Best Sportsbook Promotions and Bonuses in December 2023
| Sportsbook | Welcome bonus | Promo code |
|---|---|---|
Caesars Sportsbook |
$1.000 First Bet on Caesars | COVERSBONUS1000 |
| BetMGM Sportsbook |
$1,500 back in bonus bets | COVERSBONUS |
| DraftKings Sportsbook |
Bet $5, get $150 + No Sweat SGPs | No promo code - Claim $150 |
| FanDuel Sportsbook |
Bet $5, win $150 in bonus bets | No promo code - Claim $150 |
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Best sportsbooks for bonuses
1-5 days
- Caesars Benefits
- Generous welcome bonus
- Offers same-game parlays
- Ample betting options
- Caesars Review
1-7 days
- FanDuel Benefits
- Competitive pricing
- Offers same-game parlays
- Exclusive live streaming
- FanDuel Review
1-7 days
- DraftKings Benefits
- Good live betting section
- Offers same-game parlays
- User-friendly interface
- DraftKings Review
2-7 days
- BetMGM Benefits
- User-friendly mobile app
- Good deposit options
- Offers same-game parlays
- BetMGM Review
Best sportsbook promotions explained
DraftKings Sportsbook
Bet $5, get $150 + No Sweat SGPs
Create your new DraftKings account to earn $150 in bonus bets. All it takes to unlock this sign-up bonus is a qualifying deposit and an initial wager of at least $5 on any sports market. DraftKings will credit your account with $150 worth of bonus bets, paid out as six individual $25 wagers.
Plus, the sportsbook provides a bonus bet (max. $5) equal to the amount wagered on an SGP/SGPx, should it be unsuccessful. Opt-in required and parlay must contain three legs to qualify.
- App Store rating: 4.8 (iOS); 4.6 (Android)
- Sign-up bonus: Bet $5, get $150 + No Sweat SGPs
- Payout speed: 1-3 days
DraftKings Sportsbook is legal in: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
Caesars Sportsbook
$1,000 First Bet on Caesars
Code: COVERSBONUS1000
Caesars Sportsbook perennially seems to own one of the top sign-up offers, available to new customers by entering the exclusive Caesars Sportsbook promo code 'COVERSBONUS1000' during registration. Caesars will dish out a one-time bonus bet of up to $1,000 if the initial wager settles as a loss, assuming the qualifying wager is made within 30 days of activation.
- App Store rating: 4.6 (iOS), 4.1 (Android)
- Best feature: Excellent customer support
- Sign-up bonus: $1,000 First Bet on Caesars
- Payout speed: 1-5 days
Caesars Sportsbook is legal in: Arizona, Colorado, DC, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, Nevada, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
FanDuel Sportsbook
Bet $5, Win $150 in Bonus Bets
Ends: 28 Dec
FanDuel Sportsbook factors frequently into our list of the best sportsbook promos. New customers can claim its latest welcome offer — a 'bet $5, win $150 in bonus bets' welcome offer — without the need for a FanDuel promo code.
Create an account, put in at least $10, and make a $5 moneyline wager on any market. The bonus bet credits only come into play if your moneyline wager wins, and you'll get it within 72 hours.
- App Store rating: 4.8 (iOS); 4.7 (Android)
- Best feature: Stellar apps
- Sign-up bonus: Bet $5, win $150 in bonus bets
- Payout speed: 1-7 days
FanDuel is legal in: Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming
BetMGM Sportsbook
$1,500 back in bonus bets
Code: COVERSBONUS
Another perennial favorite sports betting site promotion comes from BetMGM Sportsbook, which offers up to $1,500 back in bonus bets to its new users. BetMGM offers insurance on your first wager, with the operator refunding up to $1,500 in bonus credits if you strike out with the initial wager. Use BetMGM bonus code 'COVERSBONUS' during registration. Caveat: BetMGM does not offer a welcome bonus to its DC, Mississippi, Nevada, New York, or Puerto Rico customers.
