Sportsbook Bonuses: Everything You Need to Know
Betting

Sportsbook Bonuses: Everything You Need to Know

Matt LaMarca breaks down what you should know about the current bonuses available on the betting market and the pros and cons of different sportsbooks.

When people ask me, “What’s the easiest way to becoming a winning sports bettor,” my answer is always the same: take advantage of as many bonuses as possible.

The truth is, very few people can consistently beat the sportsbooks by just betting sides and totals. The odds require you to hit a larger percentage of your bets than is realistically possible for most first-time bettors.

However, taking advantage of the variety of available sportsbook promotions and bonuses can help level the playing field.

There are many different types of bonuses, including welcome bonuses, odds boosts, and bet insurance, just to name a few.

Sign-up bonuses give you the added benefit of having access to multiple sportsbooks. That gives you a better chance to shop for the best line, look for hedge opportunities, and take advantage of as many player props as possible.

Let’s dive into everything you need to know about the current deposit bonuses available in the betting market, as well as the pros and cons for the major online sportsbooks.

What is a sportsbook bonus?

As more and more states continue to legalize online sports betting, it has created a race for the various sportsbooks to try to acquire as many new customers as possible. There are selfish reasons for that—most new players are not winners—but it does create one advantage for the players.

Most of the major sports betting sites will offer at least some form of sign-up or first deposit bonus to new users to try to entice them to join their website over the others. There is no shortage of options for bettors, so these bonuses can be pretty competitive. You typically need to sign up using a bonus code or promo code, and you can find plenty of them here at Fantasy Life.

Austin Ekeler

Los Angeles Chargers running back Austin Ekeler (30) runs into the end zone for a touchdown Monday, Dec. 26, 2022, during a game against the Indianapolis Colts at Lucas Oil Stadium in Indianapolis.

These bonuses aren’t exactly “free money”; you can’t just immediately withdraw it from your account and pocket it. That said, if you’re going to be betting on sports anyway, it makes zero sense not to grab as much help as possible.

You’re also not limited to just choosing one sportsbook. In fact, you’re limiting yourself if you don’t have multiple places to choose from for each wager.

The goal should be to grab the maximum deposit bonus possible at one website before moving on to another. For example, let’s say you have a $1,000 bankroll that you’re looking to deposit, and one sportsbook will give you a 50% deposit bonus up to $1,000. I would recommend depositing the full $1,000—and getting the maximum bonus of $500—before moving on to other sportsbooks.

If you’re consistently grabbing the maximum amount of bet credits possible, you’re not leaving any potential money on the table.

Current deposit bonuses

BetMGM

  • App Store Rating: 4.8 out of 5.0
  • Best Features: Easy-to-use interface, one of the best deposit bonuses in the industry, reputable company with a long history in the sports betting space
  • Deposit Bonus: $1,000 first bet to be paid back in bonus bets if you don’t win
  • Payout Speed: 2-3 business days
  • Legal States: AZ, CO, DC, IL, IN, IA, KS, LA, MA, MD, MI, MS, NV, NJ, NY, OH, PA, TN, VA, WV, and WY

BetMGM has one of the best sportsbook promos if your goal is to maximize your sign-up bonuses. They offer first-bet insurance of up to $1,000. That means that if your first bet loses, you will be credited with bet credits up to $1,000.

To maximize this bonus, your first bet should be as close to $1,000 as possible. If you win, you’ve essentially doubled your bankroll. If you lose, you’ll get the maximum number of bet credits to play with.

You can take advantage of BetMGM's First Bet Offer by creating your new account and placing your first bet below!

FanDuel Sportsbook

  • App Store Rating: 4.8 out of 5.0
  • Best features: Most robust offering of lines and props, excellent for same-game parlays, one of the best mobile apps
  • Deposit Bonus: First-bet credit up to $1,000
  • Payout Speed: Up to 48 hours (PayPal or Venmo) or 3-5 business days (online banking)
  • Legal States: AZ, CO, CT, IL, IN, IA, KS, LA, MD, MA, MI, NJ, NY, OH, PA, TN, VA, WV, and WY

FanDuel Sportsbook is the preferred operator for many sports bettors. Not only do they have arguably the largest offering of props and alternate lines, but they also have one of the most user-friendly interfaces.

