Types of Bitcoin Sportsbook Bonuses
Bitcoin and other cryptocurrencies have exploded into the public’s consciousness in the last year or so, owing to the dramatic rise in the value of the currencies. As a result of this increased exposure, there has been an exponential increase in the number of sportsbooks accepting Bitcoin, as well as of those dedicating their whole service to clients who like to fund their accounts using cryptocurrency. Just as sportsbooks regularly provide their customers with bonuses, Bitcoin-based bookies have also started offering concessions to their clients. With so many firms popping up and offering bonuses, it is important to read the Bitcoin sportsbook reviews to see which firms are legitimate.
What type of sportsbook bonuses can you expect? Well, there are of course the free bets, which can come at any time or when certain conditions are met by bettors. Perhaps the most popular is the welcome bonus, but there are also reload bonuses, referral bonuses, loyalty bonuses, reduced juice bonuses, and many more. In each of our Bitcoin sportsbook reviews, you will discover which firm offers what. To a betting newbie the bonus jargon can appear very confusing, but luckily we are here to help. Below is a comprehensive breakdown of each type of sportsbook bonus so you can figure out the best sportsbook offers for you:
Welcome bonuses are the most common type of bonus offered by the vast majority of Bitcoin-based sportsbooks. Ultimately, the long-term goal is to retain a customer’s business by offering them competitive odds and great service. But with so many bookmakers to choose from, there needs to be something to attract the bettor in the first instance. Welcome bonuses are a one-time offer and usually consists of a matched deposit bonus, so whatever a customer puts into their account, the sportsbook will double it (up to a predetermined maximum). Welcome bonuses typically have a rollover requirement that needs to be satisfied before the funds can be withdrawn.
Free bets are not usually as big as the welcome bonuses in terms of size, but they do come with advantages. A bookie offering a free bet may advertise the bonus as “Deposit 25mBTC and receive a 10mBTC free bet”. This means that once the customer has funded their account, they are able to strike that free bet on their desired market. If it wins, they get to claim the profit; if it loses, no big deal. The benefit to the sportsbook is that the customer has deposited funds in their account and is now likely to play with that.
Reload bonuses are designed to retain customers and to stop them jumping from sportsbook to sportsbook to simply claim the welcome bonus at each. They are provided to existing players who have previously made deposits and bets on the site, and may be offered ad hoc or at particular points in time. For instance, one sportsbook may offer its clients a 50% reload bonus on their fifth, tenth, fifteenth and twentieth deposits (obviously there are terms attached such as a maximum bonus, etc.). When players are having a bad losing run, reload bonuses can give them the opportunity to re-establish a solid bankroll.
Figuring out what type of bonus this entails is not rocket science. The best type of marketing for a business typically comes from happy customers, and what better way to reward those willing to spread the word than by giving them a bonus to bet with? Refer-a-friend bonuses are usually fixed amounts which are credited to the accounts of players who bring in other bettors to a certain sportsbook.
Each bookmaker has a marketing and client management team whose job is to ensure high retention rates and an active customer database. Loyalty bonuses are a great way of achieving both of these objectives. While they can be provided automatically after betting a certain number of bitcoins, etc., they are often awarded by the sportsbooks when a player has been on a bad losing run or hasn’t accessed the site for a while. In the first instance, the loyalty bonus gives them an opportunity to get some of their money back. If it’s been a long time since their last visit, the bonus reminds them that the sportsbook is still there and stimulates them to use their account.
There are certain times of the year when sportsbooks find it appropriate to offer seasonal bonuses. These typically fall around the time of major sporting events which are likely to attract a lot of betting activity, such as the World Cup or the Cheltenham Festival. These seasonal bonuses may be in the form of enhanced odds, but will typically be a matched bet – for instance “Bet 10mBTC on any World Cup match and receive a free 10mBTC”. Seasonal bonuses can be fantastic as the sportsbooks know that turnover is really high at the time of such events, and they want to make their service as attractive as possible.
Reduced juice bonuses are always appreciated by seasoned bettors who know the importance of obtaining betting value. “Juice” refers to the margin the bookie imposes on its odds: the bigger the juice, the less favourable the odds are for bettors. Sportsbooks may therefore decide to reduce the juice on certain events in order to promote them and increase betting turnover. Alternatively, they may give bettors the opportunity to earn the right to pick certain games or events where they want lower juice by wagering a certain amount or meeting other requirements, etc.