- App Store rating: 4.8 (iOS), 4.3 (Android)
- Best feature: Accommodating to all styles
- Sign-up bonus: $1,500 in bonus bets
- Payout speed: 2-8 days
BetMGM is legal in: Arizona, Colorado, DC, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, Nevada, Ohio, Pennsylvania, Puerto Rico, Tennessee, Virginia, West Virginia, and Wyoming
How do sportsbook promotions work?
Don't worry, redeeming the best sportsbook sign-up bonuses takes very little time and effort. Get started by signing up for a new account through the links provided here. Then, download one of the best sports betting apps.
Next, enter all pertinent personal details for identity and age verification purposes. Remember to review the sign-up page to confirm where you might have to enter a promo code if applicable.
For identity and age verification to work successfully, uploading a photo of an official ID, like a driver’s license, will be required. Upon account verification, choose from the available sportsbook and withdrawal methods to add funds to the newly created account. We encourage all customers to read through the terms and conditions of the promotion to get the full benefit.
Common mistakes
The best sportsbook sign up bonuses can help you quickly build a sports betting bankroll. We've outlined several ways that can help you avoid pitfalls when claiming a sportsbook promotion or bonus.
First, avoid common mistakes such as letting your bonus betting credits expire. If you’re claiming a first insurance bet or a deposit match sportsbook promotion, the credits you receive if your bet loses will likely expire within 14-30 days.
Unfortunately, many bettors tend to glance over important terms and conditions and are often disappointed when bonus funds expire, are non-withdrawable, or cannot be accessed as anticipated.
Allowing promotions to lapse Overlooking rollover requirements Not fulfilling the minimum wagering requirement Neglecting minimum odds requirements Betting on ineligible markets Not maximizing value Types of sportsbook bonuses explained
There are different kinds of welcome bonuses available for new sportsbook bettors. Naturally, there are pros and cons to each one, and everyone will have a preference. We broke down the most common sportsbook sign-up bonuses in 2023, including bonus bets, first bet insurance, deposit matches, parlay insurance, no deposit bonuses, boosted odds, and cash bonuses.
Sign up bonus
Nearly all online sportsbooks will provide a sign-up bonus to incentivize prospective bettors to join their platform. These offers are generally straightforward and are meant to allow newbies to try their hand at sports betting for the first time with reduced risk.
Common examples of sign-up bonus bets include first bet insurance, where the sports betting site automatically matches the amount wagered. For example, if the promo is up to $1,000, and you bet $800, you will then receive $800 in bonus bet credits if your wager loses.
Our pick for the top sportsbook sign-up bonus belongs to FanDuel Sportsbook:
Bet $5, Win $150 in Bonus Bets
Ends: 28 Dec
FanDuel made its way to the top spot of best sportsbook bonuses, courtesy of its value-laden welcome bonus. New customers receive $150 in bonus bets if their initial moneyline wager of at least $5 wins. The best part: FanDuel credits new users the bonus within 72 hours.
No deposit bonus
We consider a no-deposit bonus the most sought-after type of sportsbook bonus — it’s the closest a bettor can get to placing a bet with zero risk. Why is there no risk? No deposit bonuses do not require you to deposit any of your own funds before making a wager. Simply sign-up, and your account will be credited with — usually a small amount — of bonus money.
These sportsbook bonuses are rare since they favor the customer entirely. Operators hope that allowing new users to place a wager without any strings attached will be enough to showcase why their platform is superior to other options and keep them coming back long-term.
Typically, no deposit bonuses are now tendered as pre-registration offers, which online sportsbooks provide when a state is set to open its doors to legal sports betting for the first time. Keep track of states with legal sports betting and which ones may vote in favor of legalization in the future.
Ongoing betting site promos and bonuses
There's a world beyond sportsbook welcome and sign-up bonuses. Some of the best bonuses from betting sites are ongoing promotions, including profit boosts, odds boosts, and reload bonuses, many offer a sportsbook referral bonus too.
Boosted odds
In sports betting terminology, a boosted odds bonus represents what it purports to be — a sportsbook bonus in which the value of odds on particular wagers has increased. These can occur regularly depending on the operator and include the likes of Over/Under (totals), moneyline, point spread, prop bets and same-game parlays.
