Written by:
Paul Ricci
Fact checked by:
Oliver Dickinson
Updated:
July 23, 2024

Guide to Sportsbook Bonus Bets

If you are looking for sportsbooks offering safe betting, you have come to the right place. We know how hard it can be to find a good bonus these days, and the terminology has changed, too.

Most welcome offers are now referred to as the bonus bet on most sportsbooks. Others call it bet insurance, bet safety net, or second chance bets. Even though it may go by a different name, the bonus remains the same. You play a certain amount in the sportsbook and get this back when your bet loses.

Bonus bets are often given as a welcome reward. To find the best of these, you would have to scour the internet, something many bettors would rather forgo. Luckily, you have us to find these for you. We’ll look into some of the best bonus bets you get as a new signee.

List of Bonus Bets for New Sportsbook Players

DraftKings Sportsbook

4.8/5
  • Minimum deposit $5
  • Sleek and easy-to-use user interface
  • Plethora of betting options
  • Range of regular promotions
  • Limited withdrawal options
  • Needs a better rewards system
Bet $5, Get $150 In Bonus Bets
Play Now

FanDuel Sportsbook

4.7/5
  • Minimum deposit $10
  • Vast coverage of sporting markets
  • Supports ewallets & traditional payment methods
  • Promotions are kept exciting
  • App layout is a bit cramped
  • No NFL live streaming
Bet $5, Get $200 In Bonus Bets
Play Now

BetMGM Sportsbook

4.6/5
  • Minimum deposit $10
  • Plenty of payment methods available
  • Well-designed Android & iOS app
  • In-Game wagering
  • Football live streaming is not available
  • Customer service contact has to go through FAQs
Up To $1,500 in Bonus Bets
Play Now

bet365 Sportsbook

4.5/5
  • Minimum Deposit $10
  • Huge welcome free bet
  • Big sport market coverage
  • Easy and fast banking options
  • Few promos for existing players
Bet $1 receive $365
Play Now

Betway Sportsbook

4.5/5
  • Minimum deposit $10
  • Huge market coverage
  • Minimal requirements to cash out welcome offer
  • Features all major betting options
  • Few promos for existing players
  • Not easy to navigate
Bonus Bet up to $250
Play Now

Caesars Sportsbook

4.4/5
  • Minimum deposit $10
  • Reliable and user-friendly app
  • Most lucrative first bet promotion in the market
  • Huge market depth and coverage
  • Best rewards program in the industry
  • Experience can vary per state
  • Frequently changing its features
$1,000 First Bet on Caesars
Play Now

What are Bonus Bets?

Think of bonus bets as bet insurance. With this bet, the sportsbook promises to return your stake if your bet loses. The reward is often given as a welcome bonus where you get back your stake on the very first time you play at a new sportsbook.

A sportsbook will state the amount insured in your first bet. For instance, a sportsbook may offer a bonus bet of up to $100. This means that your first bet is insured for a maximum of $100. Any amount above this is not insured.

With bonus bets, your account is refunded if you lose, but in most cases, you cannot withdraw the bankroll the sportsbook adds to your account. You have to honor playthrough requirements before you can request a cashout. As such, it carries inherent risk, hence the name change.

Rewards like these are given so bettors interested in trying out a new sportsbook can do so without worrying about losing the first time they play.

Top Bonus Bets at US Sportsbooks – welcome offers

We conducted thorough research to find bonus offers that give you bonus bets you can play legally as a new bettor. Look through our picks of the best offers out there and pick one that works for you.

🥇Caesars Sportsbook – Up to $1,000 back as bonus bet if you lose your first wager

With a sleek interface and a rich gambling history, Caesars Sportsbook is the ideal betting site. It caters to the American betting fan in more ways than one. The site offers top-notch quality from the betting markets to the sports coverage you get.

Here, new players get a bonus bet that gives back their stake of up to $1,000 if their first wager loses. Place a bet for the first time on the sportsbook, and the site will refund the bet for up to $1,000.

Caesars Sportsbook

4.4/5
  • Minimum deposit $10
  • Reliable and user-friendly app
  • Most lucrative first bet promotion in the market
  • Huge market depth and coverage
  • Best rewards program in the industry
  • Experience can vary per state
  • Frequently changing its features
$1,000 First Bet on Caesars
Play Now

🥈BetMGM – Get a bonus bet of up to $1,500 on your first bet if it loses

BetMGM is one of the gambling brands that needs no introduction. The online sportsbook for the brand gets it right on many fronts, and the experience does show. The sportsbook offers a whole gamut of betting options, with top leagues across the world all in the mix.

The welcome bonus for new players comes in bonus bets. Place your first wager in the sportsbook, and you will get back your stake for up to $1,500 if it loses. With a reward like this, you don’t have to sweat your first bet.

