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Indiana: Best Sportsbook Bonuses and Promo Codes for February 2023

Michael Duchesne - Covers
Written by: Michael Duchesne, Senior Sports Betting Editor Fact checked by: Brandon DuBreuil, Head of Content
Last Updated Feb 01, 2023, 8:48 AM ET

Indiana sportsbooks continue to gain considerable momentum while claiming sportsbook bonuses remains straightforward: Sign up for your preferred sportsbook, add funds to your wallet and make an initial qualifying wager.

Which of the best Indiana sports betting bonuses is tailor-fitted for you? We dive into the top five Indiana sportsbook bonuses to help inform your decision-making.

Top-five Indiana sportsbook bonuses

Covers Seal #1 Top-rated sportsbook
#1
Caesars
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Up To $1,250 On Caesars
Terms & conditions apply
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#2
FanDuel
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FanDuel Review

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#3
BetMGM
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Terms & conditions apply
  • User-friendly mobile app
  • Good deposit options
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Currency symbol Payout Speed: 2-7 days
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BetMGM Review

Deposits & withdrawals

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#4
PointsBet
BetSmart Logo BetSmart™ Rating: 4.6/5
Up to $500 in Free Bets
Terms & conditions apply
  • Well-designed mobile app
  • Live same-game parlays
  • 24/7 customer support
Currency symbol Payout Speed: 1-5 days
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Deposits & withdrawals

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#5
Unibet
BetSmart Logo BetSmart™ Rating: 4.3/5
Up to $100 Risk-Free Bet
Terms & conditions apply
  • Awesome welcome bonus
  • Consistently good pricing
  • Offers same-game parlays
Currency symbol Payout speed 3-10 days
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Unibet Review

Deposits & withdrawals

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    Quick facts: Indiana promo codes

    Online launch date Oct. 3, 2019
    Number of betting sites 13
    Best sportsbook bonus Caesars
    Online betting Yes ✅
    Retail betting Yes ✅
    Betting on college sports Yes ✅
    Remote registration Yes ✅
    Online casinos No ❌
    Legal betting age 21

    1. Caesars Indiana welcome offer

    Caeasars Logo

    Up to $1,250 on Caesars

    Code: COVERSBONUSFULL

    Claim Now

    Caesars Sportsbook doesn’t shy away from a challenge and has stepped up to the plate with its latest up to $1,250 on Caesars welcome offer in Indiana. Like a couple of other Indiana sportsbook bonuses, the Caesars Sportsbook promo is predicated on a bettor losing the initial wager. If you win your first bet, the promotion stands null and void.

    The sign-up bonus provides users with a safety net when deciding on their initial wager. As an added incentive, 1,000 Caesars Rewards® Tier Credits and 1,000 Caesars Rewards Reward Credits are also attached to the offer.

    Caesars Sportsbook’s current promotion lists terms you’ll have to adhere to, including these seven: 

    • Use Indiana promo code COVERSBONUSFULL when signing up to redeem the offer.

    • The bet credit must be used within 14 days of activation.

    • After losing the initial wager, bet credit is added to the account within two days.

    • Your account will be credited with the tier and reward credits within seven days of the initial wager being settled. Remember, these credits cannot be withdrawn as real cash.

    • Users must make an initial wager within 30 days of signing up.

    • Must use all of the bet credit on one follow-up wager.

    • Winnings paid out on bet credit, not the stake.

    Caesars promo pros and cons

    Covers hit icon
    High $1,250 maximum offer 
    Covers hit icon
    Promotion guarantees 2,000 combined tier and rewards credits
    Covers hit icon
    30 days to make an initial, qualifying wager
    Covers miss iconWinnings paid out, but not stake on wagers using bet credit
    Covers miss iconMust use all bet credit on one follow-up wager
    Covers miss iconMust lose first bet to garner bet credit

    What does up to $1,250 on Caesars Sportsbook mean for you?

    This Caesars promo is an excellent way to entice new bettors to get involved. By providing a safety net, bettors can dip their feet into the water before gaining experience and determining whether they want to commit to the chosen sportsbook.

    Additionally, the 1,000 tier and 1,000 reward credits provide a kickstart on garnering other Caesars rewards. Reach a certain tier or build up enough rewards credits, and you’ll be eligible for tons of perks. 

    How much can you make with up to $1,250 on Caesars Sportsbook?

