Sports Betting Bonus Types
By R50 One of the key distinctions between traditional land-based betting and online betting lies in the realm of sports betting bonuses. The modern bettor tends to gravitate towards online platforms due to the diverse range of bonuses available. However, understanding the intricacies of sports betting bonus types is not as straightforward as it may seem.
While a sports bonus presents a convenient means of increasing one’s winnings, it almost always comes with a set of conditions that must be met. Whether it’s a free bet, wager, or cashback, each type of bonus entails specific requirements that must be fulfilled.
Let us delve into the subject and explore further.
VARIETIES OF SPORTS BETTING BONUSES
Firstly, let us outline the six most prevalent types of sports betting bonuses:
- Wager Bonus
- Express Bet of the Day
- Comboboost
- Freebet
- Bet Insurance Bonus
- Cashback Bonus
When it comes to acquiring new customers or retaining existing ones, employing a well-rounded mix of these common bonuses can prove to be an effective strategy.
Now, let us provide detailed descriptions of each bonus type, complete with illustrative examples for your enjoyment.
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Wager Bonus
A wager bonus in sports betting is accompanied by wagering requirements that must be fulfilled before it can be converted into cash. There are various types of wager bonuses, such as Sign-Up Bonuses (granted after making the first deposit) and Event Bonuses (awarded for special sports events and occasions).
How does it function?
To convert a wager bonus into cash, the bettor must place bets using the bonus amount a specified number of times. The wagering requirement may differ from one bookmaker to another.
Let us illustrate this with an example. Suppose a bettor deposits $100 and receives a 100% bonus, resulting in a total of $200 in their account. If the wagering requirement is set at x12, the player must multiply 12 by 200, yielding $2,400. In order to cash out the received bonus, the bettor needs to place wagers amounting to $2,400.
As evident, the value of the initial deposit and the offered wager bonus are typically combined. The wagering requirement applies to the total sum.
Undoubtedly, this is the most popular and widespread sports bonus. However, it is important to note that the wager bonus system becomes progressively more intricate for the player, as a substantial sum must be wagered before withdrawals are permitted.
Express Bet of the Day
The Express Bet of the Day essentially entails a pre-selected collection of events, accompanied by an included bonus rate.
How does it operate?
There is no limit to the number of express bets that can be included in the Express Bet of the Day by the bookmaker. To place a wager, the player simply needs to agree to the terms. Any modifications made by the player will transform the bet into a standard express bet without the odds multiplier.
This bonus relies on chance and luck: the bookmaker presents the offer, and the player decides whether to embrace the associated risk or not.
Introducing Comboboost
Comboboost is an exclusive feature designed for express bets in the realm of sports betting. This enticing bonus offers players additional odds that enhance their potential winnings.
How does it function?
To avail Comboboost, players must create multiple individual bets and merge them into a single Express bet. Each bookmaker may establish their own specific criteria that players need to meet in order to qualify for Comboboost. These criteria can include factors such as the number of express bets placed or specific odds selected. If the player fulfills all the criteria, they are rewarded with special odds from the bookmaker.
For instance, let’s say your potential win amounts to $800; with Comboboost, the bookmaker grants you special odds that increase the potential winning amount to $960. Hence, Comboboost proves to be a lucrative sports bonus for bettors. If the wager is successful, the customer earns more. However, if the bet is lost, the player only loses the amount they bet.
Understanding Freebet
Freebet stands as one of the most versatile forms of bonuses, applicable to express bets, single bets, live matches, and pre-match activities.
SOFTSWISS Sportsbook offers three variations of Freebets:
- No risk
- AllWin
- OnlyWin
No risk: How does it operate?
In this scenario, the player selects an event or assembles an express bet and chooses to employ their risk-free bonus. Following the approval of the bet, three potential outcomes arise:
- The bet wins: The player receives their winnings, and the bonus is deducted.
- The bet loses: The player is reimbursed with their bet amount in real money, without any wagering requirements. The bonus is deducted.
- The bet partially wins: The player receives their partial winnings, and the bonus is deducted.
AllWin: How does it function?
With AllWin, a player places a bet using funds that are not displayed in their wallet. Online bookmakers permit players to utilize the company’s funds for wagering. If the bet emerges victorious, the player’s winnings are credited as real money into their wallet. Even if the bet loses, the player incurs no loss, making it a straightforward win-win scenario.
OnlyWin: How does it work?
This particular sports bonus entails the player placing a bet using bonus money available for wagering, but the sum is not added to the player’s wallet. If the wager is successful, the player receives the difference between the winnings and the bet amount in real money.
Exploring Bet Insurance
Bet insurance is an option provided to players who harbor doubts about the outcome of their bet. Certain sportsbook brands offer the ability to insure bets at any time, either as a paid service or as a bonus.
