The Best First Deposit Bonus Sports Betting Apps and Promo Codes for 2023

Discover the Best First Deposit Bonus Sports Betting Apps and Promo Codes for 2023

We have curated a list of the top sportsbook promotions and bonuses to simplify your decision-making process. Gain insights into common terms used in sportsbook promos and learn about the legal sports you can bet on in the U.S. Explore the best bonuses offered by popular betting apps like DraftKings, FanDuel, BetMGM, bet365, Caesars, BetRivers, and more.

Top Sportsbook Promos for January 2024

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Sportsbook Promo Codes by Betting App

Choosing the right sportsbook promo code can be a daunting task due to the multitude of options available. At Stokastic, we are trusted partners of numerous betting apps and hold licenses from the same state regulators as these sites. This ensures that the offers we promote are legitimate and sourced directly from the best legal and locally regulated online sports betting platforms in the country. Our team rigorously verifies all the bonuses, ensuring transparency and unbiased information to help you make informed decisions before signing up.

Best Sportsbook Bonuses by Sport

Betting apps offer sport-specific promotions to attract and retain customers who are interested in betting on a particular sport. By offering promotions tailored to specific sports, sportsbooks can show their customers that they understand their interests and are willing to offer them incentives to continue betting on their preferred sport.

Sport-specific promotions can also help bookmakers differentiate themselves from their competitors. By offering unique sportsbook promo codes for a particular sport or player, a betting site can stand out from the crowd and appeal to customers who are specifically interested in that sport.

In addition, sport-specific promotions can be used to capitalize on major events or seasons in a particular sport. For example, a betting site might offer promotions specific to the Super Bowl or the World Series, which are major events that attract a lot of betting activity. This can help the site attract new customers who are interested in betting on these events and retain existing customers who are already fans of the sport.

How to Use Sportsbook Promo Codes and Bonus Types for New Players

There are several types of common welcome bonuses you will find from betting sites as a new player. Finding the best option for you depends on a few factors, such as the amount of money you are willing to deposit at a new sportsbook upfront or how much faith you have in the first bet you’re going to place at a new sportsbook. We have covered all the most common sportsbook promo codes and bonus types for new players below.

First Bet Paid Back

Getting your first bet paid back if it loses is one of the most common sportsbook offers you’ll find in the U.S. You will see this offer presented in many different ways. FanDuel, for example, often has a “No Sweat First Bet,” and Caesars claims your “First Bet is On Us,” but the general terms are typically the same across the industry. This bonus was also commonly referred to as a “risk-free bet,” but that term has been discontinued across the industry as it was misleading. You most certainly have to incur some risk by depositing your own money to qualify for these offers, and there is always an inherent risk in gambling.

Getting your first bet paid back if it loses is a great option for players looking to deposit more money than average upfront when opening a new account, for example, $1,000. It is also a good option if you have a good feeling about an underdog and want to place a wager on them, knowing that if it loses, you will get a second chance at wagering that money in the form of bonus funds or site credit.

Deposit Match

A sportsbook first deposit match is becoming less common, but they can be some of the best offers out there when the match is 100% or more. For example, a betting site may offer a 125% deposit match up to $250, meaning you would only have to deposit $200 to get $250 in bonus funds. The most common sportsbook deposit matches are usually capped well below $500, so if you’re looking to deposit more, you should look for the “First Bet Paid Back” promo types mentioned above.

Deposit matches are great for all players due to their flexibility since they are typically “up to” a fixed maximum amount but still valid if you want to deposit less than that maximum amount. If the maximum amount you’re able to deposit is only $50, you can still get an extra $50 to play with if it’s a 100% match, doubling your initial bankroll. Just be sure to read the terms carefully on these promos, as you will often see playthrough requirements attached to deposit matches. You can learn more about those in our “Common Terms to Know” section below.

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Bet and Get

The bet and get or “no-brainers” are usually the best sportsbook promo codes you will find for all types of bettors. The major sportsbooks have started to pull back from using these as often due to the low deposit and wager amount required from players and the high payout of bonus funds from sportsbooks.

These will usually be found in the form of “Bet $5 and Get $150 in Bonus Bets” or something similar. These are typically straightforward, with few strings attached. Minimum deposit amounts are usually around $10. The best bet and gets will give you your bonus funds win or lose, while sometimes it is required for your first wager to win to receive the bonus funds. As always, check the terms of all promos or chat with a customer service representative at the betting site if you have any questions.

