Most Common Sportsbook Sign-up Bonuses Explained

We dive into everything you need to know about sportsbook welcome offers, from bonus bets to deposit matches.

Jeff Watters - Senior Content Editor at Covers.com
Jeff Watters • Senior Editor
Aug 26, 2024 • 12:09 ET • 6 min read
An advertisement for Caesars Sportsbook is seen in New York City.
Photo By - Sipa USA

As markets continue to open their doors, the number of states with legal sports betting is skyrocketing in popularity. But popularity means options, and options can be overwhelming.

Entering the space as a newbie bettor can be especially daunting when every sportsbook worth its salt is throwing out varying sportsbook promos and sign-up bonuses to incentivize potential customers to choose their platform.

As it turns out, however, there are several common types of welcome offers that prospective bettors are most likely to come across. Getting acquainted with each of these bets is a great way to conquer any newcomer anxiety and decide where to begin.

Bonus bet

Bonus bets are arguably the least complicated type of sign-up bonus. Sportsbooks will offer a set amount of bonus money once bettors make a deposit that they can use to wager on whatever they wish. However, that money cannot be simply withdrawn as cash.

As an example, if a bettor wagers $10 of bonus money and profits $10, they will have gained $10 that they can later cash out. Some bettors may opt to bet big since they are using bonus money, such as with a parlay, but sportsbooks will sometimes have rules limiting payouts.

Bet credits, which are a form of sign-up bonus unique to bet365, also work like bonus bets. While they have a different name, bet credits can be used like real money, though they cannot be withdrawn on their own.

Here are our top two sportsbooks offering a bonus bet sign-up bonus:

Sportsbook Bonus Offer Promo Code
FanDuel Bet $5, get up to $300 if your bet wins No code required
DraftKings Bet $5, get $150

No code required

bet365 Bet $5, get $150

COVERS

CVSBONUS (CO, NJ only)

No-deposit bonus

A no-deposit bonus is the closest a bettor can get to placing an actual bonus bet. In this case, a sportsbook will credit a new customer’s account upon sign-up with a specified amount of bonus money, no deposit required. Understandably, these amounts are usually smaller than other bonuses — often between $5 and $25.

If a bettor makes a wager and wins, they will receive the profit from the bet but not the bonus money stake. Essentially, no-deposit bonuses work the same way as bonus bets  they just don’t require a deposit to trigger.

Sportsbooks tend not to offer no deposit bonuses as often as other incentives because they completely favor the customer. As such, the hope is that new bettors will find they enjoy the experience of the sportsbook enough to commit long-term.

No deposit bonuses are now predominantly used as pre-launch offers, with bettors being given the likes of bonus bets or site credit. Site credit is essentially the same as a bonus bet, except with one key difference  it’s malleable. While a bettor will generally need to use a bonus bet all at once, site credit can be broken up and used on multiple wagers.

That means a bettor could use $30 in site credit to place two $15 wagers or three $10 wagers.

At present, there are no sportsbooks offering a no-deposit sign-up bonus. But stay tuned upcoming big events like the Super Bowl could see them reappear soon.

Second-chance bet

A second-chance bet — also referred to as first bet insurance or a 'no sweat' bet entails a bettor receiving something in return should they lose their initial wager. That something is typically a 100% refund up to the bet amount.

For example, BetMGM's current welcome offer for those living in most U.S. states is up to $1,500 back in bonus bets. That means the operator will gift the bettor’s account with their wager amount (up to $1,500) in bonus bets if their first wager falls flat.

It’s important to be aware, however, that different sportsbooks have different methods for returning a wager amount. Some, like FanDuel, will use site credit, while others may use a bonus bet or bonus cash.

Here are our top three sportsbooks offering a second-chance bet sign-up bonus:

Sportsbook Bonus Offer Promo Code
Caesars $1,000 on Caesars COVERSBONUS1000
bet365 $1,000 First Bet Safety Net

COVERS

CVSBONUS (CO, NJ only)

BetMGM $1,500 in bonus bets

CVRBONUS1500

Deposit match

A deposit match bonus involves a sportsbook offering to match a bettor’s initial deposit up to a certain dollar amount. First-time customers will likely receive a 100% match rate, though the dollar amount will vary depending on the operator.

