Online sportsbooks offer welcome bonuses, risk-free bets, and reload bonuses to bettors as an incentive to stay active. Many sports bettors make an online sportsbook’s bonus package a big part of their decision in which bookmaker to choose. The vig makes winning at sports betting more difficult, but bonuses help tilt things toward the bettor’s favor. For that reason, review sites like our own make details and ratings of bonus promotions a big part of their online sportsbook reviews.
None of this helps if a new online sports bettor doesn’t know what makes online sportsbook bonuses so important. It also doesn’t help if you don’t know how to use a sportsbook bonus code to collect the free cash that a site offers. This guide to online sportsbook bonuses explains everything you need to know. We give tips, while pointing the way to some of the best US online sportsbooks. Later, this article answers frequently asked questions and give recommendation on which sportsbook bonuses you should seek.
Let’s start with a look at why bonuses for sports betting are so important.
Sportsbook Bonuses 101
Sportsbook bonuses do a lot of things for bettors. They have a lot of benefits, so here is a list of the key benefits you’ll find with sports betting bonuses.
- Lets you make bets for free without risking your own bankroll.
- Helps players test the sportsbook layout and the bet slip software in a real setting without risking cash.
- Gives a bettor practical experience with the site’s odds, to see if they stack up.
- Shows customers whether the site pays out when it loses. If it quibbles over bonus terms, avoid the site.
- It stretches your bankroll, so you can make more bets. This gives you more chances to win and keeps the entertainment coming no matter what.
What Sportsbook Bonuses Don’t Do?
Bonuses are great, but they aren’t the end-all, be-all of sports betting. They don’t have a real downside, but they also won’t always work to your benefit. Here are some drawbacks.
Similarly, they can’t be cashed immediately. You’ll have to risk the bonus money before you can cash it out.
They don’t assure you’ll win. Bonuses have wagering requirements and some bettors lose all their bonus money while wagering.
Since some players lose their bonus stake while betting, the playthrough process can waste your time. But if you look at it that way, then sports betting in general can be a waste of time.
Sportsbook Bonus Codes Explained
Some online sportsbooks require a bonus code to activate their promotions. It’s best if the process is automatic, because you won’t ever leave bonus money on the table. Alas, some sites require promotional codes to activate bonuses. Good sportsbook sites won’t deny you bonus money if you forget to use the code and contact them soon after making a deposit.
That’s not always the case. It’s best to contact customer support the instant you realize the mistake. In any case, if the site refuses to let a new customer have a bonus, you know it’s not going to stand behind other offers. You can move on to another online sportsbook.
How to Use a Sportsbook Bonus Code
If you’ve never used a sportsbook bonus code, follow the steps below to collect bonus money. Most online sportsbooks have similar systems, though your experience might vary a bit depending on your choice of sportsbooks. This guide provides tips on acquiring bonus cash with the promo codes at the sites we’ve reviewed.
How Promo Codes Works at Sportsbooks
- Log In: Sign in to your account. Click on the link at the top-right of the homepage to visit the Cashier page.
- Cashier Page: Once on the cashier page, click “Deposit” to fund your account.
- Deposit Method: Choose a deposit method among credit card, debit card, or one of the crypto methods. Choose an option with the biggest bonus.
- Find Bonus Code: Most sites have a list of bonus codes on the cashier page. If you can’t find it, look for the Promotions page or use live chat for directions.
- Input Promo Code: Next, input the promo code before confirming your deposit. Input how much you want to deposit, then confirm the deposit.
- Contact Customer Support: Once you’ve made a deposit, the bonus cash should appear in your account. If not, contact customer support immediately to receive your bonus. Have the transaction number ready.
Best Sportsbook Bonuses
The best sportsbook bonus has two parts: bonus money and a risk-free bet. The most important part is the match bonus. In the offshore sportsbook market, you’ll find bonuses ranging from $200 to $500 to $1000 and even higher. The wagering requirement ranges from 1x to 10x the bonus amount, though 2x or 3x is most common.
When you play in the licensed sportsbook market, the bonuses are much smaller. Often they range from $30 to $100, though one or two might reach $200. Once again, the wagering requirement is 1x to 10x, though 1x to 3x is most common. Simply put, the licensed sportsbooks don’t have as much competition in their niche, so they don’t feel the need to offer big bonuses.
