The various kinds of sportsbook offers and promotions available today

Online sports betting has grown rapidly across the globe recently. In most markets, there are dozens of competing sportsbooks vying for customers' attention. One of the best ways to do this is through bonuses and promotions. Although sometimes sportsbooks might lose money on these promos, by getting customers through the door they bring in more long-term revenue and improve their customer base for future investment. But what are the most common types of bonuses and promos offered globally?

This article will look at the main options you'll see at almost every sportsbook. It will run through exactly what each bonus offers you, the pros and cons of picking them up and what you need to know to maximize your chances of picking a valuable option that might net a profit. All in the aim of helping you make an informed choice in a competitive market with lots of bonuses to choose from.

Deposit match bonuses are the most common option

One offer you'll find at sportsbooks all over the world is deposit match bonuses. These offers are self-explanatory on the surface but actually have quite a few things to know about. The easy part is the deposit match itself. On the simplest level, deposit $10 and the sportsbook will put an extra $10 in a bonus fund for you to bet with. Deposit more, and the sportsbook will often match that too—up to a certain amount.

If you want the specific sportsbook promos available on the US market right now, you'll need a comprehensive guide from betting experts. Check out each operator's latest offers as well as experienced analysis of the potential value and worth of each compared to the rest of the market. So you know you're choosing the best one before you jump in. 

However, there are several things to think about when using your bonus money: 

• The wagering requirements
• Any time limits
• Restrictions on what type of bets, if any

Wagering requirements are the most complicated. This is a multiplier of the initial amount that you have to put down on bets before you can withdraw. For example, a 2x wagering on a $10 bonus would mean you would have to bet $20 before you can withdraw any profits you might have made. 

Most sportsbooks set this at 1x to 5x. Any wagering requirement above 10x complicates matters a lot when it comes to value, as you could be forced into some hefty bets if you want to bank any profits—so consider offers carefully.

Bonus bets are the other main option for sportsbook promos

Bonus bets are also very common and a bit easier to understand. For example, putting down $10 and getting $20 in bonus bets is quite common. These bonus bets usually won't pay you back your stake, however. So, for example, a $10 free bet at 3:1 would pay you $30 instead of $40. 

Otherwise, these are very simple. You get given a free bet and if it wins, you keep the profits. The only complication is (sometimes) time limits, meaning they expire if not used within a certain time frame. So just watch out for that and make sure you don't hold on to them for too long waiting for the perfect wager. 

Bonus bets sometimes have restrictions on minimum odds and what type of bets you can make, such as no long futures or no live bets. Check each promo's terms and conditions carefully, or read an expert summary, before you sign up for any offer with a particular bet idea in mind. 

Odds boosts and insurance are also often offered

Odds boosts are when bookmakers give some leeway to bettors on the odds of a particular bet. Usually these are publicized in the run-up to a big sporting event like the Super Bowl. However, they are sometimes given as welcome offers in the form of custom odds boosts. 

These let customers pick their own bet to boost the odds in their favor, raising the payout on a correct pick. For example, if you have a sweet parlay bet lined up that you're very confident in, you could shop around for an odds boost offer to get maximum potential value from it. 

Odds boosts usually come locked to certain bets. Custom odds boosts usually have a maximum stake limit, although otherwise restrictions are often quite minimal.

Insurance bets—sometimes called "risk-free bets" (although certain regulators have taken a dim view of this term and you don't see it as much anymore)—are bets where the operator offers to return your bet to you if it loses. 

These often come in the form of welcome bonuses, with insurance offered to any new player on their first bet. Some sportsbooks will return this to players as cold hard cash in their account (shoutout to them) but most operators will give you back your stake as a free bet. 

You can also get insurance on parlay bets. Operators will often offer bonuses that if, say, one leg of a five-leg parlay loses, they will refund the stake instead of a complete loss.