The online betting world is incredibly competitive and sportsbooks offer many different bonuses and promotions to attract players. These can include free money, boosted odds (odds for a particular betting market are artificially increased for player benefit), and bonus bet credits. Bets credit offers are especially popular as they work like second chance bets. When a player meets the playthrough requirements, the bonus money gets transferred from the bonus wallet to the cash wallet and can be used to place wagers.

The standard welcome bonus offered by sportsbooks is the first bet match, in which the site will match the player’s first bet up to a certain amount. This offer can be great for new bettors because it gives them a chance to try out the site and see if they like it before committing real money. But it’s important to remember that these bonuses have terms and conditions, such as roll-over or playthrough requirements, which are designed to ensure that the bettors keep betting after their initial deposit.

One of the best ways to take advantage of this type of promotion is to sign up for multiple sportsbooks and shop around for the best odds. This will allow you to get the most out of your bonus and maximize your winnings. But make sure to read the terms and conditions of each site to see if they are reputable before you deposit any money.

Another way to claim bonuses is to find a sportsbook that offers a refer-a-friend bonus. This is a simple bonus program that rewards you for getting other people to sign up and use the sportsbook. The amount of the bonus can vary, but it is usually a percentage of the total value of their first bets. These are excellent bonuses to take advantage of because they provide you with a chance to win big without risking any of your own money.

There are also other ways to get bonus money from sportsbooks, including free bets and deposit match bonuses. These bonuses can be very helpful when making a large bet or if you’re planning on placing several bets in the same game. They can even make a difference in a parlay bet.

Deposit match bonuses are similar to bonus bets in that they give players free money when they sign up, but they are more generous because the sportsbook matches a certain percentage of your first deposit with bonus bets.

The main disadvantage to using these bonuses is that you can’t withdraw the bonus funds until you meet the wagering requirements. These requirements are designed to prevent players from simply depositing their bonus and then immediately withdrawing it, which can damage the sportsbook’s reputation. In addition, most American sportsbooks require that users share personal information when registering for an account. This can be an issue because some illegal sportsbooks may share this information with third parties, which could lead to identity theft. Licensed bookmakers make sure to protect their customers’ privacy and only share this information when required by law.