Sports Betting Bonus Types
Another marked difference between land-based and online betting is the welcome bonus. The modern punter would lean toward placing bets online for many more reasons, but one of the most talked about is the range of bonuses. But how well do you know your sports betting bonuses? Not as simple as it sounds.
While bonuses for sports betting can be very convenient because they give you more money, they nearly always come with conditions attached to them. Bonuses can come in many forms, such as free bets, stake bonuses, and cash back, and they always come with conditions that you have to fulfill in order to cash out. This article will act as a comprehensive sports-betting bonuses guide for you, and it will make things interesting with how SOFTSWISS is changing the game regarding exclusive and unique bonuses available only in the SOFTSWISS Sports betting platform.
Types of Sports Betting Bonuses
Firstly, here are the six most common sports betting bonus types:
- Wager Bonus
- Express Bet of the Day
- Comboboost
- Freebet
- Bet Insurance Bonus
- Cashback Bonus
Offering a well-structured mix of these common bonuses can make for a good strategy when it comes to attracting new customers or keeping the current ones.
Read on for their full descriptions – with examples – and enjoy!
Wager Bonus
A wager bonus is a sports bonus designed with the intent of requiring a player to complete the wagering requirements in order to convert it into cash. There are many different types of wager bonuses: the Sign-Up Bonus is bestowed in the wake of the first deposit; Events bonuses are bestowed for special sports events and occasions, etc.
How does it work?
To change a wager bonus into cash, you will have to place bets depending on specific multipliers, which vary from bookmaker to bookmaker.
So let's start the math about this bonus. Say the bettor puts in $100 and gets a 100% bonus for his deposit; then he is left with $200 in his wallet. Let us assume that the wager is x12, so the player is required to multiply 12 by 200, resulting in $ 2,400. The bettor has to wager in the amount of $2,400 in order to access this bonus.
As you can see, the value of the deposit and the value of the Wager bonus that is usually offered are added together. The wagering requirement goes with the whole working value of the sum.
Express Bet of the Day
Essentially, the Express of the Day is a sports bonus containing a pre-chosen set of events, with an included bonus rate on them.
How does it work?
The bookmaker accepts unlimited express bets in the Express bet of the Day. To make a wager, the player just needs to accept the terms of the bet. If the player makes any changes, the bet will no longer be an express one; it is not multiplied according to a certain field. It is a bonus in the form of a game of chance and luck: the bookmaker gives it, and the player simply must accept the offered risk.
Comboboost
Comboboost is an express bet-only sports betting bonus and thereby gives the player amplified odds to enhance a potential win.
How does it work?
In this case, the player made several single bets and included them in one Express bet to receive the Comboboost. Each bookmaker is free to illustrate different requirements that the player has to fulfill for him to get Comboboost. They include the number of express bets, the division of express bets, and so on, or even possibly its odds. If the player covers all the requirements, then he will receive special odds from the bookmaker.
Say, for instance, that the potential win is $800; a bookmaker gives you special odds, raising the potential winning sum to $960. The Comboboost is a good sports bet bonus, as if the wager wins, he makes more, but if he loses, he just loses the sum of the bet.
Freebet
Freebet is one of the most universal types of bonuses. You can use it on express bets, single bets, during live matches, and even pre-match activities.
SOFTSWISS Sportsbook incorporates three types of Freebets:
- No risk
- AllWin
- OnlyWin
No Risk: How Does It Work?
The player selects an event or collects an express; he decides to apply his risk-free bonus. He approves the bet, and here we go with three possible variants.
- The bet wins. The player gets his win and the bonus is written off.
- The bet loses. The player gets his bet amount in real money (no wager requirements). The bonus is written off.
- The bet wins partially. The player gets his winnings. The bonus is written off.
AllWin: How Does It Work?
A player has made a bet with the money that is not displayed in their purse. Bookmakers allow the players to bet with the company's funds. In case of a win, the player's winnings are credited in real money to his wallet, and if he/she loses, he/she doesn't lose anything in return. So it will be very simple: win-win.
OnlyWin: How Does It Work?
The main point of this sports bonus is that the player makes a bet by using the available bonus money to place a wager, but the amount in question does not really reflect in the player's wallet. Therefore, if the wager wins, the player keeps real money equal to the amount of the profit minus the bet.
Bet Insurance
Betting Insurance refers to an option offered to players, in case they are not sure that they will win their placed bet. Some sportsbook brands allow players to insure a bet at any point (it would normally be a paid extra service), while others make it available under a set bonus.
How does it work?
Bet insurance is very often based on the current odds for a particular outcome. You can insure the rate in full-or partially. Both regular and express bets can be insured. In case the sports bet loses, the part that was insured goes back to the player’s balance. It is a great option for almost all types of players: the risk is lower, so the winnings are not cut.
Cashback
There are many types of bonuses, but the Cashback bonus stands out as one of the most profitable perks for customers. The classic one is a partial repayment of a loss. For example, 5% of a lost bet. Usually, cashback is honored for a specific sport, championship, or competition, or it can also be intended for just one or a few games (with the caveat that the situation can change).
How does it work?
Cashback is usually returned as a free bet or a wager bonus depending on the sports brand that the player has selected. This type of bonus is among the ones most appreciated by players. It is somehow uplifting when the team you were backing loses or you are simply on a bad streak.
However, at the same time, the bonuses come with wagering restrictions, making the process not so explicit. Sportsbook companies, in most cases, have stringent requirements concerning wagering before they let the winnings become real money. Most of the time, it is pretty much impossible to accomplish-a lot of hoops to jump through.