Deposit Bonuses

What is a deposit bonus?

A deposit bonus is a popular promotion run by sportsbooks for new and existing customers. When you add money to your account in the form of a deposit, the sportsbook will match your funds with free bet credits or cash that you can use on the site to place bets. 

There are multiple forms of deposit bonuses, including first deposit bonuses and matched deposit bonuses, some of which are available to new players, while others are available to existing players. 

Read on to learn everything you need about sportsbook deposit bonuses and how to use them. 

First deposit bonus

As the name suggests, a first deposit bonus is offered to new clients and deposited into your account as soon as you add funds. For instance, a sportsbook might offer you a $100 first deposit bonus when you add $100 of real money to your account. 

First deposit bonuses are popular and are one of the most common promotions sportsbooks offer. You typically only have a short period of time to claim them, so make sure you add the necessary amount to your account to maximize the free funds available to you. 

Matched deposit bonus

Another popular type of deposit bonus offered by sportsbooks is called a matched deposit bonus. So, for example, a sportsbook might invite you to deposit up to $1,000 and will offer to match the bonus, providing you with $1,000 in free bets once you make your deposit. 

It’s common to see a matched deposit bonus with a percentage attached, be it 100%, 50%, or 20%, so make sure you fully understand what is being offered before adding funds to your account. Again, most matched deposit bonuses are available to new players. 

Reload deposit bonus

While the above deposit bonuses are typically available to new players, a reload deposit bonus is available to a site’s existing customers and is a way of rewarding loyalty. Reload bonuses are usually available for smaller amounts and might be in the form of a deposit match or up to a total of $20 or $50, for instance. 

Your eligibility for a reload bonus depends on how frequently you play at a certain site, and VIPs and loyal bettors will be rewarded with reload bonuses more frequently. Therefore, it pays to place your bets regularly on the same online sportsbook. 

How do deposit bonuses work?

Deposit bonuses come with specific terms and conditions attached and are likely to change from sportsbook to sportsbook. However, one thing that is consistent is that the vast majority of deposit bonuses offer you free bet credits to use on the site in question, as opposed to cash that you can withdraw. 

So, for example, if you’re invited to deposit up to $1,000 and receive the same amount as a deposit bonus, you can only use the deposit on the sportsbook and not simply withdraw it as cash. This is important to understand, as you should only deposit as much money as you’re willing to gamble when trying to extract a deposit bonus. 

You also need to be aware of wagering requirements that are attached to some deposit bonuses. It’s common for sportsbooks to offer bonuses with low wagering requirements (perhaps x1 or x2), but you need to be aware of them. This means you have to gamble the bonus the stipulated number of times before withdrawing your winnings. 

Ultimately, as there are so many different deposit bonuses available from sportsbooks, you need to do your homework and read the attached terms and conditions. 

How to use a deposit bonus

The good news is that deposit bonuses are really easy to understand and use. In most cases, they will be automatically available in your account as soon as you deposit the required amount of money. Other times, you might have to enter a promo code to be eligible for the promotion, which you can find on the sportsbook’s website. 

As mentioned, deposit bonuses are usually deposited into your account in the form of free bet credits, which are different from cash. Your account will likely show two totals - the first for cash and the other for bet credits. When you add selections to your betting slip, you will be able to use the free bet credits for eligible selections. 

Be mindful that free bet credits have an expiry date, so you will need to use them before they disappear from your account. While some minimum odds might be attached to your free bet credits, you can use them on practically all sports and fixtures, making them an excellent promotion to utilize when placing your online sports bets. 

Recap: Sports betting deposit bonus

Deposit bonuses are undoubtedly one of the most common and popular promotions offered by sportsbooks to new and existing customers. Use this guide to ensure you can extract the deposit bonuses that are available to you and utilize the free bet credits that come your way. 

As is the case with any promotion, make sure you read the attached terms and conditions, as you need to make sure that you use your deposit bonus for eligible bets before it expires.