Best Sportsbook Promotions and Bonuses in 2023
Covers has pooled over 25 years of sports betting expertise into identifying the best sportsbook promotions in the U.S. Nearly all of the best sportsbook bonuses are sign-up offers, but which ones are the best? Learn about the best sportsbook bonuses and how a sports betting site bonus enhances your bankroll.
| Sportsbook | Welcome bonus | Promo code |
|---|---|---|
DraftKings Sportsbook |
Bet $5, get $200 in bonus bets | No promo code required - Claim Now |
| Caesars Sportsbook |
Up to $1,250 on Caesars | COVERSBONUSFULL COVERSFULL (AZ+NJ) |
| bet365 Sportsbook |
Bet $1, get $200 | No promo code required - Claim Now |
| FanDuel Sportsbook |
Up to $3,000 back in bonus bets | No promo code required - Claim Now |
| BetMGM Sportsbook |
$1,000 back in bonus bets | No promo code required - Claim Now |
| PointsBet Sportsbook |
Up to $500 in bonus bets | 5X100RC MC4X200 (AZ+NJ) |
| Unibet Sportsbook |
Up to $500 bonus bet | No promo code required - Claim Now |
| BetRivers Sportsbook |
Up to a $500 bonus bet | SPORTS |
| Betway Sportsbook |
$250 bonus bet | No promo code required - Claim Now |
| Tipico Sportsbook |
Up to $250 deposit match | No promo code required - Claim Now |
Responsible gaming: 21+. Gambling Problem? Call 1-800-GAMBLER
Best sportsbooks for bonuses
#1 Top-rated sportsbook
- Generous welcome bonus
- Offers same-game parlays
- Ample betting options
Payout Speed:Deposits & withdrawals
- Modern betting platform
- Convenient banking
- 24/7 customer support
Deposits & withdrawals
- Frequent special offers and promotions
- Proprietary online sportsbook software
- Fast withdrawals
Deposits & withdrawals
- Top-rated sportsbook
- Ample markets
- Fast and secure banking
Deposits & withdrawals
- Competitive pricing
- Offers same-game parlays
- Exclusive live streaming
Deposits & withdrawals
- User-friendly mobile app
- Good deposit options
- Offers same-game parlays
Deposits & withdrawals
- Well-designed mobile app
- Live same-game parlays
- 24/7 customer support
Deposits & withdrawals
- Awesome welcome bonus
- Consistently good pricing
- Offers same-game parlays
Deposits & withdrawals
- Weekly promotions
- Over 20 sports available
- Offers same-game parlays
Deposits & withdrawals
- Good live betting section
- Offers same-game parlays
- User-friendly interface
Deposits & withdrawals
Best sportsbook promotions explained
DraftKings Sportsbook
Bet $5, get $200 in bonus bets
No code required
Create your new DraftKings account by Feb. 12 to win $200 in bonus bets. All it takes to unlock one of the best sign-up bonuses is a qualifying deposit of $5 or more, followed by a bet of $5 or more on any pre-game moneyline. If your bet wins, DraftKings will credit your account with $200 worth of bonus bets, paid out as eight individual $25 wagers.
- App store rating: 4.8 (iOS); 4.6 (Android)
- Sign-up bonus: Bet $5 to win $200
- Payout speed: 1-3 days
DraftKings Sportsbook is legal in: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
Caesars Sportsbook
Up to $1,250 on Caesars
Code: COVERSBONUSFULL or COVERSFULL (AZ+NJ)
Caesars Sportsbook perennially seems to own one of the top sign-up offers, available to new customers by entering the exclusive Caesars Sportsbook promo code COVERSBONUSFULL or COVERSFULL in Arizona and New Jersey only, during registration. Once completed, new customers obtain 1,000 Caesars Rewards® Tier Credits and 1,000 Caesars Rewards Reward Credits. The best part is that you will receive one bet credit worth up to $1,250 in bonus credit if you lose your initial wager of $10 or more.
- App store rating: 4.6 (iOS), 4.1 (Android)
- Best feature: Excellent customer support
- Sign-up bonus: Up to $1,250 on Caesars
- Payout speed: 1-5 days
Caesars Sportsbook is legal in: Arizona, Colorado, DC, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, Nevada, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
FanDuel Sportsbook
$3,000 No Sweat First Bet
No code required
Newly registered FanDuel Sportsbook customers can claim the operator's new welcome offer — a no sweat first bet of up to $3,000 paid back in bonus betsr. Following the initial $10 deposit, place a real money wager on any sports market, and FanDuel Sportsbook will credit your account with up to $3,000 in bonus bets if you lose. No FanDuel promo code is required either.
