A Bonus bet is a form of betting credit that sportsbooks give to their customers. These bets don’t count as real money, but can be used to place winning wagers. Bonus bets are sometimes subject to playthrough requirements and other terms.
They’re a great way to try out new strategies without risking any of your own cash. They also help you build a longshot parlay you wouldn’t normally place.
A bonus bet is a form of betting credit offered by sportsbooks to new customers. It’s usually tied to a specific market and comes with certain wagering requirements. It’s a great way to try out a sportsbook without risking real money. These offers are not as common as deposit bonuses, but they are out there.
Sportsbooks offer these bonus bets as part of their signup and reload promotions. They can come in the form of free bets, matched bets or money-back offers. They have a number of pros and cons, but they are still worth trying out if you’re considering making your first bet with a sportsbook.
While the main advantage of bonus bets is that you can use them to place a bet without spending any of your own money, they do have some drawbacks. For example, you can’t withdraw the bonus funds if you lose your first bet. This is why some people avoid this type of offer and prefer a deposit match bonus instead.
Bonus bets are a great way to boost your winnings without risking your own money. They also encourage bettor exploration of unfamiliar sports and betting markets. Those bets can pay off big, especially if you place them on underdogs or a spread-based wager. Another way to maximize the value of these bets is to use them as a second chance when you lose a wager. This is known as matched betting, and it’s mathematically guaranteed to provide you with some sort of return on your bet.
There are a few different types of bonus bets available from online sportsbooks, and each comes with its own set of terms and conditions. The most common type of promotion gives new customers a number of free bets as a sign-up bonus, while other promotions only award them after meeting specific requirements. These requirements vary by sportsbook, but they usually include a playthrough requirement that determines how many times the bonus credit must be wagered and won before it can be withdrawn as real cash.
There are some sportsbooks that offer bonus bets to existing customers as well, although these tend to be less lucrative than their sign-up offers. One such sportsbook is DraftKings, which offers players up to $150 in bonus bets, which can be placed in any market. The company also allows players to split their bonus site credit into smaller bets for more flexibility.
Bonus bets are a great way to try out a new betting strategy without risking real money. They usually appear as a separate section of your account marked “bonus.” Bonus bets can only be used on sports and horse racing events, and aren’t allowed on exotic horse race products like trifectas or quaddies.
They also have different rules than standard site credit, such as playthrough requirements that require the player to bet a certain amount of time before the bonus can be withdrawn. For example, DraftKings currently offers $150 in bonus bet credits, which are credited to your account instantly once you place a qualifying wager.
Bonus bets are not as valuable as actual site credit, but they can help you build a bankroll if you use them correctly. One popular method for using them is to find a game with odds that are fairly equal on either the win or loss, known as matched betting. This will guarantee that your bonus bet will be returned, though you may not get all of it back.
Bonus bets allow you to place a wager without risking your own money. In the event that your bet loses, the bookmaker keeps only the bonus stake and you keep the rest. This means that you can try out different betting strategies without affecting your bankroll. However, it is important to remember that bonus bets don’t come with the same level of protection as real money.
Depending on the type of bonus bet, there are various rules that must be followed in order to maximize your potential winnings. For example, many sportsbooks offer bonus bets that are subject to a playthrough requirement. These requirements usually involve placing bets that are equal to or greater than the amount of the bonus bet. This can be quite a challenge, especially for newcomers to online gambling.
One of the best ways to make use of a bonus bet is to place it on a big underdog. This strategy is mathematically proven to maximize your expected value over the long term. The bet credit is used to back up a wager placed on the opposite market and the return of the original bet doesn’t count towards your potential winnings. This is known as matched betting and it is often the most effective way to use bonus bets. However, be aware that some bookmakers limit the odds on which a bonus bet can be placed.