As I stated before, sportsbook bonus money is the main aspect of these promotions. Still, many of the best online bookmaker sites offer a risk-free bet as a kicker.
How Risk-Free Bets Work
Think of risk-free bets as a kind of sportsbook insurance. When you make your first bet on the site, it’s gives you a rebate if you lose. Imagine you bet on the Los Angeles Dodgers to beat the San Francisco Giants. If the Dodgers win, it’s like any other bet and you collect your winnings.
If the Giants win, then you receive back your betting stake. Someone who makes a $10 bet and loses receives that $10 back in their account. Meanwhile, a bettor who wagered $25 and lost receives $25 back in their account. This rebate cash likely has a 1x wagering requirement, but it’s a second chance to get things right. It’s the sports betting equivalent of a mulligan or do-over.
In the offshore online sportsbook market, these promotions are simply called risk-free bets. Legal online sportsbooks like DraftKings or FanDuel get trickier. The site owners don’t want to use the word “free”, so you’ll hear these promotions called a “No-Sweat Bet”, a “No-Risk Bet”, or a “Bet Back Bonus”.
Sportsbooks with a Sign-Up Bonus
Of the many online sportsbooks we’ve reviewed, here are the five best sign up bonuses for American sports bettors. Readers should note these only apply to the US online sportsbooks. Some of the international sportsbooks online have bigger offers, though these would be competitive in most any jurisdiction.
- MyBookie: MyBookie has a $1000 welcome bonus for new players.
- USBet: USBet offers $1000 in bonus cash.
- BetOnline Sports: Get a 50% bonus up to $1000 on your first deposit.
- XBet: XBet has a $500 welcome bonus for new players.
- Bovada Sports: The first deposit bonus at Bovada Sportsbook is $600.
Also note these are for the offshore online bookmakers. Those who play in the licensed US sports betting arena will find nice offers, though most of them are noticeably smaller than what you’ll get from the international bookmaker sites.
MyBookie Sportsbook Review
MyBookie is a top US online sportsbook which offers fast payouts and every sports betting market that Americans demand. It’s also one of the crypto sportsbooks on this last, since it supports deposits with Bitcoin and 15 other cryptocurrencies.
MyBookie Sportsbook Welcome Bonus Review
The welcome bonus at MyBookie Sports is for a maximum of $1000 when you make a $50 deposit and use the promo code MYB50. This has a 10x rollover requirement and applies only to pre-game sports betting. Don’t use the cash for racebook betting, casino games, live betting, or live dealer games.
MyBookie Sportsbook Reload Bonus Review
Currently, MyBookie’s Sports Reload Bonus is actually better than the welcome bonus. That’s because it temporarily has been increased from $1000 to $1250 and has a lower wagering requirement. The rollover varies depending on the amount you deposit, though the minimum deposit is $100 (as opposed to $50 on the welcome bonus). The coupon code on the offer is MYB25.
MyBookie NFL Betting
MyBookie Sportsbook focuses heavily on the NFL when it’s in-season. For instance, the MyBookie Sportsbook homepage has links for NFL Game Odds, All NFL Futures, Build Your Own NFL Player Props, NFL 1st Quarter Lines, NFL 1st Half Lines, NFL 2nd Half Lines, NFL Draft Props, Super Bowl LVIII Odds, and Super Bowl LVIII Halftime Show odds.
As a special promotion, MyBookie Sportsbook offered the NFL SZN $200 Cash Welcome Bonus.
Other Sports at MyBookie
That doesn’t mean other games get short shrift. The hompeage when we visited it included US Open Men’s Odds 2023, MLB Odds, MLS Soccer Odds, EUFA Euro 2024 Qualifiers, and FIBA World Cup Odds. Those are only the featured links because of events happening that day. The site also has run lines on the Miami Marlins and Philadelphia Phillies, plus live odds on the Los Angeles Galaxy and St. Louis City FC.
The top menu feature NFL odds, US Open Odds, MLB, MLS, UEFA Europe, FIBA, and the current Bet Boosts. Other sports further down the list are Golf, Basketball, Tennis, Hockey, Soccer, Esports, and Handball.
