Sportsbooks are willing to do a lot to get new customers and keep them happy and a major way of achieving these goals is by giving out bonuses. There are various bonus types that we’ll go through here and it’s important to remember that not all Sportsbooks run the same bonus offers.
Bonuses are also determined by the location of the customer. By working out the Customer Lifetime Value (CLV) of a customer according to the country they are from, a typical Swedish customer would have a higher CLV than someone from the UK, therefore a Swede could expect a higher bonus than someone from the UK.
All bonuses in the Sportsbook (including cashback) will have Terms and Conditions attached to them. We cannot stress enough the importance of understanding the Terms and Conditions before accepting a bonus.
The aim of acquisition bonuses is to get new signups to the Sportsbook and most Sportsbooks will have a well thought out Welcome Offer to be able to market across different channels. Some typical Welcome Offer examples are as follows:
First Deposit Bonus
This is a % bonus up to a certain amount of money. For example, 10bet have a 50% Welcome offer up to €100. This means that at maximum, should you deposit €200, you would be credited with an additional €100 and you will have €300 to play with.
Risk Free Bet
A Risk Free Bet is an offer that if you place a particular bet and it doesn’t win, you will get your money back (usually in the form of a Free Bet). It is a very popular type of bonus that has been used for years by Sportsbooks to target punters to bet where the Sportsbook wants (usually on big popular matches).
A matched bet can be offered to new customers although this is becoming less popular and more Sportsbooks are offering enhanced odds as per below. In a matched bet, the punter would have to place a bet and the same bet would be placed again for the punter with the Sportsbook funding it.
This is when the Sportsbook enhances the odds on a market to allow the punter to win more than they would at the ‘normal’ odds. There will be: a maximum bet for the promotion, the likelihood that if the bet wins it will be paid out with Free Bet credits and a limited time frame in while the punter can use these credits. So, for example, Man City are at home vs Newcastle and the ‘normal’ odds are 1.30, yet the Sportsbook offers odds of 25.0 (max bet £1/€1) and the winnings are paid out as free bets.
Betser have a Welcome Offer where they give you €10 of cash with no wagering or rollover requirements after you open an account and deposit and play through €20. Pretty impressive! Not the most common form of bonus but worth taking when you get the chance to do so.
Existing Customers (Retention and Reactivation)
Once you have done the hard work of getting a new customer through the door, the next challenge is to keep them loyal and happy. Retention means keeping the current active database happy while reactivation is trying to get a lapsed customer to start playing again. Some examples of bonuses that can be used for existing customers are:
Seasonal/Event specific bonuses
Risk Free bets, Refunds and Enhanced Odds are all examples of potential bonuses at the start of a seasonal event. The idea here is that the Sportsbook has you ‘tied up’ to them for the duration of the season so typically you can find some great value on offer with these bets. Always shop around here, and take and deposit bonus that is on offer too.
Typically at the start of a main event or a promotional period, Sportsbooks can offer a bonus should you deposit in a particular time frame. This is one of the more common forms of bonus and many people only deposit when they know that they are going to get a reload bonus attached to their deposit.
Many Bookmakers are rewarding customers for their loyalty and with some Sportsbooks, should you bet a threshold within a time frame, they will give you a Free Bet as part of a loyalty bonus scheme. Occasionally you can find permanent loyalty schemes such as the one available at Comeon whereby you get points for every action that you do on the website.
Some Sportsbooks will give you a percentage of your losses back to encourage you to stay loyal to the brand. This is something that Sportsbooks usually offer to high-rollers to entice these players to stay loyal to the brand. It’s a tactic more used in the casino but increasingly popular in the Sportsbook too.
If the conditions to the following bonuses are fair, taking a bonus off a Sportsbook is great way to get more for your money in the Sportsbook. On average, Sportsbooks generally give back 15% of their Gross revenue back in bonuses. Don’t forget to take a look at our Get Your Bonus page to see what Welcome Offers we have picked out for you.
Have a read of our Matched Betting write up where we show you how you can use your bonuses to their best potential.