There are hundreds upon thousands of offshore online sportsbooks for the public to utilize as their main source of sports gambling. When these offshore online sportsbooks compete to earn your business, their main source of enticement is by offering you a bonus to sign up, bonuses for making deposits and various bonuses throughout the year that are event-based. In this article, we will talk about those various sports betting bonuses and explain to you what to look for when accepting these free bonus sports betting incentives.
Top Sportsbooks Bonuses of 2020
These are the best sportsbooks that we recommend as of 2020 based on bonuses, odds and overall betting experience:
- US Players Accepted
- Promo Code: BOL1000 (Minimum Deposit: $55)
- US Players Accepted
- Promo Code: VEGASODDS (10x Rollover Requirement)
- US Players Accepted
- Promo Code: SB1000 (Minimum Deposit: $25)
- US Players Accepted
- Promo Code: VEGASODDS (3x to 10x Rollover Requirement)
- US Players Accepted
- Promo Code: ROOKIE100 (6x Rollover Requirement)
Are They Bonuses or Are They Earned Free Plays?
Many times offshore online sports books will offer large bonus free plays, as well as cash incentives, for opening an account or making a deposit. Many people are under the assumption that just because it says it’s a bonus, it services free money. In most cases, that couldn’t be further from the truth. Now, before we confuse anyone, let us 1st say that these bonuses are placed on your account and can be obtained. In most cases, though, there are restrictions that come into play with every bonus.
As example, many offshore sports books will offer you 20-30% bonus of your initial deposit, some offer even as much as 50% of the initial deposit but in ordinary for you to make a withdrawal of any of the bonus money you must 1st complete a rollover of a specific amount, predetermined by the sports book.
These rollover restrictions can be anywhere from 3X to 50X what the initial deposit originally was. That means if you deposit $1000, and the bonus was a 25% incentive, your actual bonus would be $250. That being said, if you have a 20 X rollover on the bonus, you would need to wait until you one $5000 before you could make it withdraw due to the rollover restriction.
Some other sports books will offer you the same bonuses but instead of applying a rollover limit, they institute a time frame for which you must stay active in ordinary to make a withdrawal of any of the free play money. What this means is that sports betting sign-up bonus that you are promised is available but only after a predetermined amount of time, which is decided by the offshore online sports book.
There are also sports books that put limit restrictions on large wagers that are derived from the free play money bonuses. What this means is they limit how much money you can bet on one single wager or how much money you can potentially win with one single wager at a time. This prevents you from making a big hit, pulling out all your money and leaving the sports book.
What Makes a Bonus Valuable?
When you’re making the decision on what should sports betting bonus to use at an offshore online sports book, take into consideration of your playing style. If you are someone who plays many parlays that have large payoffs, it very well may benefit you to take a larger bonus that has a larger role over. If you are the type of player that only plays flat plays for small amounts, chances are you’re not looking to get rich right away and it is better off to take the bonus that is paid out over a course of time. Either way, the important part is the fact that the bonus is valuable, achievable and real.
Why Do Sportsbooks Offer Bonuses?
Sportsbooks are in the business to make money and it feels rather weird to see these companies throw away money in the form of bonuses. Yet, there is little concept of free money when it comes to a sportsbook. In fact, these can be valuable for the company in the end – especially if you are the type of player to hunt for value.
Businesses try to attract customers in different shapes and forms. The common tactic employed by most businesses would be advertisements, but this is forbidden in several parts of the world. Furthermore, advertisements do not target a specific set of people and their coverage is much wider. This can make them grossly inefficient in the end. However, bonuses are quite different in this regard since they are able to influence a player by directly reaching out. Rather than target general audience who show no interest in signing up, bonuses make a lot of sense by being focused on their impact.
Some bonuses are meant exclusively for existing players. They are structured in such a way that the existing players get a reason to keep coming back.
Various Types of Bonuses
There are several types of bonuses that sportsbooks – offshore and online – offer to their clients or potential clients. Some of those bonuses consist of sign-up bonuses, deposit bonuses, reload bonuses and various free play incentive bonuses. Each of those bonuses are defined below:
This is pretty much self-explanatory on what the bonus is. These are designed to increase the sports books client base and to earn your business. It has become something of an industry standard in recent years and almost every sportsbook offers this bonus. It is usually offered as a percentage of a player’s first deposit, but it can also apply to subsequent few deposits. A player can only win a finite amount as a maximum bonus. There are situations when this sign-up bonus offer is offered without any deposits. In this instance, it becomes the no-deposit bonus.
