I spend an entire chapter In my book Betting Baseball 101: Winning at the Sports Books and Daily Fantasy Baseball, on common mistakes to avoid and online sportsbook bonuses is certainly something you need to be careful with.
Today I will share an excerpt from the book that you might find helpful to you when considering whether or not to accept the terms of an online bonus.
Chasing Online Sportsbook Bonuses
Business is booming but it’s never enough for online books to not offer some sort of sign-up bonus or first deposit bonus.
These can be good or bad depending on your situation. We’ll describe some of these bonuses and how they affect short-term and long-term investments.
Most online books offer some sort of bonus, like say 50-100 percent of your initial deposit. This looks terrific on paper but there are usually requirements that need to be met before being able to withdraw your money.
These are called “rollovers” and a legitimate way for the sportsbook to add to their customer lists without going broke by allowing people to deposit $5000 dollars and immediately withdrawing the bonus money.
A three to six percent rollover rate is totally acceptable if you remember that you must wager a total of $30,000 dollars worth of bets before you can withdraw the bonus of an initial deposit of $5000 dollars.
It will take you 300 wagers of $100 dollars in order to get that bonus money and that isn’t as easy to do as it may sound and that is for a legit rollover rate of six percent.
Please pay close attention to the rules otherwise you can wind up with rollover rates as high as 12 percent.
Remember something when considering a bonus: sportsbooks rarely give anything away for free and especially not money. They are banking on you to lose your money including the bonus LONG before the rollover rate has expired.
Our best advice would be to leave these bonuses alone. This way you can come and go as you please and not have the added stress and pressure of trying to make, and win, $30,000 worth of bets in order to essentially get nothing except maybe your original deposit and that’s only if you are very lucky.
If you like what you’ve read you can purchase Betting Baseball 101 at Amazon.