In 2018, the US federal government repealed a ban on sports betting. Since then, each state has determined its own regulations related to sportsbooks. Some have opted for a full range of retail and online services, while others have yet to legalize their markets.
Currently, Nevada and New Jersey offer some of the most competitive welcome bonuses. As sportsbooks expand into new states, longstanding brands have an edge with new customers. For example, a BetMGM promo code will be more popular with punters because MGM is a longstanding sportsbook based in Vegas.
Not only does the group offer a competitive $600 risk-free bet welcome bonus, but they’re also one of the most recognized brands in the US. Such groups have the edge when it comes to attracting new and first-time punters, but a rewarding welcome bonus is only useful if a punter knows how to take advantage of it.
Here are five key ways to capitalize on each welcome bonus:
Tip One: Figure Out Your Goals
It’s hard to turn away from offers like a $1000 deposit match or a $500 risk-free bet. But first, it’s important to learn the ropes, figure out your goals, and determine your bankroll. Don’t know the difference between money lines and futures bets? Don’t worry — there are plenty of websites that guide beginners through the basics. (Pro tip: the best sportsbooks offer their own reliable guides.)
Once you understand terminology and bet types, figure out what type of punter you plan to be. Everyone wants to win money, but how punters allocate money, rely on expert advice, and plan their bets differs greatly. Whatever route you choose to go down, make a game plan before you use your welcome bonus.
Tip Two: Check the Stats
Top sportsbooks rely on statistical programs to help them make predictions and set lines. These programs are sometimes powered by machine-learning AI and will only become more reliable in the future. Punters today have unprecedented access to analytical insight that can be applied towards bets.
There are countless resources available, so shop around and figure out which websites, pundits, and programs you can apply to your betting practices. (Pro tip: welcome bonuses are often used on underdogs.)
Tip Three: Join the Email List
A welcome bonus comes around only once, but that doesn’t mean other promotions aren’t on the table. When signing up with a new sportsbook, you’ll be prompted to provide your email. Make sure to opt-in for exclusive offers.
Oftentimes, these emails head straight to the spam folder. Keep an eye on your offers from sportsbooks. Additional offers are often sent via email and usually come with specific requirements and timelines. Don’t miss out!
Tip Four: Read the Fine Print and Know What It Means
If you’re betting in the US, you should first look into laws related to sports betting in your state. Once you have a hold on local regulations, take a second look at the conditions related to each welcome bonus. Deposit matches, risk-free bets, reduced juice lines, and reload bonuses are all types of welcome bonuses, but each have different conditions attached.
For example, some bonus offers can’t be cashed out until they’ve been wagered through (play-through) once. Others can only be applied to certain wagers. Some include deposit matches, which means the sportsbook hands you cash. (Pro tip: Deposit match bonuses are the only true “risk-free” welcome bonus.)
Tip Five: Double Dip
For the first-time punter, learning the ropes can take time. Understanding terminology and learning how to leverage parlays are only a few ways to immerse yourself into sports betting. Once you’re comfortable with a single sportsbook, it’s time to expand your horizons.
Shopping around — sometimes called “double-dipping” — is standard practice for competitive punters. This involves comparing lines and offers from various sportsbooks, then choosing the most competitive offer. Some punters even wager on lines at different books simultaneously.
Be sure to the read the fine print for each welcome bonus, and be careful about moving money, as delays in withdrawing and depositing can mean missing out on certain time-sensitive promotions.
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