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.
8 Best US Sportsbooks for 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. The current best sportsbook promos can be found below.
#1. Caesars Sportsbook – 10x 100% Profit Boosts for Newcomers
Caesars Sportsbook is one of the leaders in the US betting industry, both online and on land. The welcome package is quite an inventive offer that is easily accessible for players on any budget. After signing up and making a qualifying bet of at least $1, you will get ten 100% profit boosts to double up the profit on your next wagers. These boosts can be applied on betting stakes of up to $25, and the maximum you can boost your profit by is $2,500 on each wager.
This is one of the most budget-friendly offers out there, as the minimum deposit limit is $5, so that’s all the money you need to max out the offer. Place your $1 qualifying bet, and as soon as it settles, the 20 profit boosts will hit your account.
To redeem these profit boosts, you must register and use the required Caesars Sportsbook promo code (BTOOLSDYW). Remember to read the terms of use closely before claiming. For instance, those profit boosts you get when signing up are only valid for 14 days, after which they expire.
#2. DraftKings Sportsbook – Bet $5 and 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. When it settles, you will receive 2x $25 bonus bets, every 7 days across your first 14 days. Sign up, make a deposit, place your bet, and then DraftKings Sportsbook will award you the promised $150 bonus bets. The bonus bets are subject to the sportsbook’s promotional terms and expire within 7 days of receiving them. Use the latest DraftKings promo code to claim the offer.
#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 betting app from BetMGM, 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 no sweat bonuses or odds boost tokens. Use the BetMGM Sportsbook promo code BETTINGTOOLS to claim the offer today!
#4. FanDuel Sportsbook – Bet $5+ and Get Up to $50 in Bet Resets for 7 Days
Who says you have to lose to get awarded a bonus bet? Not FanDuel, that’s for sure. FanDuel Sportsbook awards up to $350 in bet resets, broken down as up to $50 per day for your first 7 days. If your qualifying bets lose, FanDuel awards bonus credits up to $50 per day for each of those first 7 days.
You can bet on any sport or place any type of bet as long as the minimum you stake 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.
#5. bet365 – Safety Net Up to $1,000 or Bet $5 Get $100 in Bonus Bets
bet365 Sportsbook 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 $100 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. You can use the new bet365 promo code BTOOLS on sign up to get any of the offers.
#6. Fanatics Sportsbook – Get 10x $100 in FanCash
The value of the welcome bonus at Fanatics Sportsbook is very high and stands up well to competitors. Simply sign up, place your qualifying bets, and receive your bonuses. This is a mobile only platform, so you will need to download the mobile app, and use our exclusive Fanatics sportsbook promo code to unlock your sign up bonus.
This gives you a taste of how the credits rewards work at Fanatics, and you can break your credits into bonus bets (in denominations of $100, $50, $25, and so on), or use it to buy profit boosts on your wagers. And that is just the start. From there on, every wager you place using real money that has odds of +400 or longer earns a small percentage back in credits. Fanatics is really the gift that keeps giving.
#7. Hard Rock Bet – Bet $5, get up to $100 in Bonus Bets
Hard Rock is one of the most recognizable gambling brands in the world and, like the other operators on this list, it gives players who sign up to its online betting site a nice reward. Once you have completed the registration process and placed a $5 wager, Hard Rock will give you $100 in bonus bets.
If your initial wager loses, then you will be given a bonus equal to your qualifying bet worth up to a maximum of $100. One of the most pleasing aspects about this offer is that it is available on any sports betting market with no restrictions, giving you lots of flexibility when you are weighing up how you want to use this bonus.
#8. ESPN Bet – $1,500 Reset Bet, 200% First Time Deposit Match up to $500
ESPN, obviously more known for its television shows covering all the major sports, has ventured into the online sports betting world with ESPN BET Sportsbook. If you want to join them, you can take advantage of two welcome bonuses:
Offer No.1: Create a new ESPN Bet account, place a bet of any amount on a sport of your choice, and receive up to $1,500 in bonus bets if your first bet loses. The bonus comes in 20% dominations equal to the total of the bet stake.
Offer No.2: As a new ESPN Bet player, you can also claim the secondary offer – 1 200% first deposit match bonus up to $500, which is eligible as cashback. The $500 will automatically be credited to your account once you have made the necessary deposit.
Not a bad way to introduce yourself to the online betting world!
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. These are a good bet safety net to have and will give you some reassurance while mitigating the risk slightly.
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.
Bonus Bets for Existing Users
It is not just new players that are rewarded with bonus money and exciting promos when they first sign-up to a sportsbook. Some of the best and most fun bonuses are aimed at loyal users. It is also worth noting that signing up for an account with sportsbooks that offer a good rewards program can help you access some excellent promos, too.
Some of the best ongoing sports betting promotions include:
Reload Bonuses
Some sites offer their players reload bonuses, meaning they will receive extra site credit each time they top up their account. There will be reload bonuses are deposit matches while others will be focused on specific markets. Reload bonuses are given to customers who have already used their welcome bonus. It gives the user a chance to boost their bankroll and will keep them coming back depending on how often they are available.
Odds Boosts
This is exactly how it sounds, a sportsbook promotion that increases the value of the odds on a particular wager. There are very common and include bets such as parlays, same game parlays, over/under, moneyline, point spread and props. When you see boosted odds on your sportsbook, it means the line has moved in your favor. We would always encourage you to take advantage of a boosted odds market, as your chance to make a profit will be higher than usual.
Referral Bonuses
All operators want to attract new bettors to their sites so many will encourage existing players to try and bring some friends or family on board. They do this by offering already registered players a referral bonus, giving existing players a unique code they can use that can be distributed to friends.
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.
- Pick a sportsbook with a convenient offer.
- Read the bonus description and terms before signing up.
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. You will regularly see info stating non withdrawable bonus bets expire in 30 days and other things you need to know in the fine print. 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 Caesars 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. Just always remember that sportsbook bonuses expire and are not there forever.
- 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 instalment 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. Use our parlay odds calculator before placing any of your bets and you can easily see how much your bet will win.
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.
- Find Maximum Value. This is pretty self-explanatory. When looking for sportsbook promos try and find the highest value you possibly can. This is straightforward and you may find that an online sportsbook is offering maximum values that jump off the page. However, don’t just get drawn in by the numbers, there are several other things to consider.
- Check Wagering Requirement/Rollover. The wagering requirement is the number of times the cash or site credit must be wagered before it is eligible for withdrawal. Lots of sites require a wagering requirement of 1x, however there are some that have much higher thresholds so do some shopping around.
- Look for Flexibility. This is crucial when you are evaluating online sports betting bonuses. For example, you have bonuses at BetMGM where the value is high, but even if you reach the maximum value you can then only use it on one bet. Whereas at bet365 where the value of their bonuses may seem small compared to BetMGM, you can use the bet credits in any way you like to make smaller bets. Having that freedom to use sports betting promos as you see fit is very beneficial.
- Check Minimum Odds. Sites will typically set minimum odds to guard against players using their bet credits on massive favorites. After all, they don’t want to just be handing over money.
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.
