Michigan Sportsbook Bonuses & Promotions
Like with any type of business, sportsbooks are competitive in trying to attract new users to their product. Especially now with more and more states legalizing sports betting, sportsbooks will do anything they can to appeal to a larger audience to try to sustain their growth. For many, that includes luring new and experienced sports bettors to their operation through bonuses.
Sports betting bonuses can bring in new customers with welcome offers or keep the seasoned veterans satisfied by offering them value throughout the sports betting calendar. This is a long-term play from the sportsbooks with the thinking that a small loss in the short term will lead to more profit in the long term by providing value to their customers.
With the sports betting industry growing, the competition is heating up even more, which is great for sports bettors. The industry is constantly thinking of new ways to appeal to a large audience and looking for innovative ideas to satisfy new and existing customers. Utilizing bonuses can be a smart strategy for both sportsbooks and sports bettors.
Many regulated sportsbooks in the United States will offer a no-lose first bet, a bonus bet or money upfront just for signing up. When they have their new customer, sportsbooks may offer additional bonuses like match bonuses, promotions like parlay insurance, additional contests and more.
While everybody loves free money, bonus terminology can be a little confusing and there’s almost always a catch, so in this post you will learn everything you need to know about extracting value from sports betting bonuses.
How to use bonuses
Each sportsbook will offer bonuses differently, but users should be able to find the best sportsbook bonus offers that may apply to them in the bonus section in their account. Be sure to check these periodically to see new bonuses arrive and when certain bonuses will expire.
Certain sportsbooks will have their own bonus codes for users to type into the promo code area, so be on the lookout for deals like that. Codes may appear at a variety of locations, including sports betting websites, podcasts and more.
Before depositing money expecting a bonus or gearing up for a free-play bonus, make sure you do your due diligence and read the fine print since some sportsbook bonuses may operate differently from others.
Types of sports betting bonuses
Welcome bonuses are just what they sound like. They are designed to either be the destination for a first-time sports bettor or bring in a bettor who may utilize a competitor. Every business wants to add more customers no matter the industry, and welcome bonuses are a popular way for sportsbook operators to branch out and reach a larger audience.
No deposit bonus
No deposit bonuses require zero risk for the sports bettor, which is why it is so attractive to new users. You get to use the sportsbook’s product for free with a chance to win without the fear of losing money, while the sportsbook is looking to offer a promotion that hopefully in turn will bring in sports bettors to use its betting app and casino as a long-term customer. No deposit bonuses are a win-win for everybody involved.
However, as it is with many sports betting bonuses, users utilizing a no deposit bonus will not be allowed to make a free wager and immediately cash out. Yes, it is a bonus bet with no risk, but it comes with the idea that you must place additional wagers if you intend to withdraw money.
After signing up, users may receive a free-play bonus, which typically does not allow for a large amount of money to be wagered so the sportsbooks can protect themselves.
Some sportsbooks may offer something called a match bonus. There are a few ways and scenarios this can be done. When new users deposit money into their account, sportsbooks may match a certain amount of the money. Match bonuses are among the most popular bonuses among both new users and experienced bettors.
Even if you’re not a new customer to the sportsbook, you can deposit more money into your account and potentially have the opportunity to receive a match bonus from the sportsbook.
Like a lot of bonuses, a match bonus has a few different terms that appear throughout the sports betting industry. Sportsbooks may also call a match bonus a reload bonus or a deposit bonus.
This is similar to a bonus bet in that sports bettors are not allowed to cash out immediately after receiving their match bonus. You need to satisfy the playthrough requirement, which states that you must wager a specific amount before any of that money from the match bonuses is able for you to withdraw.
Insurance bonuses are also known as refund bonuses and offer a variety of options to choose from. One may be insurance on parlay bets. For example, if you’d like to make a parlay bet and choose four teams on an NFL Sunday to cover the spread, you could use the parlay insurance bonus offered by the sportsbook.
You get to keep the money if your parlay is a winner. However, it’s certainly possible one of the teams is unable to cover, as sports betting parlays are very difficult to win. In this scenario, the sportsbook will refund your money wagered on the parlay.
Sounds like a good deal, right? Like with most bonuses, there’s a catch. The refund you receive will usually come in the form of bonus bets, so you’ll need to bet that money again before the money returns to your account.
Just like sportsbooks want to attract new users to wager using their products, they want their long-term users to continue to be satisfied. Making customers happy may lead to them sticking with the sportsbook for years to come. In the process, they might recommend the sportsbook to friends interested in either starting betting on sports or switching from their usual sportsbook over to a different location.
Loyalty programs reward you based on the amount you play. The more often you use the sportsbook, the better the reward will be. Many sportsbooks will vary in how they go about doling out their loyalty programs. Many of them may use a points system, and what exactly goes into how many loyalty points you receive will also vary from sportsbook to sportsbook.
Sportsbooks may add points to your account, the amount depending on the number of bets you place, how well you are performing in the sports betting space and the average amount you wager per bet.
Loyalty programs will typically be separated in tiers, with larger rewards as you move on throughout each level.
Check your preferred sportsbook to see what it may offer for a loyalty program and how it operates. This is an area that might even influence your decision on which sportsbook is right for you. With the increasing number of options, it’s smart to have all the information and data in front of you before making a decision on where you may be placing your bets for years to come.
Benefits of bonus offers
Who doesn’t like the potential to earn money without any risk? By adding money to your account, obviously you have the ability to increase the amount you’re able to wager on future bets.
Bonuses like bonus bets may make sports bettors inclined to bet on something they otherwise would not have. For instance, if you usually stick to wagering on the NFL, maybe you will utilize a bonus bet to put some action on a college basketball game. If you enjoy it, you could decide to invest some research and resources into college basketball betting.
In addition to potentially betting on and learning about a whole new sport, users may use a bonus bet to try different strategies, like betting point totals if they usually rely on betting point spreads.
With most sportsbook bonuses available, however, there’s almost always a catch.
Disadvantages of bonus offers
Many of the bonus offers will not allow you to cash out right away. Welcome bonuses and other bonuses help lure in new and experienced sports bettors, but you typically will not have the option to use a sports betting bonus and then immediately take your winnings and spend the money. Bonuses work to bring users in and to keep them as customers.
Bonuses are capped at a certain number. While offering bonuses for bettors is a win for sportsbooks because of the long-term value, they do not like the idea of bettors making large wagers with no chance of the sportsbooks seeing any of that money.
Bonuses will oftentimes be time sensitive. Look for the expiration date for the bonus you are considering taking. Bonuses will not last forever, so it might make sense to jump on one when you see it available in your account.
Additionally, you may see restrictions to sports betting bonuses. Before choosing your sportsbook and potential bonuses, make sure you read everything to make the most informed decision possible.
Key takeaways about bonuses
- Bonuses may be useful for both new and experienced bettors.
- Be on the lookout for promo codes to use for bonuses.
- Many bonuses are capped at a certain amount.
- Bonuses can be a rare win-win situation for the sports bettor and sportsbook.
Read the rules and fine print before entering into an online sportsbook bonus.