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Arun - December 4, 2023
Can you understand the welcome bonuses? It’s important to understand what you are doing when you sign up for a new casino, especially if it’s for the bonus. It might not be as simple as the bold home page offer suggests. In this guide, we explore how to understand welcome bonuses in sportsbooks.
Welcome bonuses are promotions offered by sportsbooks to attract and incentivize new customers to open an account. The primary goals for sportsbooks offering bonuses like the Betking referral code bonus is to gain new customers and also to encourage initial deposits and betting activity. While being able to get extra value, customers should be aware of the various rollover and playthrough requirements attached to bonuses before being able to cash them out. It’s also key to read all terms and conditions to be sure you know what you’re paying for.
The most common types of welcome bonuses include a deposit match which is the sportsbook that matches your initial deposit up to a certain amount, usually between 50-250% of your deposit value. There are also no deposit bonuses, which give new account holders a small bonus amount (usually £5-£25 of site credit) without having to make an initial deposit. This allows users to test out the site. However, winnings are subject to playthrough requirements before being eligible to withdraw.
With risk-free bets, users are refunded their initial wager up to a specified amount if their first bet loses. For example, a £100 risk-free bet means if your first £100 bet loses, the sportsbook refunds you that £100 to try again.
Keep an eye out for wagering requirements. These specify the amount you need to bet to “unlock” your bonus funds for withdrawal. This amount is usually expressed as a multiple of the bonus received and common requirements range from 5x to 10x or even higher.
Sportsbooks usually impose a time limit, often 30 days or less, for you to meet wagering requirements. If you don’t complete the requirements in time, you forfeit the bonus. Eligible Wagers are when sportsbooks restrict what you can bet on to clear requirements. Certain bets like parlays, teasers, and even particular sports may not count towards a playthrough.
Some sportsbooks require bets to be placed at minimum odds, usually -200 or greater, restricting heavy favourite bets for clearing requirements. Look out for the Capped Bonus Amount. While a sportsbook may advertise matching “up to” a certain amount, there’s usually also a capped maximum to the actual bonus funds you can receive. This limit is often lower than the advertised cap.
You should be aware of limitations around using e-wallets, certain payment methods, or withdrawal restrictions until clearing requirements as violating may void the bonus. By knowing the limitations and restrictions in the terms and conditions upfront, you can properly evaluate if a sportsbook’s bonus offer provides good value. The key is understanding exactly what it will take to convert bonus funds into real cash you can withdraw.
You should take advantage of Risk-Free Bets. If your bonus includes a risk-free bet, use it strategically on a bet you think has value but carries some risk. Try to clear wagering requirements as quickly as possible within time limits using safer bets before requirements increase on additional unlocked bonus funds.
You could find another Welcome Bonus and consider another sportsbook for your next bonus. You’ll almost always have to deposit again and playthrough additional requirements before cashing out your first bonus. Meeting requirements and withdrawing winnings from sports betting bonuses ultimately requires patience and discipline. Resist the urge to overbet just to clear your playthrough faster. Stay the course on moneyline bets and maximize your upside.
