One of the biggest advantages of online sportsbooks is the fact that they provide registered punters with various bonuses and promotions, all of which have the potential to boost potential winnings. The more lucrative the bonuses are, the higher the chances are of the sportsbook attracting more punters to its platform.
That is why all of the best bookmakers in the world want to make sure that their bonuses are rewarding and easy to claim. With that being said, we are going to take a look at all the different types of bonuses and explained everything you need to know about them. Let’s start breaking down the details.
Welcome Offers
First off, we have the most popular sports betting bonus – the welcome offer. This bonus is given to all newly registered players. Unlike a majority of other bonuses and promotions at online sportsbooks, the welcome offer can only be claimed once.
In most cases, the sportsbook welcome bonus will match your first deposit (or first 2-3 deposits) and provide you with bonus cash that you need to use. However, this offer comes with quite a lot of terms and conditions that you need to meet if you want to withdraw bonus winnings. Some of the welcome offer T&Cs include:
- Wagering requirements
- Eligible markets
- Bonus validity period
- Minimum deposit
- Maximum bet amount
- Eligible payment methods
Wagering requirements are by far the most important T&C as they represent the amount that you need to stake before being able to withdraw winnings. The lower the wagerings are, the easier it will be to reap the full benefits of the welcome bonus.
Cashbacks
Next up, we have a no deposit bonus that goes by the name cashbacks. Thanks to cashbacks, you can redeem some of the amounts that you lost while placing bets in a certain period. In most cases, sportsbooks offer a weekly cashback and its percentage can depend on your loyalty status at the sportsbook itself.
The main reason why cashbacks are so popular is that they come with just a few terms and conditions. However, each bonus has its own advantages and disadvantages and the biggest disadvantage of a cashback is that you might have a lot of market restrictions when it comes to using it.
Free Bets
Free bets are also a no deposit bonus and the top reason why players adore them is that they offer punters the chance to win real money rewards without having to deposit real money into their accounts. However, you must know that these offers come with quite a lot of terms and conditions, the most important one being the validity period.
In most cases, free bets are valid for a short period and you must act fast if you want to use them. Not only that but they can be used in certain markets only. The good thing, however, is the fact that a majority of online sportsbooks are optimized for mobile use as they are powered by the latest HTML5 technology.
That provides punters with a lot of flexibility and they will be able to claim free bets and use them at any time and place, from a device that they seem fit.
Reload Bonuses
Next up, we have reload bonuses, which work in a similar fashion to welcome offers. They are basically match deposit bonuses, but unlike welcome offers, they can be claimed on a regular basis. All you have to do to claim a reload bonus is to log in on a specific day and make a few deposits to your sportsbook account.
Of course, terms and conditions accompany this bonus, so make sure you give them a read. As a deposit bonus, wagering requirements will be likely featured here.
Loyalty Programs
Finally, we have sportsbook loyalty programs. They consist of several levels and in order to level up, you need to place real money bets at the sportsbook. The higher your level in the loyalty program is, the better the rewards will be.
Some of the exclusive rewards that you can enjoy by being a member of a loyalty program are:
- VIP customer support
- Access to VIP tournaments
- Higher withdrawal limits
- Free bets that are given on a regular basis
- Higher cashbacks
- Faster withdrawals
