Sports Betting Bonuses: The Complete Guide

Sportsbook bonuses can add hundreds of dollars to your bankroll—if you understand how they work.

Types of Welcome Bonuses

1. Bet & Get (Most Common)

Example: "Bet $5, Get $150 in Bonus Bets"

How it works:

Place a $5+ bet (any outcome)
Receive $150 in bonus bets (win or lose)
Bonus bets can't be withdrawn, only used to bet

Best sportsbooks:

DraftKings: Bet $5, Get $150
FanDuel: Bet $5, Get $150
BetMGM: Bet $10, Get $200

2. Deposit Match

Example: "100% Deposit Match up to $1,000"

How it works:

Deposit $1,000
Receive $1,000 in bonus funds
Must wager 1x-10x (playthrough requirement)
Then can withdraw

Best sportsbooks:

BetMGM: 100% up to $1,000
Caesars: 100% up to $1,000

3. Risk-Free Bet

Example: "$1,000 Risk-Free Bet"

How it works:

Place first bet up to $1,000
If it loses, get refund in bonus bets
If it wins, keep winnings (no bonus)

Best sportsbooks:

Caesars: $1,000 First Bet on Caesars
BetMGM: $1,000 First Bet Offer

4. No-Sweat Bet

Example: "No Sweat First Bet up to $1,000"

How it works:

Same as risk-free bet
Different branding, same concept
Refund if first bet loses

Understanding Bonus Terms

Bonus Bets vs Cash

Bonus bets:

Can only be used to place bets
Stake is NOT included in winnings
Example: $100 bonus bet at +100 odds = $100 profit (not $200)
Cannot be withdrawn

Cash:

Withdrawable anytime
Stake IS included in winnings
Example: $100 cash at +100 odds = $200 total return

Playthrough Requirements

Some bonuses require wagering before withdrawal.

Example: 10x playthrough on $500 bonus

Must wager $5,000 total
Can be across many bets
Both wins and losses count toward total

Typical playthrough:

1x (best - rare)
5x-10x (common)
20x+ (avoid)

Expiration Dates

Bonus bets expire!

Common terms:

7 days (most sportsbooks)
14 days (some)
30 days (rare)

Use them or lose them.

Odds Requirements

Some bonuses require minimum odds.

Example: "Must use bonus bets on -200 odds or longer"

Can bet -150, +100, +200 ✅
Cannot bet -250, -300 ❌

Maximizing Welcome Bonuses

Best Strategy: Low-Hold Opportunities

Goal: Convert bonus bets to cash with minimal loss.

Method:

Find two opposing outcomes with small gap
Bet bonus bet on one side
Bet cash on other side (different book)
Guarantee 70-80% conversion

Example:

DraftKings: Chiefs +150 (bonus bet $100)
FanDuel: Eagles -140 (cash $130)

Outcome if Chiefs win:

DraftKings: +$150 profit
FanDuel: -$130 loss
Net: +$20

Outcome if Eagles win:

DraftKings: -$0 (bonus bet lost, no real loss)
FanDuel: +$92.86 profit
Net: +$92.86

Result: Convert $100 bonus bet into ~$85-95 guaranteed cash

Bet & Get Strategy

Example: "Bet $5, Get $150"

Optimal play:

Bet $5 on heavy favorite (-500+)
- High chance to keep your $5
- Qualifies for $150 bonus
Receive $150 in bonus bets
Use low-hold method to convert to ~$120 cash

Total profit: ~$115-120 from $5 risk

Stacking Multiple Bonuses

You can sign up for multiple sportsbooks!

Example strategy:

DraftKings: Bet $5, Get $150
FanDuel: Bet $5, Get $150
BetMGM: $1,000 First Bet Offer
Caesars: $1,000 First Bet on Caesars

Total bonus value: ~$600-800 in extractable value

Ongoing Promotions

Odds Boosts

Enhanced odds on select bets.

Example: "Lakers ML boosted from -110 to +100"

Better value than standard odds
Limited stake (usually $50-100 max)
Daily offers

Best for: Sharp bettors who know value

Parlay Insurance

Get refund if one leg of parlay loses.

Example: "4+ leg parlay, if 1 leg loses, get up to $25 back"

Makes parlays less risky
Capped refund amount
Still -EV long-term

Best for: Parlay lovers, casual bettors

Profit Boosts

Increase your winnings by a percentage.

Example: "50% Profit Boost up to $50 bonus"

Bet $100 at +100 odds
Normal profit: $100
With boost: $150 ($100 + 50% boost)

Best for: High-confidence bets

Referral Bonuses

Get paid to refer friends.

Typical: $50-100 per friend who signs up and bets Best sportsbooks: DraftKings, FanDuel, BetMGM

Loyalty Rewards

Earn points for every bet placed.

DraftKings Dynasty Rewards:

Crowns for every $25 wagered
Redeem for bonus bets, free bets, merch

Caesars Rewards:

Tier Credits and Reward Credits
Use at casinos, hotels, shows

MGM Rewards:

Points for betting
Redeem at MGM properties

Red Flags to Avoid

❌ 40x+ playthrough requirements ❌ Bonuses that expire in 24-48 hours ❌ Can't withdraw for 30+ days ❌ Maximum bet limits (<$10) ❌ Offshore or unlicensed sportsbooks

✅ Licensed, regulated sportsbooks only ✅ 7-14 day expiration (standard) ✅ 1x-10x playthrough max ✅ Clear, simple terms

Bonus Abuse = Account Limits

Warning: Sportsbooks track bonus hunters.

Behaviors that get you limited:

Only betting +EV promos
Never betting without promos
Hedging every bonus bet
Arbitrage betting exclusively

How to avoid limits:

Place some "normal" bets
Don't exclusively target +EV
Bet on different sports/markets
Don't abuse every single promo

State-by-State Bonus Availability

Bonuses vary by state due to regulations.

Best states for bonuses:

New Jersey, Pennsylvania, Michigan, Illinois
Competitive markets = better offers

Restricted states:

Some states limit bonus amounts
Check your state's specific offers

Bonus Hunting ROI

Realistic expectations:

1 sportsbook: $100-150 profit
4-5 sportsbooks: $500-800 profit
Ongoing promos: $50-100/month

Time investment:

5-10 hours to claim all welcome bonuses
1-2 hours/week for ongoing promos

Not a full-time income, but a nice supplement.

⚠️ Must be 21+ to gamble. Please gamble responsibly.

If you or someone you know has a gambling problem, call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (1-800-426-2537) or visit ncpgambling.org.