If you’re setting up your first account with a sportsbook, a “welcome” promotion will likely be offered to get you started.
A “no-sweat first bet” is a common bonus type. If your first bet loses, you will be given a non-withdrawable “bonus bet” equal to your first wager (up to a limit) as a second chance.
One important point: If your redemption bet hits, you only get the winnings. For example, if you bet $100 on the Bengals moneyline at -178 odds, the normal payout would be $156 ($56 in winnings plus your initial wager). If you use a bonus bet, you’ll only get $56.
There are also “bet and get” offers that give you bonus bets/site credit for placing a small wager after signing up, sometimes as low as $5. The sportsbook will reward you with bonus bets, which is essentially free money to use at the site and explore various betting markets.
Existing customers can take advantage of odds boosts, which increase the potential winnings for specific markets like parlays or prop bets.
These types of boosts are often seasonal. You might find a basketball-related bonus around the start of the NBA season or perhaps a hockey betting bonus during the NHL playoffs.