Top Sportsbook Deposit Bonuses 2023

Deposit bonuses are a common sign up offer employed by sportsbooks here in the US.

They typically work in a simple fashion - make your first deposit and the sports betting site will match.

This bonus is popular with betting sites because it presents a win-win proposition for both parties - the betting site gets you to sign up with them and make a deposit, while you get some bonus money to bet with.

While this is similar in some ways to the Second Chance Bet model of sign up bonuses, deposit bonuses do not require you to place a losing wager to be eligible for your bet credits. You’ll get a bonus simply for putting money into your account.

Due to this distinction, deposit bonuses offer users a lot more value than second chance bets. However, they are offered less frequently because the betting site has to sacrifice capital with no guarantee that it will be pure profit on their end.

Like we’ve said before, after registering your account, you will need to deposit money.

There may be a minimum deposit requirement that you must meet, but that is typically a small amount like $5 or $10.

Deposit strategically - know your minimums and maximums

Additionally, deposit bonuses will be capped at a certain amount. So if a sportsbook says they will match your deposit up to $250, then if you deposit more than that number you will only receive the $250 they promised that you would. This ensures that users aren’t taking advantage of the system by putting thousands into their account and then immediately withdrawing once your bonus has been settled.

For these reasons, it is extremely important to be smart with how much you invest in your initial deposit. Maximizing the value of your bonus puts you in the best position to succeed on a sportsbook.

Your bonus should be put into your account shortly after you make your qualifying deposit. After you receive your bonus, you will most likely need to fulfill a turnover or playthrough requirement.

How many times you need to playthrough your bonus money can differ depending on which site you use, so make sure to read your T’s and C’s before locking in your bonus.

Speaking of reading your Terms and Conditions, there are some elements of sportsbook deposit bonuses you need to be on the look out for.

These can affect how and when you get your bonus, how you can use your bonus money, and when your bonus will be converted into real cash that you can use.

Here’s what you need to keep an eye out for:

Method of Deployment

Not all deposit bonuses are created equal. Most simply match your initial deposit, however, some are a bit more involved than that.

As we mentioned earlier, DraftKings Sportsbook keeps a running tally of how much you’ve wagered from your initial deposit. As you bet more of your initial deposit over time, your money will go towards building up towards the full value of the deposit bonus.

Luckily, this system is the exception to the rule, but you should still do yourself a favor and make sure that you don’t go in expecting to get your bonus money right away and end up disappointed.

Qualifying Deposit Requirements

For just about any bonus, there will be a minimum deposit or bet requirement. It’s simply part of the system.

Luckily, these requirements tend to be small in monetary value (only $5 or $10), but the one thing you don’t want to do is fail to meet the minimum requirements. Then you put yourself at risk of missing out on your sign up bonus entirely.

Turnover Requirement

Also known as playthrough requirements, this is the number of times you will need to bet your bonus money for it to be converted into real money that you can withdraw. Bet365 and BetRivers only require you to turnover your bonus once, making it quick and easy to convert your bonus to cash.

This is not unique to this type of bonus, but it is an element that you certainly need to familiarize yourself with so you’re not in for a nasty surprise if you need to fulfill a huge turnover requirement.

Flexibility

How your sportsbook allows you to divvy up your bonus is very important to determine its true value. While many deposit bonuses allow you to split your bonus cash into as many bets as your heart desires, some will try to force you into using your entire bonus on one bet, which significantly hurts your bonus’s value due to the increased risk.

Potential Value

This is the first thing you’ll see when signing up for your sportsbook. That big cash number the betting site throws at you to try to reel you in and become a customer.

While having a high potential value is important, bonuses with high monetary value often come with more strings attached. DraftKings Sportsbook has a very high potential value but comes with a lot of barriers to entry that make it a bit more difficult to reach that big number.

When assessing the true value of your bonus you need to analyze how realistic it is for you to reach the offer's highest possible value.

While deposit bonuses are common, they are not the only sign up bonus available to bettors looking to sign up with a new sportsbook. Check out these other types of sportsbook bonuses!

Second Chance Bets

Rapidly growing in popularity, the second chance (formerly know as risk free) bet is a win-win proposition for both the sportsbook and the user. The sportsbook gets you to place a real-money bet, and you have some insurance if your first wager goes awry.

Employed by some of the biggest sportsbooks on the market, including BetMGM, Unibet, and FanDuel Sportsbook, second chance bets are currently the most popular sportsbook sign up offer out there.

Bonus Bet

A bit uncommon these days, the Bonus Bet is one of the most valuable sportsbook sign up bonuses available to new users.

Usually, bonus bets try to lure new players in by promising them the chance to use the platform for free without even having to deposit. In this way, the new user gets to test out the platform all while not taking on any additional risk at all. The value is low for the sportsbook as they run the risk of giving away money to someone who is simply going to use their bonus and never return to invest any of their own capital.

This method was more popular in the early days of legal online sports betting when there was a mad dash to acquire customers, particularly those new to betting that were afraid of risk. It’s a bit out of fashion now that many online sportsbooks have established themselves and aren’t as desperate for new users, but you’ll still see them offered occasionally. Many offers are now sport-specific, with there being a lot of NFL betting promos available during football season, for example.