BetOnline Sportsbook Review
At the top of the page, you’ll see links to Live Betting, Props, Odds Boosters, and Same Game Palrays. This lets bettors see any promotional bets and special odds. It also gives quick access to the in-game betting page. After that, you’ll see links to the main sports for US bettors.
- Formula 1
- Martial Arts
After that, you’ll see a links to the Odds Boosters and Same Game Parlays tool. Below those links, you’ll see sports that are less popular in the United States and non-sports betting markets. This is for international sports bettors (or US gamblers with international tastes), plus bettors who want to make proposition bets.
Playable sports inlcude Aussie Rules Football, Auto Racing, Cricket, Boxing, Cycling, Darts, and Rugby Union. You’ll find financials, horse racing, entertainment, and politics at bet opportunities. Even tennis tennis, snooker, wrestling, and lacrosse are available.
When contests in those sports take place, each of these are included on the live betting page, as well. Use the bet slip tool on the right side of any sportsbook page to make bets. BetOnline’s betting tool is better than most rivals, which only offer straight bets and parlays. Instead, BetOnline has straight bets, parlays, teaser bets, and If Bets included.
BetOnline Sportsbook Bonus Review
BetOnline’s 50% Sports Welcome Bonus is a 50% offer of up to $1000 when you make a $55 or more deposit and use the coupon code BET1000. This offer has a 10x rollover requirement and expires in 30 days. This bonus must be cleared before any new bonuses are accepted.
The free play you earn is only for the sportsbook. Do no use it for racebook betting, casino games, poker, or live betting. The promotion is non-transferable, and it does not apply to deposits using Skrill or Neteller.
25% Sports Reload Bonus
The reload bonus at BetOnline is for 25% up to $250 when you make a deposit of $100 or more and use the promo code LIFEBONUS. This offer has a 6x rollover requirement and expires in 30 days. It also doesn’t apply to the racebook, casino, poker games, or live betting.
Again, don’t accept another bonus at BetOnline before clearing this one. Deposits using Neteller or Skrill do not unlock this offer.
100% NFL Kickoff Bonus
For the start of the 2023 NFL regular season, get a 100% NFL Kickoff Bonus when you make a deposit of $100 or more and use the code KICKOFF23. This bonus goes up to $1000 and can be claimed once. It has a 14x rollover and expires on Monday, September 11 at 11:59 PM Eastern Time. Collect this bonus before Monday Night Football is over in NFL Week 1.
$350,000 Survivor Pool
For the NFL season, BetOnline features the $350,000 Survivor Pool contest. Each week, pick a winner from the set of NFL games. If you make a winning pick, you move on to the next week. The catch is you can only pick each NFL team once per contest, so you can’t pick the Kansas City Chiefs or Philadelphia Eagles to win each week. Whoever is the last contestant standing wins.
While it might be too late for some reasons to play in the $350,000 Survivor Pool, this is an example of the kind of cool promotions BetOnline Sportsbook has. As the year progresses, BetOnline is likely to have a comparable contest for your favorite sport.
XBet Sportsbook Review
XBet Sportsbook is a sister site to MyBookie Sports, so you’ll find some of the same promotions on this site. It has a full range of US and international sports, plus a huge Esports betting section. The prop bets section includes financials, politics, and entertainment. We don’t necessarily like the layout of XBet Sports, but it has everything a sports bettor would want.
XBet Sportsbook Welcome Bonus Review
The basic XBet Sportsbook welcome bonus gives a bettor up to $500 at a 50% match rate. To receive the offer, make a deposit is $45 or more and us the coupon code XBET50. The rollover is 7x, so it’s less than what you’ll need to play at MyBookie or BetOnline to clear the requirement. The offer doesn’t apply to live betting, casino games, or live dealer games.
XBet Sportsbook Reload Bonus Review
If you want the sports reload bonus at XBet, then you’ll need to make a deposit of $100 or more and use the promo code XB25. To receive this offer, fund your account with a payment of $100 or more and use the coupon code XB25. Pay attention to this promo code, because it doesn’t follow the pattern of the welcome bonus (XB25 instead of XBET50). The rollover is 5x, but doesn’t apply to live betting, casino games, or live casino games.
