Online sportsbooks give their existing users free bets from time to time. These may come in the form of a risk-free first bet (also known as No Sweat First Bet) or ongoing promotions like Parlay Insurance where your losing parlays are covered with bonus credits. These free bets are credited back to your account as site credit and can be used as one bet token or can be split up into smaller denominations depending on the operator. These offers are a great way to test out an online sportsbook before depositing real money and can be very valuable for sharp sports betters.
The maximum value of these promotions is usually eye-popping but the terms and conditions can vary from one sportsbook to the next. A common requirement is that the bonus amount must be turned over a certain number of times before you can withdraw the money. This is typically a much lower number than the amount of the original bonus, and is designed to ensure that you will spend some of your own money at the sportsbook before turning over the free money. It’s also important to know that bonus bets and bet credits do expire. It’s almost a given that any time you receive a bonus offer from a sportsbook, it will have a time period in which it is valid and must be used before the perks are lost.
Lastly, if you have a high-value offer and are planning on using it on a favorite team or player, make sure that your wagers meet the minimum odds requirements of the promotion. The goal of these bonuses is to get you betting, so the sportsbooks will not want to reward you for placing a bet that they would have accepted without any bonus money. This is why most of these offers do not apply to any bets that are shorter than a certain number of points, such as -200 or -150.
While it’s not always possible to find a free bet for every game, smart sports betters will always try to take advantage of all the free bet offers and other promotional perks that the sportsbooks have to offer. By knowing the different options and how to use them, sports bettors can maximize their profits and minimize their losses.
In addition to free bets and other promotional offers, many sportsbooks have varying sign up bonuses based on the state that you are located in. This is because the legalities and rules of sports gambling vary from state to state. For example, the available sportsbook promotions in Michigan will differ from those offered in New York. The sportsbooks will also offer a variety of payment methods for players. This will include credit cards, prepaid debit cards, and Bitcoin. There are even mobile-only sportsbooks that can be accessed via your smartphone or tablet. This can be an extremely useful tool if you are in a state with limited access to physical sportsbooks.