No Deposit Bonus

A no-deposit bonus is often searched for by sports bettors but is rarely found. These can be offered on occasions when a new state is going to launch sports betting as part of an early sign-up or pre-launch promotion. You can also find these at sweepstake sites or social sportsbooks like Fliff that offer free-to-play games with a chance of winning real money. At social sportsbooks, the bonus is usually free plays with their house currency (coins or fake cash), which doesn’t usually equate to substantial real-money winnings. But they can still be a lot of fun.

Ongoing Betting Site Bonuses for Regular or Advanced Bettors

Getting new players in the door is only half the battle for sportsbooks. Keeping players engaged with ongoing promos and bonuses is a key part of retaining customers that the best online betting sites in the U.S. are constantly working on. Below we have listed some of the most common options you will find.

Odds Boost Bonuses

Odds boosts are a popular type of sports betting promotion that many sportsbooks offer to customers. An odds boost is a promotion where the sportsbook offers better odds than usual on a particular bet. For example, if the normal odds of a football game are -110, the sportsbook might offer an odds boost to -105 or even +110.

Odds boosts can be applied to a variety of different bet types, including moneyline bets, point spread bets, and totals bets. Some sportsbooks offer daily odds boosts, while others offer them on select games or events.

It’s important to note that odds boosts are not guaranteed wins, and you should still make sure to place informed bets before taking advantage of an odds boost promotion.

Same Game Parlay Bonuses and Insurance

Same Game Parlay (SGP) is a type of bet where a customer can combine multiple bets from the same game into one parlay. Sportsbooks offer SGP bonuses and insurance to entice customers to place more SGP bets due to the high risk and profit they receive from these bets.

A Same Game Parlay bonus is a promotion where the sportsbook offers a bonus payout if a customer hits a certain number of legs in their SGP bet. For example, a sportsbook might offer a 10% bonus on all SGP bets with at least 3 legs.

Same Game Parlay insurance is a promotion where the sportsbook refunds your bet if you miss by one leg. For example, if a customer places a 3-leg SGP bet and only one leg loses, the sportsbook will refund the customer’s bet.

Referral Bonuses

Refer-a-friend bonuses are a promotion where the sportsbook rewards customers for referring their friends to the sportsbook. The customer usually receives a bonus when their friend signs up and makes a deposit.

The bonus amount and terms can vary by sportsbook, but they typically require the referred friend to sign up and make a deposit before the bonus is credited to the customer’s account. Some sportsbooks also offer bonuses to the referred friend as an incentive to sign up.

Free-to-Play Contests and Tournaments

Free-to-play contests and tournaments are a type of sports betting promotion where customers can participate in contests and tournaments for free, with the chance to win real money or prizes.

Sportsbooks offer a variety of free-to-play contests and tournaments, including pick’em contests, survivor pools, and bracket challenges. These promotions are a great way for customers to engage with the sportsbook without risking any of their own money.

Prizes for free-to-play contests and tournaments can vary widely, from cash prizes to merchandise or even VIP experiences. It’s important to note that some free-to-play contests and tournaments may have eligibility requirements or geographic restrictions, so customers should read the terms and conditions carefully before participating.

Common Terms to Know for Sportsbook Promo Codes

Nothing in this world is free, and that quote stands true with sports betting promos. While the terms and conditions laced into the locally regulated U.S. betting sites that we support are usually minimal, they are always crucial to read and know. Not abiding by the terms set by bookmakers can put you at risk of losing your bonus funds and any winnings that you may have accrued by placing wagers with those bonus funds. Here are some of the most common terms you’ll find from legal online sportsbooks.

Wagering Requirements

Wagering requirements called “play through” or “rollover” are the most common term you’ll find when using sportsbook promo codes. This means that you have to wager either your bonus funds, your initial deposit amount, or sometimes both a set amount of times (i.e. 5x) before you’re able to withdraw any real money from your account. You also usually have a time limit to do this (for example, within seven days of receiving your bonus) or else your bonus funds and any winnings accrued from placing bets with those bonus funds can be voided.

Here is an example of how these requirements may work:

  • Example Offer: 100% Deposit Match up to $500
  • Wagering Requirement: 5x rollover on your deposit and bonus amount within seven (7) days.
  • The math: Deposit Amount = $500 + Bonus Match = $500 for a total of $1,000 in deposit and bonus amount.
  • You must play through that deposit and bonus amount in this scenario 5x ($1,000 x 5 = $5,000) within seven (7) days before you’re able to withdraw any money from your account.
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Not all wagering requirements work the same, so it’s always important to read if your sportsbook bonus has any of these requirements. If you’re unsure, always chat with a customer service representative before making an initial deposit.

