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There are many types of sportsbook promotions, and one of the most common is a “bonus” bet.
Bonus bets are often offered to new customers who simply sign up for a sportsbook account.
These “welcome” offers typically grant new users these bets after wagering a small amount at the sportsbook or if their first wager loses.
Here’s what you need to know about bonus bets and how they work.
Can You Make Money Off Bonus Bets?
Yes, you can make real money off a bonus bet.
To do so, you must place a wager with a bonus bet and win your bet. Depending on the odds, you’ll receive real money if your bet wins.
For example, say you use a $50 bonus bet on a moneyline wager with -200 odds. If your wager wins, you’ll receive $25 in cash winnings, which can be withdrawn from your account.
Accordingly, it’s smart to use bonus bets on wagers with plus odds like underdogs and parlays. These bets come with longer odds and higher payouts if they win.
For example, a three-leg parlay with +300 odds would pay $150 on a $50 bonus bet.
Keep in mind that the value of your bonus bet will not be included in your winnings, unlike a normal bet where you get your stake back. So, with a $50 bonus bet, the $50 that you wagered with the bet won’t be included in your winnings.
What Can Bonus Bets Be Used For?
Bonus bets can usually be used on most betting markets in any sport.
That includes traditional markets like spreads and totals as well as more complex wagers like parlays, prop bets and futures.
Sportsbooks may have limitations that restrict bettors from using bonus bets on certain markets. For example, you may not be able to use a bonus bet with an odds boost or with certain bet types like round robins.
Read the terms and conditions of the bonus bet to see what markets (if any) are prohibited.
How Much is a Bonus Bet?
A bonus bet can be for any amount and depends on the promotion.
Bonus bets are usually offered in round numbers or multiples of five (i.e., $10, $25, $50).
That said, some sportsbook promotions offer the ability to earn bonus bets of a significantly higher value. For example, some sportsbooks give you a bonus bet back if your first wager loses after you sign up, meaning you could get a bonus bet up to $1,000 or $1,500.
Read the terms and conditions to ensure you get the maximum bonus amount.
What Happens if You 'Push' a Bonus Bet?
A “push” in betting is essentially a tie.
Say you wager on an NBA team to cover as a 10-point spread favorite, and they win by exactly 10 points. In a normal wager, you’d get your money back as a refund, since you neither won nor lost the bet.
Sportsbooks sometimes treat bonus bets differently, however. Some may return your bonus bet if the wager pushes, allowing you to use it again, while others may grade a push as a loss and remove your bonus bet.
Pushes are uncommon, but read the terms and conditions to see how the sportsbook handles them. If your bonus bet could get voided, wager on something impossible to push, like a 1.5-point spread.
Difference Between Bonus Cash and Bonus Bets
Bonus cash and bonus bets are similar, but knowing the difference is important.
Some sportsbooks offer bonus cash as a reward. If you redeem bonus cash, it will be added to your available funds at the sportsbook.
If you have $50 in your account at a sportsbook and redeem $15 in bonus cash, you’ll have $65 to play with.
You usually can’t withdraw bonus cash without using it on a wager first, but you can typically use it however you want. You can split it into three $5 bets, for instance.
Bonus bets are a set amount, however, and cannot be divided. If you have a $15 bonus bet, you must use it all on one wager.
Bonus bets also usually expire quicker than bonus cash, which may not have an expiration date.
Difference Between a Free Bet and a Bonus Bet
A free bet sounds similar to a bonus bet, but they differ.
You do not need to wager anything to get a free bet, and usually the only thing you need to do is opt into the promotion. From there, it will be added to your account for you to use.
Conversely, a bonus bet requires customers to wager their own money first. For example, you’ll usually need to place a real-money bet to receive your bonus bet. You may need to win your bet to get the bonus, or you may only receive a bonus bet if your wager loses.
Bonus bets are much more common than free bets, as sportsbooks want you to risk your own money first rather than simply give you free money to play with. Check the terms and conditions to see what steps you need to complete to get the bonus.
Is a Bonus Bet Free Money?
No, a bonus bet is not free money. It has no cash value and can not be withdrawn from your account.
A bonus bet is site credit that can be used to win real money. You must wager the bonus bet, and if it wins, you’ll be paid out in cash.
For example, if a sportsbook gives you a $25 bonus bet, you can’t simply withdraw $25 from your account. That money is only valid if the sportsbook.
If you use your bonus bet on a wager with +100 odds, you’ll receive $25 if it hits. You can then withdraw your winnings as cash, but the value of your bonus bet won’t be included in the payout.
How Long Do Bonus Bets Last?
The amount of time that bonus bets last varies by sportsbook, but it’s usually a week (seven days).
This prevents users from saving up their bonus bets and using them all at once. It also allows sportsbooks to remove bonus bets if customers don’t use them quickly enough.
Check the terms and conditions of your bonus bets to see how long they’re valid. Use them before their expiration date. Otherwise, they’ll be removed from your account.
