When you sign up with a sportsbook that offers free money to bet with, it’s an excellent way to get started with your betting. These bonuses are usually available only once per person, email address, household, or bank account, and they are often capped at a specific amount. You can use these free bets to place wagers and win real cash prizes if you meet the required wagering requirements. You may also be able to earn additional bonus funds through a refer-a-friend program.

Online sportsbooks offer a variety of deposit and withdrawal methods. The most popular are e-wallets, which allow players to make deposits instantly and withdraw funds quickly. Some sites also accept ACH (eCheck) transfers and wire transfers, though these are best reserved for larger deposits and may carry higher fees. Some sportsbooks also offer a mobile application to make it easy for players to access their accounts on the go.

Another type of bonus is an insurance bonus, which gives punters back their money on a losing bet. This is a great way to keep punters happy and ensure that they’ll return to the sportsbook for more action. These promotions are available on a number of markets, including moneyline bets on the winner of a game, and total points in an NHL matchup.

To claim a bonus, you’ll need to follow the on-screen instructions provided by the sportsbook. The process is similar to that for signing up with a casino, and you may be asked to provide personal details such as name, address, and date of birth. You’ll also need to agree to the sportsbook’s terms and conditions. Some sportsbooks will automatically clear KYC checks, while others will ask you to upload scanned copies of your identification documents.

Bonus money can be used for any market on the site, and you can choose whether to use it for single-game wagers, parlays, or prop bets. When you have enough bonus money, it will move from your bonus wallet to your cash wallet, where you can then use it for bets. This is a good idea if you want to bet on a big event, such as a Super Bowl or a March Madness game.

Some sportsbooks will even give you a free bet if you lose a bet. This is a risk-free offer that you can use to test the site and see how well it works. This is not common, but it’s a great way to encourage new punters and keep existing ones. Most sportsbooks will let you know the terms and conditions of the free bet offer when you register. The best way to find these offers is to look for them in the promotions section of the website. You can also sign up for a newsletter to receive the latest updates and specials from your favorite sportsbook.