What is a Deposit Bonus? How Sportsbook Deposit Match Offers Work
James Wilson
Sports Betting Analyst
Deposit bonuses are among the most attractive promotions offered by sportsbooks to attract new customers and retain existing ones. These promotions promise to match a percentage of your deposit with bonus funds, essentially giving you "free money" to bet with. But as with most things that sound too good to be true, the reality is more complex.
In this comprehensive guide, we'll explain exactly what deposit bonuses are, how they work, what restrictions typically apply, and how you can maximize their value.
What is a Deposit Bonus?
A deposit bonus (also called a deposit match) is a promotion where a sportsbook offers to match a percentage of your deposit with bonus funds. These promotions are typically structured as "X% up to $Y," meaning the sportsbook will match X% of your deposit, up to a maximum of $Y in bonus funds.
For example, a "100% deposit match up to $500" means that if you deposit $500, the sportsbook will give you an additional $500 in bonus funds. If you deposit more than $500 (say $1,000), you'll still only receive the maximum bonus of $500.
Common Types of Deposit Bonuses
1. First Deposit Match (Welcome Bonus)
The most common type, offered to new customers making their first deposit. These typically offer the highest match percentages and maximum amounts.
Example: "100% First Deposit Match up to $1,000"
2. Reload Bonuses
Offered to existing customers to encourage additional deposits. These typically have lower match percentages than welcome bonuses.
Example: "50% Reload Bonus up to $250"
3. Tiered Deposit Bonuses
These offer different match percentages based on the deposit amount, with higher deposits receiving better terms.
Example: "50% match on deposits up to $250, 75% match on deposits between $251-$500, 100% match on deposits over $500"
4. Event-Specific Deposit Bonuses
Special promotions tied to major sporting events like the Super Bowl or March Madness.
Example: "75% March Madness Deposit Bonus up to $300"
How Do Deposit Bonuses Work?
While the concept of a deposit match is straightforward, the implementation includes several important nuances that bettors need to understand:
1. Bonus Funds vs. Cash
It's crucial to understand that bonus funds are not the same as cash. Unlike your deposited money, bonus funds:
- Cannot be withdrawn directly
- Must be wagered a certain number of times (the "playthrough requirement") before conversion to withdrawable cash
- May have restrictions on what markets they can be used for
- Often have a time limit before they expire
2. Playthrough Requirements
The most important factor in determining the true value of a deposit bonus is the playthrough (also called "rollover" or "wagering") requirement. This is the number of times you must wager the bonus amount before it converts to withdrawable cash.
Example:
- You receive a $500 bonus with a 5x playthrough requirement
- You must wager a total of $500 × 5 = $2,500 before the bonus converts to cash
- If the playthrough applies to both the deposit and bonus (common in some casinos), you would need to wager ($500 + $500) × 5 = $5,000
3. Minimum Odds Requirements
To prevent bettors from meeting playthrough requirements by betting only on heavy favorites or near-certain outcomes, sportsbooks typically impose minimum odds requirements on bets that count toward playthrough.
Common minimum odds requirements include:
- -200 (1.50 in decimal odds) or longer
- -300 (1.33) or longer
- Parlays with 2+ legs may be required
This means that a bet at -250 would not count toward your playthrough requirement if the minimum is -200, even though you risked real money on the wager.
Deposit Bonus Example Breakdown
Offer: 100% deposit match up to $500
Here's what happens:
- You deposit $500
- You receive $500 in bonus funds
- Your account now shows $500 (real money) + $500 (bonus funds) = $1,000 total balance
Typical terms and conditions:
- 5x playthrough requirement on the bonus amount
- Must be completed within 30 days
- Only bets with odds of -200 or longer qualify
- Maximum bet size of $100 with bonus funds
To convert your bonus to cash:
- You must wager $500 × 5 = $2,500 on qualifying bets
- If you win enough to maintain your balance above $500 after wagering $2,500, the bonus converts to cash
- If your balance drops below $500 before meeting the requirement, you've essentially lost the bonus
Key Terms and Conditions to Watch For
The true value of a deposit bonus lies in the details of its terms and conditions. Here are the key factors to scrutinize:
1. Playthrough Requirement
The lower the better. In sportsbooks:
- 1x is excellent (rare)
- 5x is good
- 10x is average
- 20x+ is poor
Compare this to online casinos where 30-40x is common, making sportsbook bonuses generally more valuable.
2. Time Limit
Check how long you have to meet the playthrough requirement. This typically ranges from 7 to 90 days, with 30 days being common. Shorter timeframes make the bonus harder to clear, especially with higher playthrough requirements.