    If your initial wager loses, a maximum bet credit of up to $1,250 is issued as reimbursement. The amount of credit you receive depends on how much you bet with your first wager. In the case of Caesars, its welcome offer checks the lucrative box if you go up to the maximum of $1,250. With no odds requirements in place, you can place a bet on any available market. If you decide to place a bet at odds of -400 using the full $1,250, then you would secure $312 as withdrawable winnings if you win the bet.

    Why is this bonus better than the others?

    Like others among the best Indiana betting bonuses, Caesars pours bundles of resources into their welcome offers, facilitating a high $1,250 maximum redemption offer.

    2. FanDuel Indiana welcome offer

    FanDuel Logo

    $3,000 No Sweat First Bet

    No code required

    Claim Now

    FanDuel understands what welcome offers make bettors tick. Currently, the sportsbook is dishing out up to $3,000 back in bonus bets when you sign up, deposit $10, and place a losing wager. 

    FanDuel’s promotion, which expires on Feb. 12, 2023, has an extensive list of terms and conditions, four of the most notable are outlined here:

    • No FanDuel promo code is required, but you must download the FanDuel sportsbook mobile app and deposit $10 to get started.

    • Bonus bets are deposited into your account within 72 hours of wager settling as a loss, with a value equal to the wager, up to $3,000.

    • Bonus bets can be used on any sports betting market and expires in 14 days.

    • Bonus bets cannot be withdrawn. Winnings can be withdrawn after reinvesting site credit on subsequent bets. 

    FanDuel promo pros and cons

    Covers hit icon
    Up to $3,000 in bonus bets available
    Covers hit icon
    New bettors can aim for a larger payout than usual
    Covers hit icon
    Any market is available
    Covers miss iconUp to 72 hours for the bonus bets to hit your account
    Covers miss iconBonus bets cannot immediately be withdrawn

    What does a "$3,000 no sweat first bet" offer mean for you?

    FanDuel’s welcome offer gives you up to $3,000 back in bonus bets should your initial wager lose. This provides an ideal safety net for users looking to build their bankroll.

    How much money can you earn with $3,000 in bonus bets?

    FanDuel does not apply odds requirements for this bonus, meaning that you are open to wager on any event. For example, betting the entire $3,000 on +300 odds could net you $9,000 in winnings.

    Why is this better than the others?

    In anticipation of the big game, FanDuel is offering their most lucrative promotion ever. Be highly recommend taking advantage of the $3,000 bonus before it expires.

    3. BetMGM Indiana welcome offer

    BetMGM Logo

    $1,000 back in bonus bets

    No code required

    Claim Now

    BetMGM enters the scene with an enticing value proposition of up to $1,000 paid back in bonus bets. Here's how BetMGM disburses the reimbursed bonus bets: If the first bet wagered costs $49 or less and it loses, BetMGM reimburses the entire stake via a single deposit. However, if the bet’s stake is $50 or higher and it loses, BetMGM disburses the bonus bets via five separate 20% installments.

    So if you wager $1,000 on the initial qualifying bet and lose, you will receive five bonus bets delivered in $200 denominations. Having the ability to make five subsequent wagers using bonus bets is a beneficial aspect of this welcome offer, where no BetMGM promo code is needed.

    Here are five important stipulations placed on BetMGM’s promotion, which expires on Dec. 31, 2023:

    • Minimum $10 deposit required.

    • A maximum of $1,000 on the first wager (which must lose) is matched and credited to the account.

    • All bonus bets are credited to the user’s account within 24 hours of the initial losing wager.

    • Bonus bets must be redeemed within seven days.

    • Only winnings will be paid out on bets utilizing bonus bets.

    BetMGM promo pros and cons

    Covers hit icon
    High $1,000 maximum match offer 
    Covers hit icon
    Bonus bets disbursed in five equal 20% installments
    Covers hit icon
    Bonus bets deposited within 24 hours
    Covers miss iconBonus bets must be redeemed within seven days
    Covers miss iconOnly winnings paid out on bets utilizing bonus bets
    Covers miss iconIf the opening wager wins, promotion stands null and void

    What does $1,000 paid back in bonus bets from BetMGM mean for you?

    BetMGM knows what it's doing when it comes to new player bonuses, as evidenced by its current "$1,000 paid back in bonus bets" offer. The way in which BetMGM, if the user’s initial bet loses, disperses the reimbursement provides bettors the opportunity to reinvest the credit on a number of subsequent bets. For that reason, it’s the preferred option of all the best Indiana betting bonuses.

