Punters prefer to bet on sports because of the bonuses offered by the bookmakers. But how well do you know the types of sports betting bonuses, and how do they work? 

It seems interesting but a bit hard to understand their uses.

Bonuses are the most convenient way to start your betting and allow you to gain more money if you are a beginner. But any type of bonus that you receive comes with conditions you have to meet, and they are usually meant for specific games. This article contains the types of sports betting bonuses and guides you about their uses to leverage the benefits while you play.

Top 6 Types of Betting Bonuses And Their Working Principles

You might be familiar with the welcome bonus, free bet, cashback bonuses, and more. Let’s see some popular sports betting bonuses and their mechanisms usually offered by the bookmakers.

1) Welcome Bonus

Perhaps it is the most common bonus available for the new players who signed in for the first time on the platform. Sbobet is known for offering this bonus to attract more players to their betting platform and to encourage newly registered players to bet more.

A certain amount of cash is given to the player as a first-time sign-in reward to convert the bonus into real money. This can be converted when the bettor adds real money to their sports betting account. Further, the player has to win the game to transfer the reward into their wallet. From there, he or she can withdraw the winning amount through the available online payment options.

2) Deposit Bonus

The deposit bonus is usually offered to players who have already used the welcome bonus. The player must make their first deposit to continue playing in the next game. The bonus is given in percentage based on the amount invested by the player for the next wager. Finally, the total money is added to the player’s account.

For example, if you bet for $100, a 100% bonus will be added to your account, which will become $200 in your wallet. The same amount will be used to place a wager, and you can withdraw this only if you win.

3) Reload Bonus

Reload bonus is for those who have already deposited multiple times but have no funds in their wallet. So, bookmakers provide them with an incentive to wager on their favorite match again. Reload bonus is usually lesser than a deposit bonus but still an excellent opportunity for the punters who want to continue their betting.

The amount received by the punters is depended on the percentage offered by the bookmakers. They generally offer a 10% to 50% reload bonus compared with the total amount invested by the player. 

Let’s say the bookie has offered a 50% reload bonus, and you have wagered for $500 in the match. Then 50% of your total amount, i.e. $250, will be added to your account, and now you will be wagering for $750 in total. However, the reload bonus offer is available to claim on specific occasions, but you must cash this opportunity.

4) Free Bet

A free bet is very similar to a welcome bonus offered to the new players, and sometimes many bookmakers offer this as an incentive for the regular players. This bonus is presented on certain odds, and you can use them on a variety of sports betting options they have. The thing to keep in mind is that only your bookie will decide on what odd you have to bet on and the amount you have to wager to claim the reward.

Let’s understand it this way: your bookie will offer you 3x their stake in a free bet. It means you have to bet on odds over 1.5 for exactly $1000, and as they have mentioned, you can bet on any specific sports offered by them. Once you have fulfilled their requirements, you will receive 3 times the stake you made, which means you will win a total amount of $3000.

5) Price Boost

This bonus is available for both; new players and the regular bettors on the site. Price Boost can be offered daily, monthly, or when league season starts. This bonus allows you to increase your payout if the team or match you have wagered on wins. The only thing that you need to do is you have to be sure to boost your bet to increase your payout. 

Daily price boot is often updated within 24 hours, which means you would be able to boost your wager on the next day and in different sports if you want to do so. But you have to understand that a price bonus is applied to specific odds, and if you have used your odds without boosting and cashing out your winning, you will be disqualified to use it again.

6) Cashback Bonus

There are several bonuses you have seen till now, but cashback is one of the favorite bonuses for the bettors. It is the type of partial repayment for the losses made by the bettors and given only 5% of the total amount lost while betting. 

The cashback bonus is usually offered for specific sports, champions, or tournaments and is sometimes intended for one or few matches. The cashback bonus is presented in the form of a free bet or a wager bonus that depends on the sports, brand, or bookmaker of your choice. 

This is the most favorite bonus among the players as you will be uplifted at once when you win, or else you will be on a bad streak. But the process of converting cashback bonus into real cash can be complicated as many sportsbooks companies have strict wagering eligibility to convert winnings into cash. You have to fulfill their need by completing several steps to claim the reward.

Final Verdict

Sports betting marketing has overgrown in the last few decades, and the bookmakers consistently apply new techniques to attract mass players. Offering different types of bonuses is one of those techniques used to convert new customers into potential players. 

To get the best experience and benefits of these bonuses, you can follow and understand the above-mentioned types of sports betting bonuses and their working principles. Once you are aware of the algorithm, you can apply it to your betting strategy.