Best Betting Bonus for 2024

We’ve checked out what you need to decide on the best betting bonus for sports betting in New Zealand. Take a look at different sports betting bonuses and their bonus codes. We also delve into what you should look out for, the different bonus types, how to claim a deposit bonus, their key terms and more.

Best Betting Bonus Comparison

About Sports Betting Bonuses

Sports betting bonuses come in many shapes and sizes. From free bet offers to the famous sign up bonus, each betting site advertises promos that can work in favour of both them and you.

Some sports betting bonuses are very general, especially welcome bonuses. Many others are market or event specific, including enhanced odds on horses, enhanced odds on football accumulators or betting promotions that include free bet offers or a sign up bonus on a certain event when you join in a given timeframe.

Why Betting Operators Offer Bonuses

Online betting sites and casinos offer bonuses and promotions for two distinct reasons. Firstly, and most commonly, to get new players to join up via welcome bonuses. Secondly, online bookmakers often give out loyalty bonuses or free bet offers to existing clients to keep them interested.

Betting promotions often come with various conditions attached including qualifying bets and wagering requirements. We go through these in more detail later on. You may also be asked to use a bonus code to get your sign up bonus.

Bonus Codes

When deciding on the best betting bonus for you, you may come across online bookmakers that insist on bonus codes.

A bonus code is basically a bunch of letters and/or numbers you must enter to get your bonus. In this sense, a bonus code is very similar to discount codes you need to enter at an online retailer.

Online betting sites will advertise the code you need to use in various ways. This could be on their main site, it could be included in promo emails you receive, or it could be on a targeted ad online.

Using Bonus Codes

Bonus codes may be general, or may be targeted to specific customers. Targeted bonus codes will show up within the terms of a sign up bonus.

If a bonus code is specific or targeted, other players will not be able to use it. If a bonus code is for any and all customers who are eligible, then it can be entered at the necessary stage of depositing or joining in order to receive betting promotions.

What to Look for in a Bonus

When you’re looking for the best betting bonus there are a number of things to think about.

It’s important to get the right deposit bonus or betting promotions for you. Don’t just settle for anything online bookmakers throw at you. Each sports betting brand may have more than one bonus type. Don’t lose out by simply taking the first promo on offer.

Both we and the biggest online betting sites such as Betfair, bet365, Betiton and William Hill know that everyone wants something a little different. Some value free bet offers, while some only think about welcome bonuses. Some people like enhanced odds while others go for quirkier betting promotions.

In general, we reckon there are certain things we should all look out for. We’ve highlighted these below to help you find the best betting bonus for you.

If you’re more into online casinos, you can check out our list of best casino bonuses for New Zealand players.

Bonus Value

An absolute fundamental when it comes to getting the best betting bonus is to get good value. The thing is, value can mean more than one thing.

First of all, there is the cash value of the deposit bonus or promo. Why take a $30 bonus when $200 is available elsewhere?

Secondly, regardless of how much the cash value is of a bonus, you have to take into account how much it costs you to actually get it. For example, a betting site may offer a sign up bonus of up to $200, but it may be split across various deposits, such as:

• Deposit 1 – 100% bonus up to $100
• Deposit 2 – 50% bonus up to $50
• Deposit 3 – 50% bonus up to $50

This way, it would cost you a total of $300 to get your $200. Contrast this with ‘bet $10, get $40’ deals. The cash value is lower on the latter but is much, much cheaper to claim.

A Bonus That Is Specific to Your Needs

To a neophyte, almost all betting promotions look tasty when advertised. The trick with finding the best betting bonus, however, is to get one that is specific to your sports betting needs.

If you are interested in horse racing, then a sign up bonus offering enhanced odds could be for you. If you like football, then sports betting bonuses offering better acca odds etc are ideal.

Even if your sports betting needs are more general, still there may be parts of bonuses offered by an online betting site that don’t apply.

A common one would be the sports + casino deposit bonus. The deal may be worth, for example, $200 in total, but when you look closer it may be split into $100 for sports and $100 for the casino.

