New-customer offers are the biggest edge most bettors ever get. Every new legal sportsbook account typically comes with a promotion, and the value can be substantial if you know how to extract it. Here is how to evaluate the common types and turn them into the most cash.
The three common types
1. Bet and get
"Bet $5, get $200 in bonus bets." You make a small qualifying bet, and receive bonus bets (sometimes only if the qualifying bet wins).
Value: mostly the bonus bets, converted at ~60–75%. $200 in bonus bets ≈ $120–150 in cash. (Converting bonus bets.)
2. No-sweat first bet
"Up to $1,000 back in bonus bets if your first bet loses." (No-sweat bets.)
Value: depends on the odds you choose and conversion; often 30–50% of the amount on a longshot.
3. Deposit match
"100% deposit match up to $500." The bonus usually comes with a playthrough requirement before withdrawal. (Deposit match and playthrough.)
Value: bonus amount minus the expected cost of the playthrough. With low-hold betting, often a large share of the bonus.
A step-by-step plan
- Read the terms. Minimum odds, which bets qualify, expiry, playthrough, max bonus.
- Pick the qualifying bet carefully. If the promo needs a win, a moderate favorite at a good price is fine. If it pays on a loss, longer odds.
- Hedge if you want certainty. Hedging at another book with a low-hold price locks in most of the value. (Hedging sportsbook promos.)
- Convert bonus bets at +250 to +500, hedged or not.
- Track it separately. Promo profit should not mix with your regular betting ROI. (How to track sports bets.)
Estimating value quickly
| Offer | Typical cash value if used well |
|---|---|
| Bet $5, get $150–300 in bonus bets | ~60–70% of the bonus |
| $1,000 no-sweat first bet | ~$350–500 at the full amount |
| 100% deposit match, 1× playthrough | most of the bonus |
| 100% deposit match, 10× playthrough | much less; check the math |
Rules to respect
- One account per person. Multiple accounts break book terms and can forfeit everything.
- Bet only from a state where the book is licensed.
- Never use someone else's identity.
- Do not deposit more than you can afford just to unlock a larger bonus.
OddsHype shows only the books legal in your state on the sportsbooks page, and the promos page helps you find the best conversion and hedge prices.
Avoid the usual errors
See 10 sportsbook promo mistakes before you claim anything.
After the welcome bonus
Ongoing promos (profit boosts, odds boosts, parlay insurance) are smaller but frequent and can add up over a year. (Profit boosts · Odds boosts.)
Frequently asked questions
Which sportsbook welcome bonus is best?
The one with the highest realistic cash value after conversion and playthrough, not the biggest headline number. Bet-and-get and generous no-sweat offers are often easiest to extract.
Can I claim every sportsbook sign-up bonus?
You can claim one welcome offer per licensed sportsbook available in your state, following each book's terms.
Are sportsbook bonuses really free money?
Not exactly, but with careful conversion and hedging many offers can be turned into a large share of their value with little risk.