As for the deposit bonus, they will also give you a first-bet credit of up to $1,000. That means that if your first bet loses, they will repay you in site credits up to $1,000. Just like on BetMGM, in order to maximize this bonus, you’re going to want your first wager to be as close to $1,000 as possible.

Take advantage of your $1,000 No Sweat First Bet and sign up below to start betting on FanDuel Sportsbook!

DraftKings Sportsbook

  • App Store Rating: 4.8 out of 5.0
  • Best features: Great daily bonuses and profit boosts, sleek app design, solid loyalty program
  • Deposit Bonus: Deposit bonus match up to $1,000
  • Payout Speed: Debit card payouts typically in one day, Venmo/PayPal up to 2 days, online banking up to 3 days
  • Legal States: AZ, CT, CO, IL, IN, IA, LA, MA, MD, MI, NH, NJ, NY, PA, TN, VA, WV, WY

DraftKings is another one of the industry leaders, and their offerings aren’t quite as robust as FanDuel. However, they do stand out from a deposit bonus perspective.

Deposit match bonuses are far and away better than bet credit promos. Essentially, when you get a free-bet signup bonus, you need to win your first bet in order to take full advantage. You don’t lose anything if you don’t; you just end up right back where you started.

With a true deposit bonus, you don’t have to worry about winning your first bet. Your bet credits are placed in your account almost immediately after depositing, and you can play with them the same way you would normal cash.

The only thing to keep in mind is that these bet credits can occasionally expire, so make sure to play through them before that happens.

You can sign up for DraftKings Sportsbook and earn up to $1,000 in DK Dollars for doing so by signing up below!

Caesars

  • App Store Rating: 4.6 out of 5.0
  • Best features: Loyalty rewards through Caesars, “Watch and Bet” streaming feature for select NFL games
  • Deposit Bonus: First-bet credit up to $1,250, plus 1,000 Caesars tier credits and 1,000 Caesars reward credits
  • Payout Speed: Up to 48 hours for PayPal, up to five days for online banking
  • Legal States: AZ, CO, IA, IL, IN, KS, LA, MA, MD, MI, NV, NJ, NY, OH, PA, TN, VA, WY, and WV

Caesars is a great option for those who also enjoy spending time at a brick-and-mortar casino. You can link your Caesars Sportsbook account with your Caesars rewards account, which earns you tier and reward credits for every bet you make on the sportsbook. Those rewards can earn you perks at the physical Caesars properties, and it also results in monthly sportsbook credits if you hit certain thresholds.

Their deposit bonus also incorporates Caesars rewards. Signing up for the sportsbook results in 1,000 tier credits and 1,000 reward credits, which is a great way to get started.

As for the bonus itself, they offer a first-bet credit of up to $1,250, so it’s one of the best in the business at the moment.

You can take advantage of Caesars' generous offer by signing up below and getting your first-bet credit of up to $1,250!

Bet365

  • App Store Rating: 4.8 out of 5.0
  • Best features: One of the best sportsbooks for live betting, super fast withdrawals
  • Deposit Bonus:
  • Payout Speed: Visa, Mastercard, and PayPal in as quick as one day, other online banking methods in 1-5 days
  • Legal States: CO, IA, NJ, OH, VA

Bet365 is one of the largest sportsbooks worldwide, but they’re not as widely used in the US. They’re only currently available in five states, though that will likely change in the coming years.

They’re known for their live betting options, and their web interface is also very sleek. They’re someone who should only continue to grow in the US moving forward.

PointsBet

  • App Store Rating: 4.8 out of 5.0
  • Best features: Unique “points bet” method of wagering, 100% independently owned and operated
  • Deposit Bonus: Up to $2,000 in second-chance bets
  • Payout Speed: Up to two days for PayPal, up to five days for online banking
  • Legal States: CO, IL, IN, IA, KS, LA, MD, MI, NJ, NY, OH, PA, VA, and WV

While most sportsbooks are part of a larger corporation, PointsBet is independently owned and operated. That means that they won’t necessarily have the same lines as the rest of the sportsbooks across the industry, which is a plus for bettors. More unique options give you greater opportunities for hedging and line shopping.

Additionally, PointsBet features a unique style of betting. While they also offer traditional spread and moneyline betting, they’re known for their “points betting” format. 