Odds Requirements

Odds requirements are another common term found when using sportsbook promo codes. To be honest, these are often put in place by bookies forcing you to wager your bonus funds on uncertain favorites or underdogs, limiting their chances of actually having to pay you out substantial winnings on a minimal deposit.

You will usually see odds requirements explained in the terms by saying something like, “Bet $20 on +120 odds or more. If your qualified bet wins, you’ll win $200.” This means that you can’t bet a favorite at all. Wagers with -110 odds will not qualify for a promotion like this, but +300 will. Another common form of displaying this is “maximum odds of -200.” Similarly, a wager with -300 odds would not qualify here, but -110 or any underdog (+110, +300, etc.) would qualify.

Deposit Limits

You will most commonly be affected by minimum deposit limits as a beginner, but even advanced players should be aware of maximum deposit limits as well. For the average player, you may see a sportsbook promo that says, “Bet $5 and Get $200.” While you may only need to bet $5 to qualify for the bonus, most betting sites typically have a minimum deposit of $10 to open an account.

It’s also important to note if the sportsbook welcome bonus is tied to your first deposit only or your first wager. In some cases, the minimum deposit limit may only be $10, but for a deposit match, you may only receive $10 in bonus funds if the promotion is tied to your first deposit.

Bonus Funds Expiration

One of the most aggravating ways to lose your bonus winnings is to have your promo expire before you met all the requirements. Most sportsbook promos expire seven (7) days after you receive them, while others may expire 14 or even 30 days after being credited to your account.

Another important factor to look into with the expiration is if your sportsbook promo mentions that the bonus will expire if not settled within X days or if a wager needs to be placed within X days. Some betting sites, like DraftKings Sportsbook, mention that your wager needs to settle within seven days, meaning a bet on a current event that will be graded and settled ASAP. Others, like BetMGM, mention your wager needs to be placed within seven days, meaning you can bet on a future that will settle months away with bonus funds as long as you place that bet within seven days of the bonus funds being credited to your account.

Early Cash Out Penalty

You must be careful at some online betting sites not to try and cash out any winnings before you have finished all wagering requirements. This will commonly void your bonus funds and any winnings you may have accrued by placing wagers with the site credit. Many sportsbooks also have an “early cash out” feature, which will void a previously qualifying bet from contributing towards your wagering requirements, forcing you to start the process all over.

Qualifying Bet Restrictions

Qualifying bets are typically referred to as the proper type of wager you are allowed to place that will contribute towards satisfying your wagering requirements. This usually means a straight cash bet on a standard market (moneyline, spread, over/under). Qualifying bets usually exclude any other form of an enhanced wager that may have used a boost, insurance, or an additional bonus token of any sort.

Best Sportsbook Promo Codes by State

Sportsbook promo codes may vary depending on the state in which the companies operate. This is because sports betting is regulated on a state-by-state basis in the United States, and each state has its own tax rates, laws, and regulations governing sports betting.

Some states may have more favorable regulations for sports betting than others, which may allow sportsbooks to offer more generous promotions in those states. In addition, sportsbooks may have partnerships with local sports teams or other organizations in certain states, which could lead to the creation of unique sportsbook promo codes for customers in those states.

It’s also worth noting that some betting sites may not be available in all states due to licensing restrictions or other factors. So, even if a sportsbook offers a particular promotion or promo code in one state, it may not be available to customers in other states.

Find the best sportsbook promo codes by state at Stokastic.

Responsible Gaming

All of us at Stokastic are incredibly grateful to have been able to turn our passion for sports into a service that helps other players make the most out of their sports betting and daily fantasy sports experience. Part of our responsibility as a service provider is helping to ensure that our industry-leading tools that help you succeed in gaming are adequately paired with responsible gaming resources you may need when gambling is no longer fun and is potentially causing a disruption in your life.

We share core attributes of responsible gaming with industry leaders.

  1. We recommend that players only participate in legal markets that provide locally-regulated consumer protections and abide by proper minimum age requirements. The legal age for participating in Daily Fantasy Sports in most regions is 18+, and the legal age for gambling in most areas is 21+.
  2. We strive to provide responsible gaming resources throughout our respective content channels and recommend that if you or anyone you know suffers from a gambling problem, call or text 1-800-GAMBLER or chat live 24/7 at the National Council on Problem Gambling.
  3. Online gaming should be a fun activity and enjoyed as entertainment. If you’re not having fun, it may be time to take a break.
  4. We recognize that some players may need additional support related to their gaming activities.

Sportsbook Promo Code FAQs

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