- App store rating: 4.8 (iOS); 4.7 (Android)
- Best feature: Stellar apps
- Sign-up bonus: Up to $3,000 in bonus bets
- Payout speed: 1-7 days
FanDuel is legal in: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
BetMGM Sportsbook
$1,000 back in bonus bets
No code required
Another perennial favorite sports betting site promotion comes from BetMGM Sportsbook, which offers up to $1,000 back in bonus bets to its new users. BetMGM offers insurance on your first wager, with the operator refunding up to $1,000 in bonus credits if you strike out with the initial wager. No BetMGM promo code is needed but consult the terms and conditions.
- App store rating: 4.8 (iOS), 4.3 (Android)
- Best feature: Accommodating to all styles
- Sign-up bonus: $1,000 back in bonus bets
- Payout speed: 2-8 days
BetMGM is legal in: Arizona, Colorado, DC, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, Nevada, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
PointsBet Sportsbook
Up to $500 in bonus bets
The PointsBet sportsbook bonus comes exclusive to Covers, where PointsBet promo code 5X100RC unlocks up to $500 in bonus bets in most states or MC4X200 in Arizona and New Jersey.
PointsBet’s new-player offer only applies to the first five fixed odds wagers made after registration — one during each of the first five days of betting with PointsBet.
- App store rating: 4.8 (iOS); 4.7 (Android)
- Best feature: Caters to advanced bettors
- Sign-up bonus: Up to $500 in bonus bets
- Payout speed: 1-5 days
PoinstBet is legal in: Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia
How do sportsbook promotions work?
Don't worry, redeeming the best sportsbook sign-up bonuses takes very little time and effort. Get started by signing up for a new account through the links provided here. Then, download one of the best sports betting apps.
Next, enter all pertinent personal details for identity and age verification purposes. Remember to review the sign-up page to confirm where you might have to enter a promo code if applicable.
For identity and age verification to work successfully, uploading a photo of an official ID, like a driver’s license, will be required. Upon account verification, choose from the available sportsbook and withdrawal methods to add funds to the newly created account. We encourage all customers to read through the terms and conditions of the promotion to get the full benefit.
Common mistakes
The best sportsbook sign up bonuses can help you quickly build a sports betting bankroll. We've outlined several ways that can help you avoid pitfalls when claiming a sportsbook promotion or bonus.
First, avoid common mistakes such as letting your bonus betting credits expire. If you’re claiming a first insurance bet or a deposit match sportsbook promotion, the credits you receive if your bet loses will likely expire within 14-30 days.
Unfortunately, many bettors tend to glance over important terms and conditions and are often disappointed when bonus funds expire, are non-withdrawable, or cannot be accessed as anticipated.
Allowing promotions to lapse Overlooking rollover requirements Not fulfilling the minimum wagering requirement Neglecting minimum odds requirements Betting on ineligible markets Not maximizing value Types of sportsbook bonuses explained
There are different kinds of welcome bonuses available for new sportsbook bettors. Naturally, there are pros and cons to each one, and everyone will have a preference. We broke down the most common sportsbook sign-up bonuses in 2023, including bonus bets, first bet insurance, deposit matches, parlay insurance, no deposit bonuses, boosted odds, and cash bonuses.
Sign up bonus
Nearly all online sportsbooks will provide a sign-up bonus to incentivize prospective bettors to join their platform. These offers are generally straightforward and are meant to allow newbies to try their hand at sports betting for the first time with reduced risk.
Common examples of sign-up bonus bets include first bet insurance, where the sports betting site automatically matches the amount wagered. For example, if the promo is up to $1,000, and you bet $800, you will then receive $800 in bonus bet credits if your wager loses.
Our pick for the top sportsbook sign-up bonus belongs to Caesars Sportsbook:
Up to $1,250 on Caesars
Code: COVERSBONUSFULL
Caesars Sportsbook made its way to the top spot of best sportsbook bonuses, courtesy of its dependable welcome bonus. New customers receive up to $1,250 in bet credit, 1,000 Caesars Rewards® Tier Credits, and 1,000 Caesars Rewards Reward Credits. If your first bet loses, you’ll get a second wager equal to the original amount staked, up to $1,250 maximum.
No deposit bonus
We consider a no deposit bonus the most sought-after type of sportsbook bonus — it’s the closest a bettor can get to placing a bet with zero risk. Why is there no risk? No deposit bonuses do not require you to deposit any of your own funds before making a wager. Simply sign-up and your account will be credited with — usually a small amount — of bonus money.
These sportsbook bonuses are rare since they favor the customer entirely. Operators hope that allowing new users to place a wager without any strings attached will be enough to showcase why their platform is superior to other options and keep them coming back long-term.
Typically, no deposit bonuses are now tendered as pre-registration offers, which online sportsbooks provide when a state is set to open its doors to legal sports betting for the first time. Keep track of states with legal sports betting and which ones may vote in favor of legalization in the future.
