Best Sportbook Promotions and Bonuses

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Andrew Wilsher, Managing Editor
Fact checked by: Luke Lindholm

With so many sportsbooks currently operating in the sports betting market, it can be hard to know which are the best sportsbook promotions available. At Pickswise, we have made it our goal to rate and review each sportsbook bonus and come up with a list of the top ones available for new users. In this article, we will provide instructions on how to claim the best sportsbook promos from a number of sportsbooks including the top sportsbook apps.

Top Sportsbook Promo Codes for 2024

After conducting an extensive analysis of the finest sportsbook promo code, we have assembled a list of the top five options. Our assessment considered factors such as the attractiveness of the welcome bonuses, the ease of claiming the sportsbook bonuses, and the overall satisfaction of customers while using the sportsbook.

RankSportsbookPromo Promo Code
1FanDuel Sportsbook
FanDuel Logo
Bet $5, Get $200 in Bonus Bets If your bet wins No Promo Code required
2DraftKings Sportsbook
Draftkings logo
Bet $5, Get $150 InstantlyNo Promo Code required
3Caesars Sportsbook
Caesars Logo
$1,000 First Bet on CaesarsPICKSWISE1000
4BetMGM Sportsbook
BetMGM Logo
$1,500 First Bet InsuranceNo Promo Code required

With so many sportsbooks currently operating in the sports betting market, it can be hard to know which are the best sportsbook promotions available. At Pickswise, we have made it our goal to rate and review each sportsbook bonus and come up with a list of the top ones available for new users. In this article, we will provide instructions on how to claim the best sportsbook promos from a number of sportsbooks including the top sportsbook apps.

Top Sportsbook Promo Codes for 2024

After conducting an extensive analysis of the finest sportsbook promo code, we have assembled a list of the top five options. Our assessment considered factors such as the attractiveness of the welcome bonuses, the ease of claiming the sportsbook bonuses, and the overall satisfaction of customers while using the sportsbook.

RankSportsbookPromo Promo Code
1FanDuel Sportsbook
FanDuel Logo
Bet $5, Get $200 in Bonus Bets If your bet wins No Promo Code required
2DraftKings Sportsbook
Draftkings logo
Bet $5, Get $150 InstantlyNo Promo Code required
3Caesars Sportsbook
Caesars Logo
$1,000 First Bet on CaesarsPICKSWISE1000
4BetMGM Sportsbook
BetMGM Logo
$1,500 First Bet InsuranceNo Promo Code required
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FAQs

Are sportsbook promo codes available for new customers only?

The majority of sportsbook promo codes are for new customers only, however, sometimes sportsbooks have offers available for all customers. If you have not yet tried a sportsbook, you are welcome to claim the available new-user promo by clicking one of the links above.

Yes, all of the best sportsbook promo codes have a list of terms and conditions. Carefully review the list of T&Cs before claiming a welcome offer to ensure eligibility.

No, the sportsbook promo codes can be accessed on the sportsbook’s mobile app or via the desktop website. However, the mobile app makes the experience very user-friendly.

It depends. However, sportsbook promo codes are not available forever, so be sure to claim them before it is too late.

Sportsbook Promotions for May 2024

Use any of the links below to claim any of our best sportsbook promotions. You can claim as many of the sportsbook bonuses as you would like, as long as you are a new customer of the respective sportsbook.

Sportsbook Promos – May 2024
🥇FanDuel + Bet $5, Get $200 in Bonus Bets If your bet wins Terms + Link
👑DraftKings + Bet $5, Get $150 Instantly Terms + Link
🔥Caesars + $1,000 First Bet on Caesars Terms + Link
🦁BetMGM + $1,500 First Bet Insurance Terms + Link
💲Bet365 + Bet $5 and Get $150 in Bonus Bets OR $1,000 Back If Your First Bet Loses Terms + Link

Bonuses and Promo By State

Find your states most popular sports betting sites, bonuses and promo codes.

[statePromos]

Best Sportsbook Promos

Within this section, we will get into the specifics of each sportsbook sign-up bonus. We will provide an outline of the welcome packages offered by each sportsbook and provide the reasons that make them compelling options.