XBet Sportsbook Main Page
The featured odds section include NBA Basketball Odds, MLB Baseball Odds, NHL Hockey ODds, and Champions League Odds. Under these, you’ll find both game odds and futures odds, so it’s easy to find the bets you want to make.
Once reason we downgrade XBet Sports a bit is they don’t update their featured odds section enough. When the NFL season begins, a US sportsbook needs to have the NFL at the top of the page. That being said, XBet does post NFL games at the top of the live betting page and the main betting page, so it’s not like you have to search too long for NFL games.
XBet Esports Betting
XBet has the best Esports betting setup, though you will have to scroll down the page to find it. The list of Esports categories includes League of Legends, Counter Strike, DOTA 2, Starcraft, and Call of Duty. Click on the main categories and you’ll find many sub-categories under these five Esports circuits.
For instance, the Counter Strike page includes CS:GO: EPL, CS:GO: ESL, CS:GO BTS, and four other Counter Strike options. This far surpasses what you’ll see at the other sportsbooks on this list.
XBet NFL Survivor Contest
The 2023 Survivor Contests pays out $5,000 to the first place winner. It has a $10 entry, so you can get a 500x payout on the $10 bet. This is far below what the BetOnline Survivor Contest is, but it’s still a nice season-long bet you can make.
BetUS Sportsbook Review
BetUS is the best online sportsbook for US sports bettors who love the NFL, NBA, and Major League Baseball. The site has excellent odds, plus a number of promotions and betting tolls that favor football, basketball, and baseball fans. Frankly, what I just said applies to NCAA football and basketball bets, too.
For one thing, BetUS has been in the sports betting business for nearly 30 years. It’s older than the mainstream internet, so we’re talking about a sportsbook that came from the offline betting market.
BetUS $3250 Welcome Bonus: 200% Crypto Bonus
BetUS Sportsbook’s 200% crypto bonus is the best welcome bonus at the site. It has a 200% Crypto Signup Bonus breaks down to 150% for sports betting and 50% for casino games. It has a minimum deposit of $100 and a maximum deposit of $2500. When you make such a deposit and use the promo code JOIN200, you’ll receive $3750 in bonus cash for sports betting and $1250 in bonus money for casino gaming.
Keep in mind that this bonus has a 7-day expiry. The casino bonus has a wagering requirement of 30x the bonus, while the sports betting bonus has a variable requirement. This is based on the risk/win amounts, with the lower of the two amounts used when calculating rollover.
BetUS 50% Sports Re-Up Bonus
BetUS Sportsbook also has a re-up bonus, which is their name for a reload bonus. Once again, the wagering requirement is variable. In this case, it is based on your loyalty tier. The four tiers are Regular, Platinum 5%, Diamond 7.5%, and Black Diamond 10%. The rollover for regular membes ranges from 3x to 10x, while the rollover for platinum members is 4x to 11x. The rollover for diamond members ranges from 4.5x to 11.5x, while the rollover for black diamond members spans 5x to 12x the deposit.
Other stipulations apply. Straight bets must range from -200 odds to +140 odds. Two-team mixed teasers can apply to football or basketball, while two-team 4-point teaser bets must be made on basketball only. Any 3-team 10-point teasers must be made on football. It’s complicated and we take points off from our rating due to the confusing nature of these terms.
BetUS Sportsbook 125% Signup Bonus
Finally, BetUS Sportsbook has a 125% Signup Bonus. This one is a 100% bonus for sports betting and 25% bonus for casino gambling. New bettors at BetUS might be confused by the welcome bonus. People receive $3250 in bonus cash, but only $2500 of that applies to sports betting.
The remaining $725 in bonus money applies to casino games, a dynamic that often happens with online sportsbooks that are also online casinos. It’s a 125% offer, so if you make $2000 in deposits, you’ll receive an additional $2500 in bonus cash. The casino bonus cash is just an additional sweetener for players.
