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By Tim van Straten
Sports Betting Writer
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Online sportsbooks attract sports fans with an assortment of exciting promotions. Some offers entice prospective players to create an account and place bets, while others focus on existing users in hopes that they continue betting on that particular sportsbook.
This post breaks down the numerous sportsbook promotions you'll find throughout the betting industry. Learn about bonus bets, profit boosts, bet insurance, deposit matches and everything in between. We'll also cover the difference between new-user and all-player promotions and where to find some of the best online sports betting offers in 2024.
New Customer Offers
As the name suggests, new customer offers are for eligible players who haven't registered and placed a bet with that sportsbook. Once you meet the site's sign-up requirements, you'll be able to capitalize on the offer and build your bankroll in the days ahead.
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Sportsbooks spend millions of dollars per year advertising promotions for first-time customers. They'll use television commercials with famous celebrities, live reads during game broadcasts and articles from your favorite websites to target potential bettors. However, the quality of the offer is the ultimate difference maker.
Here are a few standard sportsbook promotions for new bettors:
Bet & Get
An online sports betting staple, "bet & get" promotions are arguably the most successful in obtaining new players. Following registration, a bettor must wager a certain amount on an eligible sport. Afterward, the sportsbook will issue a sizable payout in bonus bets, a form of site credit bettors can wager with and earn withdrawable cash profit.
One example is a sportsbook's welcome offer marketed as "Bet $5, Get $150." New customers who place a $5+ cash wager will receive $150 in bonus bets, win or lose. Bonuses often arrive within a few hours of your qualifying bet, though some sites issue them immediately.
Many new customers prefer "bet & get" sign-up promos. These offers typically require a minuscule upfront investment, perfect for casual users weary of a sizable financial commitment. In addition, the bonuses have enough upside to give bettors a solid jumping-off point as they explore the app's additional features.
Bet Insurance
Another popular sportsbook promotion for new users is bet insurance. Sportsbooks market insurance in different ways, referring to these protected wagers as "No-Sweat," a "Safety Net," a "Second Chance" or a bet "on the house." Ultimately, they all mean the same thing: Place your initial cash wager on any sport, and the site will refund a loss with bonus bets to fund your next shot at cash winnings.
Insurance for new players covers substantial wagers, usually $1,000 or even $1,500. Some places return a one-time bonus bet, while others split the bonus into several smaller stakes. Read the terms of the offer to know precisely how your bonus will be conveyed.
While some players prefer the safety of a "bet & get" offer, a bet insurance promotion has its advantages. Given the potential profit at stake, the ability to wager three or four digits on a particular game is enticing. But even if the bet doesn't hit today, the refunded bonus bets can quickly restore a bankroll when placed on the right markets.
Deposit Match
Sportsbooks will sometimes attract potential users with a first-time deposit match. After the initial investment, a site offering a deposit match will issue a percentage of the deposit as cash or site credit. Deposit match promotions are popular amongst online casinos, but several sportsbooks use them, too.
Let's say a sportsbook offers a 100% deposit match up to $500. After registration, new customers making a $500 deposit qualify for the $500 in Cashback or site credit. However, some sportsbooks have playthrough requirements that force customers to wager their deposit X number of times before unlocking the maximum bonus.
Bet Match
Similar to a deposit match, some welcome offers feature a matching bonus for your first bet. The value of your qualifying stake is matched with a bonus bet, regardless of whether you win or lose.
For example, a $100 bet match means a player can wager $100 on any eligible market and get a $100 bonus bet, no matter what. The bonus refunds your initial stake after a loss or adds more funds to your bankroll after a win. Some sportsbooks even offer bet matches for multiple days following registration.
All-Player Promotions
As important as new bettors are for the health of online sportsbooks, customer retention is vital for an operator's long-term success. To prevent players from collecting their new-player bonus and deleting the app, sportsbooks routinely feature in-app promotions for existing customers.
Most all-player promos require manual opt-ins, so sign into your sportsbook account and click the right button to qualify. Many promotions are for upcoming games and events, so they have a short window before expiration. However, others have a long shelf life to warrant daily utilization for several weeks.
