As the online betting has become more popular, more and more sites have sprung up to attract new players. Finding the right one is tricky, though. There are so many options out there and each site has different things to offer. Some may be more appropriate for you than others depending on the sports you wager on, the types of bets you make, and various other factors.
At Viabonus we want to provide you with all the details you need to find the sportsbook sites and bonuses that are right for you. In this article, you will find out which bonuses are best, how to find them, and the best way to use them. We have even compiled a list of the sites that offer the best betting bonuses in Canada.
What are Sports Betting Bonuses?
The sports betting industry in Canada is booming. With billions of dollars being wagered every year, sportsbooks have to offer something special to attract new bettors. Luckily, there are several types of bonuses that can help you get ahead in the betting. The best part? Some of them are free!
Why do Online Casinos offer Betting Bonuses?
Sportsbooks offer incentives to attract and retain customers. Bonuses are meant to entice bettors, and they usually take the form of free bets or higher payouts. Don’t forget that this is gambling—by its very definition, it’s never a sure thing.
But there’s also no guarantee that you’ll lose money either. That makes it worth it for sportsbooks to pay out big when bonuses are used. They rely on vig—the commission they take from betting odds—for their income, so as long as the reward outweighs the risk, they won’t stop offering bonuses anytime soon.
Betting bonuses are a great way for first-time bettors to get acquainted with the platform. For those new to sports betting, odds and lines can take some getting used to. Using betting bonuses as a way to practice is a good strategy.
In addition to gaining new customers, sportsbooks offer betting bonuses to existing clientele in order to ensure they remain engaged. Loyal customers are often showered with betting bonuses and given the opportunity to maximize their betting.
Different Sportsbook Betting Bonuses
Now that we understand what betting bonuses are and why they are offered, let's look at the different types of bonuses available. Understanding the difference between them can be the key to your success. Different bonuses appeal to different people for many reasons; bigger is not always better. Let's take a closer look at the different types of bonuses and what they mean.
Sign Up Bonus
As we mentioned, attracting new bettors is crucial for sportsbooks. The name implies that sports betting sign-up bonuses are a great way to do this. After you've done your research and decided to register with a specific site, you'll likely receive a sign-up bonus from the sportsbook.
If your chosen site doesn't offer one, then you may want to reconsider as they are not hard to come by on the best sportsbook sites. The bonus is usually not overly complicated and will come in a simple form such as a free bet, or some form of a match bonus.
These are a great way to either reduce your initial risk to nearly nothing or possibly even double your investment if you're an experienced player. If you're new to sports betting, then maybe opt for an option such as a free bet so you can test the waters and see if you enjoy it.
Cash bonuses are also known as welcome bonuses or deposit bonuses. The amount of cash available to you after depositing varies and can be given in different ways. If you receive your bonus in the form of playable cash then this will likely be promoted as a cash bonus.
You can receive a cash bonus for various reasons including sign-up, deposits, reloading, and more. The upside to cash bonuses is that they can usually be bet when and how you see fit with few restrictions.
On the downside, they tend to be a set amount that can work out to be substantially less when compared to something such as a match bonus that works based on percentages.
First Deposit Bonus
When you sign up, you can expect to receive a sign-up bonus. A first deposit bonus is likely to be part of a promotion. When you register, one of the first things you will need to do is deposit funds so you can bet with them. Getting as much value as possible out of your first deposit is a good idea.
First deposit bonuses are typically quite profitable and come in the form of a match bonus where they match your deposit amount up to 100%. This effectively doubles your playable funds, but be sure to check the terms and conditions because they may have wagering requirements and restrictions on how much you can bet. The sportsbook will likely cap this amount at about $200-$300 depending on the operator.
Additionally, there may be certain rules when it comes to betting with these funds.
No Deposit Bonus
While no-deposit bonuses aren’t as common in Canada as in some other countries, you may come across them from time to time. This type of bonus doesn’t require any investment from your end and can make initial betting risk-free.
