Best Sportsbook Promotions & Bonuses 2023

How we rate and review sports betting promos & bonuses

Sportsbook Review is determined to stay true to our name. When trying to find the most suitable sportsbooks and sportsbook bonuses for you and other players, the most critical factors we consider are sign-up bonuses, payout speeds, customer service, and other ongoing and loyalty-based promotions. For example, Caesars Sportsbook offers rewards and tier credits in addition to their welcome bonus.

Here at Sportsbook Review, we strive to provide information and resources that are both in-depth and insightful so you know you're in good hands. Read more below for the full scoop on sportsbook promotions, how they work, and which types are available.

How sportsbook promotions work

Sportsbook promotions are typically simple, as operators know that only some users may be comfortable with virtual betting. On the other hand, there are still a handful of essential things to know while undergoing the process, and here is some pertinent information that could benefit you.

Age & ID verification

To participate in sports betting, you must have legal citizenship and be of legal age within the state or region in which you reside. The ID Verification process is pretty simple, although it can sometimes take 24 hours before your account is confirmed.

Some sportsbooks require I.D. before they accept real cash deposits or withdrawals, but some only need it for withdrawals. Regarding the I.D. itself, a local driver's license is often enough to suffice, although sportsbooks can accept a form of government-issued I.D.

State gambling laws predominantly don't allow residents or domestic tourists to engage in sports betting until 21 years of age. Still, some states allow it starting at 18, including Montana, New Hampshire, New Mexico, Rhode Island, Tennessee, Washington, Washington D.C., and Wyoming. In Canada, the legal age is 19 in Ontario and most other provinces; however, Alberta, Manitoba, and Quebec permit it from 18 onwards. It is also 18 in the U.K.

Account depositing & withdrawals

As previously mentioned, some sportsbooks require I.D. confirmation before depositing or withdrawing real cash. Most sportsbooks accept most major credit cards, but it's important to review which ones before signing up so that you're comfortable in a comfortable position. On the other hand, sportsbooks will also usually accept other transaction mediums, such as PayPal or Venmo, and a few are even starting to take certain types of cryptocurrency.

Betting bonuses & credit expiry

Betting bonuses are bonus credits added to your account balance following the completion of a promotion. For example, if you placed a $500 second chance bet and lost, you would receive $500 in betting bonuses, also known as betting credit. The main thing to remember is that credit cannot be withdrawn as real cash and must usually be spent within 14-21 days, or else it may expire.

Types of sportsbook promos

Sign-up bonus

A sign-up bonus is promotional credit awarded to new users once they've registered and made their first real-cash deposit. Sign-up bonuses can take a few different forms, including bonus bets, initial deposit matching, and even no deposit.

Reload bonus

A reload bonus is similar to a sign-up bonus, with the difference being that it's often less lucrative as it is a promotion for existing users. For example, a new player signs up for a sportsbook offering an initial deposit match of up to $500 as its sign-up bonus. Any real cash deposited into their account during their initial deposit will be 100% matched.

On the other hand, a reload bonus is the same thing, except it often will match only 25-50%. For example, if you were to activate a reload bonus of 25% and deposited $100 of real cash, you would be awarded an extra $25 in betting credit.

Second chance bet

A second chance bet is a promotion for new users that provides a safety net for their first-ever bet with a new sportsbook. For example, if you made a $300 second chance bet and lost, you would receive $300 in betting credit. This bonus cannot be withdrawn as real cash and can sometimes expire if not used within 14-21 days of the risk-free bet settlement.

Initial deposit match

As we discussed earlier in this section, an initial deposit match refers to the amount of betting credit you will receive that is equal to your first-ever deposit. For example, if a sportsbook has a 100% initial deposit match up to $1,000, the sportsbook will match any amount you decide to deposit into your account initially in betting credit.

No deposit

A no-deposit promotion is one of the rarer offers, given that it is the most risk-free of the lot. No deposit means what it sounds like, allowing you to receive betting credit and place wagers with said credit without depositing any real cash. It's the ultimate free trial and will hopefully become more common in the future.

Boosted odds

Boosted odds is one of the most prominent sportsbook promos, given that sportsbooks can apply it to any bet type or betting market. For example, if the Boston Red Sox are +140 underdogs on the moneyline to beat the New York Yankees, a boosted odds promotion could elongate those odds even more.

Same-game parlays

One of the most popular ways to bet nowadays is same-game parlays. For as long as sports betting has been around, including when bookies were necessary, and bettors could only place bets in person, same-game parlays have been somewhat taboo amongst sportsbooks.

Nowadays, the demand for these markets is more significant than ever, and operators are happy to oblige in this competitive sports betting landscape.

Other sportsbook promo types

Most operators will offer a few other types of rarer sportsbook promos. For example, most sportsbooks have loyalty and VIP programs that award points just for playing and other tasks and missions completed by users. Special contests may also arise for events such as the Super Bowl, and players can earn betting credits by referring a friend. Once that friend has registered and made their first deposit, both parties typically receive additional betting credit.

Sports & league-specific promo codes

When evaluating sports and league-specific promo codes, it's essential to consider the schedule of these leagues. For example, the NHL and NBA playoffs begin around early May, meaning there will likely be additional promo codes and other offers geared toward the postseason. Come October, the MLB playoffs are in full swing as the hunt for the World Series title unfolds.

In the NFL, January and early February are the best times for NFL. The NFL playoffs take place around this time, including the Super Bowl, the ultimate sports betting holiday. January is also the time that the College Football Playoffs (CFP) wrap up, featuring tons of postseason and bowl games worth wagering on. Once March hits, it's all about college basketball as March Madness takes center stage.

Check out our resources on specific sports, their leagues, and types of betting sites: