How Do New User Sportsbook Bonuses Work?
August 12, 2021
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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.
