Most of the sportsbooks offer some bonus to new players and their existing customers. There are various types of bonuses offered, which are explained as below.
The sportsbook advertise to give this type of bonus to lure the new betting players, offered at the time of joining. You may see their claims like ‘Get 50% signup bonus’. However, this doesn’t mean that you can just signup and immediately cash out with a profit of 150%. They provide signup bonuses so that the player could easily start betting with the deposit amount and the bonus.
However, every sportsbook sets some ‘rollover requirements’ that sets a certain minimum amount for the bet before the player can withdraw the winning money while the bonus remains intact.
Let me explain it further. If a sportsbook’s requirement is say 5x rollover over the bonus, this simply implies that the player have to take the risk that is equivalent to 5 times the deposit + bonus. So if the player gets 50% bonus and the deposited amount is $500, then the bonus becomes $250. So his bankroll becomes $500 + $250 = $750. To fulfill the rollover requirement of 5x, the player doesn’t need to place 5 bets of $750 each, but he has to make sufficient wagers that should be equal to 5 times the bankroll and that becomes $3750. Now it is clear that rollover requirement is a major factor while comparing the sportsbooks.
There are some other types of sportsbook bonus also, which the sportsbooks offer to the players.
Free Play Bonus
This type of bonus is generally kept separate in an account and used to transfer the money won from the free play bets to your real money bet account.
To understand how this bonus works, let me give you some examples of a free bet.
Example 1: $50 Free Bet
You are probably required to deposit $50 at least in a separate account and in order to unlock the free bet, you need to place a bet for $50. However this bet will be offered at some specified odds or even greater, in some cases it could go up to 2.00. However, you have to meet the rollover requirements for both the initial deposit amount and the bonus, before you are allowed to withdraw any money from your account.
Example 2: $300 in free bets
This doesn’t mean that you will get $300 after you sign up with the sportsbook. You may be required to place a bet of say $50 in order to receive first $50. Then you may have to place 5 bets of $50 each, before you could receive the second $50 and so on.
It is clear from the above examples, that the bonuses offered by the sportsbooks are not so good as they appear initially.
The bonus given to the players on every deposit, if they are not in the winning situation. This gives the players more money to bet.
Cash Back Bonus
This type of bonus is given to the players to offer them a refund on the net losses, usually a few times in a year.
Perks and Loyalty
Some sportsbooks value the loyalty of their regular players and provide them discounts, perks and even gambling insurance.
While this bonus may not seem so good, but they give you guarantee of money by arbitraging among the sites. You get guaranteed returns on the bets, when you bet two or more outcomes between two sites. However, you should remember that if you do this, then 2 accounts are rolled over by you. So if the sportsbooks’ rollover requirement is say 5 times, then the bonus offered to you will not cover 5 small losses. This is a good use of the bonus money. However, it could be profitable even if is some time consuming.
There is nothing like a free lunch. Some of the bonuses may not be suitable for you or some are not even a bonus at all. So next time when you see a bonus, please read the terms and conditions carefully before you sign up with any sportsbook. So think wisely and pick the bonus, which seems right to you.