Bonus bets are an innovative way for sportsbooks to welcome new players with real money wagering while still allowing them to keep any winnings if the bet pushes or loses, providing newcomers with an opportunity to explore unfamiliar sports or betting markets without risk of financial loss.

Bonus bets do come with certain terms and conditions that should be taken into consideration, including rollover requirements, event-specific criteria, and time limitations.

What is a bonus bet?

Bonus bets are site credits awarded to players to enable them to place wagers without risking real money. Each sportsbook may impose different terms and conditions that govern eligibility, redemption procedures and criteria that must be fulfilled for winnings to become real cash winnings.

Timing of bonus bet awards varies, as can their recipient. New customers may receive them as part of their sign-up offer (known as “sign-up bonus”) while existing customers might get them through redemption bonuses (“redemption bonuses”). Either way, bonus bets typically have an expiration date that can be seen on the sportsbook rewards page.

When placing bonus bets, take care to only select wagers which cannot end in a tie or push result if possible; this will protect your stake and allow for the maximum potential gains if successful.

Some sportsbooks allow bonus bets to be used across an array of markets while others restrict them to certain games or events. Furthermore, some can include a playthrough requirement that specifies the number of times that credit must be wagered and won before becoming available for withdrawal; this helps the sportsbook keep as much credit as possible while decreasing fraudulent activities.

How do they work?

Bonus bets (or bet credits, as they’re also known) are an attractive incentive offered by sportsbooks to new and existing customers alike. Once certain conditions have been fulfilled, they can be redeemed as cash and bettors can use them on selected markets. Each sportsbook may offer different terms and conditions surrounding its bonus bets but most are designed to attract new players while simultaneously maintaining existing ones.

As such, they often come with specific odds restrictions designed to avoid heavy favorites being bet on with these bets. Although this may appear counterintuitive, such restrictions help maximize expected value (EV) of any bet placed with such odds restrictions.

Bonus bets work differently from regular bets in that winnings are calculated differently; winning bonus bets pay out odds less their stake, so for example a $100 bonus bet at odds of 10 will return $200 in winnings.

When you are ready to place your bet, simply add your bonus bets to the bet slip and check the “Bonus Bets” box. Any winnings from your bonus bet will then appear as separate fields with green backgrounds once your wager has been completed and can be withdrawn as cash whenever desired.

How do I get a bonus bet?

Bonus bets can be an attractive incentive for new customers or part of ongoing promotions, and all bonuses have specific rules that must be fulfilled to turn them into cash winnings.

Bonus bets typically don’t factor the stake amount into their payout, meaning winnings are calculated based on profit alone and can make them simpler to use since you won’t risk any of your own money; however, pushes may still occur and they typically expire after a specified number of days or wagers have been placed.

One effective strategy for optimizing bonus bets is focusing on markets with odds of winning of +300 or greater, to reduce variance and maximize returns. OddsShopper will enable you to quickly identify any opportunities.

Some bonus bets require a specific promo code to claim, while most will automatically appear after making a qualifying deposit or bet. Once claimed, these bonus bets will appear as “BONUS BET” on your Betslip and won’t reduce your cash balance; expiry dates vary among sportsbooks – please check terms and conditions for details on that specific bonus bet’s expiration.

How can I maximize my bonus bets?

If betting with bonus funds, one way to maximize expected value is by placing long shot Positive EV bets or building positive EV parlays. Since bonus bet stakes won’t be returned if a bet pushes/ties, higher odds on winning bets mean greater expected value.

By taking advantage of bonus bets in this way, bonus bets can also be leveraged across several sportsbooks using matched betting (or promo conversion) you can leverage bonus bets into guaranteed profits risk free – you simply find a line priced near to that of your bonus bet side and make two bets with different sportsbooks so as to lock in profits regardless of who wins the matchup! To take this route is another effective strategy to using bonus bets; find an appropriate platform and follow these steps and matched betting is also known as promo conversion or promo conversion; to use this technique simply find two lines priced nearer the side with which to bet hedging; find one closer priced than it in price at different sportsbooks before locking in profits no matter who wins outright!

Bonus bets and deposit bonuses often come with their own set of rules and conditions that govern everything from how they can be used to how many times they must be wagered before withdrawing them as real money. Wagering requirements, minimum odds restrictions and expiry dates should all be kept in mind before withdrawing these funds as real cash; but even with such restrictions there are ways you can leverage bonus funds to increase winnings while growing your sportsbook bankroll over time.