Some popular promotions for existing sports bettors include:
Odds/Profit Boost
Nearly every online sportsbook offers current users odds boosts (or profit boosts). Players can score enhanced betting odds on any eligible market to increase the potential payout after a win. Sportsbooks typically offer boosts for specific bet types and sports, though some give players a token for any wager that meets the boost requirements.
For example, a sportsbook can offer a 33% odds boost on any MLB player to hit a home run tonight. Applying the boost to a player's +400 odds increases them to +565. Another scenario is a site offering a 25% profit boost on any NBA parlay. A four-leg parlay with +1000 odds has +1275 odds after the free 25% boost.
Sportsbooks can also boost pre-selected props and parlays. An example would be a site offering +150 odds on Luka Doncic and Kyrie Irving each scoring 30+ points in their next game when the original odds were just +120.
Single Wager & Parlay Insurance
Like bet insurance offers for new bettors, existing customers can also find insurance promos on particular sportsbooks. An eligible wager meeting the promo's requirements and not settling as a win will return refunded bonus bets. In-app insurance is typically tailored toward a specific betting market, like the NBA or MLB.
While some sites offer insurance for single wagers, many sportsbooks have a version of bet protection on parlays and same-game parlays. Sites usually limit a player's wager amount to qualify for a 100% bonus bet refund.
Bet & Get
Although "bet & get" bonuses aren't as prevalent for existing customers, sportsbooks offer them occasionally. Depending on the offer's terms and conditions, a bettor who wagers a certain amount will receive a qualifying bonus.
Examples of "bet & get" promotions for existing customers include a $25 bonus after placing $50 in cumulative parlay wagers and a $10 bonus following four (4) $10 bets on select markets.
Referral Bonus
Sign-up bonuses incentivize current customers to register friends and family members for sportsbook accounts. Players who refer potential customers through their personalized sign-up links receive site credit after the new user signs up and places a bet. New customers also earn the referral bonus.
Loyalty or Reward Program
Another benefit for existing users is a loyalty or reward program. Sportsbooks create these programs to reward long-time players who regularly place bets. As bettors make more cash wagers over time, they'll qualify for bonus bets, VIP prizes, restaurant and travel discounts, game tickets and many additional perks.
Criteria for Sportsbook Promotions
Every sportsbook promotion has terms and stipulations that could impact a player's payout. Knowing what to look for is critical for maximizing any limited-time offers for new and existing customers.
Here's a list of criteria bettors must know before opting into any sportsbook promo:
Eligibility
Some promotions are only for new customers, while others are for existing players. Sportsbooks also have age and playing area requirements determining who's eligible for an offer.
Promo Code
Sportsbooks often require promo codes to activate new player offers. If you need more clarification, research the code affiliated with your sportsbook before registration. All-player promos don't require codes, though most require a quick "opt-in" on the app.
Minimum Deposit
New customers must deposit cash to activate a welcome offer and place bets. Many sites only require a minimum deposit of $5-10, though select deposit match bonuses demand a more significant investment.
Wager Requirement
Every offer has a minimum or maximum wager requirement. A welcome bonus might require a $5 first bet, while an in-app odds boost could limit wagers to $25. Some sportsbooks have different conditions for certain bettors, like long-time customers with deeper pockets.
Minimum Odds
Promotions often have minimum odds to prevent betting on lopsided favorites. A sportsbook might only offer its welcome bonus if the initial bet is on a prop with -200 odds or longer. Most books accept wagers on any bet with plus (+) odds.
Bonus Cap
New and existing player offers limit the cash or bonus bets a player can receive. For example, a "Bet $5, Get $150" deal always returns $150 in bonus bets, even if you wager more than $5. In addition, a bet insurance offer might only cover a loss of up to $1,000, so wagering $2,000 would only return 50% in bonus bets.
Payout Type
Bettors must confirm the type of payout an offer promises. Most welcome offers and bet insurance promotions deliver bonus bets. Meanwhile, in-app profit boosts award withdrawable cash winnings.
