Guide to Capitalizing on New Jersey Sportsbook Promotions and Bonus Bets
With New Jersey sports betting taking off in popularity, bookmakers are looking to attract users to their respective sites. One way they have tried to do so is through the use of promotions, in an attempt to add value in the eyes of prospective players. With bonus bets available from several bookmakers, players have to decide which offers are the most appealing to them. In this guide to selecting the best sportsbook promotions, find out what kinds of sportsbook promos are on the market and the positives and negatives for each of them.
What are the different types of sign up bonuses are available?
Deposit bonus
The most common type of sign up bonus is the deposit bonus, which consists of a sportsbook giving bettors a percentage of their initial deposit as a bonus. These bonuses can differ in two ways: the percentage offered and the amount that bettors are allowed to receive. The percentage bonus amount is important, as it dictates what a player needs to deposit to receive the maximum bonus amount. For example, a 100% bonus up to $100 would require a bettor to deposit $100 to receive the full bonus amount. A 50% bonus up to $100 would require a $200 deposit to get the same $100 bonus.
When it comes to the maximum deposit bonus amount offered by each sportsbook, how important that is depends on how high stakes a bettor someone is. Some bettors prefer to wager for smaller amounts, which means that a $1,000 bonus might not be as meaningful to them as someone who bets for larger amounts. This is a matter of personal preference and should be taken into account by bettors as they choose a bonus to utilize.
Free bet bonus
A free bet bonus is another commonly used promotional tactic, in which a bookmaker gives a bettor a free bet after they make a qualifying deposit. An example of this bonus type would be a promotion where a $30 deposit would net a bettor an additional $10 free bet. In many cases, free bet bonuses require a smaller deposit and pay out a smaller amount in bonus funds. These are usually geared more toward recreational players, and are a good way for new bettors to try out a new bookmaker.
Risk-free bets
The risk-free bet is a bonus in which bettors are able to place, as the name suggests, a risk-free bet. Typically, when a bettor places a wager, they are at risk for the amount that they have put on their chosen market. With a risk-free bet, though, a bettor knows going into their wager that if they lose their bet, they are going to be refunded the amount that they put down. And if they win their bet, they will make the profit that they had intended to make without the need for the reimbursement. The worst a bettor can do with a risk-free bet is break even.
Money back bets
A money back bet is structured similarly to the risk-free bet bonus, in that players are reimbursed if their first qualifying wager at a sportsbook does not result in a win. The key difference here is that a money back bet can be withdrawn right away by a player, whereas a risk-free bet is paid out as a bonus bet that has to be played again. For those who want to continue wagering at a bookmaker, this distinction does not make a huge difference, but those who want the option to withdraw their funds after their first bet will prefer the money back bet when available.
View a comparison of all of the Sign up offers available in New Jersey
Which bonus type is the best?
There is no definitive answer as to which sportsbook bonus type is the best for everyone. Different players have different needs, which should be taken into account when choosing a sportsbook bonus offer. The biggest key is to make sure that you are choosing a bonus that fits the best with your budget, as having to overspend or taking on a bonus that is too small can be detrimental.
What to watch for in the terms and conditions
Every bettor should read the terms and conditions before they take on a sports betting promotion. The most important thing to look for in the terms and conditions is the deposit parameters for each bonus. Most bonuses carry a deposit minimum, as well as a maximum bonus amount relative to the amount deposited. Bettors will want to make sure that they fulfill the minimum requirement, while making sure they get as much value as they can out of each promo.
The rollover requirements associated with each bonus are also extremely important. Most sportsbook promos require bettors to wager the funds generated from a bonus a certain number of times before they can be withdrawn. Some also require that the wagering requirements be fulfilled within a specific time frame. Understanding those requirements and making sure that they fit into your wagering strategy is something that should be a part of any bettor’s routine when opting into a promotion.
What is matched betting?
Matched betting is a strategy that is commonly used to take advantage of different bonus offers that are available at various sportsbooks. To take part in matched betting, a bettor will want to find two bookmakers that are offering a free bet bonus. From there, players will want to use the funds generated from their free bets on the same sporting event, backing different sides of a game where the odds are just different enough to where both sides come at plus money. This will guarantee a profit at one of the two bookmakers and ensure that the matched betting is a success.
Other bonus bet strategies
Another popular bonus bet strategy is to wager on longshots, with the hope of hitting a decent sized payout with those funds. This can be a risky strategy, as longshots typically have long odds for a reason. But if even one of these high risk, high reward selections comes through, a bettor can run up their bankroll in a hurry. Bettors should be careful that there are not maximum odds that they can use bonus funds on before employing this strategy.
See a comparison of all Sign Up Bonuses available in New Jersey, Side by Side