Instead of taking a promo just because of its overall value, even if it is sports-specific, look for one with free bets as that means that depending on your luck, you may end up with a value that far exceeds what the betting site was willing to offer initially.

Few Restrictions

The more valuable a bonus looks, the more restrictions it may come with. The best betting bonus is one that does not offer too many restrictive terms and conditions.

Some sports betting bonuses come with free bets, though those free bets aren’t released automatically. Usually, you must place a qualifying bet first. They will often need to be placed at certain minimum odds and to a maximum value.

You’ll also see time limits on bets. You may be offered 4 x free bets or a cash value which looks great. But when they all have to be used within a week you are rather rushed into making betting decisions.

Check out welcome bonuses with as few restrictions as possible, including wagering requirements.

Low or No Wagering Requirements

We’ve more information on wagering requirements below, but for now, let’s just say you should get a promotion or deposit bonus with none if you possibly can!

They are more the domain of casino bonuses, to be fair. For promos with free bets, these requirements are unlikely to be there. When an online betting site offers outright bonus cash, however, wagering requirements are often part of the deal and they can really scupper what looks at first like a good promo.

Sports Betting Bonus Types

Online betting sites can operate in very different ways. This includes how they shape and promote their bonus deals.

There isn’t even an easy way to categorise sports betting bonuses. Each betting site offering a bonus will have elements you’ve seen before with their rivals, though with no two bonuses being identical.

We have highlighted four main bonus types for you here.

Welcome Bonuses

The staple of casinos and online betting sites is the famed deposit bonus. Designed to get you playing, so be careful, a sign up bonus in itself can take many forms, such as:

• Deposit match bonuses. This means that the betting site will match what you put in up to a certain amount. Many are 100% matches, others are lower. This sort of deal is fair for all, especially at 100%.
• Free bets. Your entire welcome bonus with a bookie could be about free bets. Rather than simply offering cash, you may be given free wagers for making qualifying bets at certain odds.
• Hybrid deals. Often, welcome bonuses may give you a sports promo and a casino, bingo, poker or slots bonus in one. This is handy if you like all forms of gambling.
• Enhanced odds. Many online bookmakers offer enhanced odds on specific horses during major festivals such as Cheltenham, Spring Carnival, Royal Ascot and others. This is only for new customers, so counts as a welcome bonus.

No Deposit Bonuses

A ‘no deposit’ bonus is rare for an online betting site to give out. This sort of deal is prevalent within the online casino world.

As the title suggests, the site will offer you a bonus even without having to deposit your own cash. It goes without saying that this sort of deal comes with wagering requirements.

This is a great deal to capture if the terms are fair. As we said, it is very rare so don’t expect to see many no deposit deals on the market.

Cashback

Luckily for all of us, not all bonuses are for new customers only. A cashback bonus is one of the best perks offered to existing sports betting customers.

Sometimes cashback deals are offered back on losses, more so within online casinos. For instance, you may be offered 5% of your losses back.

In sports betting, the most common cashback deal comes in the form of free bets. Example:

• Horse Racing – ‘Money back as a free bet if your horse finishes second to the SP favourite’.
• Football – ‘Money back as a free bet if one team lets down your accumulator’.

Some online bookmakers, such as bet365 for example, often give cashback deals for live TV races. For instance, if you back a televised winner at 4/1 or over, then your next bet will be refunded if it loses. This is just one of many cashback examples on the market.

Free Bets

While we’ve already gone through free bet examples for welcome bonuses, they are sometimes given out to existing customers as a loyalty bonus.

From time to time, an online betting site may offer you a free bet to use on a certain event or market. A good example would be “free $10 bet to use on any Premier League game”. Another would be “free $10 bet on any race at Flemington tomorrow”.

In this case, no qualifying bets are usually needed. Free bets for existing customers are simply given out to reward loyalty. Don’t expect too many if you regularly switch bookmakers.