How does it operate?
The cost of bet insurance often correlates with the prevailing odds for a specific outcome. Players have the choice to insure the entire bet (100%) or only a portion of it. Both regular and express bets can be insured. In the event of a lost sports bet, the insured portion is refunded to the player’s balance. This option caters to various types of players, minimizing risk while preserving potential winnings.
Cashback
Among the various types of bonuses available, the Cashback bonus stands out as an exceptionally advantageous perk for customers. This bonus operates by offering a partial reimbursement of a loss, typically around 5% of the lost bet. It is important to note that Cashback bonuses are usually associated with specific sports, championships, competitions, or even a select few games (please keep in mind that this may be subject to change).
How does it function?
Typically, Cashback is provided in the form of a freebet or a wager bonus, depending on the chosen sports brand. This type of bonus is highly favored by players since it provides solace when the team they support faces defeat or when they encounter a string of unfortunate outcomes.
However, it is worth mentioning that the wagering bonuses come with additional complexities. Sportsbook companies often impose stringent wagering requirements to convert the winnings into actual money. In most cases, this process can be quite challenging and requires the completion of several steps.
That is why the team at Sportsbook by SOFTSWISS goes the extra mile by offering its players Cashback with real money or a freebet. Our utmost priority is to provide players with exceptional service.
EXCLUSIVE BONUSES FROM SOFTSWISS
To further enhance the gaming experience for both players and operators, the SOFTSWISS Sportsbook incorporates built-in gamification tools, including industry-exclusive bonuses and jackpots. In addition to the conventional sports betting bonuses, the SOFTSWISS Sportsbook presents four entirely unique bonuses:
- Hunting Bonus
- Hunting Tournaments
- Lootbox Bonuses
- Freebet Booster
Now, let’s delve into what distinguishes these SOFTSWISS bonuses from the competition.
Hunting Bonus
The first of the exceptional SOFTSWISS Sportsbook bonuses is the Hunting Bonus, the pioneer of its kind in the betting market. This bonus allows players to acquire additional free bets and infuse more excitement into the gameplay itself.
How does it operate?
As a standard procedure, the Hunting Bonus enables players to make a deposit and receive a percentage of that deposit or a fixed amount in a specified currency while engaging in bets. Subsequently, players can convert this currency into free bet coupons of varying values.
To unlock these free bets, players must place regular bets, for which they receive bonus funds. Once the bonus funds match the player’s average wager, they are rewarded with a free bet coupon of equivalent value. Simultaneously, the accumulated bonus funds are deducted from the original bonus balance received upon making the deposit.
Hunting Competitions
In addition to the Hunting Bonus, the Sportsbook Platform also provides Hunting Competitions. These competitions enable players to vie against each other for an opportunity to win a prize pool consisting of complimentary bets.
How does it work?
Hunting competitions commence by announcing the prize pool, which is then reduced with each player’s bet. Simultaneously, every bet earns the player a specific number of bonus points, which can be converted into Freebets once the accumulated bonus points reach the player’s average wager. The chance to obtain a Freebet disappears once the sum of bets equals the sum of the prize pool, adding even more excitement and thrill to the betting process.
Lootbox Incentives
Another exceptional feature of the Sportsbook Platform is the Lootbox Bonus. With this bonus, players have the opportunity to open special in-game boxes and win complimentary bets.
How does it work?
The Lootbox Bonus feature enables players to earn bonus points while placing bets. Once they have accumulated enough points to activate the bonus, players can select one of the presented loot boxes on the screen and potentially win up to three complimentary bets, each of which is equivalent to the player’s average wager.
Freebet Booster
Last but not least is the unique Freebet Booster bonus. This exclusive bonus empowers players to amplify the value of their complimentary bets. The Freebet Booster nicely complements the existing array of player rewards, including Freebets (such as No Risk, AllWin, and OnlyWin), Comboboost, and the Hunting Bonus.
How does it work?
The Freebet Booster functions by multiplying the standard Freebet bonuses that are assigned to players. The Freebet Booster is provided to the user alongside a regular freebet. To take advantage of this bonus, the player must activate the Freebet Booster by clicking on it. This allows the bettor to receive an additional 1 to 5 Freebets of equal value to the “boosted” freebets.
UNDERSTANDING YOUR BONUS OPTIONS
To distinguish themselves in the fiercely competitive sports betting market, bookmakers must offer a variety of bonuses to attract and retain players. From conventional bonuses to innovative gamification tools like the ones provided by the SOFTSWISS Sportsbook, these types of incentives can enhance the betting experience and keep players engaged. By comprehending and utilizing a range of sports betting bonuses, operators can motivate their players and foster loyalty, resulting in a more enjoyable sports betting platform experience for all involved.
