Betting on sports is something that has always been popular but which has grown rapidly in recent times. This has been helped by the changing attitudes around sports betting globally and the greater legalization of this activity in various countries. The USA is a classic example of this and now allows states to offer legal sports betting, following the historic 2018 US Supreme Court ruling on sports wagering.
The other major reason for the growing interest in sports betting around the world is the rise of online sportsbooks and mobile betting apps. This has enabled people to bet on sports online – from the comfort of their own home or when they are on the move. Online sports betting has made it more convenient to bet on games and the range of secure platforms to bet with now also makes it totally safe. The other major attraction is bonuses. These are offers that online sportsbooks give out to customers, as a reward for signing up with them or continuing to bet with them.
It goes without saying that understanding these bonuses is key for any sports bettor. But what should you know about the most common offers?
Deposit bonuses
One of the most popular types of sports betting offer is a deposit bonus. In simple terms, this type of bonus sees the sportsbook you sign up with give you free money when you make your first deposit. This could be a set amount or a matched deposit bonus offer. A matched deposit means that the sportsbook will match your initial deposit and give you that amount extra to bet with for free. As an example, if the offer was a 100% bonus up to $100, then the sportsbook would give you $100 if you first deposited $100. Some sportsbooks may also offer bonuses like this spread across your first few deposits, rather than just your first one.
No deposit bonuses
In any walk of life, knowledge is always key – be it finding out how to transfer business files safely or how bonuses work for betting on sports. No deposit bonuses see sportsbooks give players free money to bet with – but without having to deposit any of their own money first. Once you complete the sign-up process, the no deposit amount will be instantly credited to start betting with. This sort of offer is rarer than a deposit bonus but does mean you can start betting without using any of your own cash. These bonuses can sometimes come with high wagering requirements, though, so be careful to check this before creating an account.
Odds boost offers
Some online sportsbooks will also give out offers that enable you to boost your odds on selected bets. This is usually done by giving customers a certain number of tokens to use when betting, which give more favorable odds when applied. Interestingly, this is an offer that can be used for both new and existing customers. Some sportsbooks will not give out tokens for bettors to use individually but simply choose bets themselves to give better value. This is normally stated on the site itself and also means you can potentially win more if your bet comes in.
Cashback
You might know how cashback works for credit cards and there is a similar type of bonus for online sports bettors too. These basically see sportsbooks partially or fully refunding losses on selected bets. This sort of bonus can be particularly popular in horse racing, where a sportsbook might give customers their cashback if their horse places but does not win.
One thing to note here is that, despite the name, it is unlikely you will actually get your stake back. It is more usual for sportsbooks to give cashback in the form of another bet to the same value. Although this does not see the money you put down initially returned, it does mean you get another chance to win. If you can find a sportsbook that offers real money cashback, this is certainly something to pay attention to.
Online sports betting bonuses explained
The above shows a little more about the top online sports betting bonuses you might come across. As all online sportsbooks offer bonuses like this to customers now, it is worth getting to know more about them. This not only means you can get the most from them but also bet from a fully informed position. While online sports betting bonuses might seem complicated when you first see them, they really aren’t. If you remember they simply exist to give sports bettors rewards for using an online sportsbook, it will be easy to grasp.
