How does a welcome bonus work?
How does a welcome bonus work?
In many cases betting sites offer their new customers some type of welcome bonus when they create or register a new account. This type of odds bonus can sometimes be a little complicated. In this respect, it may appear that betting sites are being generous but there is a method to the madness. Nowadays the competition between betting sites is enormous, and in order to attract and hold onto customers betting sites have to give out a massive amount of welcome bonuses and bonuses in general. Of course this is great for punters but to properly benefit from these offers it’s important to know how they work and be aware of some of the different requirements you’re expected to follow.
One of the most common demands a betting company will place on their welcome bonus is a wagering requirement. A wagering requirement is when the betting site expects you to wager, stake or turn over your welcome bonus a certain amount of times before you can claim your winnings. The wagering requirement connected to a welcome bonus can differ depending on the betting site you use.
For a percentage-based bonus that is calculated in relation to how much you deposit into your account the wagering requirement is usually somewhere between 5-15 times the actual bonus sum itself. For a free bet the wagering requirement is usually lower, and between 1-3 times the actual sum of the free bet.
The wagering requirement will typically appear like this:
- 5x the bonus amount
- 10x the bonus amount
- 1x the bonus amount
- No requirement
Minimum odds is when a betting site places a lowest acceptable odds that you need to bet against with your welcome bonus. In order for you to be able to claim the winnings from your welcome bonus you have to bet on matches or tournaments that have odds higher than the minimum odds rate.
An example of what minimum odds can be:
- No requirement
An important thing you need to take into consideration is that a welcome bonus will usually have a validity period. This means that you need use the welcome bonus and fulfil the wagering requirement before a certain date. If you don’t manage to meet the wagering requirement within the period of validity then more often than not you will lose your winnings.
What are the different types of welcome bonus?
For players who want to have the chance to use a welcome bonus it’s extremely important that you know how it works and what types of welcome bonus are out there.
We’ve made a list below with a short description of the different types of welcome bonus that betting sites tend to offer.
A free bet is when you get a sum of money from the betting site in order to place a bet. If you win your bet you get to keep the winnings but the betting site will take back the original amount they gave you for the free bet. Certain betting sites often have a wagering requirement when they give you a free bet.
An example of a free bet:
- You have a welcome bonus where you get £10 in free bets
- You bet £10 on a match for the home team to win. The odds on the home team winning are 1/1, which means you’ll get £20 if they win.
- The home team wins = you get back £10 / the home team doesn’t win = you get nothing back
Risk Free Bet
One of the most popular varieties of welcome bonus is a risk free bet. A risk free bet is exactly what it sounds like. You’re able to place a bet without risking any of your own money. Also if you lose the bet you’ll get back the original sum you wagered. If you win on a risk free bet, you’ll get to keep all of the winnings. An important thing to remember when it comes to a risk free bet is that there is often a wagering requirement to fulfil.
An example of a risk free bet:
- As a bonus you get a 100% risk free bet of up to £35
- You bet £35 on a match in which you think the home team will win. The odds on the home team winning are 2.00, which means in total you can win £70
- The home team wins and you get back £70 // The home team loses and you get back £35.
No Deposit Free Bet
A no deposit free bet is when you’re given a particular sum to bet with entirely for free. The betting site will decide what amount you can play for The only thing you’ll need to do is create an account. A no deposit free bet as a welcome bonus is usually around £5-£10.
An example of a no deposit free bet:
- You receive a no deposit free bet worth £10
- You bet £10 on a match where you think the home team will win. The odds for the home team to win are 1/1, meaning that in total you can win £20.
- The home team wins means you get back £20 // The home team loses means you get nothing back.