Sports Betting Bonus Types

One of the main differences between land-based and online betting is sports betting bonuses. The modern punter would prefer to place bets predominantly online, also because of the variety of bonuses offered. But how well do you know your way around sports betting bonus types? It is not as easy as it seems.

Although a sports bonus is a convenient way to gain more money, it almost always comes with conditions you have to meet. Any type of bonus you receive —  free bet, wager, or cashback — will come with a set of conditions you’ll have to fulfill. In this article, we will not only be your guide to the world of sports betting bonuses, but we will also show you how SOFTSWISS is changing the game with unique bonuses exclusive to the SOFTSWISS Sports betting platform.

Let’s dive in and explore.

Types of Sports Betting Bonuses

Firstly, here are the six most common sports betting bonus types:

• Wager Bonus
• Express Bet of the Day
• Comboboost
• Freebet
• Bet Insurance Bonus
• Cashback Bonus

When it comes to acquiring new customers or retaining existing ones, offering a well-rounded mix of these common bonuses can be an effective strategy.

Read on for their full descriptions – with examples – and enjoy!

Wager Bonus

A wager bonus is a sports bonus that will definitely have wager requirements to convert it to cash. There are many types of wager bonuses: a Sign-Up Bonus (given after making your first deposit), Events bonuses (given for special sports events and occasions), etc.

How does it work?

To convert a wager bonus into cash, you must bet it a certain number of times. The wager varies from bookmaker to bookmaker. 

Let’s add some math to see how this bonus works. For example, if the bettor puts in $100 and gets a 100% bonus for his deposit, then he will have $200 in his wallet. Let’s suppose that the wager is x12, so the player needs to multiply 12 by 200, he gets $ 2,400. In order to cash out his received bonus, the bettor needs to place wagers in the amount of $2,400. 

As you see, the value of the deposit and the Wager bonus offered is usually summed up. The wagering requirement applies to the whole sum.

There’s no doubt that this is the most popular and common sports bonus. However, it’s also worth keeping in mind that the wager bonus system does become increasingly complex for the player: to be able to withdraw, the player must wager a big sum.

Express Bet of the Day

Basically, the Express of the Day is a sports bonus with a pre-selected set of events with an included bonus rate on them.

How does it work?

The number of express bets that a bookmaker collects in the Express bet of the Day is unlimited. To place the wager, the player simply needs to accept the terms. Any change by the player turns the bet into a usual express, not subject to an odds multiplier. It is a bonus that represents chance and luck as it is: the bookmaker offers, and the player decides whether he is ready to accept the risk or not.

Comboboost

Comboboost is used only for express bets. This sports betting bonus gives the player additional odds that enrich potential winnings.

How does it work?

In this case, the player decides to make several single bets and unites them in one Express bet. Each bookmaker can set up his own special criteria that the player should meet to get Comboboost. It can be the number of express bets, odds, etc. If the player meets all the criteria, they get special odds from the bookmaker.

For example, your potential win is 800$; the bookmaker gives you special odds, which increases the potential winning sum to 960$. So the Comboboost is a profitable sports bonus for bettors: if the wager wins, the customer wins more, but if the gamble loses, the player loses the bet amount only.

Freebet

Freebet is one of the most universal types of bonuses. It can be used in express bets, single bets, during live matches, and pre-match activities. 

SOFTSWISS Sportsbook incorporates three types of Freebets:

• No risk
• AllWin
• OnlyWin

No Risk: How Does It Work?

The player chooses an event or collects an express, decides to use his risk-free bonus. He approves the bet, and here we go with three possible variants.

1. The bet wins. The player gets his win and the bonus is written off.
2. The bet loses. The player gets his bet amount in real money (no wager requirements). The bonus is written off.
3. The bet wins partially. The player gets his winnings. The bonus is written off.

AllWin: How Does It Work?

A player makes a bet with money that is not displayed in his wallet. Bookmakers allow players to make wagers using the company’s funds. If the bet wins, the player’s winnings are credited in real money to his wallet. The player doesn’t lose anything if the bet loses, making it an easy win-win scenario.

OnlyWin: How Does It Work?

The essence of this sports bonus is that the player makes a bet with bonus money that is available for making a wager, but the sum is not credited to the player’s wallet. If the wager wins, the player receives the difference between the win and the bet sum in real money.

Bet Insurance

Betting insurance is an option for players who are not sure if their bet will win. Some sportsbook brands let players insure a bet at any time (it is just a paid service at an extra cost), while others represent it as a bonus offered.

