In the ever-evolving world of sports betting, one term that consistently stands out in promotional offers and marketing campaigns is the “Bonus Bet.” Whether you're new to sports betting or a seasoned punter, understanding what a bonus bet is, how it works, and how you can use it to your advantage is essential. Win Tips Bet will walk you through the definition of bonus bets, how they differ from traditional wagers, how you can acquire them, and strategies to maximize your profits using bonus bets wisely. By the end of this article, you’ll have a clear understanding of what is a bonus bet? and how they can serve as a valuable tool in your sports betting journey.
What is a bonus bet?
A Bonus Bet, also commonly referred to as a Free Bet, is a promotional wager offered by sportsbooks to incentivize new sign-ups, reward loyal customers, or encourage continued activity on their platform. Unlike traditional bets that are made using the bettor’s own funds, a bonus bet allows you to place a wager without risking your actual money.
However, the key distinction between a bonus bet and a regular bet lies in the payout structure. When you win a standard bet, you receive both your original stake and the profit. In contrast, with a bonus bet, you only receive the profit, not the stake itself.
Example scenario
Imagine a sportsbook gives you a $20 bonus bet. You decide to place it on the Boston Red Sox to win against the New York Yankees at odds of +100 (2.00 in decimal odds). If the Red Sox win:
- Regular bet: You would receive $20 (stake) + $20 (profit) = $40.
- Bonus bet: You only receive the $20 profit, as the stake is not returned.
If the Red Sox lose, you don’t lose any real money—only the bonus is gone. This feature makes bonus bets an appealing low-risk introduction to betting for new players.
How to get bonus bets
Bonus bets are widely used across the sports betting industry, especially in highly competitive markets. There are several ways bettors can receive bonus bets:
Sign-up promotions
The most common method for acquiring bonus bets is through sign-up offers. These are designed to attract new customers to a sportsbook. A popular sign-up bonus is the “deposit match” offer.
Deposit match explained
In a deposit match promotion, the sportsbook matches your initial deposit with a bonus bet of equal value up to a certain amount. For instance:
- If a sportsbook offers a 100% match up to $1,000, and you deposit $500, you receive $500 in bonus bets.
- If you only deposit $50, you’ll still receive $50 in bonus bets.
These offers are typically limited to first-time deposits only, and further deposits won't be eligible under the same promotional terms.
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Ongoing promotions
Once you’ve registered with a sportsbook, you can continue receiving bonus bets through ongoing promotions. These promotions are crafted to retain users and keep them engaged with the platform.
Examples include:
- Refund offers in bonus bets if your team loses under specific conditions.
- Parlay insurance, where losing one leg in a multi-bet still earns you a bonus bet.
Event-based promotions during major sporting events like the Super Bowl, NBA Playoffs, or the World Cup.
How to use bonus bets effectively
Using bonus bets wisely can turn a promotional freebie into real profit. While it’s tempting to place long-shot bets for a big payday, seasoned bettors often apply strategic thinking to make the most of their bonus bets.
Single bonus bet with hedging
If you have only one bonus bet, you can still earn a solid, low-risk profit by hedging. Hedging involves placing a bet on the opposite outcome with your own money on another sportsbook or exchange to cover both outcomes.
Example Scenario
You receive a $1,000 bonus bet and place it on the Los Angeles Rams -5.5 at odds of -105.
Simultaneously, you hedge by betting $487.25 of your real money on Seattle Seahawks +5.5 at -105 odds on another sportsbook.
- If the Rams cover, you win $950 in profit from the bonus bet.
- If the Seahawks cover, you win $950 from your hedge.
In both scenarios, you come out with a profit of $462.75, regardless of the game’s outcome.
This strategy is highly effective because it creates a near risk-free opportunity to convert bonus bets into real, withdrawable cash.
Double bonus bet strategy
If you have two bonus bets, the strategy becomes even more powerful. You can place a bonus bet on both sides of a market. Since only one can lose, you are guaranteed to win one of the bets and generate a profit without risking any real money.
Example scenario
- Place a $1,000 bonus bet on Rams -5.5 at -105.
- Place a $1,000 bonus bet on Seahawks +5.5 at -105 on a different sportsbook.
Only one outcome can win, and you’re guaranteed a $950 payout. That’s $950 profit from free bets, with no actual stake from your own money.
In summary
So, what is a bonus bet? In essence, it’s a marketing tool turned betting opportunity. It represents a wager you can place without using your own money, with the catch that only your winnings are returned—not the stake. Bonus bets are offered through sign-up promotions, ongoing deals, and risk-free bet guarantees. Understanding how to use them effectively, especially through hedging and double-bonus strategies, can lead to guaranteed profits and a significantly enhanced betting experience.
Read more: In running betting explained: How it works and key tips.
