Bonus Bets – find the best offers at online sportsbooks in the US

Written by: Alex Windsor
Fact checked by Brian Webb  
Updated: July 12, 2024

Win or lose – this is the usual dynamic of sports betting. But what if you bet, lose, and you still win some betting credits? These are known as bonus bets and can come in different forms with distinct terms. For example, you can have parlay bonus bets or bonus bets for football.

Regardless of the type, they all function based on the same principle. Bonus betting credits are a valuable resource for building a bankroll from scratch. Well, at least for as little as $5 or $10, which is the average qualifying amount to buy this offer.

The US online betting market abounds with these bonuses, and it can be a long and drawn-out feat to find the right one. Betting Tools’ team rounded up a few good sportsbooks that offer bonus bet offers. We’ll also explore the types of bonus bets, how to claim them, and more.

5 Best US Sportsbooks for Bonus Bets

Up To $1,000 Back In Bonus Bets
Bet $5, Get $150 in Bonus Bets Instantly
Up To $1,500 Back In Bonus Bets
Bet $5, Get $150 in Bonus Bets
18+ New customers only. T&Cs Apply, see below. begambleaware.org | Please gamble responsibly
Bet $5, Get $150 In Bonus Bets

You can find bonus bets pretty much on every online sportsbook. You can even claim more than one if you are a member of two different sportsbooks that offer bonus bets. I picked 5 betting sites that almost consistently provide bonus bet deals.

#1. Caesars Sportsbook – Up to $1,000 Bonus if your First Bet Loses

Caesars Sportsbook Bonus

Caesars Sportsbook is one of the leaders in the US betting industry, both online and on land. The welcome package is a classic promotion offering bonus bets if your first bet on the sportsbook loses. The maximum you can get in bonus bets is $1,000. However, the minimum deposit is just $10, so you can claim a low-cost take from this bonus of just $10. The amount you bet is the amount Caesars will return as a bonus bet.

Note that this offer is for New York-based players only. The signup bonus can be adjusted based on your location. To activate the bonus bet mentioned above, you must register and use the required promo code (CZR1000). Remember to read the terms of use closely before claiming. For instance, if you claim the bonus bet, it is only valid for 14, after which it expires.

Up To $1,000 Back In Bonus Bets

#2. DraftKings Sportsbook – Bet $5 Get $150 in Bonus Bets

You may know DraftKings as a fantasy betting site, but it’s an all-around sportsbook that combines fantasy betting, traditional sports betting, and horse racing. Bonus bets are often part of the usual lineup of sports promotions. If you become a member, you can qualify for the signup bonus bet, as well as for any existing offers.

The signup offer is tailored for small-deposit bettors. All you need is a $5 deposit and bet the deposit on any market, and you will receive $150 in bonus bets. Win or lose, DraftKings will still award you the promised $150 in bonus bets divided into six portions, each bonus bet worth $25. The bonus bets are subject to the sportsbook’s promotional terms and expire within 7 days of receiving them.

Bet $5, Get $150 in Bonus Bets Instantly

#3. BetMGM Sportsbook – Up to $1,500 Back in Bonus Bets

As it befits a company of its stature, BetMGM offers a sizable signup bonus on your first bet: up to $1,500 back as bonus bets. Now, if your budget is $10, it’s okay, you can still qualify for this bonus. The $1,500 threshold is reserved for high-risk bettors, but you can opt in for a smaller amount of $10. Just download the BetMGM app, deposit a minimum of $10 (up to $1,500) and bet $10 or more on any sport. If the bet loses, you get a bonus bet equal to the amount you staked. You can’t use the bonus bets together with features like bet insurance bonuses or odds boost tokens.

Up To $1,500 Back In Bonus Bets

#4. FanDuel Sportsbook – Bet $5 Get Up to $150 in Bonus Bets

Who says you have to lose to get awarded a bonus bet? Not FanDuel, that’s for sure. FanDuel awards up to $150 in bonus bets, but it’s different from similar offers due to its terms. You don’t need to lose to win. On the contrary, FanDuel awards the bonus credits only if your bet wins, making it a win-win situation.

You can bet on any sport or place any type of bet as long as the minimum you invest is $5 or more. The qualifying deposit for FanDuel’s bonus bet promo is, by default, $5, given the minimum bet amount is $5. You can qualify with a larger deposit of $10, $20, or more.