    How much money can you earn with $1,000 in bonus bets?

    You can only receive a maximum of $1,000 in bonus bets, a scenario that occurs when you place a stake of $1,000, and it loses. Like all similar sign-up promos, the potential money you can earn with BetMGM's bonus depends on the wagered amount of the initial bet. Plus, betting options galore await courtesy of the no-odds requirement. If you go for a Cubs bet at odds of -250 and go all-in with $1,000, you'll score a $1,400 payout if it hits. 

    Why is this better than the others?

    Its $1,000 maximum match offer is obviously a highlight of the welcome offer, but there’s much more to rave about. The way in which BetMGM deposits bonus bets on applicable accounts across five equal installments is another headlining perk.

    4. PointsBet Indiana welcome offer

    PointsBet Logo

    Up to $500 in free bets

    Code: 5X100RC

    Claim Now

    Australian-based operator PointsBet has a simplified sign-up bonus for new Indiana customers. You must use the latest PointsBet promo code — 5X100RC — to claim the offer. Here's how it works:

    • Place an initial fixed odds bet, up to $100, each day over five days.

    • How you start depends on your risk tolerance; try a $50 bet or go all-in with the $500 total maximum value.

    • PointsBet Indiana will then refund your wagers wholly — up to $500 in total — in non-withdrawable free bets if you don't hit the mark and lose.

    • As with any risk-free bets, you won’t be eligible to leverage the site credit on the wagers you win. However, you can split each of your free bets five ways, a tremendous variation.

    PointsBet promo pros and cons:

    Covers hit icon
    Free bets can be split in four ways
    Covers hit icon
    Free bets deposited within 24 hours of wager settling
    Covers miss iconFewer payment methods than other sportsbooks
    Covers miss iconFree bets must be used within seven days

    What does up to $500 in free bets mean for you? 

    Sports betting sites sometimes overcomplicate the welcome bonus, making it difficult for the player to claim or flat-out off-putting. Five equal risk-free bets, each worth up to $100, comes across as straightforward. Plus, you could win the initial qualifying wagers. Nothing wrong with that outcome. In a scenario where you back the Colts to win at odds of +450 with $100 staked, you're in line for a $450 payout should they pull out the win.

    5. Unibet Indiana welcome offer

    Unibet Logo

    $100 risk-free bet

    No code required

    Claim Now

    The $100 risk-free bet welcome offer from Unibet isn’t nearly as lucrative as other elite Indiana sportsbook bonuses, but it's still a solid place to start. Keep in mind that Unibet’s welcome offer comes as bonus money with a 3x playthrough requirement attached.

    If you stake $100 on your opening wager and it loses, $100 in withdrawable funds is deposited into your account, placing this offer amongst the best Indiana betting bonuses. Here's the breakdown:

    • Required minimum $10 deposit and no Unibet promo code needed.

    • Unibet matches the initial stake and deposits up to a maximum of $100.

    • If the first bet settles as a loss, a cash refund goes into your account within 72 hours.

    • Eligible players receive bonus money with a 3x playthrough requirement attached. Only bets at odds of -300 or more count towards the bonus.

    • Users have seven days to meet the playthrough requirement.

    Unibet promo pros and cons:

    Covers hit icon
    Cash refunds are provided on first bets settled as a loss, which can be withdrawn immediately
    Covers hit icon
    Free bets can be used on any sports market
    Covers hit icon
    Risk-free initial wager
    Covers miss iconLower maximum match offer, just $100
    Covers miss iconIf the first bet loses, the refund takes 72 hours to hit your account

    Why is this Unibet risk-free bet better than others? 

    The prospect of receiving credit that is immediately withdrawable significantly elevates Unibet’s overall proposition. Plus, you don’t need a specific Indiana promo code to redeem this offer. 

    Latest Indiana betting news

    Most common sign-up bonuses

    There are quite a few common sportsbook sign-up bonuses extended to players to garner a maximum number of new customers. However, risk-free bets, deposit matches, and no deposit bonuses are three of the most popular.

    Risk-free bet

    Risk-free bets are advantageous in a number of ways. For starters, they present an opportunity for bettors to wager without assuming too much risk if their respective wagers lose.  The only way the promotion activates is through a loss, so there is ample merit in sourcing an underdog that has a viable chance of upsetting the apple cart.