BetMGM Sportsbook

4.6/5
  • Minimum deposit $10
  • Plenty of payment methods available
  • Well-designed Android & iOS app
  • In-Game wagering
  • Football live streaming is not available
  • Customer service contact has to go through FAQs
Up To $1,500 in Bonus Bets
Play Now

🥉bet365 – $1,000 safety net on your first bet or $150 in bonus bets after a $5 wager

bet365 has a sleekness that makes you enjoy placing your bets here. Banners for new offers run across the top of the screen so that you see all the featured rewards on the betting site. New players get one of two bonus bet rewards.

The first is a first-bet safety net of up to $1,000. This will give back your stake to the tune of $1,000 if your first bet loses. On the second reward, members get $150 in bonus bets when they make qualifying bets of $5.

bet365 Sportsbook

4.5/5
  • Minimum Deposit $10
  • Huge welcome free bet
  • Big sport market coverage
  • Easy and fast banking options
  • Few promos for existing players
Bet $1 receive $365
Play Now

🎖️FanDuel – $150 in bonus bets if your first $5 bet wins within 72 hours

FanDuel is a brand that gets sports betting from the fan’s perspective. There are hundreds of exciting events to place your bet on, and the markets are wide-ranging.

FanDuel promises to give you $150 in bonus bets when you sign up, deposit $5, wager this, and win within 72 hours of placing your bet.

FanDuel Sportsbook

4.7/5
  • Minimum deposit $10
  • Vast coverage of sporting markets
  • Supports ewallets & traditional payment methods
  • Promotions are kept exciting
  • App layout is a bit cramped
  • No NFL live streaming
Bet $5, Get $200 In Bonus Bets
Play Now

🏅DraftKings – Get a 20% deposit match for up to 1,000 DraftKings dollars

DraftKings is the quintessential betting site for US players. It has a hipness that makes you feel cool to play here. You will feel even cooler with the promo bets the betting site is giving out.

At DraftKings, you get a 20% match on your first deposit of up to $1,000 when you make a minimum deposit of $5. Your reward is playable on all kinds of sports markets, so claim it and be part of the action.

DraftKings Sportsbook

4.8/5
  • Minimum deposit $5
  • Sleek and easy-to-use user interface
  • Plethora of betting options
  • Range of regular promotions
  • Limited withdrawal options
  • Needs a better rewards system
Bet $5, Get $150 In Bonus Bets
Play Now

Borgata Sportsbook – Get $100 in bonus bets when you bet $20

Borgata Sportsbook is a well-known brand among betting fans for its great features. One of the things you will like about the betting site is that it gives you $100 in bonus bets when you bet $20.

Borgata is best loved for its focus on US sports. A tab runs atop the page with icons for all the top leagues, from the NBA to the NFL, MLB, and more.

DRF Bets – Get an insurance bet of up to $500 if your first bet loses

DRF Bets is one of the sports wagering sites with a comprehensive list of horse racing events. It’s the perfect destination for a horse racing fan.

A bonus reward that refunds your first bet to the tune of $500 if it loses makes it even more of the ideal sportsbook. You have to make a $50 deposit and bet $10+ of this deposit to qualify for the bonus.

Tipico – Deposit $50 or more and get $150 in bonus bets

Tipico is exhilarating to play at for the betting markets you get. The bonus rewards are also quite amazing. At Tipico New Jersey, the deal is you make a wager in real money worth $50, and the sportsbook gives you $150 in promo bets.

Aside from this, players have other welcome offers to choose from, like deposit matches. Rewards vary from state to state.

Tipico Sportsbook Review

4.4/5
  • Minimum Deposit $10
  • An easy-to-navigate site, user-friendly enough for beginners
  • Wide range of sports betting markets & betting options
  • Same Game Parlays
  • Live Betting & Early Cashout
  • Only available in four states
  • Small welcome bonus
  • Not as many betting markets as the top sportsbooks offer
  • Promotions and rewards for existing customers could be better
  • Limited withdrawal options
  • No live streaming
Bet $25 and Get $100 in Bonus Bets
Play Now

Betway – Get a first bet reset of up to $250

Betway is a renowned name in sports betting. While it may have started out in the UK, Betway offers its services to players in the US as well. Here, you get a bet reset of up to $250 for your first wager if it loses.

This is essentially a second chance bonus where you get to place your wager again. With this offer, you can pick the best odds and stake high since you can’t really lose.

Betway Sportsbook

4.5/5
  • Minimum deposit $10
  • Huge market coverage
  • Minimal requirements to cash out welcome offer
  • Features all major betting options
  • Few promos for existing players
  • Not easy to navigate
Bonus Bet up to $250
Play Now

How to Get Bonus Bets

Getting bonus bets is easy. Sportsbooks are virtually throwing these at players everywhere you turn. But how exactly do you go about it? Well, it starts by choosing a bonus you like. We have the best of them outlined for you here. Start with those and pick one that you prefer. Go about claiming the reward by following these steps:

1. Head for the sportsbook site

After looking through all the bonus rewards we have laid out for you, it is time to claim your reward. Click ‘Claim’ or ‘Play Now’ on the bonus you are interested in. Our link will lead you to the bonus offer on the signup page.

