Sports Bonus Explained
We see that most of the sports betting sites have special promotions and bonuses meant to attract new users as well as reward the existing ones. These can be very useful and they surely seem nice at first glance but the truth is that there is a lot more to consider than just the size of the bonus. There are different types of bonuses that can be found online so we will go through the most popular ones and try to explain them as well as possible.
Sports Betting Cash Bonus
The most common bonus with online sportsbooks and casinos is the cash bonus. Usually, the users receive 100% of their initial deposit as a cash bonus that can be seen in their account; this can also be a reload bonus. The maximum amount differs from one website to another but the concept remains pretty much the same. A free $100 for $100 deposited does sound very nice and it is a great incentive to join the website but what most people forget to check is the number of times it needs to be rolled-over before the users can withdraw the amount. This is usually three or five times, depending on the website and it shows that the free cash is not actually free. With every rollover, the bonus is lost. Below is an example of the Bookmaker deposit bonus offer.
Cash Bonus Example
Sports Betting Free Play Credits
Another popular type of bonuses comes in the form of free play credits. The main difference here is that these credits are not cash and do not show up in your account as cash. The credits are kept separate and can be used at any time but it is important to note that any winning bets from these credits will only reward the user with the winning amount. If for a regular bet we wager $100 to win $91 and make the final payout $191, with this bonus we only win $91 and not pay for the bet, therefor free betting credits.
Risk Free Sports Bets
A common promotion used by online sportsbooks is to offer risk free bets. These can either be obtained when making a deposit or can be used as reward packages for regular users. The concept of this type of bet is pretty simple, users have the option to place a risk free bet on certain matches or sports and if the bet turns out to be a loss, the players will receive their betting amount. In other words, we bet $10 on a football match but our team losses so the website gives us back our $10 thus eliminating the risk of betting.
Overall, a risk free bet is worth 45.5% of its actual value. This is because on a 91/100 bet with even odds, the user has 50% chance to win $91 and 50% to break even and get the money back. A similar concept can be applied to 100% cash bonuses if we take the amount as being only half ours. So although we have $800 in our account, we only deposited $400 and we only take this as being ours. At the same odds mentioned above, we have a 50% chance to win $91 while betting $100 but we also have 50% chance to get our money back from the bonus $400 that is already in our account. On average, the $400 bonus will be worth 95.5%. All of this is without having to take into consideration rollover. Free bets don’t usually need to be rolled-over. Below is an example of the Ladbrokes Sports Freebet offer.
We mentioned it a few times until now and it is certainly something that needs to be explained. Rollover is something that most betting sites demand for every bonus and it basically represents the number of times users have to wager their amount before they can make a withdrawal. A 3-times rollover is the most common so for a $100 first deposit with 100% bonus cash, we have to wager $600 before we can withdraw the winnings. This is basically a way for the sportsbook to force users to bet their money and as mentioned above, the bonus doesn’t have a 100% value so we lose a percentage of it every time we have to rollover.
Although it seems to be the same, there are big differences between these types of bonus. On average, a cash bonus is worth 2.2 times more than a free play bonus so while some sportsbooks might offer a 55% free play bonus and others offer a 25% cash bonus, the truth is that they are worth pretty much the same if we consider the same rollover.
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