Deposit match bonus
Often referred to as a cash bonus, a deposit match bonus is arguably the most common sportsbook bonus out there and is frequently tethered to sign-up offers. Online sports betting sites will match your deposit up to a specified dollar amount, and it is not unusual to find a 100% match rate if you are a first-time customer.
The currency a sportsbook will provide to your account via a deposit match bonus may vary. Bonus bets and site credit are typical, but you may be offered real cash instead in some instances.
Our pick for the top deposit match bonus comes from Tipico:
Up to $250 deposit match
No code required
If you are a new sports bettor in Colorado or New Jersey, and have yet to sign-up and deposit with Tipico Sportsbook, go ahead and claim a deposit match bonus of up to $250. No Tipico Sportsbook promo code is required to claim the welcome offer, but we've outlined the most salient points and identified several critical takeaways.
Make a minimum deposit of at least $10 and Tipico will match 100% of your first-time deposit dollar-for-dollar up to $250 in bonus funds. Next, you'll have to satisfy a 3x playthrough or rollover requirement and tether your wager to odds of -200 or greater, to release the bonus finds to your cash wallet.
Ongoing betting site promos and bonuses
There's a world beyond sportsbook welcome and sign-up bonuses. Some of the best sportsbook bonuses are ongoing promotions, including profit boosts, odds boosts, reload bonuses, and player referral bonuses.
Boosted odds
In sports betting terminology, a boosted odds bonus represents what it purports to be — a sportsbook bonus in which the value of odds on particular wagers has increased. These can occur regularly depending on the operator and include the likes of Over/Under (totals), moneyline, point spread, prop bets and same-game parlays.
When a specific sportsbook market posts ‘boosted odds’, the line is more advantageous for the user on a seemingly surefire bet. For example, if the Buffalo Bills were playing the Houston Texans, and the line was set at +220 boosted odds for the Bills to win. If you're looking for a profit boost, odds boosts fit the bill.
Given the likelihood of Buffalo beating Houston, regular odds would line up at -110 for the spread. Sportsbooks sometimes provide boosted odds for either a user reward or promotional purposes. We encourage players to take advantage of a boosted odds market when presented with the opportunity, as your odds of profiting will be more likely than usual.
Covers tip: Sportsbooks will almost always apply maximum and minimum stakes to boosted odds bets to ensure they won’t have to credit you with an enormous payout should you win your wager.
Reload bonus
Some online sportsbooks offer their users reload bonuses, meaning they will receive additional site credit each time they replenish their account balance with real cash. Some reload bonuses are deposit matches, while others are bonus bets on specific markets.
For example, a sportsbook may award a $10 bet to any NFL market for every $50 of real cash deposited into an account balance. If it’s a deposit match reload bonus, they may offer to match up to 50% of a deposit during each reload transaction.
Reload bonuses are available exclusively to existing customers who have already received their sign-up bonuses. Sportsbooks will offer these ongoing promotions — frequently or less frequently, depending on the operator — to satiate their users by providing them with boosts to their bankrolls.
Much like many sign-up bonuses, reload bonuses usually come in the form of deposit matches and are activated by making a new deposit. But unlike sign-up bonuses, the match rates for reload bonuses tend to be low — typically 10-15%.
Player referrals
Sports betting sites are keen to attract new players and often reward existing customers for their recruitment efforts. Already registered players stand to earn rewards points and betting credits for any referrals resulting in a sign-up and real money minimum deposit. Most sportsbooks give registered users a unique referral code that can be distributed amongst friends and family. If someone registers and enters a previously-registered user’s referral code during sign-up, both parties will likely receive some kind of reward.
One of the easier ways to add to your bankroll is by taking advantage of refer-a-friend bonuses. These are as straightforward as it gets — you invite your friend, generally by way of an exclusive link, to join a sportsbook you are already using. If they register using your link, you — and sometimes your friend — receive a bonus.
Our pick for the top refer-a-friend bonus comes from FanDuel Sportsbook:
Give $50, Get $50
There's a reason FanDuel is the top mobile app on many peoples' lists. Among its accolades, the operator offers a strong refer-a-friend program. Send a referral link provided by FanDuel to your friend, have them sign-up and place a wager of $10 or more, and you'll both be rewarded with $50 in site credit. There is a 10-person maximum referral limit per user.
Common sportsbook bonus terms and conditions
All sportsbook bonuses come with specific terms and conditions that you should read carefully before claiming. However, there are also a few conditions you are likely to encounter, no matter which bonus you’re looking to procure.
Most operators will only give you a short time frame to claim your bonus — usually 7-14 days. If you have not snagged your promo by then, it will vanish.
Online sportsbooks may limit the betting markets where the bonus can be applied. This means you might be stuck betting on a specific team or sport or have to wager on the moneyline or Over/Unders.
Finally, a minimum odds requirement is a commonplace condition on bonuses. Sportsbooks do not want you betting on massive favorites to take care of your rollover requirement, so they restrict odds to something more favorable for them.
