One of the best aspects of online sports betting is the bonus bets offered by online sportsbooks (if this is your first time coming across bonus bets, read our beginner’s guide here). These are a promotional tactic by bookies, but punters can successfully turn them into a means of earning when done smartly.
Bonus bets can come in many different forms, more commonly in matched bets, deposit bonuses, no-deposit bonuses, and reload bonuses. After learning the basics of free bets, the next best thing to do is study the different types of bonus bets to build up your betting strategies, whether as a novice or an experienced punter.
Deposit Bonuses
Deposit bonuses are another type of bonus bet that is popular with online sportsbooks. With this type of bonus bet, the sportsbook rewards the customer for making an initial deposit. The bonus amount is usually a percentage of the customer’s first deposit, ranging from 50% to 200%.
The major difference between deposit bonuses and matched bets is that deposit bonuses are based on the size of the first deposit, whereas matched bets are based on the size of the first bet.
How it works: If an online sportsbook offers a 100% deposit bonus up to $100, and you deposit $100, the sportsbook will provide an additional $100 in bonus funds for you to use on your wagers.
No-Deposit Bonuses
No-deposit bonuses, as their name suggests, do not require the customer to make an initial deposit. With this type of bonus bet, the sportsbook provides the customer with a small amount of free funds to use for bets. This type of bonus bet is a great way for customers to test out an online sportsbook without committing any of their own money.
How it works: The online sportsbook offers a $10 bonus to new customers that is free to use, without the condition of making any deposit in exchange.
Matched Bets
Matched bets are a popular way to use free bets, especially with new bettors, but these aren’t offered by the sportsbooks themselves, per se. This type of bonus betting requires a person to place two opposing bets on the same outcome using bonus bets.
Matched bets are a great way for new customers to get familiar with an online sportsbook, and enable them to try out the platform without risking a loss. Be wary, though, as making matched bets often comes with certain terms and conditions, such as wagering requirements and time limits.
How it works: If you make an initial deposit of $50 on a betting site, the sportsbook will offer a matched bet bonus of up to $50. If you place your first bet of $50, the sportsbook will match this with a free bet of $50.
Related: Easy Guide to No-Risk Matched Betting for Beginners
Reload Bonuses
Reload bonuses are bonus bets available to existing customers of an online sportsbook. Reload bonuses are usually available during specific events or promotions, such as playoff or championship games.
With this type of bonus bet, the sportsbook matches a customer’s subsequent deposits during the promotional period with a free bet of equal or lesser value.
Example: The online sportsbook offers a reload bonus of 50% up to $50 during the Super Bowl. If a customer deposits $100 during the promotional period, the sportsbook will provide them with a $50 free bet.
Related: Top 5 Tips for Taking Advantage of Bookie Promotions
Conclusion
When choosing an online sportsbook, consider the types of bonus bets available. As we always like to say, read the terms and conditions carefully so you understand the wagering requirements, time limits, and other restrictions that may apply because while bonus bets can increase your betting funds and potentially lead to higher payouts, it is important to ensure you have a comprehensive understanding of how they work before stepping in and investing your own money into it.
Sure, betting is uncertain, but wouldn’t it be nice to get a hint?
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