Things to Know When Using Your Sports Betting Deposit Bonuses
With so many incredible legal sportsbook deposit bonuses out there for new users, we want to ensure that you’re using the bonuses properly (and optimally) and have all of your questions answered in one convenient location. Below is a list of rules and frequently asked questions for new sports betting accounts and any associated bonuses or free plays.
Sports Betting Bonuses: Rules to Know:
- What is your goal with deposit bonuses? If you have a small or medium-sized sports betting / daily fantasy sports bankroll, these sports betting deposit bonuses can give you the opportunity to dramatically increase — double, triple in some cases — your current bankroll. Unless you’re okay with taking on heavy risk and coming away with nothing, you should use your deposit bonuses and free plays conservatively to secure as much cash as possible. For larger bankrolls or more risk-taking mindsets, some sportsbooks let you bet parlays, futures, or huge moneyline underdogs with your bonuses — this will usually result in zero cash, but when it hits, it’s a massive boost to your bankroll.
- Are there odds restrictions? With that said, most sportsbooks have a restriction on the odds of bets you make using your bonus funds and free plays. In some cases, they don’t allow you to bet big moneyline favorites so that you don’t have a high probability of converting the bonus dollars into real cash, while others don’t allow huge plus-odds to give you a freeroll at a huge payday. Our partners Sugarhouse NJ and PointsBet allow you to make a free bet on any wager up to -200 with no restriction on plus-odds. So know the rules, know what your goal is, and know the type of player you are — are you just looking for a safe proposition to turn those bonus funds into cash? Or are you okay with likely losing but having a freeroll at a huge payday?
- Are there bet type restrictions? If you can use your free bet / bonus dollars on prop bets, those are the easiest to beat and most likely to turn your deposit bonus into real dollars. But some sportsbooks restrict your free play betting options to straight bets, sides and totals only — no parlays, no teasers, no futures, no props. Be sure to read the fine print for types of bets you can make.
- What is the rollover requirement? Simply put, the rollover requirement is how much you need to wager before you are allowed to withdraw your bonus funds from your account. It is typically written as a multiplier — for example, Sugarhouse NJ has a 1x rollover requirement. This means you must wager 1x your bonus (e.g. if your bonus is $250, you must wager $250) before you can withdraw. Some sportsbooks have insanely high rollover requirements, so be sure to check those before you receive a bonus.
- Do you receive the bonus/free bet in cash or as free play? Sometimes, sportsbooks will offer a “risk-free bet” up to X amount. In these scenarios, you deposit money, make a real wager, and if it loses, that bet is refunded. However, some books will refund that bet in the form of bonus dollars — and you can’t withdraw bonus dollars — so you’ll have to wager with that money before you can cash out. The best free plays just return the money to you in the form of actual dollars, a truly risk-free proposition. Check the terms and conditions to see how this affects your bonus approach.
We’ve partnered with legal sportsbooks to provide incredible deposit bonuses and free play offers for new users. Do you live in/near/are traveling to any of these states?
Colorado | Indiana | Iowa | New Jersey