It’s a little bit more complicated, but it essentially gives you much more upside and downside with your wagers. You earn additional money for each point that you cover the spread by, but you also lose additional money for each point that you fail to cover.

You can try your hand at this unique style of betting and get up to $2,000 in second-chance bets by signing up for PointsBet below!

Travis Kelce

Jan 29, 2023; Kansas City, Missouri, USA; Kansas City Chiefs tight end Travis Kelce (87) gestures for a first down against the Cincinnati Bengals during the third quarter of the AFC Championship game at GEHA Field at Arrowhead Stadium. Mandatory Credit: Denny Medley-USA TODAY Sports

For example, if you bet on a three-point favorite and they win by 10, you would cover the spread by seven points. If you made a $10 points bet, you would be rewarded $70. However, if you bet the other side of that game—a three-point underdog that lost by 10—you would lose $70 on a $10 points bet.

The points bet format is incorporated into the PointsBet deposit bonus. You can get up to $500 in second-chance bets for the traditional format and an additional $1,500 for points betting. That’s up to $2,000 total in first-bet credits if you’re willing to embrace the points betting format.

BetRivers

  • App Store Rating: 4.4 out of 5.0
  • Best features: Good coverage of niche sports, intuitive bet slip, fast payouts
  • Deposit Bonus: First-bet deposit match up to $500
  • Payout Speed: As quick as 30 minutes with PayPal, 2-5 business days for online banking
  • Legal States: AZ, CO, IL, IN, IA, LA, MD, MI, NJ, NY, OH, PA, VA, and WV

BetRivers is a secondary book, and they are quick to limit bettors. Still, you can grab a deposit bonus of up to $500, and adding another sportsbook to your repertoire is never a bad thing.

That said, this is one of the smaller deposit bonuses available, so I would make sure to take advantage of the bonuses elsewhere first.

Once you're ready to move on to BetRivers, you can sign up below to get your deposit match of up to $500 and start betting today!

Other sportsbooks

While those are some of the major sportsbooks across the industry, they are by no means the only sportsbooks. You should check out every reputable book that is available in your area, and some areas will offer more than others. States like New Jersey, Colorado, and Ohio seem to have the most available, so bettors in those states have a seemingly endless opportunity for deposit bonuses.

Other sportsbooks to consider include Barstool Sportsbook, Betr, BetFred, BetWay, Unibet, and WynnBet.

Types of sportsbook sign-up bonuses

I briefly touched on the various types of welcome offers during the sportsbook reviews, but let’s dive into them a bit further.

No-deposit bonuses

These are basically non-existent at this point, but if you can find one, it’s obviously worth considering. A no-deposit bonus means the sportsbook is willing to give you bet credits just for signing up. These bonuses likely won’t be very large—if you can find one at all—but they don’t require you to put any of your own money on the site.

If you can find a no-deposit bonus, I would still recommend checking to see if you can find a larger bonus available as a deposit match or first-bet insurance. That requires you having the funds to take advantage of it—which isn’t a given for everyone—but it should net you a much greater return in the long run. 

Personally, I would much rather get a deposit match for $1,000 than a no-deposit bonus of $20. Even though it means I’m going to have to lay out more money out of my own pocket, it’s still going to net me a much greater bonus and return on investment.

Deposit match bonus

These are my personal favorite bonus offers, but unfortunately, they’re also becoming a bit harder to find. 

A deposit match bonus is exactly what it sounds like. Up to a certain denomination, the sportsbook will match whatever you deposit into your account with bet credits. That means that if you deposit $1,000, the sportsbook will match it with $1,000 in bet credits.

These are great because they give you an instant 2x return on your initial deposit. You still have to play through the bet credits in a certain amount of time, but it’s usually long enough that you don’t need to force it.

Once you hit the rollover requirement, the credits become converted into real money. You can then utilize that money the same way you would any other money that you deposit into the sportsbook, including withdrawing it.

Each sportsbook is going to have different play-through requirements for deposit bonuses, so make sure to check out the terms and conditions.

Current sportsbooks that offer a deposit match bonus include DraftKings, BetRivers, and Tipico.

First-bet insurance

First-bet insurance—or a “no-sweat first bet” or second chance bet—has become the preferred bonus method for sportsbooks. It’s not quite as friendly to the users, so it’s easy to see why that appeals to the operators.