3. Minimum Odds
The lower the minimum odds requirement, the better. A requirement of -300 is more favorable than -200, as it allows you to bet on bigger favorites while still counting toward your playthrough.
4. Bet Type Restrictions
Some sportsbooks exclude certain bet types (like parlays, teasers, or prop bets) from counting toward playthrough, or they might count them at a reduced rate.
5. Maximum Bet Size
Many bonuses limit how much you can wager on a single bet using bonus funds. This prevents bettors from placing one large wager to quickly complete the playthrough requirement.
6. Geographic Restrictions
Bonus offers often vary by state or country due to different regulatory requirements. Always check that the promotion is available in your location.
7. "One-time" Cash Withdrawals
Some terms state that if you withdraw any amount of your cash balance before meeting the bonus requirements, you forfeit the entire bonus. This can effectively lock up your deposit until the playthrough is met.
Different Types of Deposit Bonus Structures
Beyond the standard "X% up to $Y" format, sportsbooks offer various deposit bonus structures with different advantages and disadvantages:
1. "Risk-Free" First Bet
Not technically a deposit bonus, but often marketed alongside them. These offers refund your first bet if it loses, usually as site credit or a bonus bet (non-withdrawable funds).
Example: "Risk-Free First Bet up to $1,000" means if your first bet loses, you'll receive up to $1,000 back as a bonus bet.
2. Tiered Match Bonuses
Some sportsbooks offer different match percentages based on your deposit amount or create a multi-stage bonus across several deposits.
Example: "100% match on your first deposit up to $250, 50% on your second deposit up to $250, and 25% on your third deposit up to $500"
3. Bonus Fund Release Structure
Instead of receiving the entire bonus amount upfront, some offers release the bonus in increments as you meet wagering requirements.
Example: "100% up to $500 released in $50 increments for every $500 wagered"
4. Deposit and Get
These promotions offer a fixed bonus amount for a minimum deposit, regardless of the deposit size.
Example: "Deposit $20 or more, Get $100 in Bonus Funds"
How to Maximize the Value from Deposit Bonuses
With a strategic approach, you can extract maximum value from deposit bonuses. Here are some proven strategies:
1. Deposit the Maximum Amount (If Possible)
To maximize the bonus, deposit the full amount that will be matched. If you can't afford the maximum, consider depositing as much as you comfortably can while staying within your overall bankroll management strategy.
2. Bet on Both Sides of a Market (Low-Risk Strategy)
One effective way to complete playthrough requirements while minimizing risk is to bet on both sides of a market with tight spreads or lines.
Example:
- You have a $500 bonus with 5x playthrough ($2,500)
- Find a tennis match with tight moneylines: Player A at -110, Player B at -110
- Bet $1,250 on Player A with real money (not bonus funds)
- Bet $1,250 on Player B with real money
- You'll lose about $113 in vig ($2,500 × 4.5%), but you'll clear the entire $500 bonus
- Net profit: $500 bonus - $113 loss = $387
3. Value Betting Strategy
Another approach is to look for +EV (positive expected value) bets that satisfy the minimum odds requirements. This strategy is riskier but can potentially yield higher returns than the "betting both sides" approach.
Pro Tip: Focus on markets with low vig, such as major sports moneylines and spreads, rather than props or futures that typically have higher margins.
4. Compare Multiple Sportsbooks
Different sportsbooks offer deposit bonuses with varying terms. Before committing, compare:
- Match percentage and maximum bonus amount
- Playthrough requirements
- Time limits
- Minimum odds requirements
5. Timing Your Deposit
Some sportsbooks offer enhanced deposit bonuses around major sporting events or seasons. Waiting for these promotional periods can result in more favorable terms.
Is a Deposit Bonus the Same as Site Credit?
No, although the terms are sometimes used interchangeably by sportsbooks, which can cause confusion. Here are the key differences:
Deposit Bonus
- Usually requires a playthrough requirement
- Cannot be withdrawn until requirements are met
- Often has minimum odds requirements
- Typically has a time limit for clearing
- May be released incrementally as requirements are met
Site Credit
- Usually needs to be wagered only once
- Cannot be withdrawn directly, but winnings from site credit bets often can be
- May have fewer restrictions on eligible markets
- May still have a time limit but typically shorter
- Often provided as a lump sum immediately
When evaluating promotions, always check how the sportsbook specifically defines their terms, as the exact meaning can vary between operators.