The sports betting industry is one of the fastest-growing sectors around the world and the competition among betting sites is fierce. One of the most common ways for betting sites to compete for customers is through offering bonuses and promotions. In fact, a brief search for betting bonuses will soon turn up plenty of options, whether that is a Boylesports welcome offer or programmes for new or loyal customers at any other reliable bookmaker.
But although these bonuses and promotions sound like a good deal, it pays to be careful before signing up. Not all betting companies’ offers are quite what they seem. What are the aspects you should be careful about when assessing this or that bonus offer? Read on to learn about some bonus traps to be aware of.
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Misleading Figures
Naturally, betting companies try to put the most positive spin that they can on their promotions and offers. Often this involves emphasising the maximum figure that you can claim. For example, you might see a promotion that looks like this:
- Earn a £100 Free Bet Welcome Bonus!
Yet when you look a little closer, you may see that the £100 figure is the maximum you can claim. In the case of a deposit match bonus of 100%, this may involve you depositing £100 into your account in order to claim the £100 free bet. When you’re looking at this type of offer, the underlying percentage figure may be more relevant than the headline amount. Take these two offers:
- Claim a 100% Deposit Match Bonus up to £100
- Get up to £100 with our 200% Deposit Match Bonus
On paper, they pay out the same maximum amount, but with the second offer, you only have to make a £50 deposit to get the £100 maximum, thanks to the 200% figure.
Time Limits
Most bonus promotions will include time limits. In the case of a deposit match welcome bonus, you may face several time limits. Possible time limit rules include:
- Time limit between registering with the site and making a qualifying deposit
- Time limit within which you have to make a qualifying bet
- Time limit to use your free bet
Checking the small print of any bonus or promotion will enable you to spot these time limits as they are rarely advertised in the main part of a bonus deal promotion.
Payment Rules
Modern bookmakers are becoming increasingly flexible when it comes to offering payment options, in response to the development of a host of e-wallet and other payment solutions. However, the same flexibility does not always apply when it comes to claiming bonuses.
Read the small print of terms and conditions closely and you may find that the bonus excludes any deposits that have been made using certain payment options. These often include:
- PayPal
- Neteller
- Skrill
In the case of a deposit match welcome bonus, the bonus is often payable with the first deposit only. So if you use an ineligible payment option to make that deposit, you lose the bonus.
No Stake Back
One aspect of bonuses and promotions that a lot of punters overlook is the fact that when you use a free bet through a promotion, you don’t get the stake back if your bet is a winner.
Let’s say you win a £10 free bet by registering with a site and making a deposit. You can use that free bet to wager on a sports market. If you bet on a soccer team to win at 2/1 and that bet is successful, you would have winnings of £20 credited to your account, but not the £10 free bet.
That’s not the only possible problem you might face when it comes to withdrawing your winnings from a free bet. In addition, many bookmakers apply what is known as a wagering requirement.
Wagering Requirement
There are few bonus and promotion rules that are more unpopular than the wagering requirement. Sometimes known as the ‘playthrough’ or ‘turnover’, this rule requires you to wager the entire amount of your deposit and the bonus before you can withdraw your winnings.
Let’s say you won your £10 bet from the previous section. £20 winnings has been added to your account. With some promotions, you can withdraw the full £20 immediately. But if there is a wagering requirement, you can’t. For example, if the wagering requirement is x5, you will have to wager £20 x 5 = £100 before you can withdraw your winnings.
The wagering requirement is more common with online casinos than online sports betting, but it is vital to check the small print of any bonus offer before you sign up, to make sure that you are not hit with a wagering requirement.
Conclusion
You can have a look at reliable betting sites and their bonus offers and promotions at Match. Center. But while many deals and promotions can be useful, remember you should always read the terms and conditions before signing up and always think through whether the promotion is right for you. You rarely get something for nothing in life, and particularly not in the betting industry.