Bonuses and promo codes by state
The number of states where online sports betting is legal continues to climb. However, not all will offer the sportsbook bonuses identified within this guide. Why not? Certain states limit the number of licensed operators they allow to take bets within their borders.
We've compiled the most up-to-date listing of promo codes by state so you can secure the best sports betting sign-up bonuses from current and new betting sites:
Sports betting news
Best sportsbook bonus codes
More often than not, securing the best sportsbook promotions does not require you to enter sportsbook promo codes. Once upon a time, promo codes reigned supreme and were necessary.
Nowadays, one-time bonuses like sign-up offers can be claimed by creating an account and making an initial deposit. Ongoing offers like refer-a-friend bonuses are acquirable through exclusive links provided by sportsbooks.
We identified the best sportsbook bonuses in the market:
Betting sites to avoid
If it seems too good to be true, it probably is. There are plenty of suspect online sportsbooks and operators looking to steal your business from reputable betting sites. Avoiding these illegal offshore sportsbooks is essential as it’s nearly impossible to recover any unpaid winnings from them. You can take a closer look at these unregulated sportsbooks via our blacklist.
- Allegations of withdrawal issues
- No license information available on site
- Poor customer service
- Multiple reports of slow payments
- Allegations of non-payments
- Risk of account closure simply for winning bets
- Reports of confiscated winnings
- Slow customer support response times
Why trust Covers?
Covers has been a leading sports betting industry expert for well over two decades.
The sportsbook bonuses that we've recommended here have been personally reviewed, meticulously curated, and regularly updated by our team of experts.
News outlets look to Covers due to our deserved reputation as a trusted and authoritative source of sports betting information. Here are some of the numerous notable publications and media outlets that have referenced Covers.com and our industry experts:
More sports betting resources
Sportsbook bonuses FAQs
A sportsbook bonus is an incentive an operator offers to a bettor to entice them to sign-up with their platform or continue using their platform. Bonuses can come in many shapes and sizes and may or may not require real money deposits to claim.
For our money, the best sportsbook bonus is a no deposit bonus, primarily because you do not have to deposit any of your own money.
A rollover requirement is an amount a bettor must wager with a sportsbook before they can withdraw a given bonus. The amount is always decided by multiplying the sum of a made deposit and bonus by a given number. Different sportsbooks and different bonuses will have varying rollover requirements.
Generally speaking, yes. Some may have unfavorable conditions or high rollover requirements, but most bonuses are an easy way to add to your bankroll and reduce the risk of placing a bet.
Different bonuses will have different terms and conditions associated with them. Typically, though, you will have to make a deposit with a sportsbook to claim a bonus. Once claimed, it will appear in your account, ready for use.
Often, you cannot. If the bonus you’ve claimed appears in the form of free bets or site credit, for example, it will need to be used on a wager with the sportsbook that gave it to you. Only real cash can be withdrawn.
In some rare cases, sportsbooks will offer real cash bonuses that can be immediately withdrawn. Otherwise, the likes of free bet bonuses must be used on wagers, and the winnings will be made withdrawable. Always make sure to read the terms and conditions associated with any specific bonus.
Caesars’ current sign-up bonus consists of up to $1,250 on Caesars, plus 1,000 Caesars Rewards® Tier Credits and 1,000 Caesars Rewards Reward Credits.
Most of them do. Usually, if you do not use your bonus within 7-14 days of it appearing in your account, it will disappear.
A minimum odds restriction is a method for sportsbooks to keep you from betting on massive favorites to take care of your bonus rollover requirement.
Registered users cannot claim a welcome or sign-up sportsbook promo bonus; however, they can still take advantage of other sportsbook promos that can be redeemed by all existing users.
Sports betting playthrough requirements refer to a term or condition that must be met to cash out bonus site credit and any associated winnings. For example, if you deposit $100 and receive $100 site credit as a deposit match, you must wager the entire $100 site credit amount before receiving any payout winnings. Often, sportsbooks will impose at least a 1x playthrough requirement.
Anyone can claim a sportsbook bonus as long as they are residing in a state where they are of legal age and where sports betting is legal. Often times, a promo code is required.
Most sportsbook promos last somewhere between 14-30 days. Be sure to fully understand the terms and conditions of a sportsbook promo before registration/offer redemption.
Most sportsbook bonus money cannot be withdrawn as real cash. If the sportsbook bonus money is used on a wager that cashes, the user will then be eligible to withdraw their winnings – but only if they’ve played through the entire amount of their sportsbook bonus money.
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Mike has been researching and reviewing products for more than a decade. The former travel and entertainment publisher is all in on sports betting. When he's not sweating picks or supporting Covers' betting experts in making smarter sports bettors, you can find him by the BBQ, perfecting his cross-hatch marks.
