In the past few years, the boom in legal online sports betting has led to fierce competition for customers. To vie for your business, sportsbooks dole out generous bonuses.

These bonuses come in many shapes and sizes but commonly fit into one of the following three categories:

• Free Bets
• Risk Free Bets
• Deposit Bonuses

These are just some of the major, most popular bonus offers you'll find, but check out our ranking of the top online sportsbook bonuses below!

Best Online Sportsbook Bonuses

1. Bet365 - Flexible bonus offer with low minimum odds
2. PointsBet - Highest possible bonus value
3. Unibet - Zero turnover required in NJ
4. Barstool Sportsbook - Two-pronged sign up bonus
5. WynnBET - Choice of bonus type
6. Caesars Sportsbook - Qualifying wager matched, win or lose
7. SI Sportsbook - Rewarded whether you win or lose
8. Betway - Flexible bonus with low minimum odds
9. BetRivers - Initial deposit matched 100%
10. FanDuel Sportsbook - Bonus winnings are eligible for withdrawal
11. BetMGM - Free bets split into 20% increments of total bonus
12. FOX Bet - Basic risk free bet offer
13. DraftKings Sportsbook - High turnover requirement

Most sportsbooks offer users a sign up bonus to lure them into the site. But these welcome offers can come in many forms - risk free bets & deposit bonuses are perhaps the two most prominent types.

There are certain things to look out for when choosing a sportsbook bonus:

• Maximum value - This is fairly simple - if you were to try to maximize your bonus, what would the highest possible value be. This aspect is fairly straightforward and offers with highest maximum values are certainly eye-popping. However, don’t just look at this number - there are many other elements to consider.

• Qualifying bet/deposit minimums - Simply put, this is the money that qualifies you for a bonus. Obviously the lower, the better unless you are simply looking to maximize a matched bet. However, if a site is going to match your deposit, then it may not be a bad idea to put more than necessary into your account. Since money that is deposited typically can be withdrawn easily, there’s not a ton of downside to maximizing matched deposits if you can afford it.

• Turnover - Also known as rollover or wagering requirement, this is the number of times the money or site credit received through a bonus offer must be wagered before you can withdraw it. Many sites only require a turnover of 1x, however some (like DraftKings) have much higher requirements, so this is definitely something to keep an eye on.

• Flexibility - In my opinion, this is one of the absolutely most important variables to consider when evaluating bonuses. Sites like PointsBet offer users a very high possible value, but even if that value is reached you can then only use it on one wager. On the opposite end of the spectrum, you have a site like Bet365. The highest possible value of their sign up bonus may seem small in comparison to PointsBet. However, Bet365’s bonus allows you to divide up your free bet into as many small bets as you’d like, granting you much more freedom in the long run.

• Minimum odds - Sites often set minimum odds to ensure your free bet credits aren’t just being used on -1000 sure things. This helps them ensure that they’re not just giving away free money.

• States - Many websites have varying sign up bonuses depending on the state from which you are wagering. Typically, the types of offers are the same, but there is a bit of variance in the dollar amount.

• Other terms and conditions ALWAYS apply - Make sure you’re always reading the fine print when signing up for these promotions - you don’t want to meet all the minimums and then lose your free bet because the promotion had expired. Taking the five minutes to read the terms and conditions of your offer can save you a lot more time in the long run

The most generous welcome offer across online sports betting sites is the free bet. The way they are portioned out varies depending on the site you're using. Some sites require minimum bets, while others don't

Some sites require you to place a risk free real-money bet first and will reward you with a refund in bet credits if you lose, while others simply reward you with a free bet after your first deposit.

As always, we cannot recommend enough that you read the specific terms and conditions of your promotion. All of the relevant requirements and details should be very easy for you to find.

Similar to the free bet, the risk free bet is a popular way to bring in new customers for online sportsbooks. In fact, this may currently be the most popular sportsbook bonus offer on the market.

Risk free bets can also be classified as bet insurance

Unlike typical free bets, risk free bets normally require the user to place a real-money wager first. From there, it's pretty straightforward. If you win, nothing special happens. Simply enjoy your winnings. However, if you lose, you will be refunded up to a set amount in on-site credits. In this way, a risk free bet can also be classified as a form of bet insurance.

More online sportsbooks are offering this welcome bonus now because it limits the amount of money they have to dole out to users by eliminating payments to players who win their first bet. However, we still think risk free bets offer users tremendous value by covering potential losses from their first wager.

Check out our list of some of the top risk free sportsbook bonuses below!

