Exploring Unique Promotions in Sports Betting for Cryptocurrency
Tue, Jun 11, 2024
by
CapperTek
Exploring Unique Promotions in Sports Betting for Cryptocurrency
Traditional sports betting platforms have always offered numerous bonuses – from giving a welcome bonus to new players to loyalty programs for people who stuck around. But what about when you’re using cryptocurrency as your main balance?
Countless gambling platforms have adopted cryptocurrency as a viable alternative to fiat currency for years now. With the rising popularity of Bitcoin, Ethereum, and other currencies, we are seeing the platforms offer unique bonuses to people using cryptocurrency for betting.
Types of Cryptocurrency Bonuses
Usually, when betting with crypto, most casinos offer almost identical bonuses to those you would get for using fiat currency. The only difference is that your rewards will be in crypto.
Here are the most common types of bonuses available for crypto betting online:
Also known as a sign-up bonus, a welcome bonus is something to attract new players by boosting their first deposit. You will see casinos offer a 100% to 200% welcome bonus, which usually doubles or triples the money you start with.
For example, if a casino is offering a 200% welcome bonus, then the bookie will give you 10mBTC if you deposit 5 mBTC.
Crypto Reload Bonus
After your first deposit, bookies will want you to keep betting on your favorite teams. That’s why many betting platforms offer reload bonus, which increases your deposit, usually by 20% to 50%. Even though this bonus is much lower than welcome bonuses, it gives you a slight boost to keep going.
No Deposit Bonus
Don’t want to deposit before trying out their sports bets? No problem! Many sportsbooks offer no deposit bonuses, giving you the chance to bet without depositing any crypto. However, it does not mean that you can withdraw all your winnings, as there are certain requirements.
Rebate Bonus
With betting, you are bound to lose, and when the losses are stacking up, a rebate bonus can be a slight glimmer of hope. This kind of bonus will give you back a percentage of your net losses.
Some bookies may offer a 10% rebate bonus on your first losses, which means if you lost 10mBTC, you will get 1mBTC back.
Bonus Bet
Sportsbooks commonly offer bonus bets, which allow you to get free bets. First, the bookies give you instructions and wagering requirements. Then, you place your bets. If you lose the bet, you get a bonus bet of the same value, which means you can bet again, increasing your chance to win without spending anything.
Refer a Friend
You have seen this type of reward system in many places before. A lot of betting platforms have friend referral systems specialized for crypto users. The rewards are usually free bets or cash bonuses that do not require any deposit.
Read Before You Avail Any Bonus!
Let’s imagine a scenario where you saw a 200% welcome bonus on a bookmaker, and with excitement, you made a 50 mBTC deposit. After making that deposit, your balance is now 150 mBTC, with the bonus coming into effect. And you already know that the platform won’t let you withdraw that amount without wagering some money, so you go on with a couple of bets. Even then, you may not be able to withdraw.
This is why it’s important to read the terms and conditions of bonuses, as they usually have a lot of strict rules. Here are some standard bonus terms you may find in terms of withdrawing your winnings:
Rollover Requirements
The rollover requirements of a bonus describe how many times you need to wager your money to be able to cash out your bonus.
For example, some promo codes on Stake.com have a wagering requirement of 40x. This means you will have to wager the bonus amount 40 times before being able to withdraw your wins. If you get a 50 mBTC bonus on a 50 mBTC deposit (100% bonus), you will need to wager at least 2000 mBTC before being able to withdraw.
Time Restrictions
Most bonuses come with a time restriction of between 15 to 30 days. If you don’t use the bonus amount within that period, it will go away and leave you with only your deposit.
Maximum Bonus Winnings
This is one of the most disliked wagering terms you will see in many sportsbooks. They will cap your winnings on your bonus amount to control their risk factor. Let’s say you get a 1 mBTC bonus on your deposit, and the bookie has a maximum bonus winning of 10x. This means that anything you win over 10 mBTC with your bonus amount will not count.
Hidden Terms
Sometimes, many shady platforms will have hidden terms that will stop you from withdrawing your wins even though you have followed all the requirements of the bonus. They are usually related to:
KYC verification
Disallowing multiple bonuses
Using a bonus from another account
Sticky and non-sticky bonuses
Aside from these, there could be many more different types of requirements for a bonus. That’s why you should carefully read everything about a certain bonus before availing it.
KYC verification
Disallowing multiple bonuses
Using a bonus from another account
Sticky and non-sticky bonuses