FanDuel Promo: Bet $5, Get $200 in Bonus Bets If your bet wins

With FanDuel’s latest sportsbook bonus,

New customers can claim $200 in bonus bets from a $5 wager. Once your first bet settles, you'll receive your bonus bets so long as your bet wins. There is no odds restriction tied to your qualifying wager, so you can back a big favorite.

  • Valid 1 per new customer.
  • First deposit must be $10+
  • User must place a $5 wager on any betting market
  • User must win their first $5 wager to receive $200 welcome boost
  • No odds restrictions on the qualifying wager
  • Must be 21+ unless otherwise stated
  • Must be physically located in one of the following states: Arizona, Colorado, Connecticut, Iowa, Illinois, Indiana, Kansas, Kentucky Louisiana (permitted parishes only), Maryland, Michigan, New Jersey, New York, Pennsylvania, Tennessee, Virginia, West Virginia or Wyoming
  • Offer expires on June 23 at 11:59 PM ET
To sign up with FanDuel right now, click here.

DraftKings Promo: Bet $5, Get $150 Instantly

By claiming the DraftKings sportsbook new user promo,

New members who sign up for a new account with DraftKings Sportsbook will receive the chance to earn $150 worth of bonus bets by risking just $5. You don't even need a DK promo code. After signing up and depositing $5+, you can wager $5 or more on any betting market without worrying if you win or lose. Win or lose, you'll automatically earn six $25 bet credits from DK.

  • New users only who are 21+ (18+ in KY and WY)
  • Min. $5 deposit. Min. $5 bet.
  • All paid wagers qualify
  • All available sportsbook markets
  • Place a qualifying wager during the offer period
  • Your first placed wager after registration will be your qualifying wager
  • Promotional period ends on July 21, 2024 at 11:59 PM ET
  • Bonus bets are single-use, non-cashable, non-withdrawable, and must be wagered 1x before any resulting cash winnings can be withdrawn, and stake is not included in winnings.
  • Bonus bets will be paid out within 24 hours of bet settlement
  • Bonus bets valid for seven days. For the avoidance of doubt, the seven (7) day completion period is measured as 168 hours from the time the Bonus Bets are placed in the customer’s Sportsbook account. Failure to use the Free Bets will void the award
  • Bonus bets arrive as six $25 bet credits
  • Must be physically located in AZ, CO, CT, IA, IL, IN, KS, KY, LA (select parishes), MA, MD, MI, NC, NJ, NY, OH, PA, TN, VA, VT, WY or WV.
To sign up with DraftKings right now, click here.

Caesars Promo: $1,000 First Bet on Caesars

Next up on our list of best sportsbook promotions is an offer courtesy of Caesars Sportsbook.

Caesars is offering first-bet insurance to all new customers who sign up for a new account and place a first deposit of $10+. If your first wager loses, you'll get your wager amount back in a bonus bet worth up to $1,000. Just enter the Caesars promo code at sign-up.

  • 21+
  • Deposit $10+
  • If you lose, receive a bonus bet worth up to a $1,000
  • Bonus bet paid as a single bet and must be used within 14 days of receipt.
  • Bonus bet issued will equal stake of the qualifying wager, up to $1,000 max bonus bet.
  • The qualifying wager must be placed and settled within 30 days of registration.
  • Promo code EVGPC1000 is required by Caesars to claim this offer
To sign up with Caesars right now, click here.

BetMGM Promo: $1,500 First Bet Insurance

The next sportsbook promo code is offered by BetMGM.

BetMGM Sportsbook's New-user promotion gives a $1,500 first bet insurance. Just make a first bet up to $1,500, and if that bet loses, you'll get it back in bonus bets.

  • 21+ only
  • Deposit $10+
  • Wager $10+. First bet qualifies for the promotion (cannot be cashed out or edited)
  • First bet is risk-bonus up to $1,500 - will be credited with a bonus bet if it loses
  • If your first bet is under $50, it will be credited as a single bonus bet
  • If your first bet is over $50, it will be credited as 5 individual bonus bets. e.g. a $1,000 losing first wager would see you credited with five $200 bonus bets
  • Bonus bets are automatically credited within 24 hours of the event you bet on finishing
  • Bonus bets must be used within 7 days
  • No promo code is required
  • Eligible states: Arizona, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Virginia, West Virginia and Wyoming
To sign up with BetMGM right now, click here.  