When a specific sportsbook market posts ‘boosted odds’, the line is more advantageous for the user on a seemingly surefire bet. For example, if the New England Patriots were playing the Carolina Panthers, and the line was set at +220 boosted odds for the Patriots to win. If you're looking for a profit boost, odds boosts fit the bill.
Given the likelihood of New England beating Carolina, regular odds would line up at -110 for the spread. Sportsbooks sometimes provide boosted odds for either a user reward or promotional purposes. We encourage players to take advantage of a boosted odds market when presented with the opportunity, as your odds of profiting will be more likely than usual.
Covers tip: Sportsbooks will almost always apply maximum and minimum stakes to boosted odds bets to ensure they won’t have to credit you with an enormous payout should you win your wager.
Reload bonus
Some online sportsbooks offer their users reload bonuses, meaning they will receive additional site credit each time they replenish their account balance with real cash. Some reload bonuses are deposit matches, while others are bonus bets on specific markets.
For example, a sportsbook may award a $10 bet to any NFL market for every $50 of real cash deposited into an account balance. If it’s a deposit match reload bonus, they may offer to match up to 50% of a deposit during each reload transaction.
Reload bonuses are available exclusively to existing customers who have already received their sign-up bonuses. Sportsbooks will offer these ongoing promotions — frequently or less frequently, depending on the operator — to satiate their users by providing them with boosts to their bankrolls.
Much like many sign-up bonuses, reload bonuses usually come in the form of deposit matches and are activated by making a new deposit. But unlike sign-up bonuses, the match rates for reload bonuses tend to be low — typically 10-15%.
Player referrals
Sports betting sites are keen to attract new players and often reward existing customers for their recruitment efforts. Already registered players stand to earn rewards points and betting credits for any referrals resulting in a sign-up and real money minimum deposit. Most sportsbooks give registered users a unique referral code that can be distributed amongst friends and family. If someone registers and enters a previously registered user’s referral code during sign-up, both parties will likely receive some kind of reward.
One of the easier ways to add to your bankroll is by taking advantage of refer-a-friend bonuses. These are as straightforward as it gets — you invite your friend, generally by way of an exclusive link, to join a sportsbook you are already using. If they register using your link, you — and sometimes your friend — receive a bonus.
Our pick for the top refer-a-friend bonus comes from FanDuel Sportsbook:
Up to $75 Referral Bonus
No code required
There's a reason FanDuel is the top mobile app on many peoples' lists. Among its accolades, the operator offers a strong refer-a-friend program. Send a referral link provided by FanDuel to your friend, have them sign up, and place a wager of $10 or more, and you'll both be rewarded with $75 in site credit. There is a 10-person maximum referral limit per user.
Updated Sportsbook Promo Codes for December 2023
Common sportsbook bonus terms and conditions
All sportsbook bonuses come with specific terms and conditions that you should read carefully before claiming. However, there are also a few conditions you are likely to encounter, no matter which bonus you’re looking to procure.
Most operators will only give you a short time frame to claim your bonus — usually 7-14 days. If you have not snagged your promo by then, it will vanish.
Online sportsbooks may limit the betting markets where the bonus can be applied. This means you might be stuck betting on a specific team or sport or have to wager on the moneyline or Over/Unders.
Finally, a minimum odds requirement is a commonplace condition on bonuses. Sportsbooks do not want you betting on massive favorites to take care of your rollover requirement, so they restrict odds to something more favorable for them.
Bonuses and promo codes by state
The number of states where online sports betting is legal continues to climb. However, not all will offer the sportsbook bonuses identified within this guide. Why not? Certain states limit the number of licensed operators they allow to take bets within their borders.
We've compiled the most up-to-date listing of promo codes by state so you can secure the best sports betting sign-up bonuses from current and new betting sites:
Sports betting news
Best sportsbook bonus codes
More often than not, securing the best sportsbook promotions does not require you to enter sportsbook promo codes. Once upon a time, promo codes reigned supreme and were necessary.
Nowadays, one-time bonuses like sign-up offers can be claimed by creating an account and making an initial deposit. Ongoing offers like refer-a-friend bonuses are acquirable through exclusive links provided by sportsbooks.
