Sports Betting Bonus Types

Sports-Betting-Bonus-Types

One of the main differences between land-based and online betting is sports betting bonuses. The modern punter would prefer to place bets predominantly online, also because of the variety of bonuses offered. But how well do you know your way around sports betting bonus types? It is not as easy as it seems.

Although a sports bonus is a convenient way to gain more money, it almost always comes with conditions you have to meet. Any type of bonus you receive —  free bet, wager, or cashback — will come with a set of conditions you’ll have to fulfill. Let this article be your guide in the world of sports betting bonuses and introduce you to the peculiarities. 

Types of Sports Betting Bonuses

Here are the most common sports betting bonus types with full descriptions and examples. Enjoy!

Wager Bonus

A wager bonus is a sports bonus that will definitely have wager requirements to convert it to cash. There are many types of wager bonuses: a Sign-Up Bonus (given after making your first deposit), Events bonuses (given for special sports events and occasions), etc.

How does it work?

To convert a wager bonus into cash, you must bet it a certain number of times. The wagger varies from bookmaker to bookmaker. 

Let’s add some math to see how this bonus works. For example, if the bettor puts in $100 and gets a 100%-bonus for his deposit, then he will have $200 in his wallet. Let’s suppose that the wager is x12, so the player needs to multiply 12 by 200, he gets $ 2,400. In order to cash out his received bonus, the bettor needs to place wagers in the amount of $2,400. 

As you see, the value of the deposit and the Wager bonus offered is usually summed up. The wagering requirement applies to the whole sum.

There’s no doubt that it’s the most popular and common sports bonus. However, Sportsbook by SOFTSWISS chose not to include wager bonuses. The system becomes increasingly complex for the player: to be able to withdraw, the player must wager a big sum. The team behind the Sportsbook Platform went in favour of player choice and comfort out of a desire to be transparent. It’s about playing, winning, and getting real money, not about meeting and completing every requirement.

The SOFTSWISS Sportsbook opted for a different bonusing scheme – a bonus for an action, not an action for a bonus. We don’t want to restrict players. We are here to support them. Our sports bonuses are always paid out in real money, so players don’t have to make any more wagers to cash them out.

Express Bet of the Day

Basically, the Express of the Day is a sports bonus with a pre-selected set of events with an included bonus rate on them.

How does it work?

The number of express bets that a bookmaker collects in the Express bet of the Day is unlimited. All the player needs to do is to accept the terms, and the wager will be placed. Any change by the player turns the bet into a usual express, not subject to an odds multiplier. It is a bonus that represents chance and luck as it is: the bookmaker offers, and the player decides whether he is ready to accept the risk or not.

Comboboost

Comboboost is used only for express bets. This sports betting bonus gives the player additional odds that enrich potential winnings.

How does it work?

In this case, the player decides to make several single bets and unites them in one Express bet. Each bookmaker can set up his own special criteria that the player should meet to get Comboboost. It can be the number of express bets, odds, etc. If the player meets all the criteria, they get special odds from the bookmaker.

For example, your potential win is 800$; the bookmaker gives you special odds, which increases the potential winning sum to 960$. So the Comboboost is a profitable sports bonus for bettors: if the wager wins, the customer wins more, but if the gamble loses, the player loses the bet amount only.

Freebet

Freebet is one of the most universal types of bonuses. It can be used in express bets, single bets, during live matches, and pre-match activities. 

SOFTSWISS Sportsbook incorporates three types of Freebets:

  • No risk
  • AllWin
  • OnlyWin

No risk: how does it work?

The player chooses an event or collects an express, decides to use his risk-free bonus. He approves the bet, and here we go with three possible variants.

  1. The bet wins. The player gets his win and the bonus is written off.
  2. The bet loses. The player gets his bet amount in real money (no wager requirements). The bonus is written off.
  3. The bet wins partially. The player gets his winnings. The bonus is written off.

AllWin: how does it work?

A player makes a bet with money that is not displayed in his wallet. Bookmakers allow players to make wagers using the company’s funds. If the bet wins, the player’s winnings are credited in real money to his wallet. The player doesn’t lose anything if the bet loses, making it an easy win-win scenario.

OnlyWin: how does it work?

The essence of this sports bonus is that the player makes a bet with bonus money that is available for making a wager, but the sum is not credited to the player’s wallet. If the wager wins, the player receives the difference between the win and the bet sum in real money.

Bet Insurance

Betting insurance is an option for players who are not sure if their bet will win. Some sportsbook brands let players insure a bet at any time (it is just a paid service at an extra cost), while others represent it as a bonus offered.

How does it work?

Very often the cost of bet insurance depends on the current odds for a particular outcome. You can insure the rate in full (100%) or only partially. Both ordinary and express bets can be insured. If a sports bet is lost, the part insured is returned to the player’s balance. It is a good option for almost  all types of players: the risk is lower and the winnings are not cut.

Cashback

There are many types of bonuses, but the Cashback bonus is one of the most profitable perks for customers. The classic option is a partial repayment of a loss. For example, 5% of a lost bet. Cashback is usually only provided for a specific sport, a championship, or competition, or it can be intended for just one or a few games (be aware that the situation can change).

How does it work?

Usually, the cashback is returned as a freebet or a wager bonus. It depends on the sports brand you choose. This type of bonus is one of the most favourite among players. It’s rather uplifting when the team you were hoping for loses or you’re just on a bad streak.

But with the bonuses offered for wagering, the process can be more difficult. Sportsbook companies often have strict wagering requirements for converting the winnings into real money. In most cases, it is rather challenging, several steps must be completed.

That’s why the team of Sportsbook by SOFTSWISS offers its players cashback with real money or a freebet. Our priority is to provide the player with excellent service.

Tournament

Right now, it is one of the most unknown bonuses offered in the world of sports betting. The tournament requires a prize fund from the bookmaker and its participants. Also, a very pleasant and popular addition to the main scope of prizes is honorary mention: so to say, an honor roll for a specific tournament on the bookmaker’s website.

How does it work?

The principle is as follows: the bookmaker chooses one great event that is more likely to attract players. He offers special terms and creates a prize pool. The players start to bet and the prize money is divided among the best players according to the criteria set by the operator (the more wins the better or the more bets the better). Prize pool funds may even be distributed as Freebets or Wager bonuses.

Know Your Bonus Types

There is a large market for sports betting and it is growing every day. To retain and hook new players, bookmakers take advantage of all available options. Deals are often worth it, and getting sports betting bonuses (read ‘free money’) is always exciting.  It’s necessary to keep in mind that sports bonuses are really useful and practical tools to motivate your players and make them even more loyal, thereby ensuring enjoyment from betting through on your sports betting platform.

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