With the advent of online sports betting, many bookmakers have established themselves. But getting and retaining players has been a challenging task for bookmakers. However, most betting sites offer sports bonuses, creating a win-win scenario. However, to benefit from the offers, you should understand how each type of bonus works.
Here are the types of sports bonuses and how they work.
Cashback is one of the most desired bonus options among Sports Betting Canada gamblers. In the event of loss, cash back ensure partial repayment for your slots betting Canada.
How cashback work
Normally, the cash back policy depends on your bookmaker but can be a free bet or cash amount. If you lose your bet, the amount is returned to your account as real money or given a free bet. However, you’ll have to meet the cashback bonuses requirement to qualify.
2. Bet insurance
Bet insurance is your ideal solution if you’re unsure whether your bet will win. Although bet insurance is paid at an extra cost, most bookmakers offer it as a bonus.
How does it work?
A bet insurance bonus can either be fully or partially insured. If your bet is lost, your insured bonus amount is returned to your balance. It lowers your risks while maintaining your winnings.
3. Wager bonus
A wager bonus is a sports bonus that has wager requirements for you to convert into cash. PowerPlay Canada offers these types of wager bonuses, such as sign-up or event bonuses.
How the wager bonus works
You place a minimum number of bets to convert the wager into cash. But the wager will vary depending on your site. Your deposit amount is usually summed up with the wagering bonus offered. And the wagering requirement will apply to the total sum.
For instance, if you put $50 and get $50 as a bonus for your deposit, your account will have $100. If your wager is ×10, you’ll multiply your $100 by 10 to get $1000. But to convert it to cash, you’ll need to place a wager in the $ 1000.
4. Comboboost bonuses
Usually, combo boost bonuses apply for express bets only. The bonus gives your other odds to boost your potential win amount.
How Comboboost works
You start by having your several single bets combined into one express bet. Then, if you meet your site criteria for comboboost bonuses, you’ll be given special odds. For instance, your bookmaker might give special odds to boost your winnings from $1000 to $1500. And if you win the bet, you’ll get the boosted amount. But you’ll only lose the stake amount if the bet loses.
5. Free bets
Free bets are the most common sports bonuses. Free bets can be used in express bets, single bets, or live betting.
How free bet works
You bet on an event and use your risk-free bonus in a risk-free bet. If your bet wins, you win the full amount, and the bonus is written off. If your bet loses, you get your bet amount in real money without the wagering requirement. And if your bet wins partially, you get your winning, and the bonus is written off.
Sports bonuses are a cost-effective and safe way to increase your winnings as a gambler. However, it would be best if you were informed about the types of bonuses your site offers and how they work.