5 Types of Betting Bonuses and How to Best Use Them

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The online sports betting industry is growing rapidly. With growth comes competition as new sportsbooks fight to claim a share of the market. One of the many tactics betting websites use to defeat competitors is to give out free bets and bonuses.

Registering a new betting account can earn you one free bet. Making your first deposit attracts multiple free bets or a 100% match on your deposit. There are numerous betting bonuses out there. This article explains how some of them work and how to best use them.

No Deposit Betting Bonus

This is the simplest freebie you can receive from a sportsbook. It’s a welcome gesture that targets new customers after they create an account. There’s no need to provide your credit card information.

All you need is to sign up for an account using an email address. Then, you qualify for a free bet. Usually, betting websites tend to keep the initial stake if you win. Let’s say they give you a $5 no deposit free bet.

If you turn your $5 into a $20 profit, the bookmaker will usually take back its $5 stake. But you’re free to keep your profit. That’s alright. If you can win real cash from a bonus, then it’s worth the effort.

First Deposit Betting Bonus

As mentioned, making your first deposit at a betting website attracts a much bigger bonus than the no deposit free bet. Depending on the bookie, your reward could come in any of these formats:

  • 100% first deposit bonus
  • Bet 5 get 30
  • Bet 10 get 30
  • 200% bonus up to fourth deposit

A 100% welcome bonus is straightforward. You receive $10 for every $10 you deposit to your account. On the other hand, bet 5 get 30 or bet 10 get 30 bonuses require you to spend your deposit money before you can receive a bonus.

That means you should deposit $5 into your account and spend all of it on a bet. Once that’s done, you receive a $30 bonus to spend on more wagers. It’s a great deal, right? You receive six times worth your deposit amount as a freebie.

With that in mind, bonuses worth up to your fourth deposit are rare in the sports betting industry. Additionally, they often carry unfriendly terms and conditions, say a high number of playthroughs. Due to that, always read the terms of a bonus before you accept the offer.

Reload Bonuses

It’s every bookmaker’s wish to have loyal customers. To convince you to be a regular punter, some sportsbooks will give you a bonus for adding funds to your betting account. They might not do it every time.

But you could receive a 20% bonus on your first deposit of the week. Or you could earn a $20 free bet every time you deposit and place a bet during the weekend. The beauty of reload bonuses is that they’re regular.

If you love bonuses, therefore, you stand to receive a free bet or bonus multiple times in a month. Your only requirement is to reload money to your account and spend it. That said, choose a bookie with multiple reload bonuses. That way, you’ll have plenty of bonuses to spend all year round.

VIP Program Rewards

VIP programs are exactly what they sound like. They’re programs for high-stakes players. At some bookie sites, however, you don’t really need to be a high roller to qualify for VIP rewards.

You’re eligible to enter the VIP program immediately after you place your first bet. However, the VIP program is tiered. So, you start at the lowest level, where rewards are just a couple of free bets.

With time, you can level up through the system by betting on real money regularly. In turn, your freebies improve to include cash prizes, cashback offers, same-day withdrawals and free tickets to major sports games.

Bookie-Specific Promotions

Every betting company is unique. But as mentioned, all sportsbooks are in a competition to win customers. In light of that information, every betting website has a unique promotion for both new and loyal customers.

At some betting websites, you can receive a bonus boost if you place a parlay/accumulator bet. Accumulating four bets into one slip might come with a 5% boost. Accumulate ten bets and the bonus increases to 10%.

Another common bonus is a risk-free offer. This is common during big games, say the super bowl or the UEFA Champions League final. A bookmaker can give you an offer for a free bet if you place a real money bet and lose.

How to Best use Betting Bonuses

Now that you know the different types of betting bonuses you can claim online, here’s how to make the most money out of them:

  • Read and follow the Terms and Conditions

Interestingly, most bonuses have a list of terms and conditions you need to follow. Maybe you need to wager on football games. Perhaps the bonus has a one-week validity period. Learn about these terms and follow them.

In fact, read bonus terms before you claim a free bet. That way, you don’t have to accept a bonus unless you’re certain you can fulfil its terms and conditions.

  • Bet on High-Value Games

A betting bonus allows you to predict matches risk-free. So, research around to find high-value games—matches where one team has long odds even though it has a decent chance of winning. In doing so, you can double or triple your profits from a bonus.

  • Consider Matched Betting

Matched betting is a technique that relies on bonuses to profit regardless of a game’s outcome. Basically, you back one team to win using a real money deposit. Then you bet on the same team not to win at a different betting website: mainly bookies that support lay betting.

Your Turn

There are numerous betting bonuses out there. Determine which bonuses you qualify for based on whether you’re a newbie or a regular customer. Read the terms involved and use your offer only if you’re ready to fulfil them.

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Having worked in the marketing department at two online sports betting sites, John brings his love of sports to serve BigOnSports as chief writer. He will be researching and writing about the sports betting community to improve your experience as a sports bettor.