Bonuses and promotions are an integral part of the online gambling industry. Today, almost all bookmakers offer a kind of bonus to attract new bettors and retain existing ones. Since they offer the chance to place free wagers for real money, many punters jump at bonuses and promotions without any consideration.
But are sports betting bonuses actually free? Of course not. With millions of punters taking advantage of these offers, most sportsbooks would have gone under if they were free. To safeguard themselves against substantial losses, bookmakers attach terms and conditions to their enticing incentives.
In this article, we will be exploring the terms and conditions usually attached to bonuses and promotional offers at sports betting sites. But before we dive in, you can click here for some of the top betting bonuses and promotions available online.
How Sports Betting Bonus Works
From no-deposit bonuses to welcome bonuses, bet-and-get-free bets, reload offers, etc., there are several bonuses and promotions bettors can enjoy at sportsbooks. As expected, the goal of every betting site is to make their offers so attractive that bettors find it impossible to resist and join their platforms to enjoy them.
However, you can’t just claim a sports bonus and then immediately cash it out and walk away. This would cause bookmakers to incur substantial losses in the long run. To prevent that from happening, sportsbooks usually add a set of rules and requirements to their offers known as bonus terms and conditions (T&Cs). These terms typically dictate how bettors can utilize their offers, preventing the abuse of the offers and protecting the platform from significant loss.
Wagering Requirement as the Most Important T&C
The wagering requirement (also called playthrough or rollover requirement) is undoubtedly the most important catch that bookmakers attach to their bonus offer. It is a multiplier number that indicates how many times a punter must wager a claimed bonus before they can cash out any winnings gotten from it. This means you can’t dine and dash with sports betting offers—you have to fulfill the wagering requirement before you can get any value.
For example, let’s say you deposit $100 to claim a 100% bonus offer (i.e. $100) with a 5x wagering requirement attached. This means that you will need to place up to a total of $500 (i.e. $100 x 5) in bets to cash out any winnings. However, some platforms also include the deposited amount to the rollover requirement. In that case, you will need to wager $1,000 (i.e. ($100 + $100) x 5) instead.
The wagering requirement typically varies from one sportsbook to another. And some platforms set pretty high values. This is why it’s important to check the wagering requirements you will need to fulfill before claiming any bonus offer.
Other Bonus Terms and Conditions
Fulfilling the wagering requirement is not the only thing you need to worry about when you claim a sports betting bonus. There are other details in the terms and conditions that affect the usage of a bonus and indicate whether or not it will be worthwhile in the long run. Let’s check out some of them.
Minimum Odds for Bets
Unlike when you play with your real money, you are not often free to make any selections you want when using a sports bonus. Many sportsbooks also restrict the punters from using the bonus on heavy favourites and instead specify minimum odds for bets. For example, a bookmaker may specify that bonus wagers must be staked on only selections with odds of 1.40 or higher. This means you can’t stake any claimed bonus on selections with lesser odds.
Eligible Sports and Markets
Some bookmakers can also go as far as restricting their bonus offers to specific sports and markets. For example, a bookmaker may decide to offer a bonus tailored for the Champions League Games. In such a case, you won’t be able to use the bonus if you are interested in another league or sport.
Accumulator Condition
Many sports betting sites today have made the accumulator feature a requirement for using their bonuses. This means that you have to combine multiple selections into a single accumulator wager when using the bonus offer. And it naturally makes winning slightly harder.
Expiry Date
Sports betting bonuses also usually come with an expiry date, which can be anywhere between a day and 1 month, depending on the offer. A punter must fulfil the wagering requirement within the specified validity period. If not, the bonus and any winnings gained so far will be lost.
Cashout Limits
Most sportsbooks typically limit the amount of money punters can withdraw from the winnings gained from their bonus offer. So, even if you manage to fulfil the wagering requirement within the specified time, there is a cap on how you can ultimately get regardless of how much you win.
One Bonus at a Time
Another important detail about sports betting bonuses that you may not necessarily find in the terms and conditions is that offers are usually one at a time. You can usually only have one bonus offer active at a time. Any current active bonus must either be completed successfully or have expired before you can claim a new one.
Like most of the usual terms and conditions, this is also in place to ensure that the bookmakers don’t incur substantial losses over time.
Final Remarks
While sports betting bonuses can be a great way for bettors to top up their bankroll, it’s important to understand that they are not completely free. From wagering requirements to maximum cashout limits, there are usually terms and conditions attached to bonuses to ensure bookmakers don’t incur substantial losses in the long run. So, before you claim a bonus, make sure to read the T&Cs in the fine print to understand what it truly entails.
