How Betting Bonuses Work As Crypto Changes

Everyone wants to feel like they are getting something for nothing, which is why it comes as no surprise that online betting sites build much of their promotional work around betting bonuses. By using them to attract new players and then retain loyal players, betting sites are leveraging a well-understood aspect of human psychology. But what does this mean if you’re a new player looking to assess your options?

In this guide, we’ll break down the mechanics, value, and risks behind every offer and bonus so that you can see what’s really going on.

Best Bonuses

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BetAnything

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What Is a Betting Bonus? 

Betting bonuses are incentives from casinos and sportsbooks that are designed to encourage deposits, bets, and an extended period of continued play. Free bets, cashback, matched deposits, and so-called ‘risk-free’ wagers are all common examples that you will find advertised online. Operators use them as marketing tools, and players use them to try and stretch the value. 

Remember the Terms and Conditions Matter

Players should know that every bonus comes with wagering requirements and expiry limits. What may look like free money on the surface of it is anything but, and there will also be a carefully written list of eligible games or markets.

For example, if you are offered a $100 bonus with a 10x playthrough, this does not mean the platform is really offering you $100 on day one. What it actually means is that you have to first bet $1,000 before withdrawal to claim your bonus. 

Confused? Making sure you read the terms and conditions is the secret here. Bodies like the UK Gambling Commission will provide guidance and advice on what to look for, allowing players to use bonuses with the peace of mind that comes from knowing that everything is in order. 

Common Betting Bonuses Explained 

To simplify the learning journey, let’s split betting bonuses into three main categories and take a closer look at each one in turn. 

Welcome & Deposit Bonuses 

A welcome deposit is when a betting site offers to match part or all of your first deposit. Often, you will see these types of offers pitched at around the 50%–100% range, allowing you to effectively de-risk your initial bets. That said, you can, of course, still lose everything you bet. When a similar offer is made to existing players, these are called deposit bonuses. 

Most bonuses in this category will come with strict wagering requirements and will only work up to a certain size of deposit. Checking the terms and conditions will ensure that you understand what is really on offer as you assess the risk profile. 

Free Bets & No-Deposit Offers

Free bets allow you to make a wager with the casino or betting platform’s money and then bank the winnings if the risk pays off. There are also no-deposit bonuses that reward you for signing up, regardless of whether or not you have deposited money into your betting account. It’s important to know that these types of offers will typically cap your winnings and that the withdrawal process will require you to verify your ID. 

Cashback, Loyalty, and VIP Programs 

Operators know that it is often cheaper and more economical to retain existing players than it is to churn and constantly have to attract new players. This is why they will often offer returning players rewards in the form of cashback on losses and tiered points. They will also offer VIP perks at unpredictable times, increasing the tendency of players to play for longer. The result is consistent engagement and higher volumes of play. 

How Do Pro Players Evaluate Bonuses?

Good question! Pro players know how to balance risk and reward and are constantly looking to solve the equation so that it comes out in their favour. To do so, they start by looking at the real worth of the bonus, not just the cash amount that is quoted in the marketing material. 

Assessing Real Value 

The real value a bonus holds lies in the effective wagering rates that it provides. For example, although a 100% bonus sounds like a generous offer, if it comes with a 30x rollover, it is worth less than a 50% offer with only 2x wagering in many cases. Why? Because you are exposing yourself to a lower degree of risk as a result of having to stake and play less. 

Considering Eligible Games

A casino bonus that can be used on a game the player is already experienced with is clearly worth more to them than a bonus that is only valid when they play a brand-new game. To use the bonus, they have to expose themselves to the higher risk that comes from playing a new game where they may not have the same level of strategic understanding. 

Factoring in Time Limits & Withdrawal Rules

An unused bonus will expire, and some bonuses may restrict the withdrawals to slow down how quickly money is leaving the casino or betting platform. Clearly, the less flexibility you have when you use the bonus, the lower the effective value of the bonus. Building this into your analysis of the bonus will allow you to assess it far more accurately. 
 

The Crypto Revolution & How Bonuses Now Work

Crypto betting sites and casinos — Stake, BC.Game, and Cloudbet are common examples — will typically offer deposit bonuses in Bitcoin, Ethereum, or USDT. They promise instant deposits and withdrawals and borderless play, each of which adds an element of global appeal that is generally not possible in the world of fiat gambling and betting. 

To protect players and to build trust, many will use blockchain transparency to show players that the bonuses are fair and being recorded accurately. This is true of the best crypto casino bonuses you will find online and is something that new players, in particular, can benefit from. 

Crypto Bonus Fine Print

You may be reading this and thinking that crypto bonuses sound generous, but it’s important to know that they come with caveats:

Volatility Matters: The value of a bonus can fluctuate with changes in coin values and move up and down as a result 

Regional Variation: Just because you can play anonymously doesn’t mean that you are automatically playing in a way that is compliant with local laws 

Token Limits: Wagering and withdrawal limits can differ from one token to the next and are by no means standardised 

By sticking to licensed platforms and always checking for provably fair play, players can keep themselves safe even when using new platforms and casinos for the first time. 

Responsible Use To Combat Overspending

Operators offer bonuses because they know that they trigger the feeling of getting something for nothing, and that this is something that all of us ultimately want. The problem with this is that players can start to think they are playing risk-free when what they should be doing is treating bonuses as part of a strict gaming budget.

The solution is to set deposit limits and proactively track rollover progress to see the bigger picture. Players should also learn to withdraw responsibly and make use of the integrated self-control tools and break periods that trusted platforms are increasingly offering. 

Bonus Red Flags You Need To Notice 

The speed of digital innovation inevitably means that there will be cases where grey areas emerge when regulation is unable to catch up. There is also the parallel problem of unlicensed sites that will look to get ahead of the crowd by offering overly generous bonuses that are too good to be true. With this in mind, you need to make sure to watch out for the following red flags: 

Unrealistic rollovers or promises of unlimited wagering 

Hidden withdrawal limits that are buried in the small print 

Talk of ‘risk-free’ gambling or ‘guaranteed’ winning bets 

No visible licensing authority or company number in the footer

By focusing on the basics and assessing whether something is too good to be true, players can protect themselves against the increased risk exposure that comes from playing in unlicensed or poorly regulated environments. 

Use Bonuses As Tools, Not Tricks 

The way that betting bonuses are marketed may make you think they are tricks to achieve low-risk gambling, but this misses the point. They are marketing tools for casinos and platforms that are designed to add a little extra entertainment value to players, but players have to manage and use them correctly. 

Regardless of the type of game or the complexity of the crypto blockchain, the basics for players always remain the same. They need to understand the risks, know about the limitations and restrictions of the bonus in question, and then play in a way that is healthy, safe, and sustainable. 

I (AKA CatBurg) have a lifelong passion for sports, especially football and basketball. I enjoy the thrill and excitement of sports betting and everything in between. My teams are (Packers #GoPackGo) and who I am betting on!