Almost every online sportsbook provides new customers with a bonus of some kind when they open an account. Sportsbooks are aware that gamers are hunting for bonus chances. Who does not like “free money” after all?
When it comes to picking a sportsbook, deposit bonuses are often what entice gamers to sign up. The sum of money someone can obtain for only depositing may take precedence over other considerations, such as average odds, payout times, and so on.
Even while a great way to improve your bankroll is sports wagering bonuses, especially for first-time bettors, picking one is more difficult than just investing money and withdrawing it. When accepting a bonus offer, bettors must exercise some due diligence to ensure they are given a fair shot.
We will discuss the most common bonus kinds for players who want to take part in sports betting in this post, along with rollover requirements and the most effective methods for clearing sportsbook bonuses. We will also talk about the VIP and rewards programs that some sportsbooks offer.
Cash Bonus vs. Free Play
Most of the bonuses that sportsbooks provide are so-called “free play” bonuses. Punters will receive a percentage of their deposit as a free play, accompanied by a rollover rate associated with it.
Free games differ significantly from monetary bonuses in one important way. No matter what the outcome of a wager, money is deducted from a player’s free play balance when they place one. Whether the wager wins or loses, if a player has $300 in free play money and wagers $100 of them, their balance will be reduced to $200. Free play bets only increase a player’s cash balance if somehow the bet is a victory rather than returning the player’s stake and profits.
If the wager wins, cash bonuses will repay both the bet and the winnings. When it pertains to bonus options, cash bonuses are the most popular choice, but these are not frequently provided in certain markets, such as the United States, especially on first deposit or welcome incentives.
Rollover Conditions
It is not as easy as making a deposit and getting your money back to get a bonus. When they choose a bonus offer, players commit to a rollover rate, and they must fulfill certain conditions before they can withdraw their bonus.
Each bonus has a rollover requirement, which, on the majority of websites, specifies how many times the incentive and initial deposit should always be placed before the bonus may be withdrawn. For instance, a player would have a $500 free play balance if they deposited $2,000 and received a 25% free play bonus. The bettor would need to bet $10,000 ($2,500 x 4) before being allowed to withdraw their $500 bonus if the website had, say, a 4x rollover requirement.
Although it may seem excessive, keep in mind that if there is no rollover, players might simply deposit and receive the bonus money without putting any of their own money at risk. Rollovers shield websites from such bettors. However, it also has two sides to it. Depending on the bookmaker, rollover rates will differ, and many bettors who do not read the fine print upon signing up end up agreeing to ludicrous rollover rates.
It is frequently impossible to repay the deposit incentives provided at rogue sportsbooks or those that are simply not well-rated because of their outrageous rollover rates. At reputable sportsbooks by the link, rollovers of 3-6x are the most typical and highly reasonable in regard to a rollover rate. It is far more difficult to clear bonuses, though, due to increased rollover rates. It is practically hard to clear those that are within the 10–12x range as well as greater without suffering significant losses. In general, websites promising rollovers throughout this range are also unreliable.
Clearing Bonuses
While bettors can simply spend the appropriate amount to clear their bonus, there are various more strategies they can utilize to increase their EV (expected value) when clearing reload bonuses and deposits before that.
The first is parlay betting. Parlays let gamblers place the same bets multiple times using the same amount of money because free plays do not function the same as money taken from your retained earnings or bonus. Contrary to straight bets, parlays let you place several wagers of the same amount on various choices.
Although wagering on parlays involving more than two teams is uncommon, it is the best course of action in regard to clearing bonuses. Betting 3-team parlays is one of the best methods to clear a rollover and a great way to increase your likelihood of winning with a free-play.
Arbing or sure-betting is another tactic that ensures a profit. Arbitrage is the process of putting in a profit as a result of variations in the betting odds offered by competing bookmakers. Although the topic of limiting your bets requires a separate article to cover it in much more detail, the idea is straightforward to grasp when clearing bonuses.
By keeping an eye on the betting market, gamblers can profit from changes in the odds and use their free play money to bet on changes in the odds while locking in pricing at some other sportsbook that allows them to make a little profit. Of course, this only works if you have two or more registrations at several sportsbooks. If you only use one sportsbook, you are not permitted to do this. This must be done with a respectable operator who has a solid reputation because certain sites will penalize players who are arbing or pursuing steam.
Reward Programs and VIP
Not all, not even major sportsbooks, do not have reward systems. But those we mentioned above stand out above the rest, especially by having VIP Programs. Interestingly, even though it is a significant market, sports bettors cannot participate in VIP or rewards programs at numerous US-focused sports betting powerhouses.
Most online sportsbooks’ rewards programs are variations on a theme in comparison to online poker rooms, where VIP benefits and things like rakeback may dramatically boost players’ bankrolls. The rewards programs offered by some bookmakers can cost a player several hundred dollars each month if they place huge bets, but providing the highest odds and the largest markets is far superior to any incentive.
These sportsbooks are no slouches in that regard, especially considering how long they have been around. They offer cash prizes for accumulating points and, in most cases, have a leveled loyalty program that compensates players for moving through the levels. Additionally, there is a point store where gamers can buy opulent goods as well as other perks.
When joining a sportsbook, VIP programs can be something to take into account, but, generally speaking, they should be of less relevance than reputation, withdrawal speeds, and odds.