Bet $5, Get $150 in Bonus Bets
18+ New customers only. T&Cs Apply, see below. begambleaware.org | Please gamble responsibly

#5. bet365 – Safety Net Up to $1,000 or Bet $5 Get $150 in Bonus Bets

Bet365 Sportsbook Homepage

bet365 gives you a Morpheus-like offer (a nod to fans of The Matrix):

  • Offer No. 1: Sign up, deposit, and bet a minimum of $10 (up to $1,000) and get your staked amount returned if your first bet loses.
  • Offer No. 2: Sign up, deposit $10 or more, bet at least $5 from your deposited amount, and get $150 in bonus bets.

This may seem like the most interesting offer on the list, but be advised. Each of the two offers is bound by specified terms of use. But I examined both deals, and it’s reassuring that while you have to be careful how you claim and use each bonus bet, the terms are straightforward and quite easy to follow.

Bet $5, Get $150 In Bonus Bets

What Are Bonus Bets at Online Sportsbooks?

Bonus bets can be identified by several common names. Second-chance bets and insurance bets are just two common classifications. A bonus bet is basically a betting credit a sportsbook awards for completing a specific action, usually a qualifying bet or deposit, or using a promo code.

Each bonus bet is governed by specific terms, which we’ll discuss later on. In essence, bonus bets are a marketing campaign by betting sites to reward new members or existing ones. In most cases, sportsbooks provide bonus bets if you bet a certain amount of money as a single bet and lose. On the other hand, some sites may award a bonus bet if you place a specific bet, like a parlay or a same-game parlay (SGP).

Bonus bets can be exclusive deals or part of a weekly promo campaign. For instance, second-chance bonus bets give you an extra shot of scoring a winning bet with a bonus top-up. Insurance bonus bets, on the other hand, can secure your parlay ticket with a refund if one leg loses. These are just two of several examples of bonus bets.

Types of Bonus Bets

As you see, bonus bets are a versatile category of sports promotions. There are virtually as many types of bonus bets as sportsbooks can invent. It is an adaptable bonus category, but there are a few recurring types.

New Customer Bonus Bets

Almost every sportsbook has one, despite the format of the bonus. Some are second-chance bets, i.e. insurance bets, while others reward betting credits regardless of whether you win or lose. The only common factor is the exclusivity of the bonus, which is available strictly for new members.

Second-chance/insurance bonus bets

This is a sort of a lose-win bonus, except the win probability is times 2. Once you make a qualifying deposit and bet, an insurance bonus bet will return your staked amount up to a certain amount. For example, BetRivers’ second-chance bet will return any stake up to $100. The credited bonus bet is strictly for betting and cannot be cashed in.

Win-win bonus bets

While not the actual designation of this bonus bet, it’s precisely what it sounds like. FanDuel’s sports welcome promo is a perfect example of this bonus. Looking at that deal, if you bet anywhere between $5 and $150 and win, a bonus equal to your wagered amount will be granted. The catch is it’s a risky deal because if you lose, you’re left empty-handed.

No strings attached bonus bets

Some bonus bets are extremely low-effort, having no complex limitations or requirements attached to them. For instance, a sportsbook can offer a fixed bonus bet of, say, $150 if you place a qualifying bet, usually $5 or $10. So, if you bet $15 and lose, you get $150 in bonus bets. If your bet wins, you get $150 all the same.

Match bonus bet

A matched bonus grants you the exact amount of money you bet back as non-withdrawable betting credits. Like all bonus bets, it is usually limited to $100 or $150. So, if you see a matched bonus bet up to, for instance, $100, and you bet $40, you get $40 back as bonus bets. Whether the bet needs to settle as a win or lose, or neither, depends on the terms.

Other types

Other forms of bonus bets can include parlay deals and sport-specific bonus bet promotions. The former is usually structured as an insurance bet for your parlay, where if one leg of a 5-leg parlay loses, you get a refund. Sport-specific bonus bets are awarded strictly for betting on markets from a particular sport. Some bookmakers, like FanDuel, offer referral bonus bets if you refer a friend to open an account on the site.

How to Claim a Sportsbook Bonus

Claiming bonus bets is a multi-step process. There are nuances depending on your style. For instance, if you want to claim a higher-value bonus, you must deposit a larger amount of money. But the main steps are pretty much the same on any sportsbook.

