Online Sportsbooks Bonuses 2023

This year you will find some of the best bonuses ever offered to new players.

This is because the US, the world’s largest economy is still in the process of opening its sports betting industry after the Senate removed the federal ban on sports betting in 2018.

The result of this ruling has led to a gold-rush of established sportsbooks hoping to grab a portion of the market share. With such a large opportunity and such high competition, sportsbooks have focused on welcome bonuses as a way to lure new customers to their brand.

This is both good and bad for you as a new sportsbook customer. It is good that you have some simply outrageous welcome bonuses to choose between. However, in their haste to attract new players and appear more generous than their competitors, some sportsbooks have made misleading claims.

On this page, we go through what sportsbook bonuses offer the best value, which ones you can trust and how to sign-up.

A no-deposit bonus is the best form of bonus as it does not require you to make a financial commitment in order to receive your bonus.

All you need to do simply sign-up to the sportsbook in question and you will receive your bonus bets. This type of bonus is much rarer than other forms of welcome bonuses precisely because it does not require any commitment from the customer. It is an incredibly good deal for you as a new player as it allows you to place a bet without ever spending you money.

Sounds too good to be true right? Well, not really. A sportsbook may slap on a heavy turnover requirement, which means you need to win with your bonus multiple times before you can withdraw the money as cash. However, in this instance, you are not losing any of your own money, so it's no loss to you.

This leads us nicely on to the next point, and that is the aim of a no-deposit bonus really shouldn't be to expect to win lots of cash. The objective should instead be to use it as an opportunity to learn how to place bets and test a sportsbook out without spending any of your own cash. You can think of it as a free trial.

A no-deposit bonus is rare because people can abuse the promotion by signing up, using the bonus bets and then cashing out, even for a small profit. That is why sportsbooks will never offer a huge amount of no-deposit bets at once.

A no-deposit bonus is a huge indication that a sportsbook believes in its product.

If you think about it, a company that is willing to offer you a load of bonus bets just to download their app and sign-up must have faith that they will be able to retain you as a customer otherwise this would make no business sense.

A deposit bonus simply means that you will receive bonus bets equal to the amount of your first deposit. There will be a minimum deposit, usually of $10, required in order to qualify for the promo, as well as a maximum amount which can vary considerably depending on the sportsbook. Currently, there are deposit bonuses with a cap at $250 and others with a cap at $1,000.

Now, your gut reaction might be to pick the higher amount, however, there are three crucial factors that you must consider before you pick a deposit bonus.

First, you must take into consideration the turnover requirement that is included in the small print. A lot of online sportsbooks will only require a 1x turnover before the money is yours whereas some can ask for a x25. This means can affect the value of the promo much more than the actual total amount offered. For example:

• Sportsbook A offers you a $2,000 deposit bonus with a x10 turnover requirement.
• Sportsbook B offers you a $500 deposit bonus with a x1 turnover requirement.

In this instance, Sportsbook B is a much better choice. Although Sportsbook B has credited you with $2,000 in bonus bets, you will need to win ten times with these bonus bets before you can cash out. Since there will be a minimum odds requirement on these bonus bets, you can' simply place a wager on ten safe bets, so the chances of you winning ten times is very slim.

This leads us to the second factor to take into account and that is your deposit requirement. As the bonus is matched to your deposit you will need to invest $2,000 of your own money to receive the $2,000 bonus. Since you are a new customer, you won't even be sure if you like their product so we do not recommend you ever invest this type of money in a deposit.

Finally, it is important to consider if the deposit bonuses are divided into credits. The more divided a deposit bonus is, the better it is for you as it allows you to place a number of bonus bets, rather than place one huge bet. Let's consider the following options and pick one that is of the best value:

• Sportsbook A offers you a $2,000 deposit bonus with a x10 turnover requirement.
• Sportsbook B offers you a $500 deposit bonus with a x1 turnover requirement.
• Sportsbook C offers you a $500 deposit bonus split into $10 bet credits. The credits require a x10 turnover requirement.
• Sportsbook D offers you a $250 deposit bonus split into $10 bet credits. The credits require a x1 turnover requirement.

There is one clear winner here and that is Sportsbook D. Although they offer the smallest amount, they allow you to place lots of individual bets, allowing you to test their product multiple times, and increase your chance of winning. They also only require a x1 turnover which is much more realistic that Sportsbook D, which would require you to win x10 with lots of smaller multiple bets.

A second chance bet is insurance against your first wager.

This means that if you lose your first bet you will receive your original wager back in the form of a bonus bet. The amount you can place as a first wager will be capped at an amount stipulated by your sportsbook.

Terms and conditions will vary but most online sportsbooks will require that you place only one initial bet. It is important to consider this fact when you are comparing bonuses. If a sportsbook offers you a $2,000 second chance bet, for example, you will need to place a $2,000 bet of your own money to claim your 'full' bonus. Although this means you will get $2,000 back in bonus bets, you will still need to deposit $2,000 of your own money, to begin with, and then lose that wager. The bonus bet will, in turn, contain a turnover requirement, and expiry date.