Eligible Betting Market
Sportsbook promotions generally require bettors to issue qualifying wagers on a specific betting market. Examples include bet insurance on a three-plus leg parlay and a 25% profit boost exclusively on an NFL futures bet.
Offer Window
Every sportsbook offer eventually expires. Note how long a promotion is available, whether for a few hours or several weeks. In addition, bettors should note how long any bonus bets last (i.e., seven days after receipt).
Sportsbook Promotion Checklist
More and more online sportsbooks are entering the industry, promising shiny offers and exclusive benefits for new and existing customers. It's essential to ignore the noise and focus on the factors determining whether a bettor should sign up for a sportsbook or opt into an in-app offer.
When comparing sportsbook promotions, assess these criteria above all others to determine if the offer is worth your time and money:
Bonus Size
Generally speaking, a large bonus is a positive for bettors. Whether it's an instant $150 bonus or up to $1,500 in bonus bets after a loss, it's a positive sign when a sportsbook is willing to spot that much site credit.
That said, players should always compare the bonus size to the deposit or wager requirements. If a sportsbook requires $1,000 in cumulative wagers before issuing its $150 bonus, that doesn't offer good value.
Offer Type
The way bettors earn their promotional payout depends on the type of offer they've activated. Is the promotion a standard "bet & get," first bet insurance, a deposit match or something else? Knowing the mechanics of a sportsbook promotion is critical for new and existing bettors.
Simple Instructions
Complicated steps and unnecessary restrictions can ruin a great offer. Bettors should seek promotions with clear and concise instructions that explain exactly what a player must deposit and wager on to qualify. Less confusion equals more customers reaping the rewards from that offer.
Payout Timeline
There's nothing worse than a payout that takes forever to hit your account. The best promotions have a short waiting period for their respective bonuses. Some sportsbooks even pay bonuses moments after a qualifying wager.
While the time you spend waiting for site credit can vary, the top online sportsbooks pay cash winnings as soon as possible.
Best Online Sportsbook Promotions
Newsweek has scoured the industry to find the best sportsbook promotions for new and existing customers. Each operator listed below has a high-quality welcome offer for new customers and in-app promos to enhance the experience of long-time bettors.
DraftKings Sportsbook: $150 Bonus, NBA SGP Offer
DraftKings is one of the most popular sportsbooks on the market for a reason. The site offers new customers a "Bet $5, Get $150" offer on any sport. DK will issue a $150 payout in bonus bets after a $5+ wager, regardless of the odds or outcome.
Some of DraftKings' all-player offers include a "No-Sweat" Same-Game Parlay during the NBA Finals. Build a three-plus leg SGP with props from a Finals game, and DraftKings will refund the losing stake with a bonus bet. There's also an early payout on MLB moneylines if your team takes a lead of two runs or more, regardless of the final score.
ESPN BET: $1K First Bet Reset, 200% Deposit Match
One of the newest sportsbooks to enter the industry, ESPN BET, has a $1,000 "First Bet Reset" promotion for new customers. Enter the code NEWSWEEK, bet up to a grand on any sport and get five (5) 20% bonus bets worth your initial stake if you lose. ESPN BET's first-time users also qualify for a 200% deposit match worth up to $500 in eligible Cashback.
Other ESPN BET promotions for all customers include odds boosts, bet protection and win multipliers for select parlay bets.
Fanatics Sportsbook: 10x$100 Bonus Match, Power Hour
Fanatics Sportsbook has a "10x$100" welcome offer for new customers. Bettors can place up to $100 on a qualifying market (min. $5 with -200 odds or longer) for their first 10 days on the app. Fanatics will match every initial wager with a bonus bet, allowing players to receive an additional $1,000 in matching bonuses.
The "Power Hour" bonus headlines Fanatics' all-player promos. Fanatics bettors can grab daily rewards during the 60-minute "Power Hour," like a bonus bet or profit boost.
BetMGM: $1.5K First Bet Offer, Odds Boosts
New BetMGM customers qualify for a $1,500 First Bet Offer. Our code NEWSWEEK1500 activates this promotion, which ensures a loss of up to $1,500 returns its value in five (5) 20% bonus bets.
