New Sportsbook Bonuses & Promotions for 2022
Sportsbook bonuses available for you to take advantage of through our helpful guide on the subject. Happy betting!
Sports and sports betting are two adjacent industries growing at an unprecedented rate since the advent of the internet and social media. That isn’t to say that they haven’t always been a popular source of entertainment for millions of people worldwide.
The difference the internet has made is that it has transformed the sports industry by reaching a global audience more vigorously than traditional broadcasting. The same applies to the sports betting industry as well.
With millions of people tuning in every day from all corners of the globe, it is no wonder that sports betting has become such a global phenomenon over the past few decades. This increase in the appeal is not just about access. The fact that sports betting has moved online has allowed it to clean up its reputation.
Gambling and sports betting have never had what one would call a stellar reputation, and as such, most casual sports fans steered clear of such activities. Now that you can bet on sports from the comfort of your home, it is no surprise that everyone wants to be a part of the fun.
With the increase in the number of willing participants, it is unsurprising that the market rose to fill the gap in services. Many new sportsbooks began to spring up all over the place. Many established players also saw the increase in the audience size and competition as a reason to improve their services.
Now when someone shows an interest in online sports betting, they have to navigate the tricky area of finding the best sportsbook out there. If you’re on this journey and feel overwhelmed by the sheer number of options that you are expected to filter from, don’t worry because we can help.
TOP #3 Best Sportsbook Promotions
Our team of industry experts has collected important information on all the major offshore sports betting platforms for years. To facilitate you in your search, they have compiled all this information into helpful reviews that highlight the major benefits and faults of each sportsbook.
With the help of these reviews, you don’t need to worry about browsing through hundreds of forums and websites to find the right sportsbook for yourself.
In case you didn’t already know, a major consideration when choosing the right sportsbook for yourself is the quality and variety of sports betting bonuses and betting promotions that it provides. Think about it this way – you’ve already decided to participate in sports betting, right?
Now, you’re going around choosing a sportsbook. A sportsbook bonus is important because the sportsbooks are trying to sweeten the deal for you. You’re going to bet on sports regardless, and you’re going to have to put your money where your mouth is at the end of the day. The betting promos are a way for you to get something out of the deal as a little something extra.
This is also a way for the sportsbooks to compete with each other. You are essentially being courted by the various sportsbooks out there, and each is trying to get you to sign up for their services. Of course, there are many factors apart from just the sportsbook bonuses that should inform your decision.
However, those are not the subject of our discussion today. Today we’ll be looking exclusively at the common types of sportsbook bonuses and explain what they entail for you.. Let’s get started!
Common Sports Betting Bonus Types
Look, most of the sportsbook bonuses that you come across will have many characteristics in common. This shouldn’t really come as a surprise because this is standard business practice everywhere. If all shoe stores are offering a 20% discount, it shows that that’s how far they can drop the profit margin and still make some money.
The same is the case with sports betting bonuses, so there are a handful of bonuses that you’ll see being repeated on all the major sportsbooks. Of course, the specific details of the bonus, along with the overall quality of the sportsbook, are what will ultimately swing your decision.
Let’s take a look at some of the most common sportsbook bonuses out there.
This goes by several other names, including “deposit bonus” or “sign-up bonus”. Regardless of the words used, the underlying principle remains the same behind all welcome bonuses. These are a way to encourage potential sports bettors to sign up for the sportsbook offering the bonus rather than the competition.
As the name suggests, you receive a bonus when you sign up for a sportsbook. How does it work, though? Well, the basic idea is that the sportsbook will match a certain fraction or percentage of your first deposit. For instance, if you add $100 to your sportsbook account, the platform may offer you a 25% welcome bonus and match $25 to your $100.
The common percentages available on most sports betting sites are around the 50%-100% mark. This is industry standard, but that doesn’t mean that there aren’t variations. Some sites offer a higher or lower welcome bonus as well.
The Welcome bonus is one of the most common sportsbook bonuses out there. A site offering less than the industry standard is not necessarily a bad thing, by the way. You need to review all the sportsbook bonuses and betting promotions it offers to have a more holistic view of the situation.
It is also important to note that there are limits to the welcome bonus as well. No sportsbook will match your deposit amount up to infinity. There will always be some kind of limit established by the sportsbook beforehand.
For example, a sportsbook will never simply say that the welcome bonus matches your initial deposit up to 50% of the amount. It will normally say that the welcome bonus will match your first deposit up to 50% of your amount and will go as far as $1000. This means that if you deposit $2000, you will receive a $1000 bonus. However, if you deposit $5000, you will not be making $2500 in bonuses.
