Odds Reference Sportsbook Sign Up Bonus Guide
Odds Reference Sign Up Bonus Guide
The new player bonus has long been a favorite way for sports books to attract new players. New players in the US market especially are awash in generous offers, most seemingly valued at $300 or more, but are these offers as generous as they seem and how can you pick the offers that are best for you? This guide will help you make sense of the different types of sign up bonuses and decide which ones are the best fit for you.
Key Sportsbook Bonus Terms and Conditions
Time Limit
Most bonus are required to be used within a defined time period from when they were received, it’s important to be aware of this time limit ahead of time so you can avoid forfeiting your sign up bonus.
Rollover requirement
Most deposit bonuses require players to bet a certain amount in total before the bonus funds are eligible to be withdrawn. This is known as a rollover requirement as the bonus funds become eligible in proportion to the amount bet or rolled over. For example we would say that a sports book which unlocks these funds at a rate of $1 per $25 bet has a rollover requirement of 25x. It’s important to understand how many times these bonus funds need to be rolled over prior to depositing so that you understand the sum total of wagers you will need to place in order to be able to withdraw these funds.
Minimum Odds
Many bonus have a minimum odds restriction which only allows bonus funds to be used on bets at or above certain odds. This is typically either -300 or -200.
Types of Sign Up Bonus
Risk Free Bet
The Risk Free bet bonus is the most popular sign up bonus in the US market. As the name implies this bonus is intended to make your first bet after opening an account “risk free” by awarding you bonus funds in the event your first bet loses. Ironically this is a bonus you generally don’t want to be able to capitalize on as you’d prefer to win that first bet. Risk Free Bets can also be tricky as new players are faced with the problem of having to either bet more than they normally would in order to claim the maximum bonus or bet their normal amount and miss out on the maximum bonus possible in the event of a loss. It’s also important for new players to understand the mechanisms of these bonuses, as they run the gamut from a single free bet to bonus funds to a hybrid of the two. The mechanisms of the credit received has the most impact on how much value the bonus holds, so lets dive a little deeper into the 3 different mechanisms.
Single Free Bet
This bonus is credited as a single free bet equal in value to your losing wager. This obviously gives you limited flexibility with how to use these funds as they must all be used on a single wager and are not able to be split into multiple smaller bets. Since this is a free bet and not bonus funds the stake is typically not included in any winnings that result from the wager, which further decreases the value of this bonus. For example if you lose your first $500 bet with Draftkings and use your free bet of $500 at +200 this would only pay $1000, not the $1,500 that a cash bet would pay. Some bookmakers will restrict the use of these funds further by placing minimum odds the free bet must be placed on, however given that the stake is not included in the winnings using a free bet on low odds markets is of little value and should be avoided. This is not to say that the single free bet is all bad, the best thing about these bonuses is that there is no confusing rollover requirement associated with them and therefore wont require a large volume of bets before funds can be withdrawn. These bonuses are a good fit for players who’s normal stake size is close to the maximum free bet amount, or who want the flexibility to withdraw funds in the near future.
Bonus Funds
This bonus offers more flexibility and greater value than the single free bet. When the bonus is distributed as bonus funds these funds function the same as cash with a rollover requirement that must be met before any funds can be withdrawn. With this type of bonus the stakes are included in the payout of winnings and the amount of bonus funds used in each wager is determined at the players discretion. Most sportsbooks require wagers on lines of -200 or more in order for bets to count towards the rollover requirement. The rollover requirements are typically low with 1x rollover being the most common. This bonus type allows for more flexibility and greater value than a single risk free bet, but given the rollover requirement players will have to place slightly more bets before they can withdraw funds. Risk Free Bets that are distributed as bonus funds are the most valuable and therefore the best of the available types of Risk Free Bets, but will be best suited for players who’s normal stake size is close to the maximum bonus and don’t plan to withdraw funds immediately.
Hybrid
While this is less common there are some sportsbooks that offer these funds as a larger number of smaller risk free bets. These funds will still typically function as free bets, where the stakes are not returned as part of the winnings, meaning they have less value than bonus funds. The flexibility offered by splitting these into a number of smaller bets does make them more valuable than single risk free bet. Risk Free Bet bonuses distributed in this hybrid model are best suited for any players planning to use a larger than normal stake for their first bet (for example on a big event like the Super Bowl) and want the flexibility to use the resulting bonus fund on lower stake bets in the future.
As you can see all of the different iterations of the Risk Free Bet have their own strengths and weaknesses. New bettors should avoid the common mistake of using a larger than normal stake on their first bet in an effort to maximise the bonus in the event of a loss as the bonus funds received will not be of equal value to the money lost on that first bet.
Deposit Match
The Deposit Match bonus is another popular sign up, some sports books even offer it in addition to a Risk Free Bet. When a sports book offers a Deposit Match bonus they will match a % of your first deposit in bonus funds up to a certain limit. These bonus funds will unlock and be eligible for withdrawal when the bookmakers rollover requirement on qualifying bets is met. Unlike free bets the initial stake will be included in the payout of any winning bets. As you can see the Deposit Match bonus is the most flexible bonus available and is ideal for new sports bettors who could use some extra funds to aid in their learning process, while players who want the flexibility to withdraw funds shortly after their first deposit will find this type of sign up bonus less attractive.
Free Bet
The Free Bet bonus is less popular in the US than it is in Europe but its a bonus all players should take advantage of when it’s offered. Sports books who offer this bonus award players with a free bet of a small denomination simply for signing up and verifying their account, with no deposit required. This bet functions like other free bets, with minimum odds requirements and the stake not being included in any winnings. Despite these restrictions the Free Bet bonus is one of the best sign up bonuses because it requires no outlay of cash on your part in order to receive it. All players can benefit from this bonus, but players who want to test out an app before depositing will find it especially valuable.