  1. Pick a sportsbook with a convenient offer.
  2. Read the bonus description and terms before signing up.

Draftkings Bonus Bet

3. Open an account and place a qualifying deposit.

4. Place a qualifying bet and wait until the bet is settled.

5. If requirements are met, the sportsbook will credit the bonus instantly or within 24 hours.

How Online Sportsbooks Restrict Bonus Bets

The terms of use, restrictions, and eligibility requirements can vary greatly bonus to bonus. Below, I call attention to a few rules you must always keep in mind when browsing for bonus bets.

  • Age eligibility: To claim sports bonuses in the US, you must be 21 or older.
  • Minimum deposit: Many bonus bets have a minimum deposit requirement, usually $5 or $10. For instance, bet365 requires a $10 deposit, while FanDuel and DraftKings set the minimum at $5.
  • Eligible sports: If the bonus is designated strictly for football, then you must place a qualifying bet on football. In their description, bonus bets usually point out if the bonus applies to all sports.
  • Eligible/restricted bets: Some bookies will restrict certain forms of markets or betting features, such as profit boosts or parlays, for certain bonuses and when using bonus bets.
  • Bonus bet validity: If you qualify for and claim a bonus bet, you have a limited time to use it, as per their specified terms, before it expires. Based on experience, you’ll be given anywhere between 7 and 30 days to use them.
  • Payout terms: If you win money using your bonus bet, the sportsbook will most likely pay out only the profit, deducting the amount of your bet from the total payout.
  • Bonus bet use: A $150 bonus bet can be awarded in a single installment or as 6 separate bets, each worth $25. Depending on the terms, you can use the awarded bonus bet(s) as a lump sum or separate it into multiple bets.

Best Use of Bonus Bets

Different types of bonus bets serve different functions. Perhaps you’re getting cold feet about your parlay combination before placing your bet. A parlay insurance will be your best option here, offering a bonus bet refund if one leg loses. If you have a good feeling about the outcome of a game but it’s a risky bet, a second-chance first bet will do the trick.

In fact, bonus bets are good in any scenario as they often come with favorable terms. I can only advise you to steer clear of promotions with high minimum odds requirements.

Mistakes to Avoid

Arguably, the biggest mistake inexperienced patrons make when claiming a bonus is doing so on an impulse.

Think why you want or need the bonus and whether that justifies claiming it. Are certain restrictions a deal-breaker? Which sports does the bonus apply to? These are just a few considerations to keep in mind.

Another common mistake is disregarding the expiration period. The clock starts ticking immediately after you satisfy the preliminary eligibility criteria. At the very least, you’ll be given 7 days to use the bonus bets per their terms. Also, check for a code, some bonuses require you to input a unique code to claim the deal.

How to Select Top Sportsbook Bonuses

The criteria for selecting premium-quality sports bonuses are pretty basic.

  • Pick licensed sportsbooks. Licensed betting sites always offer the best player terms and have a fair bonus policy. See our recommended sportsbooks to get started on the right foot.
  • Check the minimum deposit. Bonus bets are a casual bettor’s best friend. They’re simple to obtain, accessible, and come with minimal risk. See our list of sportsbooks where the minimum bonus bet requirement is $5 or $10.
  • Check the validity. The longer the bonus bets are valid, the more time you have to choose the right time to use the credits.
  • See the eligible sports. Wider sports eligibility gives you more freedom in choosing a sport and markets you know, extracting maximum value from your bonus.

Conclusion

When I really think about it, bonus bets have very few flaws, mainly related to their restrictions and limits. But unlike some types of bonuses, which have so-called wagering requirements, betting credits rarely have any wagering requirements other than a minimum single bet on specified markets.

If you can use some extra betting credits for doing what you were going to be doing anyway – betting – then bonus bets are a no-brainer deal. Still, look for offers where the terms of use do not pose a tall order.

Alex, a ten-year iGaming industry veteran and Managing Editor at BettingTools specializes in sports betting and betting tools. He also provides insightful reviews, ensures the accuracy of all offers, and maintains content quality helping you make informed choices. Combining professional expertise with a passion for football and soccer, Alex ensures we offer you a reliable resource, focusing on betting tools to assist with odds, accas, and other betting strategies.