What are Deposit Bonuses? | OddsMonkey

Deposit bonuses, a common offering from bookmakers, hold potential betting opportunities for first-time users. These bonuses, often presented as sign-up incentives, are designed to attract new players to betting sites and bookmakers. We will delve into the various forms of these deposit bonuses and how you could potentially leverage tools at Oddsmonkey to use them strategically and potentially withdraw returns.

Deposit Bonuses Explained

A deposit bonus is when a bookmaker gives customers a free bet or additional funds in return for depositing real cash on their website. These bonuses are most popular for sign-up promotions and are also frequently rolled out around significant sporting events such as Cheltenham or major football tournaments. The bonus is usually credited straight away after the initial funds are deposited; however, if the bonus comes in the form of free bets, these usually cannot be withdrawn from the bookmaker directly. These offers can also come in the form of no deposit bonuses, which means players do not have to deposit any funds into the account in order to claim these types of offers.

What Forms Do Deposit Bonuses Come In?

Most of these offers come in the form of free bets, with users who take up the offer being able to use the free bets on the same bookmaker. For example, these could be presented as ‘deposit £10 and get £20 in free bets’. It is worth noting, though, to check the terms and conditions as these free bets might have deposit limits. To learn more about how to use free bets, check out our free bet guides on different bookmakers, such as the free bets on William Hill and free bets on Ladbrokes.

These deposit bonuses can also come in the form of matched deposits too, meaning the player could get a percentage of their funds matched up to a certain amount. For example, an offer might see players get 100% of deposited funds matched up to £100, with this potentially seeing another £100 added to the account in the form of free bet credits. These funds usually cannot be withdrawn from the bookmaker’s account, with the free bets having to be placed on the same bookmaker.

How Do I Claim Deposit Bonus Offers?

If you are looking to claim a deposit offer, you might be wondering how you would do this. Here, we have the simple steps that you can follow to opt into one of these offers, and what you have to be wary of when activating these promotions.

1. Register an account with the bookmaker you are using.
2. Enter any promo code that opts you into the promotion, or find the offer in the dedicated promotions or bonus section.
3. Once opted into the bonus, complete any actions that the promotion requires to receive the deposit bonus. For example, this could be depositing £10 into your account and placing a bet.
4. After completing the required task, users will receive the deposit bonus.

If you are not sure what you are required to do to receive the deposit bonus, then it is important to check the available terms and conditions. Here, you can find the exact requirements needed for that specific bonus.

Deposit Bonus Examples

With some real-life examples, the previously mentioned Ladbrokes bookmaker has a deposit bonus on offer, with the current new customer offer being “Bet £5, get £20 in free bets”, which is a Bet X Get X offer. This offer is a classic example of a deposit bonus, as the bonus is only unlocked when funds are deposited into the account and wagered.

Another example of a classic Bet X Get X offer is the offer from Bet365, which gives the player £30 of free bets after betting £10. Bet365 has plenty of different offers to explore, so why not check out our Bet365 free bets guide here at Oddsmonkey.

What Are The Key Terms and Conditions in Deposit Bonuses?

Unlike no-deposit bonuses, deposit bonuses require you to fund your account before you receive the promotion. Bookmakers are sure to include requirements to make sure that bonuses are claimed fairly and are used as intended. Before opting into a deposit bonus and placing funds into your account, it is important to check the terms and conditions, as these must be met to complete the bonus. Here are some of the key terms and conditions to consider when comparing deposit bonuses:

• Wagering requirements
• Minimum deposit amount
• Minimum odds requirement
• Expiry dates
• Eligible markets

How Do Deposit Bonuses Link To Matched Betting?

As these deposit bonuses offer free bets, experienced matched bettors know that these free bets can be used to help make wagers on sports with the matched betting approach. Matched betting is a strategy where a player takes advantage of the free bet offers from bookmakers to avoid making a loss, regardless of the outcome of the event. This is achieved by placing a back bet (betting for an outcome to occur) and a lay bet (betting against an outcome to occur) on the same event. By using careful mathematics, this removes the reliance on luck completely.

However, this is only done when the mathematics are calculated correctly. To ensure you have locked in profit, you can use our very own matched betting calculator to make sure you are using the right odds and stakes.

FAQs

Can I withdraw my deposit immediately?

Most bookmakers allow you to withdraw your deposited funds, yet this typically means the bonus you opted into will be forfeited.

Are deposit bonuses available on all sports?

Not always. Some bonuses can be used across all sports, whilst others are restricted to specific events, competitions or betting markets. The eligible sports and markets will be outlined by the promotion’s terms.

Can I claim more than one deposit bonus?

Most deposit bonus offers can only be claimed once per customer, as they are typically offered to new users. However, many bookmakers regularly promote reload bonuses and other deposit promotions that existing customers can take advantage of.