BetMGM also has several exciting promos for existing players. Activate the latest odds boosts to raise eligible payouts by 33-50%, or bet on a pre-enhanced "Lion's Boost" for an upcoming game. BetMGM also drops free-to-play games that give customers a daily shot to win bonus bets.
Bet365: Bet $5, Get $150 Bonus or $1K First Bet Safety Net
Bet365 is one of the few sportsbooks offering two welcome offers, though bettors can only choose one after applying the code NEWSXLM. The "Bet $5, Get $150" awards a $150 bonus after any $5 bet, while the $1,000 First Bet Safety Net refunds a qualifying loss with bonus bets (max. $1,000).
All bet365 customers qualify for the site's daily Bet Boosts. Bet365 also has profit boosts on single bets, parlays and same-game parlays, plus early payouts on select moneyline wagers.
Caesars Sportsbook: $1K First Bet, Boosted Odds
Eligible Caesars customers can register with the code NEWSWK1000 for a first bet on the house. Receive a one-time bonus bet worth up to $1,000 if your qualifying stake settles as a loss.
Caesars Sportsbook has an impressive assortment of daily odds boosts. Check the "Boosts" tab for a complete list of props, parlays and same-game parlays with pre-enhanced odds. Caesars typically caps players at $100 for each boost wager.
FanDuel Sportsbook: $150 Welcome Bonus, Daily Boosts
FanDuel is another titan of the sports betting landscape. Its current new player offer is a "Bet $5, Get $200" deal that issues $200 in bonus bets if the initial $5 wager settles as a win. First-time players from Massachusetts and Ohio earn $300 instead of $200.
Other FanDuel promotions on the app include daily profit boosts. Many boosts cover pre-live markets, though some are tailored for in-game wagers.
Newsweek may earn an affiliate commission if you sign up through the links in this article. See the sportsbook operator's terms and conditions for important details. Sports betting operators have no influence over newsroom coverage.
Fanatics Terms & Conditions: Must be 21+. GAMBLING PROBLEM? Call 1-800-GAMBLER (AZ, CO, IL, KY, MD, OH, PA, TN, VA, VT, WV); (888) 789-7777 or ccpg.org (CT); 1-800-BETS-OFF (IA); (800) 327-5050 or gamblinghelpline.org (MA), mdgamblinghelp.org (MD), 1800gambler.net (WV).
Bet365 Terms & Conditions: New Customers only. Bet $5 and get $150 in Bonus Bets. Sign up, deposit (minimum $10) to your account and place a qualifying bet of $5 to get $150 in Bonus Bets once your bet is settled with bet365. Bonus Bets winnings are added to Bonus Bets balance. Bonus Bet wager excluded from returns. T&Cs, time limits & exclusions apply. The bonus code NEWSXLM can be used during registration, but does not change the offer amount in any way.
Caesars Terms & Conditions: Must be 21 or older and physically present in AZ, CO, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, NJ, NY, NC, OH, PA, TN, VA, WV, or WY. New users only. Must register using eligible promo code. First bet after registration must qualify. Max. Bonus Bet: $1,000. Bonus Bet expires 14 days after receipt. Void where prohibited. See Caesars.com/promos for full terms. Know When To Stop Before You Start®. Gambling Problem? CO, IL, KY, MD, MI, NJ, OH, TN, VA, WV, WY, KS (Affiliated with Kansas Crossing Casino), LA (Licensed through Horseshoe Bossier City and Harrah's New Orleans), ME (Licensed through the Mi'kmaq Nation, Penobscot Nation, and Houlton Band of Maliseet Indians, federally recognized tribes located in the State of Maine), NC (Licensed through Tribal Casino Gaming Enterprise), PA (Affiliated with Harrah's Philadelphia): If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) or MD: visit mdgamblinghelp.org or WV: visit 1800gambler.net; AZ: Call 1-800-NEXT-STEP; IN: Call 1-800-9-WITH-IT; IA: Call 1-800-BETSOFF. ©2024, Caesars Entertainment Gambling Problem? Call 1-800-GAMBLER.
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