Bonus bets are a form of site credit offered by sportsbooks and online casinos. Typically used to encourage brand loyalty and keep customers coming back for more, bonus bets allow players to place wagers without risking any real money.
Sportsbooks use bonus bets in different ways. They can have a range of terms and conditions attached, determining everything from eligibility and how bonuses can be used, to the criteria that must be reached for bonuses to be withdrawn as real money.
Read on for all you need to know about bonus bets and the strategies you need to make the most of the bonuses on offer and also 10cric betting bonus.
What is a Bonus Bet?
Bonus bets come in many forms and are known by a number of different names. Sometimes referred to as free bets and bet credits, bonus bets can be offered as part of promotional offers to both new and existing customers.
Sportsbooks rely on bonus bets to entice new customers in, and keep existing customers loyal. The bets almost always come with specific terms and conditions attached. In most cases players are required to deposit a predetermined amount of money into their account in order to activate the deal.
Bonus bets differ from regular bets in that they allow players to bet without spending any money. If a player wins a bet using bonus site credit, it’s possible to withdraw real cash (as long as any playthrough requirements are completed beforehand).
In some cases, such as in a current offer provided by DraftKings, a bonus can be split into smaller bets, to be used in different markets. DraftKings is currently guaranteeing $150 in bonus bets, paid instantly once a $5 deposit is made and a $5 real money wager is placed.
In the case of the DraftKings offer, players receive six $25 bonus bets which can be used on any sports betting market whether their initial bet wins or loses. Other similar offers might only pay out bonus credit should the first wager lose. In other cases bonus credits can be paid as one lump sum.
How Do I Get Bonus Bets?
All the best sportsbooks and online casinos face fierce competition, which is why there’s almost always a bonus offer available to new and existing customers alike.
Claiming offers like these is simpler than you might think. But it does vary from sportsbook to sportsbook, depending on their chosen terms and conditions.
In some cases, as with our bet365 promo code, sportsbooks require an actual code to be entered either on sign up or prior to a bet being placed. Doing so will activate the bonus offer. Other offers, like our DraftKings promo code offer, do not require an actual promo code and will activate automatically as long as all terms are met.
Look out for emails from sportsbooks, whether you’re a new customer or not. You’ll often find bonus offers within promotional emails, and these emails will usually contain any promo codes that need to be entered to get those bonus credits.
Similarly, online ads might contain promo codes that will activate bonus offers. In some cases, you’ll just need to click a link to activate an offer.
What are the Rules of Bonus Bets?
Bonus bets come with a wide variety of rules attached. The first and probably most important one you’ll need to know about is any playthrough requirements that apply to your bonus credit.
A playthrough requirement is the number of times money has to be bet and won before it becomes real cash that can be withdrawn via your chosen payment method.
All bonus bets have playthrough requirements attached, helping sportsbooks to retain as much of that bonus credit as possible. They’re presented as a multiplier, to give a clear indication of how many times bonus money has to be wagered and won.
Playthrough requirements can range from 1x right up to 40x or more. The lower the playthrough requirement, the greater the chance of that credit translating into real money.
In some cases, the initial bet that activates a bonus also comes with strings attached. Sportsbooks might include a range of odds that must be met for that bet to be valid, like in the case of DraftKings’ $1,000 deposit bonus offer. With this offer, the sportsbook requires players to wager $25 on market with -300 odds or longer in order to qualify.
Strategies Around Using Bonus Bets
There are steps that you can take to maximize your chances of making a profit using bonus bets.
Players champion a range of different strategies in order to do so, so the best option for you will depend on how you prefer to use those bets - and whether the money can be split across different markets.
One commonly used strategy that’s mathematically proven to guarantee the return of your bonus bets is betting on both outcomes of a game at once. It’s known as matched betting. Now for this to work, you’ll need to find a game in which the odds on a win or loss for one term are relatively equal.
Do that, and you can ensure that while you won’t get the full bonus amount returned, you definitely will get a proportion of that money. It’s easier said than done though, because finding a game with very similar odds on both outcomes is no mean feat.
Before you embark on a new strategy to turn your bonus into real money, you’ll need to do some quick calculations to determine how much of your bonus pot you’ll get back. These calculations vary in simplicity depending on the odds at hand, and the terms of your bonus.