A lot of sports betting websites will promise you more than $8,000 in total value from Kentucky sportsbook promos on launch day.
This is nonsense for a few reasons. The real dollar amount is far lower, and the bulk of that $8,000 comes from FanDuel’s $5,000 no sweat first bet, which requires a $2,000 minimum deposit and a $5k first bet to maximize, which they know most users won’t take advantage of.
These offers break down into two main types:
- First bet on the house, like BetMGM’s up to $1,500, which means if your first wager loses, you’ll be refunded in bonus bets equal to whatever you lost. You’ll then have to wager those bonus bets successfully to turn them back into cash.
- A “bet/get” offer, which requires you to make a small wager and gives you bonus bets — like bet365’s bet $1, get $365 offer. But you’re not getting cash, you’re getting bonus bets.
So even if you completely maximize your promos, you’ll probably be turning these bonuses into more like $4,500 cash. And that requires a big bankroll. If you do them right, first bets on the house can turn into about half the cash value, while bonus bets can be converted into cash at about a 70% rate. So if you have $100 in bonus bets, you’d expect on average to earn about $70 cash.
Let’s break down each offer to understand what the true value is.
Site-by-Site Breakdown
1. BetMGM
- Promo code: LABSTOP or FLNEWSGET
- Offer: $1,500 first bet on the house or $200 in bonus bets
BetMGM has a pair of offers:
- BetMGM bonus code LABSTOP: $1,500 first bet on the house
- BetMGM bonus code FLNEWSGET: Bet 10, Get $200 in bonus bets
The $1,500 first bet is better if you maximize it, but if you’re just planning on depositing $100-300 anyway, take the bonus bets up front with FLNEWSGET.
2. FanDuel
- Promo code: Use this link
- Offer: Bet $5, get $200 in bonus bets or $5,000 no sweat first bet
FanDuel has a pretty standard bet $5, get $200 in bonus bets offer. We’d expect over time you’ll earn 70 cents in cash for every $1 bonus bet, so about $140 here.
Then there’s the big one. FanDuel is offering Kentucky bettors a $5,000 first bet on the house with a minimum $2,000 deposit. That means if you make your first wager between $2,000 and $5,000, you’ll be refunded in bonus bets if it loses.
But to maximize the full value, you actually need to wager $5,000. And to lock in a profit, you need to put in far more into a different sportsbook — north of $15,000.
3. bet365
- Promo code: LABSNEWS
- Offer: Deposit $10, bet $1, get $365 in bonus bets
bet365’s offer is very straight forward. Just bet $1 on anything and get $365 in bonus bets. You can then use those bonus bets on anything.
You have to deposit at least $10 and bet your $1 or more on something -500 or longer as your first bet — meaning -400 is OK but -600 is not.
Again, the bonus bets should convert at about a 70% rate, so you’ll end up with $250 in cash if you do it right.
4. Caesars Sportsbook
- Promo code: LABSNEWSGET
- Offer: Bet $50, Get $250 in bonus bets
Caesars has wisely moved away from the $3,000 deposit match with a 1x rollover it offered in New York. It’s now got a bet $50, get $250 offer in Kentucky. But the $250 will release $50 immediately, then another $50 each Monday for the next four Mondays. So it’s not an instant payout.
5. Fanatics
- Promo code: Use this link
- Offer: Bet $50, get a $150 official jersey
This promotion is pretty unique to the industry, since your first $50 bet turns into a $150 jersey, instead of bonus bets or something else sportsbook related.
6. Barstool Sportsbook
- Promo code: No code needed
- Offer 1: $100 bonus bets
- Offer 2: $1,000 deposit match with 20x rollover
The Barstool deposit match comes with a hefty rollover, meaning you have to wager 20x your bonus amount before you can cash it all out. This usually results in you losing much of your bonus.
Plus, ESPN Bet is coming in November and they may have better promos. So I’d hold off on signing up for now.
7. DraftKings
- Promo code: No code needed
- Offer: Bet $5, Get $200 in bonus bets
Use your DraftKings bonus bets like you would anywhere else, and keep an eye on all the promos they offer for existing users.
DK has by far the best existing-user promos of any sportsbook, and will have a bunch of weekend on college football, NFL, MLB, and even WNBA.
