One of the best incentives sportsbooks use to convince users to sign up is through sign-up bonuses. Sometimes, these feel too good to be true. You see words like “get up to $10,000 in free bets” and you start to get a little skeptical. It’s totally natural, but the promotions are completely legit and should be capitalized on.
However, this “free money” is not always what you think it is and won’t exactly end with free money in your pocket the day you deposit. Let’s discuss a few of the different types of sign-up bonuses and how you can eventually cash out and get paid.
Explaining the Different Types of Sign-Up Bonuses
For the sake of simplicity, we’ll be using a $100 deposit and a $20 initial bet for all types.
Risk-Free Bets
What Is It?
The most common type of sign-up bonus is a “Risk-Free First Bet,” which means exactly what it says – your first bet with the app is entirely risk-free.
So, let’s assume, as mentioned, that even though you deposit $100, you only bet $20 on your first wager. You decide to bet on the New York Yankees beating the Boston Red Sox at +100 odds, which would pay out to $40 total ($20 in stake + $20 in winnings).
Let’s say the Yankees win. Congrats! You’re a goddamn genius, and I’m sure you’ll win every other bet for the rest of your life. $40 is now in your account, and you’re ready to become a billionaire by the end of the month.
Let’s say the Red Sox win. That sucks for you pal, but don’t sweat. You’ll still receive $20 in free bet dollars in your account, which operates similar to a site credit.
How Do I Use It?
If you win your bet, it operates like a normal sportsbook. You can cash out your $40 whenever or keep playing with the money in your account.
If you lose, the $20 that you receive cannot be immediately cashed out as these are technically credits and not real money. This $20 must be wagered again in full. Only then can you cash out your winnings into true dollars.
Let’s say you take the $20 in free bets and bet it on the Jets at +100 odds, and shockingly…they win! The bet nets you $20 total, so now you have $40 in winnings ($20 in wager + $20 in winnings).
Any Things to Keep in Mind?
Every sportsbook is different, so make sure you are reading some of the fine print before you get upset that you’re not receiving your money in full.
Here are a few things to look out for.
- Payouts differ between books. For example, with FanDuel, if you win your bet using the free dollars, you’ll receive back your stake ($20) + your profit (an additional $20 on the Jets game). With PointsBet, you’ll only receive the $20 in profit back.
- Different books offer different maximums for free bets. For example, Caesars offers up to $5,000 in risk-free bets, while BetMGM is just $600.
- Most books will force you to use the free bet dollars within a certain time frame, usually 7 to 30 days, before the offer expires.
Free Bets
What Is It?
This is similar to Risk-Free Betting but slightly different in that you’ll receive this bonus whether you win or lose.
So, let’s say you make your initial $20 bet on the Yankees. Regardless of the outcome, you’ll get an extra $20 in your account to bet with.
How Do I Use It?
Similar to the above, this can only be redeemed after it’s bet again.
Much like Risk-Free Betting, different books offer different max free bet winnings or timetables to use the free bet dollars, so make sure you do your research.
Anything to Keep in Mind?
With free bet deposit deals, when you put that free bet into play, you will collect only a win. So even though you won $40 total on the Jets game, you only get to keep your $20 in winnings in your true account, since the book takes your initial stake.
Deposit Matching
What Is It?
Unlike the first two types of sign-up bonuses, this bonus is related to your deposit versus the amount of your first wager. Assuming again that you have deposited $100, you’ll now receive $100 in free bets for your bankroll.
From there it operates similarly to the above with similar caveats on different amounts for each book, expiration dates, and winnings versus stake payouts.
How Do I Use It?
Same as above, this is a free bet deal that gives you credit in your account. This can only be withdrawn once you’ve bet it and won with the free bet dollars.
Anything to Keep in Mind?
Personally, this is my favorite kind of promotion because it offers the most flexibility. Everyone is different, but if you see the book offering this deal, I’d recommend depositing as much as you can up to their match limit (generally up to $500).
New User Deals
What Is It?
These are promotions for specific sporting events that are exclusively available for new users.
You’ve likely seen these promotions everywhere, but they generally are for big events like a UFC fight (Bet $1, Win $100 if McGregor Lands a Punch!) or the Super Bowl (Bet $20, win $50 if Tom Brady completes 1 pass!).
How Do I Use It?
Similar to all the above promotions, your winnings will be in free bet dollars or credits that have to be bet before they can be reimbursed.
Anything to Keep in Mind?
These promotions are designed to be very easy to win so that new users get excited about using the book and comfortable with the idea of betting. Even if you’re an experienced gambler, there’s no shame in taking advantage of these bets. They’re literally free money that they’re giving away. Don’t let it just sit there.
Make sure you signing up for as many sportsbooks as possible to take advantage of these great bonuses. While you’re at it, check out Chris Gerlacher’s column on roll-over requirements, so you understand how and when you can withdraw your funds.