How we rank the best sportsbook bonuses

In this section, we will explain the details of our review process. We used several criteria to arrive at our list of best sportsbook promotions, as highlighted below.

Overall Bonus

One of the primary factors during our evaluation is simply the overall size of the sportsbook deposit bonus. For instance, how much value could the promo be worth. As seen above, some of the best sportsbook promo codes provide upwards of $1,000 in potential value.

Available Markets

Another factor we considered is the number of available markets at each of the sportsbooks. All five of our best sportsbook promos can be applied to a huge variety of betting markets. On top of that, almost all of the markets are available to bet on using any bonus bets you may receive as part of the sportsbook new-user promos.

Wagering Requirements

How much you must invest into the sportsbook promotions was also considered during our review. As seen in the section in which we highlighted each promo, the minimum deposit and wager requirements are very small. For some of the promotions, you only need to deposit and bet $5.

Ease of Claiming the Sportsbook Promotions

Valuable promotions are great, but what good are they if they are confusing and/or difficult to sign up for? All of our best sportsbook promo codes are incredibly easy to sign up for. Not only that, but they are also available for a wide variety of customers.

Types of sportsbook promotions

In the table below, we will show you the different types of promotions offered by sportsbooks. The promotions vary, so we will also highlight some pros and cons of each type of offer.
Bonus Pros Cons
Deposit Bonuses – Potential for large rewards- Chance to win your bet and still receive the bonus – Requires you to wager your cash before receiving bonus
First Bet Insurance – If your first bet loses, you will be reimbursed- Great way to try the sportsbook with little risk – If you do win your first bet, there is no added bonus
Loyalty Bonuses – Rewards potentially become more valuable the more you play – Requires significant time using a sportsbook
Friend Referrals – No investment on your part- Builds camaraderie with friends – You must wait for your friend to join, deposit and wager

How to claim your sportsbook promo code

To claim any of our best sportsbook promo codes, follow our step-by-step guide below. Even though each sportsbook may have slight differences in the process, they generally follow the same general steps:
  1. Choose from our list of best sportsbook promos
  2. Review the list of key terms and conditions to ensure you are eligible for the sign-up bonus
  3. Sign up to that sportsbook
  4. Select a market for your first bet
  5. Confirm that you fulfill all the eligibility criteria for the promotion
  6. Once your first bet settles, you will have claimed the applicable reward
As long as you follow these steps, you will be on your way to beginning your sports betting experience.

How to use your sportsbook promo codes

Once you have gone through the steps above, it’s likely you will have some bonus bets available to use for your next bet. To use those, simply follow the steps below.
  1. Select a market for your next bet
  2. Add a selection to your bet slip
  3. Instead of using cash, click on an available bonus bet to populate the stake
  4. Submit the bet
That’s all there is to it! Just be sure to take note of the validity period of the bonus bets, as depending on the sportsbook, bonus bets expire at different points.

Sportsbook offers for existing customers

While our best sportsbook promotions discussed in this article are only available to new customers, there are several other types of promotions available for existing sportsbook customers. We’ve explained a few of them below.

Odds Boosts

Odds boosts are amazing offers that are available to existing sportsbook customers, usually on a daily basis. With odds boosts, you can earn higher payouts from parlays. For example, a parlay may have odds of +500, but with an odds boost, you may receive +650 odds for the same bet.

Rewards at Physical Sportsbooks

Some of the sportsbooks listed among our best sportsbook promotions have brick-and-mortar sportsbooks in addition to offering online sports betting. Existing customers have the ability to earn rewards that could be used for hotel stays at those locations.

Referral Bonuses

Many sportsbooks offer referral bonuses to current customers. If you love betting with a particular sportsbook, tell your friends and family about it. If they sign up and make a deposit, you will typically receive bonus bets and/or casino credits for referring them.