Best Sportsbook Bonus for US Bettors
BetUS Sportsbook has the best welcome bonus for US sports bettors. The 125% Sign-Up Bonus offers 100% of your deposit matched in bonus cash for sports betting, along your deposit matched at a 25% match rate for casino play. If you made a $200 deposit, then you’d receive $200 in bonus cash for use at the sportsbook and $50 in bonus cash for use at the casino.
The minimum deposit on this offer is $100, while you’re need to use the promo code JOIN125. While the $100 minimum deposit is higher than we’d prefer, it’s an excellent return on the investment. Unlike many sites that offer bonuses back in bets on a lost first bet, BetUS Sports offers cash.
This offers has a 10x rollover on sports and a 30x rollover on casino games. It has a 7-day expery, so be sure to clear the requirement quickly. The max cashout for the casino bonus is $2500, while the sports betting bonus has no max cashout stipulation.
BetUS’s welcome bonus outpaces the offers from BetOnline and Bovada by a lot. While BetOnline and Bovada have $1000 and $600 bonuses respectively, BetUS Sportsbook’s welcome bonus maxes out at $3125. That’s $2500 for sports betting and $725 for casino game.
Up to 30 Risk-Free Bets at BetUS Sportsbook
Another reason why the 125% Sign-Up Bonus rules is the fact it qualifies you for up to 30 risk-free bets. A $100 deposit qualifies players for the risk-free bet, so anyone who gets the one gets the other. It’s a complicated promotion, so read the eligibility requirements, offer details, and redemption advice below.
To be eligible for up to 30 risk-free bets, you can be either a new or existing customer. You’ll need to be 18 years or older, of course. Also, you must place wagers in the casino platform to be eligible for the risk-free bets — don’t simply play in the sportsbook.
Beyond that, your account must be in good standing and you can’t be “up on the house”, which is a key stipulation. Finally, you can have payouts within the last 60 days. That’s no problem for a player accepting the welcome bonus.
BetUS Risk-Free Bonus Offer Details
First of all, the promtoion runs from August 11, 2023 to April 9, 2024. The customer can redeem a risk-free bet that’s capped at 10% of your most recent deposit amount, with a $100 bet as the cap.
The qualifying risk-free bet is the first straight bet placed by your account after a successful deposit. If you lose the wager, contact BetUS customer support and they will credit your account with the corresponding free play. The qualifying bets are only straight bets only — side or over/under only.
That means risk-free bets are not applicable to parlay bets, teaser bets, futures bets, prop bets, or live in-game bets. Only pre-game bets apply. The wagering requirement on the bet is 3x the bet with a 5x max cashout stipulation. The max cashout only applies if the account balance is less than $25.
To accept more than one risk-free bet, you must have a successful deposit between each risk-free bet.
How to Redeem Risk-Free Bets
Once you’re qualified for the offer, call BetUS support at 1-888-512-3887. After customer support credits the risk-free bet cash, click “Use Free Play” to make your risk-free bets. These must be straight bets with odds -140 or longer. The instructions suggest that “two-team teasers, three-team and four-team special teasers” also apply, but other parts of the sales copy suggest that the promotion is for straight bets only.
We suggest you don’t take a chance, so only make straight bets. Free bets that are voided or canceled due to game circumstances (ties, postponed) will be returned to your account as a free play.
Any winnings from the free bets are added to your player account, while any risk amount will be forfeited. Thus, this is a sticky bonus.
Risk-Free Bet Example
To make it easier to visualize the risk-free bet amounts, take a look at the table below. Notice that a $1000 deposit nets the same amount of risk-free bet cash as the $2500 deposit, because this offer top out at $100.
|Deposit||10% Up to $100||Bet Amount||Risk-Free FP Amount|
2nd Best Deposit Bonus at a Sportsbook Site
The second-best online sportsbook welcome bonus for US bettors is from MyBookie Sports. This is the 50% initial deposit bonus which maxes out at $1000. This offer matches 50% of your first deposit in free-play cash while giving you a $10 casino chip. This offer has a 10x rollover requirement, so a $100 bonus would have a $1000 rollover and a $1000 bonus would have a $10,000 rollover. The casino chip has a 20x rollover requirement, or $200 playthrough.
To max out this offer, make a $2000 initial deposit at MyBookie Sports. The max bonus, of course, is $1000. This promotion is only valid on the first deposit. Use the promo code MYB50 to receive this offer.
