What are Free Bets and Bonuses?
Free bets and bonuses are promotional offers from sportsbooks designed to attract new customers and retain existing ones. They are essentially free money or site credit that you can use to place bets. These offers can be a great way to build your bankroll, but it's important to understand the terms and conditions that come with them.
Basic Rules and Format
Free bets and bonuses come in many different forms, but they all have one thing in common: they are not your own money. This means that if you win a bet with a free bet, you will only receive the winnings, not the original stake. For example, if you place a $10 free bet on a team to win at +200 odds, you will receive $20 in winnings, not $30.
Bonuses, on the other hand, are often given as a percentage of your deposit. For example, a sportsbook might offer a 100% deposit bonus up to $500. This means that if you deposit $500, you will receive an additional $500 in bonus funds. However, these bonus funds usually have a "rollover requirement," which means you have to bet a certain amount of money before you can withdraw the bonus.
Types of Free Bets and Bonuses
Here are some of the most common types of free bets and bonuses:
- No-Deposit Free Bets: These are free bets that you receive just for signing up for a sportsbook account. No deposit is required.
- Risk-Free Bets: With a risk-free bet, you place a bet with your own money, and if it loses, the sportsbook will refund your stake up to a certain amount in the form of a free bet.
- Deposit Bonuses: As mentioned above, these are bonuses that are given as a percentage of your deposit.
- Reload Bonuses: These are similar to deposit bonuses, but they are offered to existing customers who make a new deposit.
- Loyalty Programs: Many sportsbooks have loyalty programs that reward you with free bets and other perks for your continued play.
Step-by-Step Guide to Using Free Bets and Bonuses
- Find a sportsbook with a good bonus: Shop around and compare the different bonuses offered by various sportsbooks.
- Read the terms and conditions: This is the most important step. Make sure you understand the rollover requirements, minimum odds, and any other restrictions that apply to the bonus.
- Claim the bonus: You may need to enter a promo code or opt-in to the bonus when you make your deposit.
- Meet the rollover requirement: If there is a rollover requirement, you will need to place a certain amount of bets before you can withdraw the bonus funds.
- Use your free bets wisely: Don't just throw your free bets away on longshots. Use them on bets that you have researched and feel good about.
Common Mistakes to Avoid
- Not reading the terms and conditions: This is the biggest mistake you can make. If you don't understand the terms and conditions, you could end up forfeiting your bonus.
- Chasing losses with bonus funds: Don't try to win back your own money by making risky bets with your bonus funds.
- Letting your bonus expire: Most bonuses have an expiration date. Make sure you use your bonus before it expires.
Tips for Beginners
- Look for no-deposit free bets: These are a great way to try out a sportsbook without risking any of your own money.
- Take advantage of risk-free bets: Risk-free bets are a great way to make a bet with a safety net.
- Don't be afraid to shop around: There are many different sportsbooks out there, so don't be afraid to shop around and find the one that is right for you.