As an incentive to sign up for a new account for sports betting, the majority of bookmakers will offer some form of a welcome bonus such as free bets to entice you to join. This has been a standard practice since bookies went online and the rewards will usually be in the form of a matched deposit or a series of free bet tokens issued in return for a qualifying bet.
This guide is about an alternative new account offer promoted by bookmakers- how to use enhanced odds deals for a certain event. Typically, sports bookmakers will take a football match, identify the odds-on favourites and then boost their price up to around 33/1 as a rough average.
It sounds a generous offer and in most cases it would eclipse the generic welcome deal if it wins but is there a catch? Are these offers really too good to be true?
Significant Terms to Enhanced Odds Promos
Naturally you should always check the terms and conditions of any bookmaker’s promotion but there are specific things to look out for when considering one of these enhanced odds promos.
Firstly, if you look to make an opening deposit via an eWallet, chances are you won’t be able to proceed. This is quite common for any welcome bonus but it’s worth confirming here. With Coral for example, Skrill, Neteller and PaySafe are specifically excluded and with 888Sport, that list extends to include Entropay and PayPal.
So the first point to note is in regard to your funding method and then we move on to the question of fixed stakes.
Ladbrokes and Coral are among the most active bookmakers when it comes to this type of promotion and as they are part of the same overall group, their terms are very similar. In regards to the stake allowed for this type of offer, it is currently fixed at £1.00 so you can’t bet above or below this amount.
Elsewhere, when 888Sport have published this type of deal they fix the bet at £5.00 whereas others are a little more flexible. JetBull, who have just started to trial this type of offer at the start of 2018, currently allow any stake up to a maximum of £10.00.
Naturally the price boost will vary so while Ladbrokes and Coral have that fixed £1.00 stake, the odds involved could stretch to 33/1 and beyond while 888Sport’s lifted price may be shorter at around 10/1. Again, those are just examples but please be aware of any fixed stake and how much profit it would lead to in the event of a winning bet.
In the vast majority of cases, payment will work in two phases: Initially, the bookmaker will credit your account in cash with a profit linked to their standard market price when the event starts. The second part of that return is then paid out as free bet tokens up to the price boost that the operator is quoting.
As an example, if you stake £1.00 on a price that has been boosted from Even Money to 33/1 and the bet comes in, you win £33.00 in total. Initially, £1.00 will be paid in cash with £32.00 then arriving as free bet tokens.
Those tokens can arrive up to three days after bet settlement although typically they will appear in your account within 24 hours. It’s important to look out for them as they have expiry dates and in the case of Ladbrokes and Coral, they must be used within four days.
In rare instances, all profits can be paid in cash: This is something that GentingBet have done on their new customer price boosts but in the vast majority of cases, expect that two-stage payment procedure.
In many cases there are no specific rollovers terms with those free bets but in certain instances you will have to play through any subsequent profits before withdrawing any money. SportNation and JetBull are among those bookmakers who specify rollovers terms so do check these in full before going ahead.
As with all cases, the amount of playthroughs will vary so it’s very important to understand the specifics of these in order to make sure you are comfortable.
Consolations and Comparisons
With all of these offers, it pays to compare them to the standard welcome deal that is available when you complete the sign up process but in most cases they will be an improvement on that generic bonus.
For example, Coral’s standard opening promotion as of February 2018 promised £20.00 in free bets for new account holders who registered and placed a qualifying bet of £5.00. As an alternative, for the Championship football match between Hull City and Sheffield United on February 23, the same bookmaker quoted enhanced odds of 28/1 on Sheffield United to win.
In fact, that 28/1 price is quite low for Coral: Generally they are at 33/1 and can sometimes climb higher. So it is an improvement on the standard deal but of course, the bet has to win in order for customers to collect.
In some cases there is potential for a consolation and at the time of writing, both Coral and Ladbrokes will issue free bet tokens worth £5.00 if the bet doesn’t come in. Ultimately the choice is yours as to whether you take the punt for a potentially higher return or play safer and claim the standard deal which is guaranteed as long as you follow the relevant terms and conditions.
In all cases, we have given current examples of enhanced odds offers from around the sportsbooks but they are only examples and may be subject to change in the future. We’ve also listed the significant terms but would like to reiterate that you should check all the ts and cs in full to make sure you are happy before going ahead.
Overall, while there may be terms to follow, these offers are worth considering in our opinion as they can lead to higher profits if the bet wins. In a World Cup year, we expect to see more of these in the months ahead so do check those points and feel free to get involved.