Common Bonuses Explained
Running a sportsbook isn’t an easy task. It is, after all, one of the most competitive businesses in the world. So, how do operators ensure that they retain customers? Well, they offer something special, like most businesses do. In this case, it’s the bonus package. However, not all operators provide the same kind of bonuses. In order to differentiate themselves from the competition, operators include a few variations. Here are some of the most common ones.
The Sign-Up Bonus
As the name indicates, this is a bonus that you receive as soon as you sign up and create your account. The bonus amount is automatically credited to your online sportsbook account and its value is usually a certain percentage of the initial deposit amount. Usually, 15% to 50%. However, just because it has been credited doesn’t mean it’s already yours. There is the rollover and believe me, no getting around this one.
You actually have to start betting to make use of it. There are terms and conditions that specify a rollover amount. So, you’ll have to wager your entire deposit and the bonus a few times before you can actually claim the bonus. Let’s take the example of the sportsbook Bovada. Bovada offers a 50% Sign-Up Bonus. So, if you deposit $500, you get $250 as a bonus. However, Bovada specifies a 5x rollover of the deposit + bonus amount, which means you’ll have to bet 5x (250+500). That’s 5×750. In other words, you can collect the bonus only after placing bets worth $3750. The rollover amount varies from sportsbook to sportsbook.
Free Bet Bonus
Somes Sportsbooks go for the free bet bonus. Here, you basically get to place a free bet after your first bet. The free bet amount has to match the first bet amount. Also, free bets don’t include the stake. What that means is if you place a free bet for $30 and back an even winner, you are going to get back the same $30; not $60. Some sportsbooks expect a roll-over in order to release the winnings from the free bet.
This is a type of bonus that’s relatively rare and usually offered on a major sporting event. There are a few sportsbooks that offer it as standard. Reload bonuses rarely cross the 25% limit i.e. 25% of the initial deposit. They are also subject to a roll-over. The key purpose of such a bonus is customer retention.
Percentage of Loss Bonus
This is also one of the rare ones. Here, the sportsbook will offer a percentage of the total losses as a bonus. The idea is to keep the customer satisfied.
No Deposit Bonus
This is probably the least common of all. Here, sportsbooks allow customers to take part in real money bets without making the initial deposit. However, the roll-over requirements are usually very high. As stated it is vary rare to find this bonus and if you come across it make sure you read the fine print.