You will only get a $1000 bonus in this situation as well. This is an important thing to consider when making your initial deposit.
Reduced Juice Bonus
Another bonus that is pretty much industry practice at this point is the reduced juice bonus. To understand the idea behind this type of bonus, you must understand the business model for sports betting platforms.
Sports betting sites offer betting odds on wagers. These are usually represented as negative or positive values. For instance, Connor McGregor (+110) vs Dustin Poirier (-130) is a fight that took place in the UFC. The numbers next to the fighters are essentially the juice or commission that the betting site is charging to carry out the wager.
Now the words reduced juice should make a lot more sense. Reduced juice essentially means reduced commission. So, in this example, a reduced juice might mean odds of -125 instead of the -130 that was originally cited.
You should note that the rest of the bettors are receiving the -130 odds; it is only you who is receiving the reduced odds because you’re new to the platform.
A concept similar to the above is that of enhanced odds. The term enhanced odds is pretty self-explanatory. You receive better odds in certain markets on certain types of bets as part of this sports betting bonus.
Another thing that we should probably mention here is that you normally get the option to choose between the various types of starting bonuses. That means that you can probably get reduced juice or opt-out and claim the welcome bonus. The one you claim will naturally depend on your needs.
Improved odds can be great if you already know what you’re doing and are likely to win on those enhanced odds. However, if you’re still a fresh player, it’s probably better if you take the straight-up credit that the sign-up bonus will provide.
No Deposit Bonus
We’ll be honest, the sound of a no deposit bonus sounds great. However, it’s one of those things that only seem great as a concept and are actually not that great. Needless to say, we’re not huge fans of the no deposit bonus.
It’s not just us by the way. There’s a reason that this is not a very highly sought after bonus and is still not common enough to be considered industry practice. The only reason we’re entertaining it in our review is that you may come across it at some point.
Anyway, as the name suggests, a no deposit bonus means that the sportsbook simply credits your account with a small cash injection (usually around $15 to $30) as soon as you sign up for the sportsbook. Sounds great, right? Well, it would be, but the terms and conditions surrounding this bonus are usually so strict and rigid as to defeat the whole purpose of having the money.
The biggest problems arise when trying to withdraw the winnings that you received upon betting with the cash from this no deposit bonus. Here’s our advice when it comes to the no deposit bonus: If claiming the bonus makes you ineligible for the standard welcome bonus or any other sort of sign-up incentive, then don’t opt for it.
We acknowledge that there are benefits to having some cash at no cost to you that can be used to test out the sportsbook before committing to it. However, we firmly believe that if the cost is the standard sign-up bonus, it is probably not worth the trouble.
You’ll notice that the sportsbook bonuses we’ve discussed so far are all dealing with initial deposits, which means new customers. You may be wondering what kind of betting promos are available to those who have already been on the platform for a while.
To be perfectly candid, a lot of sportsbooks forget about existing customers once they’ve signed on. However, just as many reward customer loyalty consistently by providing some of the best sports betting promos out there.
We will now look at the sports betting bonuses available to recurring or existing customers. Read on to learn more!
The explanation is pretty much in the name itself. The reload bonus is very similar to the initial deposit or welcome bonus in that you receive a bonus when you make a deposit. A reload bonus is one of the most popular sports betting bonuses for existing sportsbook users out there.
As part of the reload bonus, the sportsbook agrees to match a certain percentage of your deposit. Once again, there is a clause that puts an upper limit on the amount the sportsbook is willing to go.
The percentage itself won’t be as high as the welcome bonus, but that much is expected. Regardless, it is a nice little bonus to have some extra money to spend every time you make a deposit. We’ve already mentioned how most welcome bonuses go up to 100% of the deposit.
Reload bonuses are a lot more modest and mostly go as high as 25%. Some of the really top-notch sportsbooks may offer a reload bonus as high as 50% but those are very few indeed. To find out which ones do, you can take a look at our expert guides on the various sportsbooks out there.
It is common industry practice to not have limits on the reload bonus so you can enjoy a lifetime reward for your loyalty on most sportsbooks out there.
This isn’t really a bonus that is exclusive to sports betting platforms. In fact, referral bonuses are a common business practice involving existing users to attract new ones. Sport is rarely a solo activity. Most of us who watch and participate in sports do so as part of a larger community.
