Sportsbooks often promise big bonuses through first bet insurance offers or deposit matches, but what are they actually worth?
We’ve got eight sports betting sites live in North Carolina ahead of the ACC Tournament final and the NCAA Tournament next week.
You can join any of the apps to get a welcome offer on Saturday or anytime next week.
Belo we’ll break down the total value of each offer, and how to claim it.
The 8 best North Carolina sportsbook promosEstimating the true maximum cash value of these offers
Sportsbooks often promise big bonuses through first bet insurance offers or deposit matches, but what are they actually worth?
Bonus bets: If you optimize your bonus bets by betting plus-money underdogs in the +300 to +500 range, over the long run you’ll convert about 60-70% of your bonus bets into cash. So $200 in bonus bets can be worth ~$130. Most people won’t use bonus bets optimally, however, so sportsbooks only pay out about 30% of all bonus bets. So $200 in bonus bets costs them about $60.
Insurance: These first bet offers are tricky to value — if you make a $1,000 first bet at +250 and it wins, you’ve won $2,500. If your first bet loses, then your ensuing bonus bets lose, you can be left with $0.
There is a hedging method that will lock in about $400 from a $1,000 first bet. It’s a big investment, since you need to bet more than $4,000 on the opposite side of your $1,000 first bet, so most people won’t do it. But I think it’s fair to call the cash value about 40% of the insurance amount.
Deposit match: Most deposit matches come with a rollover or play-through requirement. This means that you can’t just deposit, get a match, and then immediately withdraw.
