Sports Betting Promos Explained

Many online sportsbooks have special welcome offers. These promotions reward new patrons with bonus bets, site credit, deposit matches and more.

After registering, there are often promotions for existing customers, including profit boosts, rewards programs and referral bonuses.

When joining a sportsbook, you should know what the welcome offer entails and how to use it. It’s necessary to understand the promo language and any potential stipulations.

Sportsbook Promo Terms

Bet & Get: When you get “bonus bets” after betting a certain amount with your first wager, as low as $5 in some cases. In return, the sportsbook gives you bonus bets to use at the site. You may need to win your first bet to trigger the bonus, but other sportsbooks will give you the site credit regardless. This type of welcome offer is available at DraftKings, FanDuel and Bet365, with varying terms and conditions.

Bonus Bet: A type of site credit that’s essentially a free bet. It’s a bet for a specific amount you can use on most markets. Bonus bets cannot be withdrawn. Your stake isn’t included in any winnings. So, if you use a $10 bonus bet, the bonus won’t be included in a payout.

Deposit Match: This is usually a promotion for online casinos rather than sportsbooks. You receive an amount of site credit equal to the full amount or a percentage of your deposit. If you deposit $100 with a 50% deposit match, you’ll earn $50 in site credit to use.

First Bet Bonus: A common welcome offer related to your first wager after signing up. If your first bet loses, sportsbooks like BetMGM and Caesars will refund your first bet in site credit up to a specific amount. So, if you place a $100 wager with your first bet and it loses, you may be eligible to receive a bonus bet up to $100. If your bet wins, you may not receive a bonus.

Loyalty Bonus: Some sportsbooks provide these as part of their rewards programs. As you bet more money at a sportsbook over time, you become eligible for certain promotions like bonus bets, special VIP trips and game tickets.

New User Promo: A one-time promotion only available to a new customer who hasn’t registered and bet with a sportsbook. A bettor can only get one new user promo at each sportsbook. Sportsbooks verify your social security number when you sign up, so they know if you’ve registered before, even if it was in a different state or with a different email address.

No Sweat Bet: Formerly known as a “risk-free bet.” This is essentially a first bet bonus where you get a bonus bet equal to your wager if it doesn’t win. FanDuel Racing offers this for new customers, while FanDuel and DraftKings offer no sweat bets for parlays.

Odds Boost: When a sportsbook increases the odds of a bet to raise the potential payout. For example, a bet with +120 odds could be boosted to +240, which would double your winnings. These are usually available for specific markets, like for a player to score a TD.

Opt-In: To trigger a promotion, you usually need to click “Opt-In.” This tells the sportsbook that you are participating in the promotion and makes you eligible for the rewards. If you don’t opt-in, you will likely not qualify for the promotion.

Parlay Insurance: This is a common promotion thanks to the popularity of parlays and same-game parlays. Depending on the offer, you can get the stake for your parlay back as site credit if it loses. Sometimes, the promotion is valid if only one leg of your parlay loses.

Profit Boost: Similar to an odds boost, a profit boost makes the odds more favorable to increase the potential earnings. For example, a 25% profit boost would increase the odds of a bet from +100 to +125, raising your winnings by 25%. Sometimes, these are only available in certain betting markets (i.e., NBA games), but other times, bettors can use a profit boost on whatever sport or game they want.

Promo Code: When signing up for a sportsbook, you may need to enter a special promo code to unlock the offer. If you don’t enter the code when prompted, you may miss out on the rewards. Some online sportsbooks, like DraftKings, FanDuel and BetMGM, don’t require a promo code. For example, you can use the promo code FORBES1000 when signing up for Caesars to claim your first bet bonus and FORBES when signing up at Bet365.

Qualifying Wager: A type of wager that meets the required criteria for a promotion. Promotions often have restrictions around what kind of bets can be used, so read these carefully to ensure your bet qualifies for the promotion. For example, sometimes a bet will be ineligible for a promotion if it is a futures bet, if it is on an event outside the promotional period, or if its odds are too short (i.e., below -500).

Refer a Friend: Referral bonuses are available at most major sportsbooks. If you already have a sportsbook account, you can send someone a link to sign up. If they’re a new customer, you’ll both typically get site credit once they register and make a bet. The amount of the referral bonus varies by sportsbook.

Safety Net: The same as a first bet bonus or no sweat bet. If your first wager loses, you get the same amount back in bonus bets up to a specific threshold. This is available at Bet365.

Second Chance Bet: Another way to describe a no sweat bet where you get a bonus bet if your first wager loses. BetRivers has this for its welcome offer.

Site Credit: Rewards that can only be used at the sportsbook that issued them. Site credit can’t be withdrawn from your account or transferred to other players. These include bonus bets, matches, rewards points and other bonuses. You can use site credit to place wagers and win real money, but it has no standalone value.

Welcome Offer: Another phrase for new user promo. The offer that sportsbooks give to new customers when they sign up for an account. Claiming multiple welcome offers or signing up for multiple accounts is usually impossible.