A sportsbook real money free bonus is a great way to build up your betting bankroll. These offers are offered by a number of top online sportsbooks and can come in the form of bet credit, free bet tokens, and other promotional bonuses. These promotions are usually available only for a limited time and may require a promo code to redeem. Some offer boosted odds for specific bets, which can be especially lucrative during major events.
Bet credit, or bet & get, is the most common type of sportsbook bonus available for new customers in legal U.S. markets. It functions the same as cash, in that you can place bets with it and win or lose. However, unlike cash, your winnings are capped at the amount of the initial bet credit. The amount of the bet credit will then be converted to real cash once you place a qualifying wager.
Some sportsbooks will offer a first-time player bonus in the form of a free bet, wherein your losing bet will be refunded in bet credit up to a maximum amount (usually around $200). This is a great way for new players to try out the site before making a deposit and can help you decide if you want to continue playing there.
Sportsbooks also often run ongoing promotions that provide bonus bets or bet credits to their existing customers. These types of offerings can be found on a sportsbook’s promotions page or as part of its revolving daily promotions. For example, DraftKings sportsbook offers Parlay Insurance, whereby a losing parlay is refunded in bet credits up to $150. However, this offer is only valid if the parlay has at least four legs and you lose by one point.
Most sportsbooks will also have reload bonuses. These are similar to sign-up bonuses, in that they will increase your deposit amount by up to 50-200% if you make a certain number of deposits within a specific period. These can be particularly useful if you are betting on high-profile games such as the Super Bowl, which tend to attract large wagers.
These bonuses are typically subject to rollover requirements, which are designed to prevent players from taking advantage of a free bet and then withdrawing all of their winnings. These terms are usually written in small print, but are necessary to protect the sportsbooks from predatory operators. The most common rollover requirement is 2x, although some have much more severe ones such as 10x or 20x.
A sharp sports bettor will take advantage of all these bonus offerings at a sportsbook, even if they aren’t worth much in the long run. In fact, a smart sports bettor will constantly be line shopping across multiple sites and use all the tools at their disposal to maximize the potential of any bonus or promotion. For instance, they should use a line comparison tool to find the best lines for their bets and always read the terms of each offer.