How to Take Advantage of Online Sportsbook Bonus Money

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When sports betting became legal in the US, a number of online sportsbooks offered free bets to lure new players into making deposits. These offers are also known as sign-up bonuses, match-up bonuses, or bet insurance. They work much like the Buy 1 Get 1 free type of retail offers, except that the product is bets instead of merchandise. These bets can help you build your bankroll, test out a strategy, or even win big!

The best way to take advantage of these welcome offers is to make sure that you read the full terms and conditions. It is important to do this because the terms and conditions will have specific requirements that must be met in order to cash out the money or bet credits that you receive. For example, a sportsbook may require that you bet the free money or bet credits at least once through the site before they will let you withdraw them. Other terms and conditions that may be imposed include minimum odds that your free bets must meet.

Aside from offering free bets, some sportsbooks also provide bonuses for existing customers. These offers may vary but are usually based on loyalty or referral programs. These types of bonuses are not as common as free bets but can be beneficial for players who wish to stay with a particular sportsbook. For instance, some online sportsbooks offer NBA parlay insurance where you will receive bonus bets if your parlay loses by one point.

Another great way to maximize sportsbook free bets is by taking advantage of revolving promotions. These are often run on a daily basis by the sportsbook to reward its regular players with extra value. For instance, DraftKings currently offers NBA parlay insurance on Wednesdays where you will be given bonus bets if your SGP (same game parlay) loses by one point.

Many online sportsbooks will have a “Bonus Money” or “Free Bets” page on its website that lists all the current promotions available to their players. These will be listed by sport and then alphabetically by event. This makes it easy for sports bettors to find the offer that is right for them and take advantage of it.

These bonuses are a great way to try out the sportsbooks that you have in mind for your future wagering habits. They can be used to place longshots or a variety of other types of wagers. However, it is important to remember that sportsbooks are not charities and are in business to make profits. This means that they are more likely to favor bets that will yield a larger profit for them.

While there are a lot of benefits to using free bets, they do come with some drawbacks as well. The main issue is that they can quickly erode your sportsbook’s profit margin if you use them too often. This is especially true if you place a large percentage of your bets on underdogs or longshots that aren’t likely to win.