Essentially, first-bet insurance means you’re going to have to win your first bet in order to get a true bonus. If you win your first bet: fantastic! You’ve now essentially won the maximum deposit bonus possible.

The big plus is that if you win your wager, it’s credited back to your account as cash. You’re making your wager with cash, so you’re going to be paid out in cash. That means the funds are available for withdrawal right away if you so choose.

If you don’t win your first bet, it is sent back to you in credits up to a specific amount. That’s what makes this a “no risk” wager; you’re essentially left in the same place that you were before you made the bet.

That’s not to say that there isn’t downside. Bet credits are not the same as cash, so just like with the deposit bonus, you’re going to need to play through it at least once in order to convert it.

Picking what to wager on with your first bet requires some thought. There are some wagering requirements that you typically need to follow, and those will vary by site. For the most part, you’re going to need to pick something that is priced at -200 or longer. That means you can’t just pick a massive favorite for this promotion.

You can consider going with a moneyline underdog, but I typically prefer to stick to a point spread in NFL and NBA. I want something that I feel I have a realistic chance of winning, so I’m not necessarily looking to hit for a big payout. Remember, your ultimate goal with first-bet insurance should be to win, not to try to get rich.

First-bet insurance is also typically limited to straight wagers only, not parlays or same-game parlays. Make sure to check the terms and conditions before placing your wager, or reach out to someone at customer service. They should be able to give you all the information you need to know before making a decision.

Current operators offering first-bet insurance include BetMGM, FanDuel, Caesars, and PointsBet.

Offers and promotions for existing users

Once you’ve taken advantage of a sportsbook promo code, that doesn’t mean the bet offers are done. There are different types of sports betting promotions available nearly every single day across the various sportsbooks, which is yet another reason why it makes sense to have accounts on many of them. Some promotions are better than others, but there are numerous ways to find some additional expected value each day.

Let’s dive into some of the promotions you’re likely to encounter.

Odds boosts

These are pretty simple, and they come in various shapes and sizes. However, the general premise is that you’re going to get a better price on a specific wager than would typically be offered on the sportsbook.

Sometimes, these wagers are prepacked. They can include an increased payout on a given parlay or prop bet. For example, Caesars Sportsbook is offering a three-leg No Run First Inning Parlay for June 19th:

Caesars screenshot

This a great example to call out because it highlights the exact type of promotion you should be avoiding. From a pure math standpoint, +500 is a pretty terrible price tag for a three-leg parlay given the individual odds. On DraftKings, this three-leg parlay is available at better than +600:

DraftKings bet slip

It’s important to remember that just because a sportsbook is offering a bonus, it doesn’t necessarily mean it’s a good value. You still need to do your homework, and a lot of times, the bets that the sportsbooks are offering you aren’t the greatest.

The better odds-boost promos are the ones that allow you to increase the payout on a wager of your choosing. For example, BetRivers Sportsbook offers a 20% MLB profit boost each Wednesday. That means you can pick whatever game you choose and increase the potential payout by 20%. That means a +100 underdog becomes +120, which is very appealing.

The downside with these wagers is that you are typically limited to a pretty small amount. It can often be around $25, but that doesn’t mean that you shouldn’t still take advantage of them.

Single-game parlay promotions

Same-game parlays—or single-game parlays—are becoming one of the most popular forms of sports betting for casual wagerers. That’s not all that surprising. They offer you the potential to turn a small amount of money into a potentially life-changing sum.

That said, it’s important to remember that same-game parlays are extremely profitable for the sportsbooks, which is why they promote them so heavily. Make sure that you are wagering responsibly with these because if you don’t, your bankroll can dry up quickly.

There are a few different types of promotions that you see in relation to SGPs. These can be odds boosts—for example, a 25% boost to your selected wager—or same-game parlay insurance. The latter scenario works exactly the same as first-bet insurance: if your SGP doesn’t win, you get a credit back that you can use on a different SGP. These are usually capped somewhere between $5 and $25.

This essentially gives you two chances to try to win an SGP for one wager. It’s far from a risk-free bet, but it does increase your expected value.

Reload bonuses

Reload bonuses are something that you’ll hopefully never need to experience as a sports bettor. Hopefully, your account just grows steadily from Day 1, and you never have to worry about adding more money to your account.

