what is bonus bet on draftkings
What is a Bonus Bet on DraftKings?
A bonus bet on DraftKings is a special promotion that gives you extra funds to place wagers on various sports markets. Essentially, it’s free bet credits added to your account, often as a reward for signing up or participating in specific promotions.
Understanding DraftKings Bonus Bets
DraftKings bonus bets are a fantastic way to amplify your betting experience without dipping further into your own funds; However, they come with their own set of rules and conditions that are essential to understand before you dive in.
Key Characteristics of Bonus Bets⁚
- Not Withdrawable⁚ Unlike your actual cash balance, bonus bets themselves can’t be withdrawn as cash. They are meant to be used for placing wagers on the platform.
- Winnings Are Yours⁚ The good news is that any winnings you earn from a successful bet placed with bonus funds are yours to keep! These winnings will typically be added to your withdrawable cash balance.
- Stake Not Returned⁚ While you keep the winnings, the initial stake (the value of the bonus bet) is not returned to you along with the winnings. For instance, if you win $80 from a $20 bonus bet, you’ll only receive the $80.
- Expiration Dates⁚ Keep a close eye on the expiration dates associated with your bonus bets. They typically have a limited timeframe within which they must be used, or they will expire and be removed from your account.
- Eligible Markets⁚ DraftKings might specify certain markets or bet types where you can use your bonus bets. For example, they might be limited to specific sports, odds ranges, or bet types like moneyline or point spread bets.
Bonus bets are a strategic tool offered by DraftKings to enhance your betting journey. By grasping how they work, their limitations, and their potential benefits, you can leverage them effectively to maximize your chances of winning and enjoying a more rewarding sports betting experience.
Types of Bonus Bets on DraftKings
DraftKings often offers a variety of bonus bets to keep things exciting and cater to different preferences. Familiarizing yourself with the common types can help you make the most of these promotions⁚
Sign-Up Bonus Bets⁚
These are a staple of the DraftKings experience, designed to entice new users to join the platform. They’re typically granted upon registering an account and making your first deposit.
Deposit Match Bonus Bets⁚
As the name suggests, DraftKings might match a percentage of your deposit with bonus bets, up to a certain amount. This effectively boosts your initial betting power.
Risk-Free Bets⁚
With risk-free bets, you get a second chance if your initial bet loses. DraftKings will refund your stake as a bonus bet, up to a predetermined limit.
Free Bet Offers⁚
These are straightforward bonuses where DraftKings simply credits your account with a fixed amount of bonus bets, often as a reward for your loyalty or during special events.
Odds Boosts⁚
While not strictly bonus bets, odds boosts enhance your potential winnings on selected markets. DraftKings increases the odds on specific bets, giving you the chance to win more if your prediction is correct.
Keep in mind that the specific types of bonus bets and their terms can vary depending on ongoing promotions and your jurisdiction. Always check the terms and conditions associated with each offer on the DraftKings platform to understand the details and make informed decisions.
How to Use Bonus Bets on DraftKings
Using bonus bets on DraftKings is generally straightforward. After receiving them, navigate to your desired sports market and add a selection to your bet slip. You’ll usually find an option to use your available bonus bets before confirming the wager.
Placing a Bet Using a Bonus Bet
Placing a bet with a DraftKings bonus bet is a breeze, very similar to using your regular funds. Here’s a step-by-step guide⁚
- Log into your DraftKings account⁚ Make sure you’re logged into your DraftKings account on the website or mobile app.
- Navigate to your sport and event⁚ Browse through the available sports markets and select the specific event you’re interested in betting on.
- Make your selection⁚ Choose the outcome or player you believe will win. It could be a moneyline bet, point spread, over/under, or any other wager type available for the event.
- Add the selection to your betslip⁚ Clicking on your prediction will usually add it to your bet slip, which acts as your virtual betting ticket.
- Enter the bet amount⁚ On your bet slip, enter the amount you wish to wager using your bonus bet. DraftKings often provides options to use a portion of your bonus bet or the entire amount.
- Choose your bonus bet⁚ DraftKings will typically highlight the available bonus bets you can use. Select the specific bonus bet you want to apply to your wager.
- Review and confirm⁚ Before confirming, carefully review your selection, the bet amount, and the bonus bet applied. Once you’re satisfied, go ahead and confirm your bet.
Remember that the stake amount of your bonus bet is usually not included in any potential winnings. For instance, if you place a $10 bonus bet with odds of +200 and win٫ you’ll receive $20 in winnings (2 x $10)٫ but the original $10 bonus bet stake won’t be returned.
Withdrawing Winnings from Bonus Bets
Cashing out your winnings from successful bonus bets on DraftKings is generally a straightforward process. However, there are a few crucial points to keep in mind⁚
- Wagering Requirements⁚ Most bonus bets come with wagering requirements, also known as playthrough requirements. This means you need to wager your winnings a certain number of times before you can withdraw them as cash. For example, a 5x wagering requirement on a $20 bonus bet win means you need to place $100 ($20 x 5) in bets before withdrawing.
- Time Limits⁚ Bonus bets usually come with an expiration date. Make sure to fulfill the wagering requirements and withdraw your winnings before the deadline, or else you risk forfeiting your bonus and any associated winnings.
- Eligible Markets⁚ Sometimes, there might be restrictions on which betting markets qualify for bonus bet wagering requirements. For instance, some bonus bets might not count towards wagering requirements if used on extremely low odds. Be sure to check the terms and conditions associated with your bonus bet.
Once you’ve met the wagering requirements and adhered to any other stipulations, withdrawing your winnings is simple. Head to the “Withdraw” or “Cashier” section on DraftKings, choose your preferred withdrawal method, and follow the on-screen instructions to complete the transaction.