Referral bonuses seek to leverage this community by having you recruit new members for the platform. You are handsomely compensated for your efforts, of course. The referral bonus, in summary, provides you with a bonus for every friend that you successfully refer to the platform.
What counts as a referral and the reporting of the referral itself varies from platform to platform. Some platforms require your friend to sign up and add money to their account for you to be eligible for the bonus. Others may need them to first place a wager.
The great thing about the refer-a-friend bonus on most platforms is that they are not limited to sports betting. Let’s suppose that you have several friends who are interested in gambling but not so much in sports betting because they don’t watch sports. No worries! You can refer them to the casino that most sports betting platforms also offer and collect this betting bonus in this way.
The word rebate should be enough to signal what these sportsbook bonuses have in store for you. A rebate simply involves you receiving a certain amount of money you’ve spent back. A sportsbook rebate normally means that you can bet freely on all the markets that you wish to and then at the end of the week the sportsbook will give back a small percentage of your losses.
This sports betting bonus is normally part of the racebook more than the sportsbook. However, you will come across it at some point so we thought it was best to mention it here. Remember that the rebate applies to net losses, so you won’t receive a percentage of your total losses.
The calculation for this is simple. Suppose a sportsbook offers you a 5% rebate:
Total losses – Total Profits =
Net Profit (No rebate)
Net Loss x 5% = Rebate amount.
Rebates aren’t really sports betting promos that we utilize a lot, but if your sportsbook offers them, they’re a good option.
It doesn’t get much simpler than this. Free bets simply mean that the sportsbook is offering you a chance to make a wager that is completely risk free. Practically, this means that you place a bet, and if it loses, the platform refunds the amount of the loss.
Just as there are limits to pretty much every other sportsbook bonuses, there are limits here too. You can’t make bets worth hundreds of dollars and expect to be compensated. Normally, the platform will refund around $20 to $50 so bet accordingly.
Free bets are normally provided when the platform wants you to try something new on the platform. Since there’s practically no risk for you, it’s a good incentive to try out something interesting.
That brings us to the end of some of the most common sports betting bonuses and betting promotions out there. We’re not done yet, though. Most sites attempt to stand out from the competition by offering betting promos outside of the standard ones. Let’s take a look at some of these.
Miscellaneous Sports Betting Promos
Here are some betting promos that sites often offer to stand out from the crowd and maximize user engagement.
VIP and Rewards Programs
These vary from site to site, but the concept behind each of them is pretty much the same. You use the platform, and as you increase the time and resources spent there, you graduate to a higher level in the VIP program. The higher the level you reach in the VIP program, the bigger and more exclusive the rewards that you are entitled to receive.
However, it should be noted that VIP programs require larger deposits from you to qualify for the highest levels, so it’s not always about organic growth. VIP program rewards can include access to exclusive bonuses or trips to sporting events. These depend on the platform.
A parlay is when you combine several bets into one large bet. For leagues where you have several matches a week, you can win big prizes if you correctly predict the outcome of all the matches. You can even do this for knockout competitions.
How to Claim Sports Betting Bonus
To claim the sports betting bonuses mentioned in our guide you will have to follow a series of simple steps. Read on to learn what these are.
Select a Sportsbook
This is pretty expected right? You can’t really take advantage of a sportsbook bonus without being registered on a sportsbook. So the first step is to select a sportsbook that ticks as many boxes for you as possible.
Once again, we’d like to mention that the process can be tricky if you don’t know exactly what criteria go into judging a sportsbook. As such, you can go through our reviews of the best sportsbooks out there and use them as a crutch to make your decision.
Once you’ve selected a sportsbook, you will be required to create an account there.
Make a Deposit
This is the next part of the process. Once you’ve signed up, you can’t place any wagers until you have money to spend in your virtual account. Each sportsbook offers a variety of deposit and withdrawal options for you to choose from.
Choose the most convenient option; we always recommend cryptocurrency and then move on to the next step.
Claim a Bonus
The next step is simply to claim a bonus. You may have to choose between several bonuses, and each betting bonus or sportsbook promo will come with a code that you’ll have to type in. As soon as you enter the code, your bonus will be claimed.
Sometimes you won’t need to enter a code. This is common practice when it comes to initial deposits or reloads bonuses.
That brings out guide to a conclusion. You should now be familiar with all the major sportsbook bonuses out there. If you are still confused about any technical aspect of sports betting, you can always review our guides on all issues relevant to this field.