What Are Bonus Bets and How do They Work?

Many of the top sportsbooks in the United States provide bonus bets to customers as a part of welcome offers or promotional deals. DraftKings, FanDuel, BetMGM, BetRivers, and many other platforms currently offer all new users an opportunity to earn bonus bets when they first sign up. 

In addition, sportsbooks that have customer loyalty programs generally offer a wide range of bonus bets as prizes. But what exactly is a bonus bet, and how does one work?  Continue reading to learn all about bonus bets, how to claim them, helpful tips for using them, and much more!

Bonus bets are a form of site credit offered by various online sportsbooks that allow customers to place wagers on sporting events without using their own money. Bonus bets are also sometimes referred to as “bet credits” or “bonus money.” In order to earn bonus bets, customers will generally need to make a deposit or place a real-money wager first. As a result, they are not necessarily “free bets” or “risk-free bets.” Nevertheless, they can still be quite useful and provide a special opportunity to users. 

If a customer wins the wager they made with a bonus bet, they will get their winnings from the bet converted into real money. For example, a sportsbook may offer you $200 in bonus bets if you sign up and make a $10 deposit. If you were to use $100 bonus bets on the underdog in a matchup with odds of +200, you would make a $200 profit if they pulled off the upset. However, you do not receive the initial $100 bonus bet amount, only the winnings from the wager. On the other hand, if your bonus bet is not a winner, then the bonus amount would just disappear, and you would be left with the money you had deposited on your own.

It is important to note that winnings from a bonus bet may not be immediately available for withdrawal if certain wagering requirements are not met. For instance, a promotional offer may have a 10x wagering requirement for a $100 bonus. This would mean that you would need to bet a total of $1,000 (i.e., the amount of the bonus 10x over) before any funds could be withdrawn from your account.

Listed below are a few tips that you may find helpful when claiming and using your bonus bets with your sportsbook.

• Read the Terms & Conditions: Before claiming or using your bet credits, make sure you have a thorough understanding of the rules and requirements for the promotional offer in which you are participating. The bonus bets may only be available for use on certain types of wagers (straight bets, futures, etc.) or when odds requirements are met (e.g., -110 or longer).
• Maximize Your Benefits: Every opportunity to earn bonus bets and bet credits is different. For example, certain promotional deals offer greater amounts of bonus bets for larger initial wagers and first deposits. As a result, you will always want to be aware of how you can maximize your benefits and, depending on your risk tolerance and betting style, act accordingly.
• Place Bets Strategically: It is always important to make sure that you use your bonus bets strategically based on the terms and conditions of the promotional offer. For instance, some sportsbooks will provide $200 in bonus bets if you win your first wager on the platforms. When claiming these offers, it may be a good idea to figure out the odds requirement and place your qualifying wager on the lowest possible odds to increase your chance of success.