If you do find one, it will likely be as part of a sign-up bonus and will come in the form of a cash bonus or free bet. While this might seem too good to be true, there is a catch.
A no-deposit bonus will be relatively small and they usually have strict wagering requirements that make withdrawals a time-consuming process.
If you’ve withdrawn all of your winnings and emptied your account (hopefully not!), it’s time to make another deposit. Sportsbook operators give new customers bonuses to encourage them to keep betting.
You should take advantage of the bonus and keep betting with that sportsbook. It is similar to a first deposit bonus but generally smaller, from 5%-20% depending on the sportsbook.
Some operators may have different promotions entirely to keep their current customers loyal, or they may not offer any deposit bonuses at all.
Free Bet Bonus
Free bets can be used for a variety of purposes. They are not always offered as part of a sign-up or deposit bonus. Sportsbooks may also offer free bets circumstantially to entice bettors, such as if you happen to lose a wager because an unexpected upset happens.
They are commonly offered as a type of add-on when parlay bets are placed to improve the bettor’s payout should they win.
Risk-Free Betting Bonus
Large sporting events are a great time to look for risk-free bet bonuses. These will not always be available and they are not guaranteed to work, but when they do it can be a great opportunity.
A risk-free bet means that if you lose your initial wager you will get the funds back. The initial funds for your bet will not be provided, but it can help to take the pressure off. If you win, great! But even if you lose there is no harm done.
Depending on which operator you choose the funds may be returned in different forms so be sure to read the details.
VIP and Loyalty Bonus
VIP and Loyalty programs are a great way for sportsbooks to retain customers over a long period of time. If you find yourself consistently betting with your favourite sportsbook and not bouncing around chasing sign-up bonuses, you can expect to see this in some form. Depending on the operator, these may be offered over time in various types of bonuses, and some sportsbooks use a point system.
Depending on how much money you bet, you'll earn points that can then be used to obtain other prizes or promotions from the sportsbook.
Enhanced Winnings Bonus
Enhanced winning bonuses are offered by some sportsbooks to new players. These bonuses increase your winnings on a given wager and improve the payout.
For example, if the odds are 2.25 or +125 the enhanced winnings bonus may increase the betting odds to 5.0 or +400. If you are using an enhanced winnings bonus, it's important to read the terms of the bonus so you know what to expect.
High Roller Bonus
This type of bonus is usually given to players who have a history of making large bets. This is not the best option for beginners, but those who tend to make deposits of $1,000 or more may be able to take advantage.
For bettors who tend to make deposits of $1,000 or more, some sportsbooks will match 50% of a deposit when you use a high roller bonus.
Reduced Vig Promos
When you choose a sportsbook to bet with, look for one with a reasonable commission that doesn't take a big bite out of your winnings.
You can find sportsbooks with reduction bonuses, which means they'll charge less than normal for the wager initially instead of taking a smaller commission from a given payout. This means you get the same payout with less investment.
Sportsbook bonuses can be very lucrative for gamblers who make a lot of bets and place them consistently. Depending on the amount wagered, these bonuses can vary substantially.
Sportsbooks will return a percentage of your total betting amount either weekly, monthly, or yearly. While the percentages may not be very high, 1%-%10 for example, it could still add up to a substantial amount for avid gamblers.
Anybody who strays into the world of online gambling knows that bonuses are important. Sports betting bonuses in Canada are no different—they're key to your success and can only benefit your bank account. The trick is to find the best betting deals in Canada and choose those that suit you best.
Whether you prefer low-risk, small bets or high-risk, big bets, we guarantee there are bonuses for you. While sportsbooks may not be your best friend, you can use their promotions to your advantage and come out on top with a little perseverance and research. And BonusNinja is here to help!
Be sure to check out our list of the best sportsbooks and bonuses in Canada so you can start placing your bets right away.