash in on generous referral bonuses, parlay bonuses, odds boosts, and special offers.
If you’re a new FanDuel customer, the sportsbook is currently offering a bet $5, win $150 in bonus bets promotion, which does not require a promo code. Yes, you read that right. No FanDuel promo code is needed to be eligible for the welcome bonus. Terms and conditions apply for this promo. New users will also receive three free months of NBA League Pass with this offer.
Bonus Bets FAQ
Are bonus bets really free?
Yes, bonus bets are free. However, players usually need to deposit a certain amount and wager a specific sum before bonuses are awarded.
Can you cash out bonus bets?
Bonus bets cannot be cashed out immediately. But it is possible to win real money using bonus bets, by completing the playthrough requirements before the stated deadline.
How do you earn more bonus bets?
Earn more bonus bets by keeping up to speed on the latest offers and promotions from top sportsbooks. Keep an eye on your emails and look out for online advertising with details of current bonus offers. Bear in mind that some bonus offers require a promo code to be entered to claim.
Can you withdraw winnings from bonus bets?
Winnings made via bonus bets can be withdrawn once a playthrough requirement has been reached. Check the terms and conditions of your chosen bonus to see how many times you need to wager that bonus and win before real money can be withdrawn.
What is the difference between bonus bets and bonus credits?
Bonus credits is simply another name for bonus bets. Both work in the same way, awarding players with credit that they can use to place wagers on their chosen markets.
In both cases, funds cannot be withdrawn until a playthrough requirement has been reached. Bonus bets and credits are also typically subject to expiration dates, so must be used within a certain amount of time.
Related Articles