Risk Free Bets

1. PointsBet - Try out the PointsBetting system risk free today
2. Unibet - No risk for first-time bettors in AZ, IA, IN, NJ, PA, & VA
3. FanDuel Sportsbook - Immediately withdraw winnings from bonus
4. Betway - Available in CO, IN, IA, NJ, & PA
5. BetMGM - Vegas giant MGM is risk free for first-time bettors
6. FOX Bet - FOX Sportsbook is risk free for new users
7. WynnBET - One of multiple sign up options
8. Barstool Sportsbook - Free Bet + Risk Free Bet

A way to enhance your value when joining up with a sportsbook is to take advantage of a deposit bonus.

A deposit bonus is, simply put, a bonus just for loading money into your account. Often times the dollar amount you put into your account will be matched by the sportsbook.

From there, the bonus amount is yours to spend how you like. However, you should take note that there is typically a higher turnover rate with deposit bonuses than free bets. DraftKings Sportsbook, for example, requires a turnover of 25x before your deposit bonus is converted into real, tangible cash.

Take a look at some of the best sportsbook deposit bonuses available today.

Sportsbook Deposit Bonuses

1. Bet365 - Get up to $500 in bet credits in NJ
2. WynnBET - High possible value
3. BetRivers - Your deposit is matched 100% up to $250
4. DraftKings Sportsbook - 20% of your deposit is matched up to $1,000

"All of this is great for new users, but I'm looking for a long-term site for my sports betting needs?"

In that case, you should look to a site that has regular odds boosts and promotions. Many sites offer these to keep things valuable and interesting for their existing customers.

Daily odds boosts & promotions are a great way to receive continued value after you've exhausted your welcome bonus

You'll often find offers like parlay insurance, odds boosts, and more updated daily. Special offers can also revolve around high-profile events with boosted odds, such as the Super Bowl, March Madness, or the NFL Draft.

Top Existing Customer Free Bets & Sportsbook Promos

1. Refer-A-Friend - Recommend a sportsbook to your friend, and if they sign up and deposit you both get a bonus. If you and your buddies are all interested in sports betting, we highly recommend taking advantage of this feature. Included on PointsBet, Unibet, FanDuel Sportsbook, and more.
2. Odds Boosts - Enhanced odds for a specific event allow you to get more winnings for a bet. Often offered for major events or for teams that have promotional partnerships with an online sportsbook. Find these offers on PointsBet, FOX Bet, and DraftKings Sportsbook.
3. Rewards Programs - Keep coming back to bet to unlock more rewards, such as free bets, as you continually bet over time. Caesars Sportsbook, DraftKings Sportsbook, and BetMGM all offer rewards programs for existing customers.
4. Parlay Insurance - If one leg of your parlay fails, you may be eligible for money back, usually capped at $25. You can find parlay insurance for traditional and/or single game parlays at BetMGM, FanDuel Sportsbook, and PointsBet.
5. Free Bet Offers - In addition to being offered as a sign up bonus, free bets are also commonly offered to existing customers. Offered a bit more sporadically than other promotions, existing customer free bets are usually offered around major events like All-Star Games, the Super Bowl, and March Madness. You are consistently offered free bets as an existing customer on Caesars Sportsbook and PointsBet.

In this still growing business, many sportsbooks look to plain old word of mouth to spread the good word of their platform. How do they encourage this? By doling out some cash, of course.

That's right, many sportsbooks will give users a bonus, just for getting their friends to sign up.

If you have a large group of friends that loves sports, I heartily encourage you to look into sportsbooks with Refer-A-Friend programs. It's a simple, easy way to maximize the monetary value of your sportsbook experience.

Plus, you can always dunk on them for their bad beats after a long NFL Sunday at the bar.

Online Sportsbooks with Refer-A-Friend

1. PointsBet - Give $100, get $100
2. FanDuel Sportsbook - Give $100, get $100
3. DraftKings Sportsbook - Receive bonus after friend's first deposit
4. Unibet - Refer-A-Friend for $25 in Virginia
5. FOX Bet - Give $50, get $50

For the diversified bettor, many sportsbooks also have casino functionality.

The casino sites typically have their own promotions and bonuses. Since the rate of return in casino games is higher than in sports betting, these bonuses tend to be less lucrative and feature higher turnover requirements than sportsbook bonuses.

Beware - often, you can only redeem the casino bonus or the sportsbook bonus - not both.

If you are interested in online casino bonuses, check out the list below featuring some of the best out now!