2. Create your account

You have to open an account with the sportsbook to claim your reward. Do this by filling out the information on the signup form. On the signup form, you will be asked to fill in basic details like:

Information like this just helps to show that you are a unique player who has not been on the sportsbook under another name. It also shows that you are playing from a location the sportsbook accepts.

The sign-up process may include KYC (know your customer) identification, which will require you to upload some documents. These are often your driver’s license or ID for identification and a bill showing your residential address for proof of residency. Most US betting sites forgo the above by instead asking for your SSN’s last four digits.

Some sportsbooks leave this part out until it is time to cash out since the information is required to verify your identity before your winnings are released.

3. Place a qualifying wager

A welcome bonus like this is sometimes referred to as a second chance bet since you only get it once you have made a qualifying wager. The sportsbook will need you to make your first wager in real money, which unlocks the bonus.

Different betting sites have differing rules on what the qualifying bet is. Oftentimes, the rules state the minimum amount you have to wager to qualify for the bet. You can also find information on the type of bet you can place. It is important that you check the terms and conditions under your bonus reward to find out what betting site considers a qualifying bet.

Other promotions, such as bet boosters, bet builders, and odds boosters, are often disallowed. As such, you cannot use a profit-boosting promotion on your bet since it disqualifies it.

4. Get your winnings or a refund

There are two ways things could go when you place your wager. You could win or lose. If your qualifying wager wins, then that is it. However, you need not fret about your lost bankroll if it loses, since the betting site will refund it.

The second-chance bets you get will match your lost bankroll. You cannot withdraw these immediately as there are turnover requirements to fulfill before you can cash out. Enjoy your bonus bets and cross your fingers for a win this time.

Are Bonus Bets Real Money?

Bonus bets are an exciting promotion that lets you know that you can always try again when you don’t clinch the win on your first try. The fact that you get insurance on your bet aside, it is important to reduce bonus bets to their bare bones.

Are they real money? We cannot expressly call bonus bets real money—why we cannot do this is that you cannot withdraw the bankroll the sports betting site gives you until you fulfill the wagering requirements.

That said, these turn into real money that you can cash out from the sportsbook once you honor the wagering requirements. Bonus bets would be real money if they were not for the terms and conditions you have to fulfill before you can cash them out.

It’s not like the casino gives you cash and lets you do whatever you like. In some cases, players are often unable to cash out their winnings for not abiding by the terms and conditions.

Sportsbook Bonus Bets T&Cs

Bonus bets, like any other bonus reward, have some fine print attached. While players may recoil at the mention of terms and conditions, these are there to keep bettors honest and define what qualifies as a bonus and what doesn’t.

It is the terms and conditions that let you know whether a bonus reward is worth claiming or not. Here are some terms you will likely encounter when claiming bonus bets.

Are Bonus Bets Only for New Players?

Bonus bets are typically given out to new players. The logic behind this is that you get a second chance to play a new bet when your very first bet at the betting site is not a winner.

Even though bonus bets are known to be mostly an offer new players get, they are not, however, the preserve of a new signup. Sportsbooks may offer bet insurance for returning players as well.

An offer like this could very well be given out as a weekly reward where bets you place on, say, Monday come with bet insurance up to a certain amount. As such, it is not out of the norm to find a bonus like this as the welcome bonus, while returning players get one of their own, albeit lower-priced.

Alternative Sports Betting Welcome Bonuses

Bonus bets are an exciting prospect for the simple fact that you get to place your bet a second time, but there are so many other alternatives to it. One common alternative players get when signing up is the deposit match. Here is a look at some of the other sports betting welcome bonuses you can get aside from bonus bets.

Best Use of Bonus Bets

Bonus bets carry a thrill about them that makes them a favorite among betting fans, but how do you turn the fun of playing bonus bets into profits? We have some pro tips that will help you make better use of your bonus bets.

Conclusion

Bonus bets are a reward that both bettors and sportsbooks like. The reason these bonuses are such a darling to all in the gambling world is pretty straightforward: Betting sites attract new players, and bettors wager more than they deposit.

The best sportsbooks for US players will have versions of this deal that are quite hard to resist. For starters, it does not carry the insane wagering requirements you are likely to come across on your regular sportsbooks and casino bonuses.

Besides, you will likely get more of these on the weekly rewards, which could help you get more wagers out of your bankroll. Pick the best of these, and you are double sure your bet is the winner. We advise, however, that you take a good look at the fine print as you claim the reward. 

AUTHOR
Paul Ricci

Paul Ricci is a resident sports writer at Minimum Deposit Betting Sites, largely focusing on the US betting landscape. His main interests lie in football (both the US and the non-US variants) and in developing and writing low-stakes betting strategies.