All this considered a second chance bet is still an excellent choice for a new customer. It allows you to place your first bet, safe in the knowledge that not all will be lost if you wager doesn't win, but it's always better to win since the bonus bets will only return you with winnings as withdrawable cash, not the full bet stake so it's harder to recoup the initial loss.

A bonus bet is a form of a voucher that allows you to place a wager for a designated amount. A bonus bet is not free money, as it will include a turnover requirement stipulated by the sportsbook. This means that you will need to win with the bonus bet a certain amount of times before it can be withdrawn as cash. This turnover requirement can vary anywhere between 1x and 25x.

There is also an expiration date for bonus bets, usually, this is 7 days.

Collecting a bonus should be a straightforward process. First, you need to sign-up to the sportsbook in question. If you click on the CLAIM button that is located beneath the sportsbooks we have listed then you will automatically be referred to the exclusive welcome bonus sign-up page which means you will automatically collect your bonus when you sign-up

Remember how you collect your bonus depends on what type of bonus you have.

If you have a no-deposit bonus you will need to first sign-up to the sportsbook in question and then claim your no-deposit bonuses.

If it is a deposit bonus then you will need first sign-up and make a deposit. Now, remember that the first deposit you make will be equal to the size of your bonus. So, if you deposit $100, you will receive $100 in bonus bets.

Finally, when you collect a second chance bet you will need to sign-up and claim your bonus. You should then automatically have your second chance bet activated with your first wager. Remember almost every sportsbook only allows you a second chance bonus with your first wager, so go a little wild with your first one, then you can settle for safer bets.

To collect your bonus you will need to go through the sign-up process. This will vary between sportsbooks but you will always need certain information. This includes:

• Full name
• Address
• E-mail address (verified)
• Social security number
• Proof of residency

Bonus bets? Second chance wagers? No-deposit bonuses? Well, it wasn’t going to be long before the pesky terms and conditions came along to rain on your parade.

Now, we are not saying that there is some real value in many of the welcome bonuses out there, but it is essential that you fully understand the T&Cs before you claim them. It’s as much about weeding out the misleading bonuses as it is about expectation management.

There are a few T&Cs that are pretty universal. The first is the concept of a bonus bet. We have already gone through this but it cannot be stressed enough that bonus bets are not free money. You will have to win with this bonus bet before you can potentially cash any money out. Sometime, this turnover requirement will be higher.

Another universal condition placed on bonus bets is a use-by date. The industry standard is 7 days but it can vary. If you do not use the bonus bets within these days the you say goodbye to your well-earned bonus bets.

There will also be wager requirements placed on your bonuses. This means that you must place a wager at minimum and maximum odds. You may also only be able to place a wager on certain events. Most bonuses will only be available for fixed odds wagers and moneylines.

There are lots of individual T&Cs that will be specific to each bonus. On our site, we look to highlight the major T&Cs so you don’t have to read through all the small print.

If you want to collect your deposit or second chance bet with a new sportsbook then you will need to make an initial deposit.

To do this you need to select a payment method. Most online sportsbooks offer these primary options:

• Visa/Mastercard
• Online Banking
• PayPal
• Cash in Cage
• Play+ (prepaid card)

At first glance, a Visa or Mastercard transfer might seem the most obvious, but we do not recommend this payment method, for a number of reasons. Firstly, many banks still do not permit payments to sportsbooks even if they are licensed and legal in your state. Secondly, if you do manage to deposit money into your account, you may not be able to withdraw your winnings using the same method. This can cause you all sorts of problems, especially if you cannot find a viable option.

It is always recommended that you use the same methods for deposits and withdrawals and by far the most popular and reliable platform is PayPal.

PayPal acts as a middleman and allows you to bypass the banking regulation. The platform also adds an added layer of security thanks to its state of the art encryption.

If you want to know more about using PayPal to deposit and withdraw funds then you can click on the link below.

Skrill is also growing in popularity and is a safe and reliable way to transfer funds. We have not listed it above as not all online sportsbooks currently offer it as an option. Currently the following accept Skrill:

• Bet365
• Unibet
• BetMGM
• Fox Bet

Skrill works almost exactly the same as PayPal and its interface is just as easy to use. Skrill is more commonly used in the sports betting industry whereas PayPal is used by all types of merchants. This has given PayPal a competitive advantage as more customers are already acquainted with their system and already have an account with them. However, Skrill’s platform is incredibly easy to work out and it should only take a few minutes to sign-up and have made your first deposit.

The main difference between the two platforms is that Skrill charges $5.50 on withdrawals and PayPal charges a 2.9% deposit fee along with a $0.30 flat fee.

If you would like to find out more about depositing and withdrawing using Skrill then we can recommend you click on the following link.