TYPES OF PROMOTIONS – (NO) DEPOSIT REQUIRED
As a sports bettor, you should first of all understand that you’ll rarely, if ever, actually get any free stuff without depositing (for that you’d need to play slots).
However, the good news is that betting sites do offer plenty of extra action for everybody who’s willing to put their money where their mouth is.
Here are the main types of free bet promotions you’ll see on different gambling sites in 2017.
Matched free bet
Matched free bet promotions require that you deposit and then make a real-money bet. The gambling site then matches your bet with a free bet.
Typically, matched free bets come with terms and conditions that dictate that your initial real-money bet needs to be of at least a certain size and have at least certain odds. Typically the minimums are a $10 bet and odds of at least 1.5 or higher.
Deposit bonuses match your deposit on the sports betting site. You are then free to do as you wish with your money (your deposit + bonus funds). Usually, deposit bonuses come with a rollover (see below) you need to meet to be able to withdraw.
Typical deposit bonuses match your first deposit up to $50–$200. The biggest one currently available for Canadians is Bodog’s sports sign up bonus of $200.
Like the name suggests, winner multipliers multiply what you make with a winning bet. Typically, a winner multiplier doubles or triples your winning bet up to a certain amount.
Parlay (acca) insurance
Parlay, or acca (accumulator), insurances are the most popular type of sports betting promotion of 2017. Usually, parlay insurances grant you a free bet if exactly one of your bet picks lets you down. You typically have to have at least a four-way accumulator for any insurance promotion to kick in.
When you miss by one and a parlay insurance pays out, you are most often refunded with a free bet that’s the same size as your parlay bet. This bet then needs to be wagered with one go (no splitting it over several bets) and typically used within a week of receiving it.
Parlay bonuses pay extra if your bet wins. Typically the extra amount you win depends on how many folds your parlay is: a double might pay 5% extra and a 12-fold bet 50% extra.
Parlay bonuses are a great way to go for super-big wins, as any winning four-way or higher accumulator is going to have great odds anyways and getting 25% on top makes things that much sweeter. That being said, these parlay boosters usually have a maximum limit of around $100,000 –
so don’t aim too high.
TERMS AND CONDITIONS
Here at Bonus.ca we always do the thing nobody does but everybody should do: read the fine print.
Compared to casino bonuses most free bet offers have simple terms and conditions. There are a couple of finer points which you should be aware of though.
Having one of these attached to your free bet is super common. This is the number of times you have to play through your bonus + deposit before you can cash out. Usually, this is between 3 and 5 times.
Limited win amount
Often what you can win with a free bet is limited. These limits don’t tend to be very strict, but if you’re going for a really high return it might be worth your while to check how much you can win. Usually, the amount is between $10,000 and $100,000.
These are usually tighter with free bets than with other sport betting bonuses. Most often you have just a week to use your free bet, which sometimes means you can’t wait for the exact match you’d like to use the bet for.
PUTTING IT ALL TOGETHER
Free bet bonuses offer you great value as long as you remember to check the terms and conditions and understand their consequences.
Free bet bonuses are great for going for those long shots you kinda feel might happen, but which still are so unlikely you wouldn’t want to bet your “real” money on them.
Using free bets in this manner also means that you’ll circumvent their two most common clauses: minimum odds and wagering requirements.
If you bet on a long shot, you can safely forget about any minimum odds clauses as they are usually only 1.5 or 1.75.
Wagering requirements, on the other hand, would still affect you, but in a very minimal way. Let’s say you win $1,000 with your $30 free bet. Even with a 5x playthrough requirement, you’d need to bet $300 (your $30 deposit + $30 free bet x 5 = $300). With your $1,000 funds betting $300 is obviously a piece of cake.