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Deposit Bonuses on Sports Betting
As the popularity of sports betting grows every year, more people are venturing in to take a shot at predicting games and winning some cash. The best way for newcomers to get their feet wet, is by maximizing their deposit with the sports betting deposit bonus.
What is a Deposit Bonus?
Deposit bonus for sports betting is the most common type of bonus offered by most of the online sportsbooks. A sports bet deposit bonus is usually a cash reward, that is offered to punters, when they make a deposit into their online account. The bonus is offered as a token of appreciation for choosing them for the punters betting needs. The cash bonus provided, is as good as the cash the punters deposited, and can be used right away to wager on any sports bets that are listed on their site.
Types of Deposit Bonus
Most sportsbooks simply offer free cash as bonus, though the exact cash offered vary among sportsbooks. The bonus will usually be a certain percentage of the amount deposited. For e.g. if a punter deposits 100 Euros, and if a sportsbook offers a 100% bonus on deposits, the punter will get 100 Euros as a bonus. So effectively there will be 200 Euros total that can be used to wager. The percentage of deposit offered as bonus will vary among sportsbooks.
Some sportsbooks might just offer a fixed cash bonus on deposits, with a minimum requirement on the deposit amount, to be eligible for the bonus. For e.g. the bonus could be 20 Euros for a deposit of 100 Euros or more.
To maximize the deposits, newcomers and experienced punters are advised to get a good understanding of what bonuses each site offers before making a deposit.
Does Every Deposit Carry a Deposit Bonus?
Deposit bonuses are offered only for the first deposit made into an account. All subsequent deposits are not entailed with any bonus. Even for the first deposit, there will always be a cap on the amount that entails a bonus. For e.g. if a sportsbook offers a 50% bonus on initial deposits of up to 200 Euros, even if punters deposit more than 200 Euros, they will only get 100 Euros as a deposit bonus. The cap for deposit bonus will vary among sportsbooks.
Some sportsbooks might offer deals occasionally where certain deposits made in a timeframe will be awarded a deposit bonus, like all deposits in a week, or a day, with a fixed cap.
Why is Deposit Bonus Offered?
With an intense competition among themselves, sportsbooks are always exploring new ways to attract clients to bet with them. Deposit bonus, where free cash is offered, is one such idea. It has served as a great tool for sportsbooks to get attention, and possibly some deposits from new clients, which might never have happened without the bonus. Some new or less prominent sportsbooks might offer a higher deposit bonus to attract new clients.
Deposit Bonus Withdrawal Rules
The deposit bonus is instantly credited into the punters online account as soon as the deposit is approved. Though the bonus can be used to wager on bets, it cannot be withdrawn from the account immediately. There are some minimum requirement rules that have to be satisfied, before the bonus can be withdrawn. The main rule is the turnover requirement, where the bonus offered should be wagered a certain number of times. For e.g. if a sportsbook offered 100 Euros as deposit bonus, and has a 5X turnover requirement, punters will have to wager at least 500 Euros before the 100 Euro bonus can be withdrawn. The turnover requirement differs from one sportsbook to another.
The other rule sets a minimum bet odds requirement. For the amount wagered on a bet to count towards the turnover limit, a bet has to have certain minimum odds. All wagers on bets that have lower than the minimum odds, do not count. For e.g. if the turnover amount is 300 Euros and the minimum odds requirement is set at 3/4 (1.75), a 100 Euro wager on a bet with odds of 4/5 (1.80) will count towards the 300 Euro turnover, and a 100 Euro wager on a bet that has 1/2 (1.50) odds, will not count.
What's in it For The Sportsbooks?
It's fair to ask, why do sportsbooks offer free cash?, what is in it for them?. At the outset, it might seem like a bad deal for the sportsbooks, but it is really not. Though free cash is offered, the minimum requirements that are enforced, makes punters use the bonus cash to bet on their site, and make them earn the bonus by winning. In this process the sportsbook might likely get additional deposits for clients. The deposit bonus eventually ends up being a fair deal for both punters and sportsbooks.
Is There a Catch?
There is absolutely no catch at all with deposit bonuses. The bonus is offered with an intent that punters will use the cash on their site. As soon as the minimum withdrawal requirements for the bonus is met, the bonus cash can be withdrawn from the account.
Caution About Bad Deposit Bonus Rules
Some sportsbooks, though they offer deposit bonuses, will have no intention to ever allow punters to withdraw the bonus cash from their account. The minimum withdrawal requirement rules will be framed such that the requirement can never be met. The turnover requirement will be too high (for e.g. 10X or more), or the minimum odds on bets will be too high (for e.g. 9/10 or more), or both. Punters have to carefully read through all the rules, and make sure there are no bad rules, before making a deposit.
Be extra careful about this if you are betting on gambling sites registered outside the UK.
Deposit Bonus Resources
Hityah.com publishes details about bonuses offered by various sportsbooks. Punters are advised to read these reviews to get a good understanding of what bonuses are offered and the minimum withdrawal requirements for each site, before making a deposit.
The deposit bonus, provides a great start for beginners, as it allows them to stretch their cash, to make more bets, and learn how the entire system works. It also serves well for experienced punters who are looking to try out other sportsbooks.