Online sportsbooks offer a variety of promotions for new players and existing sports bettors. You can get some more bang for the buck by taking advantage of odds boosts, while bonus bets provide you with some insurance on select wagers. This page covers everything you need to know about sports betting bonuses and promos, including how to spot a good deal and when to take a pass.

Best sportsbook promos for March 2023

UP TO $1,200 BONUS
New User Bonus. T&Cs Apply.
Top Features
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Claim Your $1,200 Bonus at DraftKings Sportsbook
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On Caesars
Top Features
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+ get 1,000 Caesars Reward Credits
+ also get 1,000 Tier Credits
Redeem for Bet Credits, Hotel Stays, & More!
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$1,050 BONUS
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Top Features
BetMGM Exclusive $50 Bonus after First Bet
$1,000 Paid Back in Bonus Bets
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$1,000 Paid Back in Bonus Bets + $50 After First Wager
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2nd Chance Bet
Top Features
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Bet $20
WIN $200
In Bonus Bets
Top Features
Exclusive Offer
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Latest sportsbook promotions and bonus codes

Sportsbook bonuses and promotions are common for online sports betting sites. They are a way for the books to attract users and boost ongoing play, while customers benefit by having the potential to gain a little something extra for their efforts.

The competitive nature of the industry means that there are a good number of incentives available. If you’re looking to try a new site or app, you should be doing your due diligence to maximize your benefits and also looking for sportsbook promo codes to lock in the offers.

Most of the bonuses and promos are pretty straightforward, but terms and conditions will apply. While researching welcome bonuses or ongoing promos, be sure to check the fine print to make sure that the offer is one that works for you and your situation.

Online SportsbookTotal Welcome BonusPromo Code
DraftKings$1,200Click to claim promo
bet365$365None – Use Links
PointsBet$250None – Use Links
FOX Bet$50None – Use Links
Golden Nugget$250PLAYBONUS
Hard Rock$100None – Use Links

How sportsbook bonuses, bonus bets, and promo offers works 

As mentioned, the actual offers will vary by the sportsbook. Many will make them exclusive to sports betting, while others will also tie in incentives for other products. For example, DraftKings and FanDuel may also offer casino bonuses for their offerings in that space. Here are some of the most popular offers and how they work:

Bonus bets explained

Some sportsbooks will allow new users to make their first bet in bonus fashion after an initial deposit. If you place the wager and it loses, you’ll receive a refund for the amount of your stake in the form of site credits or bonus bets up to the maximum value of the offer. The amount returned isn’t withdrawable, and you must play it through on the site. Here’s an example of how it works:

If you happen to win the bet, there is nothing to be credited for. Both your winnings and initial deposit are yours to do with as you wish. Assuming the above scenario happens and the Reds win, you can use the site credit in full to place another bet.

If you win that one, Caesars will credit your account with the profit from the wager, but not the site credit with which you placed the bet. In addition to Caesars, sportsbooks like DraftKings, FanDuel, and BetMGM have all used promos of varying amounts, sometimes for as much as $1,000.

Things to consider: The standard bonus bet offer for new users will typically apply to your first placed wager only, so be sure to choose wisely. There’s no need to rush and bet on a random event that you have no interest in just for the sake of using it. Take your time and review your options before making your bet while being mindful of the terms, conditions, and timeframe that you have to work with.  

Sportsbook deposit matches 

Certain books will match your first deposit after you sign up. Naturally, there will be limitations, but sportsbooks have dished out some generous offers through the years, sometimes for as much as $1,000. The matching funds will arrive as a percentage of your deposit. Some books offer just 20%, but many will match 100%.

The matched funds are now yours to do with as you wish, but some restrictions will apply. There may be a time limitation on using them up, and the actual amount of the credit is not withdrawable. As always, review the terms and conditions of the offer for specifics.

Things to consider: A deposit match provides you with bonus funds to play with, and it can be a real boom for your bankroll. Taking advantage of the maximum on these types of offers makes plenty of sense as a result. That said, it’s important to always be mindful of your own personal comfort level and total sports betting budget, which should consist solely of disposable income that’s equivalent to what you would spend on another entertainment-related expense.  

Bonus bet with no deposit

For this offer, you get bonus funds to play with after signing up. The amount will vary, and you won’t be able to immediately withdraw the funds, but there are few other restrictions. If you win, the sportsbook will credit your account with the winnings.

If the bet loses, the bonus bet credit has also been used up, so you’ll have to make a deposit to continue playing on the site. There are also variations of this offer that require you to make an initial deposit in order to receive the bonus bet.

Additionally, be sure to view the terms and conditions of the bonus bet, as you may need to use it within a certain timeframe, such as seven or 30 days after account creation. DraftKings, BetMGM, and other top sportsbooks have featured this type of offer at various times.

Things to consider: Bonus bets provide you with the chance to wager without risk and potentially get a feel for a new site, but that doesn’t mean that you should be using them in a haphazard fashion. Since the choice is the potential for profits if you win and nothing if you lose, they should be treated like any other wager and used on the games or events that you feel best about.

Common promotions at online sportsbooks 

Once you’ve signed up to bet online, you can expect to see ongoing promotional offers. Many sites and apps display current offers in the main betting lobby and have dedicated sections for the latest promotions. At times, you may see special offers via email or social media.

Just like the sign-up offers, be sure to take the time to review the exact terms and conditions. There may be limitations on the amount of the wager or on what you can bet on. Here are some examples of what you might see:

Money back on losing bets  

At times, you’ll come across bonus offers that provide a refund up to a set amount on certain wagers.

Things to consider: Always take the time to review current offers before placing your bets, such as the opportunity to have some insurance on your side for a bet that you planned to place anyway. At times, a money back offer can also make sense when you want to try out a new sport or bet type, or when you’re looking to spread out some risk for other placed wagers. 

Parlay insurance 

If you lose a single leg of a parlay, you’ll receive a refund for the amount of your wager in the form of site credits up to a certain amount.

Things to consider: While they can be entertaining, parlay bets are incredibly challenging to win with consistently. If you play them regularly or are just looking to try them out, always be on the lookout for insurance offers. Parlay bets that you miss by a single leg can be awfully frustrating, but much less so when you know that at least part of your stake is covered.

Odds boost 

Sportsbooks will enhance the odds on certain bets to attract more action, including standard pregame bets, props, futures, and parlays.

Things to consider: Odds boosts offer the chance to earn even more on your winning wagers. It’s good practice to regularly review the current boosts whenever you log in to play. As always, the potential return shouldn’t be the sole determining factor for what you wager on, but odds boosts should always be taken advantage of when they fit in with your plans.

Why do sportsbooks offer bonuses and promos?

With so many sportsbooks jockeying for position, it can be tough to make headway in current legal sports betting states and as new markets open up. To help stand apart from the crowd, many books lean on incentives as a way to attract new business and to keep current customers satisfied.

The total outlay for bonuses and promos can be extensive, but it’s a cost of doing business in today’s competitive environment. From the eyes of the sportsbooks, if it translates into a new customer or increases loyalty among an existing one, then it’s money well spent. While not all customers will be regulars, the hope is that many of them will evolve into that.

Other Sportsbook Offers