Should a bettor make a $100 deposit at a sportsbook with a 100% match rate bonus, they would be given an additional $100. However, depending on what form that currency is offered in  be it bonus money or site credit, for example  there may be extra terms and conditions that must be met to withdraw it.

Here are our top sportsbooks offering a deposit match sign-up bonus:

Sportsbook Bonus Offer Promo Code
DraftKings 20% deposit match up to $1,000 No code required

Enhanced odds

Enhanced odds are as straightforward as can be  they’re when a sportsbook boosts the value of its betting odds. This is sometimes done for a bettor’s first wager following sign-up, though the bonus is often offered to existing customers or those who are part of a loyalty program. Certain sportsbooks will also offer boosted odds in general rather than a bonus to lure new bettors.

Bookmakers will usually apply a maximum stake to an enhanced odds bet to ensure they won’t have to deliver a massive payout. Sometimes, there will be a minimum stake, too.

Here are our top two sportsbooks offering enhanced odds in lieu of a sign-up bonus:

Sportsbook Bonus Offer Promo Code
Circa Sports Sharp odds, high limits No code required

How to use sportsbook bonuses

There are a multitude of ways to use a sign-up bonus. An instinct for a novice bettor is to bet on a favorite to play it safe for their first wager. However, sportsbooks often place odds restrictions on bonus bets, preventing them from being used on heavy favorites.

It tends to make the most sense, then, for bettors to use their welcome bonus on an underdog since, if that underdog wins, they’ll immediately add a significant boost to their account. And if the underdog loses, they’ll receive a bonus bet (or something similar) to soften the blow.

Of course, this all depends on a first-time bettor’s comfort level and the size of their bankroll.

What are rollovers?

A rollover is an amount a bettor must wager with a sportsbook before they can withdraw a bonus  typically a bonus bet. The amount is always determined by multiplying the sum of the initial deposit and welcome bonus by a given number.

For example, if a bettor deposits $100, receives a $100 sign-up bonus (equating to $200), and is subject to a 5x rollover, they will be unable to withdraw any money until they wager at least $1,000.

Of course, different sportsbooks will have different rollover requirements. It’s always vital to read through the terms and conditions before placing a wager at any online site.

Are sportsbook bonuses worth it?

When it comes to sign-up bonuses, yes. While few welcome offers act as foolproof safety nets for novice bettors, something is always better than nothing. So long as the terms and conditions of the offer are understood, bettors can plan to maximize their preferred opportunity.

The average sportsbook will often offer a $500 second-chance bet for signing up, which can result in a nice boost to a first-timer’s account. Major players, such as DraftKings, FanDuel, and Caesars, provide bonuses that reach up to $1,500.

Sportsbook sign-up bonuses FAQs

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Jeff Watters - Covers
Senior Editor

An award-winning author at just six years old (it’s true!), Jeff has parlayed his early-life accolades into a prominent role in the iGaming content space with Covers. He now leads a talented team of expert betting analysts and sportsbook reviewers focused on delivering world-class experiences to North American bettors.

Jeff joined the Covers team full-time in 2021 and has since played a pivotal role in shaping the brand’s content strategy and providing accurate, timely coverage of burgeoning legal sports betting markets like New York, Ohio, and Ontario. He is passionate about providing comprehensive, transparent, and unbiased betting analysis and giving Covers readers the confidence they need to come to their own conclusions when deciding how and where to bet online.

Jeff primarily bets on NFL, MLB, and NHL player props, but he is always looking for value in futures markets. If Jeff could only use one betting app, it would be bet365, but he’s also a big fan of DraftKings, FanDuel, and Sports Interaction. He is a strong proponent of line shopping and never, ever chases losses.

Jeff holds a BBA from St. Francis Xavier University. His work has been featured in Newsweek and referenced in news media outlets like the Calgary Herald, Financial Post, and Toronto Sun. He was previously an independent NHL prospects writer and has crafted over 200 articles and guides across the sports, iGaming, e-learning, and LMS software industries.

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