The global betting industry experiences constant evolution and changes. In its early stages, betting didn’t include any fuss and was quite straightforward. However, the modern betting industry is accompanied by different technologically enhanced features and complexities.
The lucrative nature of the industry has also birthed a massive number of betting sites, bookmakers, and sportsbooks. To survive and thrive in the otherwise competitive industry, these bookmakers require a constant influx of new customers that will hopefully become permanent patrons. To achieve this, many sportsbooks employ the use of sports betting bonuses and promotions to attract new customers and retain them. Apart from this, sportsbooks also offer bonuses to stand out from the multitude of other sites offering the same service.
The massive amount of bookmakers means an equally voluminous amount of bonuses and promotions. While these bonuses have several advantages, many of them come with some terms and conditions. They also come in different types and forms.
This article will discuss some of the most common types of sport betting bonuses and offers available to you.
Sign-up bonuses are the most popular types of sports betting bonuses. A sign-up bonus is an incentive given to a punter for joining a sportsbook site by creating an account and making an initial deposit. This bonus is given by almost all sportsbooks as a means of welcoming new customers and encouraging them to continue using the site.
Usually, a sign-up bonus is in the form of a portion or percentage of the money deposited. For example, a site that offers a 50% bonus on initial deposits will return $50 on a deposit of $100. Some offers also return to punters a specific amount of money that can be used to place wagers on the site.
Free Deposit Bonuses
Another method sportsbooks give bonuses is by allowing new customers to place wagers without having to deposit money into their wallets. When a punter creates an account with a site, free bonus cash is deposited as a welcome incentive. This cash can then be used to place bets without having to make any additional deposit. To continue to stay in business, sportsbooks usually offer a small amount of money as a free deposit and, therefore, can only be used to make a limited number of bets.
The free deposit bonus isn’t reserved for just new sign-ups. They are also given during major sports tournaments, events, or tours like the FIFA World Cup, the NBA Championship, Super Bowl, Formula One, Wimbledon, etc.
The free deposit bonus is perfect for those new to betting or using a site for the first time and wishing to explore before risking their money. Although this bonus poses no risk, there are usually stringent betting requirements included in the terms and conditions of most sportsbooks.
Free Bet Bonuses
Free bets, as its name implies, give bettors the chance to bet for free without having to deposit money. However, the requirement attached to this type of bonus is that a bettor must have placed at least one bet on a sports event of any kind to be qualified to receive a free bet bonus. Some sites also request that a bettor meet the wagering requirement to be qualified for this bonus.
Most sports betting sites use this type of bonus to attract new customers. For example, many sportsbooks boldly advertise bet 10 and get 40 offers on their sites to attract bettors. This means that on a bet of £10, a bettor receives a free bet worth £40.
Although it appears quite straightforward, most sportsbooks usually have in place more conditions than just simply betting a specific amount of money. Some sites may require betting on specific sports or events. These requirements are contained in the T&Cs of every sportsbook.
Loyalty bonuses, also known as VIP offers, are available to customers who have stayed loyal to a sportsbook site. These bonuses are offered to appreciate and ensure loyal customers do not leave. To be qualified for this type of bonus, a bettor must acquire loyalty points by placing wagers, which sometimes must be maximum bets. The accumulated loyalty points must reach a certain level before they can then be used to redeem rewards like cash prizes, tickets to major events, free bets, or even cars. The rewards vary depending on the terms of the sportsbook.