DraftKings offers one of, if not, the most lucrative pair of welcome bonuses in the online sports betting marketplace. While these two bonuses are attractive, there are several factors to keep in mind when trying to receive these funds.
The DraftKings bonuses that are made available to new users are enough to entice any sports bettor to give the platform a try.
While certain sports betting sites will offer new users $100 dollars or $250 dollars, DraftKings will award new members up to $1000 in free bets upon joining.
But, this money isn’t simply handed to you. There are several stipulations to keep in mind.
The timing for which you have to use the funds and the return on winnings you get from using that bonus money has to be taken into account among several other factors that DraftKings mandates in their terms and conditions.
We’ll breakdown how this $1000 in bonus money is accounted for and how exactly to obtain it.
DraftKings $500 Deposit Bonus
The DraftKings $500 deposit bonus is the more complicated bonus to understand of the two initial promos offered. In order to fully digest it, we’ll break it down step by step.
- You must deposit a minimum of $5 into your account upon signing up in order to qualify.
- The bonus amount you receive is equal to 20% of whatever you first deposit. This means in order to receive the full $500 you will need to deposit $2,500.
- This bonus amount is not instantly redeemable for cash, is not refundable and non-transferable. You will have to use it to bet at DraftKings or it will be lost.
- You will earn $1 in bonus funds for every $25 you use to bet at the sportsbook, play DFS contests, or in the online casino.
- If you choose to bet at the sportsbook, you will need to bet on odds that are -300 or longer in order to qualify for the bonus money to be transferred to you.
- You have 90 days from the day you submit your first deposit to accumulate these bonus funds.
In short, in order to receive this bonus in full, you will need to have put in $2,500 into your account during your first deposit, and you will need to have bet a total of $12,500 within 90 days.
While this may seem like a short time to spend a great deal of money, keep in mind that you may still be winning money on your bets. So, you’re not spending $12,500 totally out of pocket.
Because of the three-month time span, you may also want to consider applying for this DraftKings bonus during a sports heavy time of the year like fall or spring.
This promo expires on April 13, 2020.
$500 Risk-Free Bet Through DraftKings
The $500 risk-free bonus offered at DraftKings comes with much fewer stipulations to take into account. Essentially, there are three rules to remember.
- The first bet you make will be matched up to $500 dollars.
- You must use these funds within 30 days making of making that bet.
- The bonus must be played through and cannot be instantly withdrawn.
This DraftKings bonus is still a little risky because it is dependent on you making a $500 wager the first time you use the site in order to receive the full amount.
If you are a first-time sports bettor, this may not be the smartest option. If your bet loses, you’re not able to just withdraw the bonus amount and walk away. You will have to keep betting.
Picking a favorite on your first bet may be the smartest option to ensure that you can get the bonus funds but also that you have a greater probability of winning the first time.
Are The DraftKings Bonuses Worth It?
While DraftKings bonuses come with rules that may not be attractive for first-time sports bettors, those that have been betting on sports for a while are fully aware of terms and conditions like these.
If you plan on betting a decent amount, then these bets are absolutely worth it.
But, if you’re more of the casual sports bettor, you may not see the full amount of these bonuses.
One thing to keep in mind for both of them is that if you win a bet using these bonus funds, the return on your wager will only be the winning amount.
For example, if you use $100 of your DraftKings bonus funds to bet on odds that at +150 and you win, you would only get back $50 into your actual account that you could then withdraw.
At the end of the day, free money is always worth it. To add to that, getting free money to do something that you already enjoy doing makes it even more worth it.
Just be smart with what odds you choose to use those bonus funds on and make sure you can afford to deposit a large amount the first time so that you can reap the most benefit of the bonuses.