    Let's say you like the Indiana Pacers, pegged as underdogs, at home against the Cleveland Cavaliers. Source additional reasons for backing the Pacers. Don’t simply back them because you have a risk-free bet at your disposal. 

    Are any of Cleveland’s top players tired or hurt? Are the Cavaliers playing on back-to-back nights? Once you find a number of valid reasons to back the Pacers, go for it. If you win, you’ll reap the rewards from the risk-forward wager. If you lose, the sportsbook will reimburse the stake up to a pre-specified maximum. That’s the definition of a win-win scenario.

    Deposit match

    Deposit matches are a powerful tool used by sportsbooks, as they immediately double a bettor’s original investment. If a new player deposits $200 on a 100% deposit match offer, they will receive $200 in site credit, increasing their overall wallet to $400. 

    Remember, stipulations and requirements are always placed on these offers, including rollover requirements and potential odds restrictions, so make sure to read the terms and conditions of each welcome offer.

    No deposit bonus

    No deposit bonuses are used less frequently than deposit matches and risk-free bets but are just as effective. Bettors love the fact that a sportsbook makes a pre-specified deposit on their behalf, ensuring users don’t initially have to invest their own money. The sportsbook believes the original investment will be enough to convince new bettors to commit long-term. 

    This type of offer is regularly used by new sports betting sites and for prominent events, like the NBA Finals, Super Bowl, and March Madness. 

    All online sportsbooks in Indiana

    Indiana-based bettors have access to 13 regulated and licensed online sportsbooks, ready to accept legal wagers. Here's the complete list of Indiana betting sites — including new betting sites available to players 21 years of age and older:

    Indiana's online and mobile sportsbooks

    Online sportsbook Mobile app Odds provider Online casino Retail partner
    Bally Bet External link icon Yes Bet.Works No Bally's Evansville
    Barstool External link icon Yes Kambi No Ameristar Casino East Chicago
    BetMGM External link icon Yes BetMGM No Belterra Casino
    BetRivers External link icon Yes Kambi No French Lick Resort
    BetwayExternal link icon Yes SBTech No Belterra Casino
    Caesars External link icon Yes Caesars No Indiana Grand Racing
    DraftKings External link icon Yes SBTech No Ameristar Casino East Chicago
    FanDuel External link icon Yes Flutter No Blue Chip Casino
    Hard RockExternal link icon Yes GiG No Hard Rock Casino Northern Indiana
    PointsBet External link icon Yes PointsBet No Lawrenceburg's Hollywood Casino
    SBK SportsbookExternal link icon Yes Smarkets No Rising Star Casino Resort
    Unibet External link icon Yes Kambi No Horseshoe Hammond 
    WynnBET External link icon Yes GAN No Rising Star Casino

    More Indiana betting resources

    Indiana sports betting sites
    Learn about the best sports betting sites in Indiana.
    Indiana Sportsbooks
    Mobile sports betting apps
    Check out the top mobile sports betting apps available in the U.S. in 2023.
    Best Sports Betting Apps
    Best football betting promos
    Find out where football bettors are finding the best promo codes for 2023.
    Football Betting Promo Codes

    Indiana sportsbook bonus FAQs

    Of all the Indiana sportsbook bonuses, Caesars ranks first.

    The Caesars IN sportsbook promo code is COVERSBONUSFULL. With this code, new Caesars Indiana users can claim 1,000 Caesars Rewards® Tier Credits, 1,000 Caesars Rewards Reward Credits, and a bet credit of up to $1,250.

    You can claim a welcome bonus for each new sportsbook you sign up for.

    When a bettor signs up numerous times for the same offer or offers at the same sportsbook, it’s classified as bonus abuse.

    You need to be at least 21 years old to bet on sports in Indiana.

    Pages related to this topic

    Best Betting Sites US
    Best Sports Betting Sites Canada
    Is Sports Betting Legal In Canada
    States With Legal Sports Betting
    Indiana Sportsbooks
    Best Mobile Sports Betting App
    Best Sportsbook Bonuses
    SugarHouse Promo Codes
    PointsBet Promo Codes
    Michael Duchesne - Covers
    Michael Duchesne
    Senior Sports Betting Editor

    Mike has been researching and reviewing products for more than a decade. The former travel and entertainment publisher is all in on sports betting. 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.

    • Indiana: Best Sportsbook Bonuses and Promo Codes for February 2023
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