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Sportsbook Bonus Offers: Terms and Conditions
Before claiming your bonus, make sure you check the T&Cs of the offer. By doing this, you can understand the limitations and requirements attached to the promotion. When reading the terms and conditions, keep the information below in mind.
Division of Funds
After making your first deposit, you will see that your deposited funds and bonus money appear separately in two balances: real cash and bonus funds. Although the sum of the two balances equals your total bankroll, you can only withdraw cash from your real cash balance. Online betting sites separate your bonus from your deposit to stop you from cashing out straight away. As a result, you can only withdraw out your bonus funds when you’ve met the wager requirements.
Bonus Wagering Requirements: How They Work
Also known as turnover requirements, these requirements come as a multiplier: 5x, 10x, 20x, 50x, etc. The multiplier tells you how much money you need to wager to cash out your bonus money. For example, if you claim a 50% match deposit bonus with a 5x wagering requirement, you have to wager 5x the bonus amount and the match deposit before you can withdraw.
Using the example bonus terms above, let’s imagine you’ve paid $10 into your account. Below is the formula.
Initial deposit ($10) + 50% deposit match bonus ($5) = total deposit ($15) x wagering requirement (5) = amount needed to wager to withdraw ($75).
Therefore, to withdraw any money won with the bonus cash, you would have to place a total of $75 on other bets.
Competitive turnover requirements are around 5-20x. Sportsbook wagering requirements are much more favorable than online casino bonuses. In rare cases, some online betting site offers have no wagering requirements.
Sportsbook Bonus Payout Limits
If you hit the big time when wagering with bonus funds, your winnings could be capped. So, remember to check this to avoid surprises when withdrawing. In fact, most online sportsbooks place a maximum payout limit on all bets to stop them from going bankrupt. However, these are usually above $250,000.
What if I Don’t Meet the Bonus Wagering Requirements?
If you don’t meet the wagering requirements, you will forfeit the initial bonus amount and any money won with the bonus funds.
Different Types of Online Sports Betting Bonuses
Online sportsbooks offer various bonuses and promotions to attract new players and keep existing ones happy. The main types are as follows:
- Welcome Bonuses – these are usually a flat percentage of your first deposit, up to a fixed maximum threshold.
- Deposit/Reload Bonus – an additional bonus for any deposits made after your initial payment
- Risk-Free Bets – a promotion that refunds the stakes of a losing bet
- No Deposit Bonuses – a sign-up bonus that requires no deposit
- Free Bet Tokens – Sportsbooks credit free bet credits for various reasons, such as loyalty bonuses or losing in extra time
- Odds Boost Promos – enhanced odds for specific wagering opportunities
- Parlay Insurance – these give you a consolation prize if one of the selections on your parlay bet doesn’t come off (usually as a free bet)
- Cryptocurrency Bonus – some sportsbooks give you more bonus funds if you deposit with bitcoin or other cryptocurrencies.