Bonus bets ban: What now?
We are now in the post-apocalyptic world where bonus bets are no longer. The ban on free bets is now in place. But, it’s time to ask ourselves, what has really changed? And, can we still profit from overwhelming acts of bookmaker generosity?
Firstly, let’s revisit the legislative ban. In May 2019, the National Consumer Protection Framework for online wagering came into place prohibiting betting sites from advertising any form of incentive to place a bet, including: sign up bonuses.
For Victoria, New South Wales, South Australia and Western Australia the ban is not anything new, sign up bonuses had been outlawed for some time.
So, what is available?
Is it really all doom and gloom? There is still a plethora of betting promotions available with bookmakers and opportunities to earn bonus bets. It’s just that the process of acquiring them is a little different. Let’s take a look at ways that you can secure bonus money from bookmakers:
- Losing bet refunds
- Double winnings offers
- Early payouts
- Odds boosts
- Bonus bets
Losing bet refunds
We’ve all seen the ads – “If your horse finishes 2nd or 3rd, get a bonus bet up to $50”. We’ve all logged into our bookmaker accounts and seen these promotions, they are still available. Sure, you need to placing a losing bet in order to win a bonus bet, but once you have it, it’s yours to place free at will. A free bonus bet.
These offers are available everywhere, on horse racing, AFL, NRL and are typically available with most bookmakers.
Double winnings offers
Double winnings offers are now more commonplace, like this one; “Double your winnings on all AFL head to head bets this weekend”. This is a way of offering you a bonus. You just need to place a winning bet to earn one. Let’s say you place a $50 bet on Collingwood to defeat Geelong at $2.00. If the Pies win, you have just scored yourself a $50 bonus. In many cases, these are applied to your account in cash, without the ties normally associated with bonus bets.
Early payouts are the new norm; “If your team leads by 12 points at any stage we will pay you out as a winner”. These promotions are more like a bet insurance type of offer. However, used correctly, they can deliver rewarding bonuses.
For example, if you place a $100 bet on the South Sydney Rabbitohs to beat the Roosters at $2.50 and let’s say the lead by 6 points at half time before losing the match. Normally, you would lose $100. Instead, your early payout condition has been triggered and you are receiving $150 profit. You have just effectively made $250 that you would not have otherwise had!
If you are canny, you can even back both outcomes in a match in the hope of having one selection paid out early. If that selection then loses, you can have winning payouts on both bets, all for a very small outlay with minimal risk.
Odds boosts are similar to double winnings offers, though not quite as lucrative. Typically, odds boosts increase the price of a selection anywhere from 10 – 30%. If you place a $50 bet on a $4.00 chance and apply an odds boost to make it $5.00, you will earn an extra $50 should your selection win.
Odds boosts usually lurk in the ‘My Account’ section of your betting account, or if you bet with Neds, you’ll find them in your Toolbox.
Random bonus bets
Did I say bonus bet? Yes, you may find that you have scored a bonus from your bookmaker just for being you. While betting sites are not able to advertise bonus bets, they are still able to hand them out no questions asked. If your patient, I am sure you will receive either a completely free betting offer, or a chance to earn a bonus bet from your online bookmaker. It happens.
So not all is lost. There is hope yet as we all attempt to score something for free in a world where there is supposedly no bonus bets. If you are shrewd, you will find bonuses available on most popular betting events.