When Massachusetts launches sports betting, sportsbooks will inundate bettors with bonus offers. These bonus offers have several names, but the large Massachusetts sportsbook bonuses come in two varieties: deposit bonuses and risk-free bets.
The terms for these types of bonuses are the same across markets. However, those terms are either in fine print below the bonus or buried in terms and conditions pages. Instead of digging through fine print and dense pages, we’ve outlined the most missed conditions of welcome bonuses. That way, Massachusetts sports bettors can take full advantage of welcome bonuses when sports betting finally goes live.
Massachusetts Deposit Bonuses
Deposit bonuses award site credits for making large first deposits, then betting with those deposited funds. Sometimes, this type of bonus is also called a match bonus.
Although they’re called deposit bonuses, many bettors miss key terms that cost them credits they could’ve earned. Usually, a bettor’s first deposit sets the number of bonus credits that bettors are eligible for. Bettors don’t earn any of those credits until they’ve wagered a certain amount of money.
For example, DraftKings offers a $1,000 deposit bonus with a 20% match rate. That means that bettors can earn up to $1,000 in site credits if they earn the bonus’ full value. However, bettors will only be eligible for $1 in site credits for every $5 they deposit. Bettors would have to deposit $5,000 to have a chance at redeeming the full $1,000.
The next step is listed in the fine print below the bonus. Bettors will get $1 of site credit in their accounts for every $25 they wager on DraftKings. So, bettors would have to deposit $5,000, then wager $25,000 to earn the $1,000 bonus.
This is not an invitation to spend $25,000 to get a few bonus credits. Instead, bettors should know how bonus credits flow from deposits and wagers. This will allow bettors to plan their first deposits and first weeks of betting to cushion their accounts with site credits.
Deposit and match bonuses are cushioning bonuses that reward one large deposit and betting over time. It’s not an immediate payday, and it has terms that are easy to miss.
Also read: Sportsbooks Begin Confirming Interest In Massachusetts Sports Betting
Massachusetts Risk-Free Bets
Risk-free bets refund lost wagers in site credits. If a bettor wins, they’ll collect their winnings and receive no bonus credits.
Risk-free bets are misnomers because they require bettors to risk their own money before having a shot at site credits. It’s why some states, like Ohio, plan to ban sportsbook advertisements from calling these types of wagers risk-free.
FanDuel offers a “No Sweat First Bet” that’s identical to its original risk-free bet offer. When bettors make their first bet, they can get the money they staked back in site credits with two conditions. First, this offer is only valid for the first wager. Second, bettors can get up to $1,000 back in site credits.
A little planning can go a long way with these types of bonuses. Bettors can make the largest wager they can afford up front, then use their site credits if they lose or enjoy their prizes if they win.
Also read: BetMGM Sportsbook Offering ‘Title Town Special’ On New England Sports Teams
Planning How to Use Massachusetts Sportsbook Bonuses
There are a few caveats common to every sportsbook’s welcome bonus. The most important term is that site credits are not the same as cash. Bettors can withdraw cash winnings, but they can’t withdraw site credits. Site credits can keep sports bettors coming back to place bets while getting them comfortable making real money wagers.
Welcome bonuses also have minimum deposit and odds requirements. Minimum deposits are usually $5 to $10. Minimum odds are usually -300 to -150. Sportsbooks aren’t going to give their bonus credits away for sure bets.
Massachusetts sportsbook bonuses will be plentiful when sports betting goes live. However, their terms won’t be clear to new bettors. While terms and conditions at other companies can be blown off, sportsbook bonus terms contain information that could make bettors hundreds of dollars in site credits or forfeit them. Because of that, be sure to read the terms and conditions of each individual offer.