How does it work?

Very often the cost of bet insurance depends on the current odds for a particular outcome. You can insure the rate in full (100%) or only partially. Both ordinary and express bets can be insured. If a sports bet is lost, the part insured is returned to the player’s balance. It is a good option for almost all types of players: the risk is lower and the winnings are not cut.

Cashback

There are many types of bonuses, but the Cashback bonus is one of the most profitable perks for customers. The classic option is a partial repayment of a loss. For example, 5% of a lost bet. Cashback is usually only provided for a specific sport, a championship, or competition, or it can be intended for just one or a few games (be aware that the situation can change).

How does it work?

Usually, the cashback is returned as a freebet or a wager bonus. It depends on the sports brand you choose. This type of bonus is one of the most favoured among players. It’s rather uplifting when the team you were hoping for loses or you’re just on a bad streak.

But with the bonuses offered for wagering, the process can be more difficult. Sportsbook companies often have strict wagering requirements for converting the winnings into real money. In most cases, it is rather challenging, several steps must be completed.

That’s why the team of Sportsbook by SOFTSWISS offers its players cashback with real money or a freebet. Our priority is to provide the player with excellent service.

Unique Bonuses From SOFTSWISS

With built-in gamification tools, such as industry-exclusive bonuses and jackpots, the SOFTSWISS Sportsbook offers players and operators many of the above bonuses to better enhance their gaming experience. In addition to traditional sports betting bonuses, the SOFTSWISS Sportsbook also features four completely exclusive bonuses:

• Hunting Bonus
• Hunting Tournaments
• Lootbox Bonuses
• Freebet Booster

Let’s take a closer look at what sets these SOFTSWISS bonuses apart from the competition.

Hunting Bonus

The first of the unique SOFTSWISS Sportsbook bonuses is the Hunting Bonus – the first of its kind in the betting market. This bonus allows players to win even more free bets and make the game itself more exciting.

How does it work?

As standard, the Hunting Bonus gives players the chance to make a deposit and receive a percentage of the deposit or a fixed amount in a given currency whilst betting. The player can then convert this currency into free bet coupons of varying values.

To gain access to these free bets, the player must make regular bets, for which they receive bonus money. Once the bonus amount equals the player’s average wager, the player receives a free bet coupon equal in value to their average wager. At the same time, the accumulated bonus money is deducted from their original bonus balance, received when making the deposit.

Hunting Tournaments

In addition to the Hunting Bonus, the Sportsbook Platform also offers Hunting Tournaments. These tournaments allow players to compete against each other for a chance to win a prize pool of free bets.

How does it work?

Hunting tournaments start by announcing the prize pool – this is then reduced with every player’s bet. At the same time, each bet brings the player a certain amount of bonus points which transform into Freebets when the bonus points sum is equal to the player’s average wager. The opportunity to get a Freebet disappears when the sum of bets reaches the sum of the prize pool, adding even more rush and excitement to the betting process.

Lootbox Bonuses

Another unique feature of the Sportsbook Platform is the Lootbox Bonus. With this bonus, players can open special in-game boxes and win free bets.

How does it work?

The Lootbox Bonus feature allows players to get a certain amount of bonus points while making bets. Once they have enough points to activate the bonus, players get a chance to choose one of the loot boxes presented on the screen and win up to three free bets – each free bet is equal to the player’s average wager.

Freebet Booster

Last up in the list is the unique Freebet Booster bonus. This unique bonus allows players to increase the value of their free bets. Freebet Booster further complements the line-up of existing player rewards – Freebets (including No Risk, AllWin and OnlyWin), Comboboost, and the Hunting Bonus.

How does it work?

The principle behind Freebet Booster is to multiply the standard Freebet bonuses that can be assigned to players. The Freebet Booster will be given to the user at the same time as a standard freebet. The player has to activate the Freebet Booster (by clicking on it) in order to take advantage of the bonus. The bettor will then be able to get from 1 to 5 additional Freebets, identical in value to the ‘boosted’ freebets.

Know Your Bonus Types

To stand out in the competitive sports betting market, bookmakers need to offer a range of bonuses to attract and retain players. From traditional bonuses to the unique gamification tools like the ones offered by the SOFTSWISS Sportsbook, these kinds of incentives can enhance the betting experience and keep players engaged. By understanding and utilising a range of sports betting bonuses, operators can motivate their players and cultivate loyalty, leading to a more enjoyable sports betting platform experience for everyone involved.