Types of New Account Bonuses
You’ll find three main types of new player welcome bonuses offered by online bookmakers in 2017, here’s what they are and how they work:
A deposit is the classic online gambling bonus offer and there’s a good chance you’ll have bumped into them before. They are especially popular at online casino and poker sites but some are available for sports punters as well.
They are pretty much universally 100% offers but max bonus amounts vary.
How they work:
- The bonus is a 100% deposit bonus up to £200
- You sign up and deposit £100 into your account
- You bet your £100 once over at odds of 2.0 (evens) or better and, win or lose that bet, your £100 in bonus cash is released.
- A wagering requirement must then be met to withdraw the bonus money. Usually 3 x deposit + bonus amount so in our example it’s £600.
- Place a total of £600 worth of bets in the allotted time period and withdraw your bonus funds.
Free Bet Offers
Probably the most common form of sports betting bonus you’ll find for bookmakers offering to new account holders are free bet deals.
Size and shape vary widely but £20-£25 in free bets is about the industry average with anything lower considered tight and anything above considered generous.
How they work:
- The offer is a £25 free bet.
- You sign up and deposit £25 using your chosen method.
- Bet your £25 at odds of 2.0 (evens) or bigger.
- Win or lose you’ll get a £25 free bet added to your account to use on anything you want.
- Bet your £25 free bet and any winnings are available to withdraw straight away (stake amount is not returned)
Enhanced Odds Specials
These offers are getting more and more popular and you’ve probably seen them on TV adverts or plastered all over Twitter and Facebook of late.
They range massively depending on what sporting event is hot at the time but they are always limited to a smallish maximum bet on a hot favourite at very long odds.
How they work:
- The offer is Chelsea to beat Sunderland enhanced to 7/1 (max bet £5)
- You sign up and place your £5 on Chelsea to win the match
- Chelsea win and you get paid out £35 in free bets (if they lose you’ll usually get a token £5 free bet as a welcome gesture)
- You bet your £35 in free bets and can withdraw any winnings minus the stake amount.
Note: often these provide better value than the standard bookmaker opening account bonus but there’s obviously an element of risk involved.
Betting Bonus FAQ
What makes a good bonus?
As touched on above the industry standard for a bonus amount is £20-25 with anything lower being considered poor and anything higher generous.
However, you must also consider how much you need to bet to release your free bets or bonus. If you only have to bet £5 to get £20 then it’s a MUCH better deal than if you have to bet £20 to get £20.
Deposit bonuses are a little different to free bets and enhanced offers because you’ll have to meet a wagering requirement to get your bonus. You will always get a bigger bonus here but you’ll have to bet more to withdraw it. Anything less than 10 x bonus amount + deposit amount can be considered good.
How to withdraw a betting bonus?
You’ll always have to meet some kind of criteria to withdraw your bonus. If the offer is a free bet of some kind then you will have to first release the free bet, then use the free bet on a winning bet then finally you can withdraw any winnings.
You can never just withdraw the free bet and if your free bet wins you will only get the winnings and not the stake amount to withdraw.
As already mentioned with deposit bonuses you must meet the wagering requirements set out in the terms and conditions to get your cash out, which highlights the importance of checking T&C’s before you dive in.
The good new on this front though is that sports bonuses have the lowest wagering requirements in the gambling industry, just check these casino bonuses and you’ll see what we mean.
Are new account betting offers a scam?
Some punters do feel a little scammed by betting bonuses and to be honest they are advertised a little sneakily. You always have to jump through certain hoops to get at the bonus money, release it and then withdraw it.
It’s a bit far-fetched to call these offers a scam but they could be advertised in a more transparent way so new punters don’t get caught out. Once you know the deal then you know what to expect from welcome offers.