MyBookie 50% Sports Reload Bonus
Keep in mind that MyBookie also has a 50% Sports Reload Bonus with a 6x rollover requirement. This is even better than the first deposit bonus, because the max bonus awarded is $1250. The minimum deposit bonus is $100, while you must use the coupon code SPORTSRELOAD.
When you compare the two offers, the MyBookie Sports Reload Bonus has a higher payout ($1250 compared to $1000). It also has a lower playthrough requirement (6x compared to 10x). Thus, it’s better than the 50% Initial Deposit Bonus. Still, you’ll need to clear the first deposit bonus before moving on to the reload bonus, so it’s important to have information for both. And the Sports Welcome Bonus also comes with a $10 casino free chip.
Best Sportsbook Sign Up Bonus
Beware when you’re searching for the best sportsbook signup bonuses that you don’t accept a deposit bonus when you don’t want to. More than casino sites, online sportsbooks tend to call their welcome bonus a “signup bonus.” This naturally implies that you receive the promotional cash for signing up for a new player account — not making a deposit. In short, it sounds like a no-deposit bonus.
Online Sportsbook Bonuses: A Conclusion
Online sportsbook bonuses are a way for sports bettors to close the margin of success. Due to the vig, sports bettors need to have a 52% success rate on their bets if they want to break even. If they want to win consistently, they’ll need to have a success rate higher than 52%. Receiving deposit bonus money and risk-free bets helps with the financial numbers a bit (so do credit card cashback and rewards).
Sportsbook Bonuses FAQ
What is a sportsbook bonus?
In short, a sportsbook bonus is a promotional offer of free cash that bettors can use when first joining a site. It’s a good way to test the site, practice strategy, learn whether the odds are competitive, and whether the sportsbook pays out to its customers. It’s the online bookmaker equivalent of test-driving a car.
What are the best online sportsbook bonuses?
The best online sportsbook bonuses give a player $100 or more of free cash. That cash should have a low wagering requirement of 10x or less (preferably 1x or 2x) with no max cashout. Also, the bonus money should be unsticky, meaning you can withdraw the actual bonus cash when it’s time to cash out your winnings.
Other terms should be fair-minded and straightforward, so you don’t face one-sided terms when it’s time for a withdrawal. Also, the best online sports betting bonuses should offer a risk-free bet, which lets you test the betting slips and odds with much reduced risk.
Where can I find the best online sportsbook bonuses?
Finding the best online sportsbook bonuses is about research. Read online sportsbook reviews, because any good reviewer focuses on bonuses and promotions. They won’t simply give the max bonus and match rate. Instead, they’ll go over the full terms and conditions and point out anything that’s unfair or suspicious.
Of course, it also helps to visit bettor forums to learn what everyday sports bettors think about the bonus offer. Unfortunately, it’s rarer to find player forums and message boards that it was 5 or 10 years ago. Or it might be that Google doesn’t feature bettor forums as much. In either case, it’s best to read real player complaints, comments, and suggestions.
In the end, the best online sportsbook bonuses divide into two groups. The offshore online sportsbook market has bigger bonuses and more varied promotions. The licensed online bookmakers have smaller bonuses, but they’re regulated by US authorities and therefore more players find them trustworthy. Read our reviews of the offshore sportsbooks to find the biggest online sports betting bonuses.
How do sportsbook bonuses work?
Sportsbook bonuses work in several different ways. Signup bonuses give you free cash when you sign up for a new account, though many sportsbooks online call their deposit bonuses “signup bonuses”. On the other hand, real deposit bonuses give you free cash when you make a first deposit. These are the biggest bonuses with the best terms, because sites naturally want you to be a paying customer first.
Third, most sportsbooks offer reload bonuses, which are given to loyal customers and VIP bettors. If you’re an ongoing customers who’s loyal to the site, reload bonuses encourage you to stay around. Reload bonuses come in many forms, so you’ll find daily bonuses, weekly bonuses, monthly bonuses, monthly rebates, sportsbook insurance, risk-free bets, and countless promotions contests and giveaways.