That said, that’s not always the case.

If you do need to add more money to your account, there are occasionally “reload bonuses” that you can take advantage of. These typically become available around the start of a major sports season, specifically, the NFL. The sportsbooks know that the NFL is king when it comes to betting, and they want to try to get as many users over to their site as possible.

However, these bonuses are not widely available. If you already have an account, you can check your promotions page to see if anything is available to you. You can also reach out to customer service and see if they are willing to provide a bonus.

Player referrals

Sportsbook referrals work the same as referrals in basically every business. If you refer someone to join, there is typically a reward for you and potentially the person you get to sign up. These bonuses aren’t large, but they can add up if you get a few of them.

You can typically find your referral bonuses under the promotions tab for each sportsbook.

Loyalty and VIP programs

I mentioned the Caesars reward program previously, and I firmly believe that it’s the best in the industry. You earn both tier and reward credits, which can be used for free bets or at Caesars properties. 

BetMGM Sportsbook has a similar program for MGM properties. If you’re someone like myself who occasionally goes to Las Vegas, it’s nice to know that using these platforms will increase your betting experience inside the casino.

That said, they’re not the only companies that offer a loyalty program. DraftKings offers “crowns” for each bet that you make, and those crowns can be redeemed in the DraftKings store. You can use them to grab free bets, or you can exchange them for things like merchandise and swag.

PointsBet is another sportsbook that provides a rewards program, while FanDuel’s reward program extends to their fantasy contests but not the sportsbook.

Sport- and event-specific promotions

These are some of my favorite sports betting bonuses available. You’ll often see promotions available for big games—the Super Bowl, the NBA Finals, etc.—but there are also a ton of excellent sport-specific promotions available across the industry.

Mike Ford and J.P. Crawford

Jun 13, 2023; Seattle, Washington, USA; Seattle Mariners designated hitter Mike Ford (20) bumps forearms with shortstop J.P. Crawford (3) after hitting a solo-home run against the Miami Marlins during the eighth inning at T-Mobile Park. Mandatory Credit: Joe Nicholson-USA TODAY Sports

One of the most popular is the Dinger Tuesday FanDuel promo. Essentially, you wager $25 on a player to hit a home run, and you are rewarded with a $5 bet credit for each home run hit by both teams in that contest. The bonus is capped at $25 per game, but if you bet enough contests, the bonus credits can pile up quickly. Of course, you also get paid if you happen to correctly hit on a homer prop, so it can be extremely profitable.

I recently used a Dinger Tuesday credit to bet $5 on Wyndham Clark to win the US Open, so I might be a bit biased. Still, Dinger Tuesday is pretty universally loved by sports bettors, so it’s yet another reason why FanDuel Sportsbook is arguably the best sportsbook in the industry.

Frequently asked questions (FAQs)

Do bonus bets expire?

They do. It’s very important to keep in mind and different sportsbooks have different guidelines. Make sure to check out the terms and conditions any time you get a free bet at a new sportsbook so you know exactly what you’re working with.

Can you withdraw sportsbook bonuses?

You cannot withdraw a sportsbook bonus directly. You first need to play through the credits at least one time, which then converts your bonus funds into cash. Some sportsbooks have different playthrough requirements than others, so you might need to play through the bonuses more than once. Again, this should all be outlined in the terms and conditions.

What are minimum odds restrictions?

These are enforced on bonuses and free bets as a way for the sportsbooks to protect themselves. They typically won’t let you use a free bet on massive favorites because they don’t want you to convert them directly into cash. You’re going to have to earn it.

Final thoughts

Taking advantage of bonuses is the easiest way to level the playing field vs. the sportsbooks. 

When it comes to deposit or sign-up bonuses, your goal should be to maximize the number of credits that are added to your account. If that means you can only add one sportsbook at a time, it’s still worth doing it in the long run. Having multiple sportsbooks to shop for the best line is important, but it’s not as important as grabbing as many credits as possible.

After the initial bonus, there are still other ways to take advantage of different promotions. That said, make sure that you know what you’re getting into. Just because a sportsbook tells you that a bet has boosted odds doesn’t mean that it’s necessarily a value. Not all promotions are created equally, so it requires a bit of work to ensure that you’re grabbing the most +EV promos possible.