Anyone who's created a sportsbook account can tell you that receiving a great bonus or promotion is one of the great perks of betting online. Whether you're a new customer who signed up recently or a hardcore bettor who wagers every day, getting an opportunity to receive additional funds and increase profits is a feeling that never gets old.
An example would be a deposit bonus, which is one of the most generous offers a bettor can receive from the betting site they belong to. Here, we'll detail all there is to know about sportsbook deposit bonuses including what they are, how and where to get your hands on them, and why they're so coveted by bettors.
A deposit bonus (also known as a deposit match) is an offer that involves the sportsbook matching a percentage of the bettor's deposit into their account, up to a certain amount.
The reason so many bettors love a deposit match is because it is essentially the site giving away free funds to wager with. If you're receiving this bonus, it means you are guaranteed to have more money to wager with than the amount you're depositing.
On many occasions, a site will match the investment 100 percent of the way, which instantly doubles your funds. But more on that later.
Deposit bonuses are most commonly seen when first signing up for an online sportsbook. It represents one of the three main welcome offers that new players come across, the other two being no-deposit bonuses and risk-free bets.
One of the great things about a deposit match is that it's versatile and not exclusively an offer for new signups. Even existing customers can get their hands on a deposit bonus as well, and it's surely a reason why bettors continue to wager on the sites that offer them.
The reason that deposit bonuses are so well known throughout the industry is that they are one of the most popular welcome offers that new players receive when signing up and creating a new account at a mobile sportsbook.
These are referred to as first deposit bonuses, and they may very well be the best offer to receive if you're beginning your journey with a betting site. After all, who would turn down multiplying the number of available funds in their account before spending a dime of their own money?
All online betting sites promote a welcome offer of some kind but nothing puts a new player ahead quite like a first deposit bonus. These bonuses are the way to get the most bang for your buck while depositing and they're the path to the highest possible number of dollars to wager with
Not every sportsbook offers a deposit bonus and even for the ones that do, the percentage they'll match and the amount of bonus money you can claim will vary from site to site. While many with this offer have a 100 percent deposit match attached, some may offer a lesser amount.
One example is DraftKings, which has been known to offer a deposit match as part of its welcome offer. In this case, the site matches 20 percent of the way up to $1,000. This is one of the biggest sportsbook bonuses than this one in terms of sheer dollars when we're talking about a deposit match.
If you were to invest $100 into the site, you'd receive an extra $20 (20% of your deposit) and have $120 total to wager with. With a $500 deposit, you get an additional $100 and have $600 in your account. If you go big and invest $5,000 you can receive the full $1,000 bonus for a grand total of $6,000 to place bets with.
Something to keep in mind is that betting sites may vary in how they hand out deposit bonuses. Some will reward the bonus in site funds and immediately add it to your account balance, while others could hand out the reward in incremental amounts.
There also could be wagering requirements attached to your bonus, which lets you know how much you need to spend on wagers before being able to withdraw funds won from the bonus money. Be sure to read terms and conditions to understand exactly how the sportsbook of your choice does things.
While there are deposit bonuses out there that only offer a certain percentage, there are some sites that will match your investment the entire way in the form of site credit. These are some of the most coveted welcome offers in the entire industry and it's easy to see why.
One great example is BetRivers Sportsbook, which is now available in a number of states including Pennsylvania, Illinois, Colorado, Virginia, and Michigan, among others. The site offers a 100 percent deposit match up to $250, allowing bettors to instantly double the amount of money they have to play with on the site. No wonder this bonus is a fan favorite.
As the above photo tells us, the math is incredibly easy to figure out. Take your deposit amount and double it to figure out how much money in eligible funds you have. An investment of $250 or more garners an additional $250 in site credit, equaling $500 or more in money to wager with.
No other type of bonus offers as much compensation as a 100 percent deposit match. If you are looking for the most possible funds to wager with after signing up for an online sportsbook, this first deposit bonus is the way to achieve that goal.
Remember that each site comes with its own wagering requirements. These will let you know exactly how much you need to wager before you can withdraw funds earned by the bonus money.
Luckily for those using BetRivers (or SugarHouse in New Jersey), these 100 percent matches come with the lowest possible wagering requirement of 1x. Since you only have to play through your bonus funds one time, any profits won from the site credit are immediately eligible for withdrawal. Not all sites have the same deal, so it's a good idea to read all terms and conditions.
We've detailed exactly what a deposit bonus is, but now you need to know exactly how to claim one. You can do that by using one of our bonus codes (also known as promo codes), which will help ensure you are awarded the bonus you're looking for.
The very first step is selecting a sportsbook that offers a deposit match as opposed to a no-deposit bonus or a risk-free bet. To get a look at what each sportsbook is offering its new players, check out our sports betting market pages for your state so you can see what your options are.
Once you decide on a site to use, there are a few ways to begin your registration. You can click one of our 'Get Bonus' buttons next to the site of your choice, or you can click on one of the links we have displayed around our site instead.
The third option is to directly visit the sportsbook's homepage and click 'Join Now' or 'Register'. If you do this, make sure you're armed with one of our bonus codes to enter during the signup process so you can receive your bonus. From there, follow these steps:
While it is most common to receive a deposit match bonus when signing up for a new account, it's not the only way to receive one. There are times when sportsbooks offer a deposit match for existing customers, known as a reload bonus.
A sportsbook reload bonus is the same thing as a deposit match bonus, as it involves the betting site matching your investment up to a certain amount. Sites offer it to bettors as an incentive to put more money into their account and remain active on the sportsbook. To nobody's surprise, it's quite effective since it's a benefit to both parties.
One site known for offering to reload bonuses to existing players is FanDuel Sportsbook. After going to the promotions section and opting in, the bettor's next deposit is the one that the bonus will be applied to. The key difference is that reload bonuses won't match your deposit all the way, as the site will only match a certain percentage.
Reload bonuses are typically for 25 or 50 percent of the deposit, and the maximum amount varies between operators. But no matter the amount, the site credit being offered still equals additional wagering opportunities without spending any of your own money.
Let's say a FanDuel reload bonus offers a 50 percent match up to $100. This means depositing $200 in order to receive the maximum $100 site credit bonus, totaling $300 in total funds to wager with. A deposit of a lesser amount will still earn the bettor a bonus 50 percent of whatever they choose to invest.
Those new to the sports betting scene may want a little bit of guidance for how to go about claiming these bonuses and what to do once they have been awarded. Keep the following deposit bonus strategies in mind:
This is how you help yourself before you risk a dime of your hard-earned money. A welcome bonus is a one-time deal and you need to take full advantage since the initial deposit is your chance to rack up as much money in eligible betting funds as you can.
If you can, deposit enough so that you can receive the maximum bonus offered. This will be much easier on sites that have a 100 percent match, since the bonus amount is likely to be capped at just $250 or $500. You might as well double your bankroll while you can!
Many betting sites with deposit bonuses offer the bonus amount in site credit. Be aware that wagering with site credit means the amount you risk is gone no matter what, whether you win or lose. Any winnings won from site credit wagers will return the profits to your account, but the original stake is lost.
Knowing this, it's worthwhile to consider betting parlays when using site credit. Parlays have the potential to earn large payouts in exchange for smaller wagers. This is a way to maximize your bonus and potentially get the most out of it. Even if the parlays fall short, you are quite literally betting with the house's money.
Don't look a gift horse in the mouth. Reload bonuses aren't always there and as is the case with many promotions, it is only available for a finite amount of time even when it is being offered. Whether your account is empty or you've got cash to play with, be sure to deposit something. If not, you're making the choice to walk away from free money.