In every case, sportsbook bonuses give you extra cash to make sports bets. In addition to everything above, online bookmakers offer Bet Boosts, Same-Game Parlays, and other quirky promotions to keep people betting on featured games.
What is sportsbook bonus cash?
Sportsbook bonus cash is just that — extra credits in your account that you can use to make sports bets. This increases your bankroll, giving you more chances to get lucky. Wagering requirements assure you don’t accept the money and immediately cash out. For that reason, you won’t walk away with bonus winnings every time you collect bonus money.
Still, sportsbook bonus cash helps you extend your bankroll. It’s like rebounds in basketball, errors in baseball, or turnovers in football — they give you more chances to score.
How does sportsbook bonus money work?
Sportsbook bonus cash is an additional bankroll you can use for making sports wagers online. It comes with strings attached, including wagering requirements, cashout stipulations, odds restrictions, minimum deposit requirements, and expiration dates. Of these, the key term of use is the wagering requirement. This stipulates how many times you must wager a bonus before you can withdraw it.
For instance, if you receive a $200 bonus with a 10x wagering requirement, then you must wager $2000 in order to withdraw the bonus cash. The vig is usually 10%, so if you go 50/50 on your bets, you would expect to lose $200 off your bankroll when wagering $2000. Fifty percent of the bettors would have money at the end of the wagering requirement, while fifty percent wouldn’t.
So you’d need to be skillful at your sports bets, or you’d need to get lucky. In either case, sportsbook bonus cash doesn’t assure you’ll walk away with money. It does give you better odds of walking away with cash. Finally, remember that many sportsbook bonuses only has a 1x or 2x wagering requirement, so these offers are worth their while.
Can you withdraw sportsbook bonus money?
In some cases, you can. In other cases, you can’t. The key terms to remember are “sticky” and “unsticky”. A sticky bonus is one where you can’t cash out the bonus cash you receive. The money offered is the stake you use to make bets, but you can only cash out the winnings.
Conversely, an unsticky bonus is one where you can cash out the bonus cash PLUS the winnings. It’s always better if a site offers an unsticky bonus instead of a sticky bonus.
What is a risk-free bet?
It’s a sport bet that you make where the sportsbook returns the stake to your account if you lose the bet. It might be returned as cash, site credits, or free bets. In the legal online sportsbook community in the USA, these often aren’t called risk-free bets. Because the sportsbooks don’t like to use the word “free” — state regulators don’t like the word — these offers have a myriad of goofy-sounding names.
Here are a few of those euphemisms:
- DraftKings: No Sweat First Bet
- Betway: 1st Bet Reset
- Unibet: Second Chance Bet
- PointsBet: Second Chance Bet
- BetRivers: 2nd Chance Bet
- Betfred: Fred Bets
- BetMGM: Bonus Back in Bets
As you can see, it’s pretty much across the board. All of these are simply risk-free bets.
Are sportsbook bonuses taxable?
Yes, but only if you win cash while using the bonus. That’s one reason that sticky bonuses are not terrible. Sticky bonus cash eliminates the concern whether you ever received the money in the first place. It’s non-cashable, so you never received the money. Most states don’t consider sportsbook bonuses taxable, though.
Ultimately, it’s the responsibility of sports bettors to report their sportsbook winnings. Sports betting winnings are taxable. For instance, the last sportsbook review stated in its FAQs that it would send out a W1099 form at the end of the year if your cumulative yearly winnings were $600 or more.
Thus, if your list of winnings and losses for the year added up to $600 or more (won), then the bookmaker would send you a tax form at the end of the financial year. In that way, sportsbook winnings acts like handpays in land-based slots. Hit a certain threshold and you’ll need to report your bet winnings as taxable income.
Are sportsbook bonuses worth it?
Absolutely, online sportsbook bonuses are worth it. The website gives bettors free money that lowers the effect of the vig on the bettor’s results. Sportsbook bonuses don’t assure that you’ll win, but they do make it more likely that you’ll cash out winnings. Just remember that the wagering requirement weights the odds against many bettors cashing out bonus money.
In the vast of the bulk of cases, that answer will be “Yes”. With that in mind, pick one of the five great online sportsbooks we listed above and use a promo code to collect the best sportsbook bonus for your gaming needs.