You may have heard of bonus bets by now. If you’ve tried visiting a couple of betting sites, they are usually riddled with bet offers that pop up here and there, giving you free credits to use on your next wager. Too good to be true? Don’t worry, they aren’t scams (if you were worried about their legitimacy), but there are a few things you should know before pouncing on those offers!
What are bonus bets?
Bonus bets are a promotional tactic of sportsbooks to entice visitors to sign up. They ease novice punters into the world of sports betting because they can cash out their winnings without having to stake their own money on a wager.
Think of bonus bets as virtual funds that can be used to place bets without risking your own money. Bonus bets are a currency offered to customers for various reasons.
These free bets are often offered as an incentive to attract new customers or reward existing ones. The amount of bet credits you receive can vary depending on the promotion or the sportsbook. Some promotions may require you to meet certain conditions, such as making qualifying deposits or placing specific types of bets, to claim and use the bet credits.
How bonus bets work
When you have bet credits (a.k.a. bonus bets) in your account, you can use them to place bets on sporting events just like you would with real money. If your bet is successful and you win, the profit you make from the bet can usually be withdrawn as actual cash.
For example, the terms may state that the bonus bet must be used on a specific sport or type of bet. There may also be minimum odds requirements, which means you must place the bonus bet on a selection with odds higher than a specified minimum.
If your bonus bet wins, the winnings are typically paid out as cash, however, it’s important to note that the initial stake or the bet credits themselves are typically not withdrawable. In other words, you would receive the winnings but not the initial bonus bet amount.
Related: Making the Most out of Your Bonus Bets
Making a guaranteed profit with bonus bets
Although using bonus bets does not guarantee a profit, it is possible when done right. Betting in general — whether using free bet credits or cash — requires careful selection of events, odds, precise calculations, and the usage of different techniques.
To improve your chances of making a profit with bonus bets, some strategies like matched betting can be employed. Matched betting involves placing two opposing bets to cover all possible outcomes and ensure a profit or minimize the risk of loss.
Related: Easy Guide to No-Risk Matched Betting for Beginners
Be cautious of turnover requirements
Now, before you can claim your winnings, there is usually a turnover process. That’s why it’s important to go through the terms and conditions outlined by the bookie website where you placed a bonus bet. Each sportsbook may have different turnover requirements before you can make a cash-out, so be wary. Once you’ve met the turnover requirements, you should be able to withdraw the winnings generated from the bonus bet.
Sometimes when you receive a bonus bet, whether as part of a sign-up offer or a promotion, the betting platform may require you to wager a certain amount of money before the winnings from the bonus bet can be withdrawn.
For example, let’s say you receive a bonus bet of $50 and there is a 5x turnover requirement. This means you would need to wager a total of $250 ($50 multiplied by 5) using your own funds before you can withdraw any winnings generated from the bonus bet.
Related: How to Convert Bonus Bets into Cash at Over 100%
Conclusion
Bookie sites are overflowing with bonus bet promotions, and worth taking advantage of at the start of your journey to becoming a serious punter. However, it’s good practice to make sure you go through the terms and conditions of any sportsbook’s offers.
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