NEWSLETTER
You will see tons of promotions and offers in the world of online sports betting. How do they work? How do you claim them? Check out the details below as we break down sports betting promo codes and offers for you as you continue to learn about betting.
What are Sportsbook Promo Codes?
What is a sportsbook promo code? It’s a promotion or bonus sportsbooks give out to new users for signing up. Sometimes, users have to put in a promo code such as “BNBONUS” but most promo codes are claimed just by signing up with the sports betting website or app.
Types of Sportsbook Offers
There are several different types of sports betting promotions and offers. Let’s break down some of the most popular options used at sportsbooks like DraftKings, FanDuel, BetMGM, and more.
Bonus Bets
Bonus bets are one of the most common promotions run by sportsbooks. You register and a sportsbook gives you a certain number of bonus bets to make wagers with. These can be earned by signing up or with a qualifying bet or deposit.
For example, DraftKings has run a bet $5, get $150 in bonus bets offer. To get the bonus bets, you must register as a new user and place a $5 bet. Then your account will receive $150 in bonus bets. Most of the time, bonus bets are divided up into smaller bonus amounts. $150 in bonus bets might be dished out as six $25 bonus bets.
First Bet Insurance, Second Chance Bet, Etc.
Next, there is the first bet insurance or second chance bet. This is referred to by many names but they all mean the same thing. Your first bet is protected by bonus bets if you lose. For example, FanDuel has run promotions calling this a “No Sweat” first bet. Let’s say the offer is a $1,000 No Sweat first bet. If you lose your first bet, you get the money back as bonus bets up to $1,000.
If you make a $500 bet on the Yankees to win and they lose, you get $500 in bonus bets from FanDuel Sportsbook in this example.
Deposit Bonus
Another popular promotion is the deposit bonus. A sportsbook will give you extra funds based on how much you deposit when first signing up. For example, let’s say a sportsbook is running a 50% deposit match up to $1,000. If you deposit $500, you will get $250 in bonus funds.
Remember, deposit bonuses usually come with a rollover requirement. This means you have to bet a certain amount of money before being able to unlock the funds. This is why it’s important to read the terms and conditions of all promotions.
Qualifying Bets and Deposits
We touched on it above but a lot of promotions have some form of a qualifying deposit or bet. This means you have to either make a deposit or a wager to claim the bonus. For example, if the offer is a bet $5 and get $200 in bonus bets, you have to make a $5 bet to unlock the offer.
If the offer is to get $150 in bonus bets for a $10 deposit, you unlock the bonus bets after making that initial deposit.
Can I Claim Promotions on Multiple Sportsbooks?
Yes! This is one of the best things about online sports betting. You can register with multiple sportsbooks, compare odds, and even score more than one promotion. As a sports bettor, you are not trapped with one sportsbook. If you see a better promotion or better odds for a game, jump on that offer or game on a different sportsbook.
The only thing you can’t do is have multiple accounts with the same sportsbook. A sportsbook will verify your identity using your birthday, social security number, and more to make sure you only have one account.
Do Bonus Bets Expire?
Yes. Most sports betting promotions that include bonus bets do have an expiration date. It is extremely common for them to expire within 7 days. Be sure to check the terms and conditions before registering to claim a sportsbook promo code.
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