Placing a bet on a sporting event or trying to beat the odds and predict who will go to number one or get elected is what many of us love to do. The odds get us thinking, push us to analyze form and likely outcomes, and can add that little bit of extra tension and excitement to many occasions and events.
Getting more out of each bet is something many savvy people are looking to do right now and with good reason. The rapid rise of online betting sites means that traditional bookmakers are quickly being put in the shade. One of the main reasons for this is the wide array of different bonuses, offers, and rewards online betting sites are able to offer.
To make sure you don’t miss out, we’re going to guide you through everything you need to know about betting bonuses.
Why do bookmakers give away betting bonuses?
The key point to note here is that betting is a global market worth over $77 billion in 2025 and this shows that competition for attention is fiercer than ever. Online bookmakers know that they need to be able to stand out in an increasingly crowded marketplace, and that means enticing new players to sign up with them before anyone else.
The offer of bonus bets when you sign up can be enough to catch the eye of new players who want to try sports betting without putting too much of their own money on the line. Online bookmakers and betting sites also know the importance of optimizing player retention rates. With this in mind, it is common practice for them to offer loyal players a series of bonuses as a reward for their custom. One of the most common is a bet match bonus.
What types of betting bonuses are there?
There are a wide variety of different betting bonuses and types of bonus bets, including:
- Boosted odds that lengthen the odds of an event to increase potential winnings
- No deposit bonus offers are essentially free bets and are mainly for new players
- Welcome bonus offers are made on sign-up only and de-risk your first bet
- Deposit bonuses match a fixed proportion of your deposit so you have more to play with
- Reload bonuses are typically given to loyal players who frequently make new deposits
- Mobile bonuses are aimed at players who have downloaded the betting site’s mobile app
- Matched deposit bonuses double the size of your deposit so that you can place larger bets
- Referral bonuses are awarded when you refer a friend who then makes a deposit
- Accumulator bonuses are awarded if you get close to winning an accumulator
How do you calculate bonus bet winnings?
When betting with your own money, the payout you receive when you win is a combination of your initial stake and your winnings, but this is not the case when using a bonus bet. There is a simple formula that can be used to calculate bonus bet winnings:
Payout Received = (Bonus Bet Size x Odds) – Bonus Bet Size
Consider an example where you place a $100 bonus bet on Manchester United to beat Spurs where the odds give you a multiplier of $1.90 on the dollar. You would receive $190 less the $100 bonus bet used as a stake, meaning that your final payout is $90. If you lost the bet you would only lose your bonus bet stake of $100 which wasn’t your money in the first place, but if you were betting with your own money, you would have lost $100.
The reason you are not given the bonus bet you staked as part of your payout is so that the bookmaker cannot fall victim to matched betting. Matched betting is where you guarantee yourself winnings by placing opposite bets on each outcome, in this case, Manchester United to win and Spurs to win as two separate bets. The size of the bets has to be carefully calculated to ensure enough margin to leave a profit when staking your own money, or you can use bonus bets from two different bookmakers.
What is the smartest way to use bonus bets?
The key thing to note here is that when you win using a bonus bet, you are only awarded the profit from the bet — the stake is not awarded in the way that it would be if you were betting with your own money. This means that betting on longer odds is the smartest way to use bonus bets.
Let’s take the example of a boxing match between a -250 favorite and a +250 underdog. The odds are symmetric about zero, which means the bookmarker is confident about the outcome. Using a $50 bonus bet on the favorite could see you win $20, but using the same $50 bonus on the underdog could see you win $125. This is known as a plus-money strategy.
Taking a statistical approach to sports betting can be much more effective over the long term than following your gut feeling or instincts. Carefully studying form, external factors, player injuries, and the location of a contest may help to tip the balance slightly in your favor. That said, it’s important to know that no amount of research will ever lead to a 100% guarantee of winning.
What to look for in bonus bet offers
Looking for the following will help you decide whether or not to take up the offer:
- Time limits — how long you have to use your bonus before it expires
- Sports restrictions — which sports, events, and outcomes you can and cannot bet on
- Maximum possible payout — whether or not there is a cap on how much you can win
- Payout times — how long it will take you to receive any winnings you may amass
- Exchange or transfer options — whether you can swap the bonus bet for a different bonus
Taking your time to look at the small print included with each bonus bet offer will ensure that you know exactly what you are getting. Bonus bets are tightly regulated and that means online bookmakers are legally required to advertise them in a way that is clear, transparent, and easy to follow.
You may also wish to contact the relevant customer support team if you want to clarify any of the above details.
Crossover with other industries
There are many similarities between betting bonuses and casino bonuses, both of which are used to attract and retain players of all abilities. The main aim is always to make sure that the online casino or bookmaker provides a more attractive offer than the competition, and to do so in a way that can make placing a bet feel like less of a risk.
A key point to stress here, however, is that both classes of bonuses are tightly regulated and designed to ensure that they never push, promote, or reward problem behavior. Just as placing a bet on a sporting event should be a fun and sustainable habit, so too should having a wager in an online casino.
The structure of the two groups of bonuses has a considerable degree of overlap with time limits, transparent caps, and limits on the maximum possible payout all being in place. If you would like to know how to find casino bonuses, a quick search online is all it takes and will show you that both industries are well-regulated and focused on player welfare.
Finding the best bonus bet offers
Shopping around, reading customer reviews, and watching video testimonials will provide you with plenty of information. You may also follow online influencers who push certain promotions, in which case you may wish to take a closer look.
Remember: the best bonus bet offers are the ones that enrich the playing experience and de-risk your next bet without giving rise to problematic, unsustainable habits. If you feel betting is having a negative impact on your financial situation or health and well-being, pausing your account and seeking help is always the best approach to take.