Deposit bonuses are usually an additional percentage of the amount of money you deposit. These are designed to entice you to continue making deposits when your account gets low by offering bonus money to the customer. In many instances, this bonus is often given out as the sign-up bonus. For example, a new player may be for the bonus of $100 after placing a first deposit of just $100. This is usually done by matching the first deposit at a specific rate, 100% in this case.
No Deposit Bonus
These sports betting bonuses are usually handed out by sportsbooks that have just made an entry into the market. This offers bettors with an opportunity to test waters before they hand over the real money. Even if superficial appearances can promise a lot, bettors need to try out sportsbooks firsthand before placing real money. This type of bonus is usually offered when the sportsbook does not have great reviews or it has just been launched. It is quite common for this bonus to be accompanied by a strict set of wagering requirements.
When your account has set dormant and no activity has been made, the offshore sports books give out bonuses to encourage you to make a deposit. These are also usually based on a percentage of the amount of money you intend on depositing. Compared with the previous two bonuses, reloads are often much smaller in size. Yet, they can provide an opportunity to get back into the game after an absence.
Free Play Incentives
Free play incentives are given out at random times throughout the year for various reasons. At times, they are a simple thank you for your continued support and patronage to the offshore online sports books. At other times, they are a way to get you involved in a sport you wouldn’t normally take part in. Even then, these translate into good value since players are likely to receive a 100% or 200% bonus on their deposit, which can be as low as $10 or $20. This free play incentive could also be in the form of a refund bet, where a player receives a free bet if the previous bet – usually the first – loses.
Many sportsbooks tend to provide ad hoc or impromptu promotions that are aimed at a certain category of users. For example, users can encounter special promotions for mobile platform. It is more common to witness special events like Super Bowl being covered in a slew of promotional offers. A bettor would be required to come up with a certain type of – a parlay or an accumulator – bet. These vary from one bookmaker to the other. If a player also makes a deposit from a specific payment method, bonuses may also be provided. This may be done to promote a certain type of payment method with a sportsbook. For example, deposits made using Skrill may provide added bonuses for players.
Understanding Terms and Conditions
Even though bonuses sound like being able to provide a lot of free money, it is certainly not the case. Any sportsbook is not giving out free money and they are looking to profit from these bonuses. Bettors should understand that every bonus comes with a strict set of terms and conditions that can be extremely hard to profit from. However, it is possible to get great value out of these bonuses, as it remains an enticing offer nonetheless. One can take advantage of these promotions only by understanding key aspects like:
Irrespective of the bonus type, players are required to meet a rollover requirement before becoming eligible to withdraw the bonus. It is also described as the wagering or playthrough requirement. Each bookmaker has their own terms and conditions regarding the same. Hence, it is important to read in advance about the different clauses so that future shocks are taken out of the equation.
For example, a sportsbook puts out a signup bonus offer worth $50. This bonus comes with a 5x rollover requirement. It effectively means that any wins from the $50 bonus have to be wagered for at least $250 before it is eligible for withdrawal.
A bettor should compare rollover requirements before picking a bonus. It is always better to go with a bonus that has lower playthrough requirement. Some sportsbooks do tend to place a requirement on bonus and deposit. This puts a bettor at a serious disadvantage and it is better to go with a sportsbook that places a requirement only on bonus.
Minimum Odds Requirement
Many sportsbooks also plays a requirement on the minimum odds when trying to use a bet. There may also be restrictions when you are looking to place parlay or prop bets. It is quite common to restrict you to place a wager only when odds are 1.60 or higher. This places a limitation on betting choices available.
Apart from the minimum odds requirement, some sportsbooks may also impart a timeframe within which a bonus remains valid.
How to Maximize Rewards from Bonuses
Those who are new to the world of betting may struggle to get the best out of bonuses and rewards. Yet, this can be made easy by following two major strategies:
Picking the right bookmaker
Each sportsbook has their own way of pulling new customers and this leads to a wide differential in the size of bonuses offered by different players. A bettor should not pick a sportsbook merely based on bonus size. There is a lot more information contained in facets like rollover requirements and minimum odds. It is quite easy to miss these figures purely based on a sportsbook’s reputation. Even high-ranking sites tend to place unreasonable requirements on the bonuses that they offer to new and existing customers.
Keeping within a budget
Since gambling is a risky proposition, the money involved should always be within limits. Bettors should not risk money that they cannot afford to lose. Even though a number of bonuses and rewards can sound tempting on paper, they can turn out to be a different story in the real world. Hence, it is important to avoid the temptation of depositing more funds in order to grab as much bonus as possible.
Every bettor should profit from bonuses and rewards that are offered from sportsbooks. This helps to reduce the house edge by a great extent. At the same time, it doesn’t make sense to accept offers with ridiculous terms. A thorough understanding of bonuses is required and you should not get carried away with the numbers.