What is a Bonus Bet?

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What is a Bonus Bet?

Author: Devin Erickson-Sheehy | Last Updated: February 6, 2024

A bonus bet is a typical promotion offered by sportsbooks to entice both new and returning customers.

Bonus bets can vary depending on a specific offer but are usually granted for betting a particular amount or as bet credits to reimburse a losing wager. These are the most common offers from prominent online sportsbooks, including FanDuel, DraftKings, BetMGM, Caesars, and others.

Bonus bets are non-withdrawable currency. However, any bet you win using bonus bets can often be withdrawn (though terms and conditions may vary). They are among the most common sportsbook promos you will see.

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Bet and Get Promotions

When it comes to bonus bets, a bet and get promotion works like this: Place a bet for a fixed amount (i.e $10) and receive a bonus bet. The size of the bonuses can vary greatly although it is not uncommon to see bonuses as high as $100-200 for new users.

If you want to claim bonus bets using a bet and get a promotion, consider the following betting apps:

  • DraftKings: New users at DraftKings who sign up and make their first deposit can instantly qualify for $200 in bonus bets by making their first real money wager of just $5.

  • bet365: New customers at bet365 can claim $200 in bonus bets when they sign up and place their first bet of just $1.

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Bet Credits Back (If You Don't Win)

Another form of a bonus bet is a bet credit. Many online sportsbooks offer users bet credits back if their first bet doesn't win. This essentially acts as a second chance bet as your entire stake gets reimbursed in the form of bonus bets.

For example, you sign up and place a $50 bet that doesn't win. In this case, you would receive a $50 bet credit that you could then use to place additional bets on the sportsbook app.

Many major online sportsbooks offer bet credits back, including:

  • BetMGM: New customers at BetMGM can claim a first bet offer of up to $1000 redeemable in bet credits if they don't win.

  • Caesars: When you sign up at Caesars, you are eligible for $250 in bet credits with your first $50 bet.

  • BetRivers: You can claim a second chance bet worth up to $250 at BetRivers by signing up and placing your first bet.

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Bonus Bets for Existing Customers

You don't have to be a first-time customer to claim bonus bets. Nearly all online sportsbooks offer recurring bonus bet promotions to existing customers with weekly contests and ongoing specials for select events.

You will often see these promotions as a no-sweat bet (bet credits back) or a bet and get, where wagering a set amount on an event will give you additional bonus bets.

You can find bonus bets all season long, including at the top NFL betting sites.

Devin Erickson-Sheehy

Devin is a diehard New York sports fan and betting expert. He supplies a wealth of knowledge about everything online gambling, providing readers with up-to-date tracking on the latest trends, industry news, and betting offers.