A betting welcome bonus is a great way to help new sports bettors get started. Many of these offers include free bets, risk-free bets and site credit. However, the number of different types of bonuses can be confusing for some bettors.
Originally rolled out as an in-person casino and sportsbook perk, betting welcome bonuses have become a staple of online gambling. With the recent legalization of sports betting in the US, more and more gaming operators have jumped on the bandwagon by offering these incentives to attract new customers. While these offers are a great way to start off on the right foot, bettors should be aware of the fine print and rollover requirements before making a deposit.
Some betting sites require promo codes to unlock their welcome bonuses, while others don't. BetMGM, BetRivers and bet365 -- SBRBONUS -- do not require promo Betting bonus codes to qualify for their bonuses, while DraftKings (available in TN) does. In addition to welcome offers, some sportsbooks also offer reload bonuses and refer-a-friend programs. Unlike first-deposit bonuses, these promotions aren't tied to the size of the initial bet and can be used on any market that accepts a bet.
Match rate bonuses essentially double the amount of new customers' initial deposits by matching them dollar for dollar with cash or site credit. This is the most common type of sportsbook welcome bonus, and it is typically available to anyone who makes a qualifying bet of at least $50. In most cases, these bonuses don't have any withdrawal restrictions or a maximum bet amount, but the terms and conditions of the bonus must be reviewed carefully.
Insurance or guaranteed bets are another popular sportsbook welcome bonus, but they can differ in their terms and conditions. Some insurance or guaranteed bets pay out only if the first bet loses, while others only cover a certain percentage of the initial bet amount. If you're looking for a guarantee, make sure the sportsbook you're interested in has one.
Odds boosts are another popular way to promote welcome bonuses. These special prices on specific markets are often offered for new and existing customers alike, and they can increase your winnings by a significant margin. However, they usually have a higher rollover requirement than other promotions.
Some betting welcome bonuses don't depend on your initial bet losing, such as the BetMGM "First Bet Offer" up to $1,000 paid back in Bonus Bets. Other offers, such as the one from FanDuel on Super Bowl 56, are short-term and only offer money if you bet at the minimum amount. Then again, you're probably already making a minimum bet anyway.
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