Today, sports betting has turned into a popular activity and the industry is more competitive than it was a few years ago. There is an increasing number of sports betting websites that allow people to place bets on all kinds of games including football, cricket, hockey, and basketball. Due to the increasing competition, sportsbooks have to do whatever it takes to attract new customers and retain the existing ones.
One of the most effective ways to keep bettors coming back is to offer different types of bonuses. In most cases, it only takes a few steps to claim a sportsbook’s offer. The main advantage of claiming bonuses is that they increase your chances of landing a big win. This article is all about the different types of bonuses for sports bettors. Read through to learn how they work and find your favorite if you love sports betting.
Signup and Deposit Bonus
The signup bonus is one of the most popular offers you’ll find when you visit online gambling sites. If you’ve ever joined an online casino, chances are you’ve seen this type of bonus. As the name suggests, you get a bonus just for signing up. However, this type of bonus may not be as free as it sounds because it might come with certain conditions. Usually, you are required to make a deposit in order to claim the bonus.
The bonus is usually awarded as a percentage of the amount deposited and most sportsbooks will reward you immediately if you meet the necessary requirements. In the online gambling world, these requirements are known as wagering, playthrough or rollover requirements. They simply mean that you must wager your bonus or bonus plus deposit a predefined number of times in order to withdraw your winnings.
If the sportsbook rewards you with a 50% bonus for depositing $200 and the wagering requirement is 4x, you must wager a total of $1,200 (300 x 4) to access the funds. With that in mind, you need to look for a sportsbook with huge signup or deposit bonuses and favorable wagering requirements. You might not benefit from the bonus if the wagering requirements are high.
Deposit bonuses are generally available on most online gambling sites including those offering online slots/pokies. You can find the best sign up and deposit bonuses on Australian Pokies site if you are a fan of online slots and other online casino games.
No Deposit Bonus
The no deposit bonus has also gained popularity in recent years with some online gambling sites using it to entice new players. Even though you are not required to make a deposit, you can expect ridiculously high wagering requirements. Another problem with no deposit bonuses is that they are often smaller than deposit bonuses. Also, only a few betting sites are willing to offer free deals without asking you to make a deposit, so you may have difficulty finding one.
Reload bonuses are meant for existing customers and are usually awarded when you make another deposit after the first deposit. These bonuses are generally smaller than first deposit bonuses and come with wagering requirements. Customers may receive these bonuses via email messages.
A cashback bonus is the type of bonus bettors and online gamers receive if they make losses. This type of bonus may not be as popular as the others, but some sites are willing to go an extra mile to give a refund to their trusted customers.
Why Betting Sites Use Wagering Requirements
We’ve already explained what wagering requirements are and given an example. So, why do betting sites use these requirements? Well, the answer is straightforward. Without these requirements, customers would register, make a deposit, claim the bonus, and withdraw the money without playing. This means betting sites would make huge losses if there were no wagering requirements and customers would walk away with free money.
Terms and Conditions (T&Cs)
Every trustworthy sportsbook has T&Cs that bettors need to read and understand before placing any bet. In fact, it’s advisable to read the relevant T&Cs before you register or make a deposit. When reading a sportsbook’s T&Cs, pay attention to important details like the available bonuses, wagering requirements, types of bets, odds, and when the bonus will expire after claiming it. The best thing is to read all the applicable T&Cs to avoid disappointments.
Overall, sports betting is a popular activity and many sportsbooks will give you all kinds of bonuses just to make you come back for more. If you are looking for the best sportsbook, make sure you know the types of bonuses you can expect from them and the wagering requirements associated with them. Also, don’t forget to read the relevant terms and conditions before you join any online gambling sites because some of them may have malicious intents. Finally, you should try some casino games if you don’t want to limit yourself to sports betting.