Today, it is impossible to find a sports betting company that doesn’t offer at least one bonus. It has become so rampant in the industry and has now become a necessity for brands that are new to the industry. Sports betting companies like 888sport laid the foundation and others followed; luckily, it worked out well. But what do these bonuses really do for them? What do these brands gain from giving every player a bonus offer?
And looking at the bonuses, it is easy to conclude that there is nothing in it for the bookies. Well, if you thought so, you are about to find out otherwise. In this overview, we will tell you why online sports betting companies continue to offer several bonuses and promotions.
To Attract More Players
Attracting players is perhaps the most significant reason why bookies and other gambling companies offer bonuses. Players love free things; so when they see mouthwatering offers from bookies, it tempts them to sign up.
In fact, some players attest to initially signing up for their online casino because of the bonus. It is why casinos add wagering requirements—which makes players use the bonus before they can withdraw. In the course of using the bonus to meet the wagering requirement, players discover how great the bookie is and they want to stay. That simple logic is how betting companies attract players.
Now it is beyond just offering bonuses alone, it is now – who has the better one? Here are things players look at before signing up for a seemingly attractive bonus:
Minimum and Maximum Bet Limit
To Stay Afloat in the Competition Industry
The competition in the industry ten years ago is nothing compared to today. The gambling industry is seeing more publicity and it is becoming more difficult for brands to cope with the competition, especially the new ones. So as a betting company now, you need to offer the absolute best to be rated as one of the top brands.
To be rated high, good betting services are primary but there are other secondary options that players consider which include the respective bonuses. Since bonuses come in different manners, new brands especially are forced to offer very favorable bonuses so that they can gain more publicity.
However, good bonuses do not overshadow good services. A bookmaker that lacks good betting options and general services but with decent bonuses will not last long in the industry. Players will only sign up, claim the bonus, meet the requirements and withdraw then leave without giving it a second thought. So both bonuses and services rendered have to complement each other.
What Type of Bonuses and Promotions Do Sports Betting Companies Offer?
Bonuses come in several variations so you will see bookies giving you in different forms. Let’s look at some popular types you will find in online bookmakers.
No Deposit Bonus
No deposit bonus is perhaps the most attractive of all types of offers and promotions. Players love it most because it demands nothing from them as the name implies. So this is one of few bonuses that allow players to win money 100% risk-free.
But since you are not depositing anything, they tend to have the strictest wagering requirement. Players don’t mind though, because it seems like a little price to pay for playing risk-free.
This is the opposite of the no deposit counterpart. In this offer, bookies offer you a certain percentage of your deposit. So when you deposit, you get an extra top-up from them. Most brands offer a 100% deposit bonus but some may go as high as 200%.
The name gives it up a bit—it simply means getting your money back. When bookmakers offer you cashback bonuses, it means you would get your money back if you were to lose certain bets. It is mostly a welcome bonus, making your first bet eligible for cashback.
The bonus only triggers when you lose as there is no need to refund a win. And the amount refunded will also have certain wagering requirements to meet before withdrawing them.
As the name implies, it means a certain number of bets is covered by the bookie. Free bets are usually capped at a certain amount so you can’t place huge amounts. But you can use it to win real money too. They also have wagering requirements and some bookies restrict it to certain sports alone so be sure to check the bonus details to start using it.
A loyalty program is a promotion offered by bookies to appreciate long-term players. It is their way of thanking you for sticking with them. But different brands give you in different ways.
Some may create a tier system that as you play more, you go higher in the ranks while enjoying exclusive add-ons. Others may reward you with milestones like giving you a special reward on your 1000th bet. It varies depending on the brand so you should confirm the format.
Now you know what sports betting companies gain from bonuses so don’t shy away from it. It is one of the best ways to win more while rising less. But don’t forget to check the bonus details for requirements. If it looks unattainable, it isn’t worth it.