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What Are Bonus Bets?
Bonus bets are incentives offered by online sportsbooks, particularly in regions like the US and Canada, to attract and retain bettors. They often come in the form of welcome bonuses for new users or rewards for existing customers. For example, sportsbooks in New Jersey like DraftKings may offer a "Bet $5, Win $200" bonus, where new users receive free bets worth $200 after placing an initial $5 bet. Similarly, FanDuel might provide a risk-free bet up to $1,000, refunding the stake if the first bet loses.
How Bonus Bets Work
The mechanics of bonus bets vary between sportsbooks but typically involve certain conditions. Using New Jersey sportsbooks as examples: a common condition is the wagering requirement. For instance, BetMGM might offer a $500 risk-free bet, but the bonus amount might need to be bet multiple times before any winnings can be withdrawn. There can also be restrictions on the type of bets or odds you must place to qualify for the bonus.
Pros & Cons
Pros
- Boosted Bankroll: Bonus bets increase betting capacity.
- Risk Reduction: Bonus bets minimize initial wagering financial risk.
- Exploration: Bettors can explore diverse markets and strategies.
Cons
- Wagering Rules: Bonus bets often have strict rollover requirements.
- Time Constraints: Bonuses expire, urging quick usage.
- Bet Restrictions: Some bets may not meet bonus conditions.
- Problem Gambling: Using any types of bonuses can increase the risk of problem gambling for some bettors.