Other Promo Types

Once you’re a member of a betting site, you can expect many different betting promotions to be offered. These may include, but aren’t limited to:

• Early payout. For example, if your team goes 2-0 up, your bet may be paid out in full.
• Cash out. Different from the above, with some firms, you can choose to cash out our bet. If your bet is doing well, a positive cash out amount may be offered. This will be lower than your projected profit for actually winning the bet, but locks in some profit.
• Accumulator bonus. 5%, 10% or even 20% may be offered on top of your profit for winning accas of a certain size.

Claiming a Sports Welcome Bonus

While the world of sports betting welcome bonuses can look complicated, don’t be intimidated. Yes, there are terms and conditions, but bonuses are also the perks of betting online.

Away from the T&Cs, most of what a deposit bonus offers is self-explanatory. Despite that, we’ve listed below the basics of what you need to do in order to claim your deal. Simply follow these steps:

1. Use our reviews to find yourself a legitimate, licensed and reputable online bookmaker.
2. Check out the ‘promotions’ or ‘offers’ pages. Look for the best betting bonus you can find.
3. If more than one welcome bonus is available, pick the one that best suits your needs. Alternatively, pick the most valuable/cheapest deal on offer.
4. Look out for a bonus code. Most deals these days don’t require a code to be inputted. If one is needed, you’ll need to enter it exactly as advertised in order to claim your offer.
5. Read all terms and conditions very carefully. Yeah, it’s boring, but it’s essential. We have details below on what sort of terms you may come across.
6. Register, with a code, if needed, claim your bonus and get going.

Terms and Conditions

We cannot stress enough how important it is for you to read all the T&Cs attached to your chosen bonus.

It goes without saying that each and every bookmaker has different terms, and even within one bookie each varying offer may also contain different conditions.

The terms are there to ensure the bookmaker cannot be scammed. They aren’t there to trick you. That said, not understanding them can spoil your bonus so it’s good to know what to expect. Forewarned is forearmed as they say.

Here are some of the basic key terms and conditions you’ll find within a typical new player bonus, though they all differ in detail:

• New customers only – Obvious, but a welcome bonus is only given to those joining for the first time.
• Minimum deposit – Some sites offer a bonus for a deposit of as little as $10. If this is a 100% match, however, that means you’ll only receive $10 from them.
• Qualifying bets – To release bet credits, free bets or bonus cash, sometimes qualifying bets are needed as well as the initial deposit. These will need to be made at a minimum amount and at minimum odds as dictated by the site.
• Time limits – To receive a bonus, your first deposit and/or qualifying bets will need to be placed within a specified timeframe. This can be from 7-30 days typically. Time limits may also apply to withdrawing a bonus.
• Payment method restrictions – Some bookmakers won’t pay a bonus when deposits are made with certain payment methods. These are usually PayPal, Apple Pay and Google Pay, but check with your own bookie.
• No cash out – Bets which would have counted as qualifying bets cannot be cashed out and still count for the bonus.
• Wagering requirements – Part of your bonus may include casino credits. When it does, you are certain to have wagering requirements attached to your terms. This may also happen with sports bonuses. A wagering requirement of 20x for example means you have to wager a total of 20 times your bonus and/or deposit amount before you can cash out. If you have taken a $100 bonus, this means $2000 will need to be wagered before you can collect so always watch out for this.

Best Betting Bonus Conclusion

There are many types of sports betting bonuses available to you on the market right now. Those involving enhanced odds, free bets or straight up cash are all available with various firms.

Sports betting bonuses don’t need to be intimidating or confusing. True, they all differ, but we are always here to help you out.

Remember not to cut too many corners. Always read the full terms and conditions. No matter how boring this is, it’s vital to ensuring you qualify for the bonus and ensure a payout should you win.

To make things simpler, check out our reviews and thoughts on the platforms, services offered and bonuses by major brands such as bet365, Betfair, iBet, William Hill, 888sport, Betiton and Pinnacle.

Best Betting Bonus FAQ

Below you’ll find your key questions about sports betting bonuses answered.