We identified the best sportsbook bonuses in the market:
Betting sites to avoid
If it seems too good to be true, it probably is. There are plenty of suspect online sportsbooks and operators looking to steal your business from reputable betting sites. Avoiding these illegal offshore sportsbooks is essential as it’s nearly impossible to recover any unpaid winnings from them. You can take a closer look at these unregulated sportsbooks via our blacklist.
- Allegations of withdrawal issues
- No license information available on site
- Poor customer service
- Multiple reports of slow payments
- Allegations of non-payments
- Risk of account closure simply for winning bets
- Reports of confiscated winnings
- Slow customer support response times
Why trust Covers?
Covers has been a leading sports betting industry expert for well over two decades.
The sportsbook bonuses that we've recommended here have been personally reviewed, meticulously curated, and regularly updated by our team of experts.
News outlets look to Covers due to our deserved reputation as a trusted and authoritative source of sports betting information. Here are some of the numerous notable publications and media outlets that have referenced Covers.com and our industry experts:
More sports betting resources
Sportsbook bonuses FAQ
A sportsbook bonus is an incentive an operator offers to a bettor to entice them to sign-up with their platform or continue using their platform. Bonuses can come in many shapes and sizes and may or may not require real money deposits to claim.
For our money, the best sportsbook bonus is a no deposit bonus, primarily because you do not have to deposit any of your own money.
A rollover requirement is an amount a bettor must wager with a sportsbook before they can withdraw a given bonus. The amount is always decided by multiplying the sum of a made deposit and bonus by a given number. Different sportsbooks and different bonuses will have varying rollover requirements.
Generally speaking, yes. Some may have unfavorable conditions or high rollover requirements, but most bonuses are an easy way to add to your bankroll and reduce the risk of placing a bet.
Different bonuses will have different terms and conditions associated with them. Typically, though, you will have to make a minimum deposit ($5-$10) with a sportsbook to claim a bonus. Once claimed, it will appear in your account, ready for use.
Often, you cannot. If the bonus you’ve claimed appears in the form of bonus bets or site credit, for example, it will need to be used on a wager with the sportsbook that gave it to you. Only real cash can be withdrawn.
In some rare cases, sportsbooks will offer real cash bonuses that can be immediately withdrawn. Otherwise, the likes of free bet bonuses must be used on wagers, and the winnings will be made withdrawable. Always make sure to read the terms and conditions associated with any specific bonus.
Most of them do. Usually, if you do not use your bonus within 7-14 days of it appearing in your account, it will disappear. Some sportsbooks will give you 30, 60, or even 90 days to use the bonus if lofty wagering requirements are involved.
A minimum odds restriction is a method for sportsbooks to keep you from betting on massive favorites to take care of your bonus rollover requirement.
Registered users cannot claim a welcome or sign-up sportsbook promo bonus; however, they can still take advantage of other sportsbook promos that can be redeemed by all existing users.
Sports betting playthrough requirements refer to a term or condition that must be met to cash out bonus site credit and any associated winnings. For example, if you deposit $100 and receive $100 site credit as a deposit match, you must wager the entire $100 site credit amount before receiving any payout winnings. Often, sportsbooks will impose at least a 1x playthrough requirement.
Anyone can claim a sportsbook bonus as long as they are residing in the US and of legal betting age.
Most sportsbook promos last somewhere between 14-30 days. Be sure to fully understand the terms and conditions of a sportsbook promo before registration/offer redemption.
Most sportsbook bonus money cannot be withdrawn as real cash. If the sportsbook bonus money is used on a wager that cashes, the user will then be eligible to withdraw their winnings – but only if they’ve played through the entire amount of their sportsbook bonus money.
Yes, some online sportsbooks accept American Express. BetMGM, Borgata, and Golden Nugget support Amex deposits in the U.S.
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Mike has been researching and reviewing products for more than a decade. The former travel and entertainment publisher is all in on sports betting and iGaming. When he's not sweating picks or supporting Covers' betting experts in making smarter sports bettors, you can find him by the BBQ, perfecting his cross-hatch marks.
