Different types of bonus bets provided by IL sportsbooks
Bonus bets come in various shapes and sizes. It's essential to understand their nuances to maximize their benefits. Explore the diverse bonus bets available in Illinois sportsbooks below:
No deposit bonus bet
The allure of the no deposit bonus bet lies in its name – there's no need to front any cash. Simply identify a reputable sportsbooks that offers this, register, and key in your no deposit bonus bet code. However, some bookmakers might attach certain stipulations.
For example, this bonus might be limited to specific sports or events. Moreover, no deposit bonus bets often come with a modest amount, typically around $5. It's worth noting that some betting sites might exclude this stake from any winning returns. Also, there's usually a time frame within which you must utilize the no deposit bonus bet.
Bonus bet on first deposit
For the bonus bet on the first deposit, an initial deposit is mandatory to access the bonus bet. A specific bonus amount will then be appended to your initial deposit.
However, this type of bonus bet comes with certain prerequisites. For instance, you might need to place a certain number of wagers using your deposit before you can withdraw any earnings from your bonus bet.
Matched bonus bet
A matched bonus bet mirrors your deposit. For instance, if you deposit $30, you'll receive an additional $30. This type of bonus bet is primarily extended to newcomers upon registration with a bookmaker.
However, a handful of sportsbooks might offer this to existing members, albeit with a higher qualifying stake. While this bonus bet variant isn't widespread outside UK markets, it can be a lucrative option. Always keep an eye out for bookmakers offering this.
Second chance bonus bet
Numerous bookmakers proffer a welcome incentive known as a second chance bet, especially in the US market.
With this, if your wager wins, the winnings are yours to keep. However, if your wager doesn't pan out, you're reimbursed either in the form of site credit or a bonus bet to place another wager with the sportsbook. Some platforms might even return the amount as fully withdrawable cash to your account.