Legal sports betting is making its way to Tennessee, and when online sportsbooks begin launching (hopefully before the 2020-21 NFL season), players will be treated to a host of potentially lucrative bonus offers from operators hungry for new customers. Below we break down how these bonuses and promotions will work, how much you can expect to receive, and show you how to get them.
What are sportsbook promo codes and why should I use one?
Promo codes are special codes issued by online sportsbooks that allow players to take advantage of a specific bonus offer. These opportunities are very beneficial for the player, because they add extra value in the form of an incentive that they otherwise wouldn’t have received.
Tennessee sportsbooks will likely provide their own codes for new players when they launch, but because we can often offer deals even better than a site’s public offer, we encourage you to stop here first in order to maximize your bonus before signing up.
Bettors are usually directed to enter codes on either the registration or deposit page, in a dedicated field which is usually easy to find.
Sometimes, sportsbooks don’t require users to actually enter a promo code in order to get the offer: players can simply click the promotional links on our site and the bonus will be automatically added to their account. If this is the case, we will make that clear inside our content so you don’t miss out.
What are wager requirements?
Of course, operators aren’t just going to shell out wads of free money for nothing. Usually, players are required to wager the amount of the bonus a certain number of times in order for it to become free and clear to cash out. This means customers will need to make a minimum amount of wagers before running off with the money. This is called a wager requirement.
In general, the bonuses doled out by sportsbooks are different than those offered by online casinos. Sportsbooks prefer offers like risk-free bets, free bets and no deposit cash awards, over first deposit match bonuses (although some offer them), which casinos favor.
Luckily, unlike deposit bonuses, these types of offers usually come affixed with a very low wager requirement, a simple 1X play-through for example.
That means, if you received a $300 bonus credit with a 1X requirement, you’d need to put in $300 worth of action in order to be able to cash that bonus money out.
What kind of bonuses and promo codes will TN sportsbooks offer?
Tennessee sports fans are going to see a bevy of different types of bonuses and promotions upon the industry’s official launch. These offers will vary – some will have the potential to be very lucrative, while others might not be as advantageous as they appear.
Here are some of the types of offers we’re likely to see in the Volunteer State:
Risk-free bets are commonly offered by online sportsbooks and are very popular with new players. Risk-free bets allow bettors to make a wager up to a certain amount on a first bet, which is paid back as a site bonus credit if the bet comes back a loser. If the player wins the bet, though, they won’t receive a bonus, just the winnings from their wager. So, a way to build a bankroll.
If that first bet is a loss, the site credit can’t be cashed out immediately, and players usually need to complete a wager requirement (normally just 1X the amount) in order to unlock the cash for withdrawal. Note that some books may not allow you to apply a free bet to a large moneyline favorite (-300 or greater).
Outside of that, though, there usually aren’t many restrictions. No matter how you slice it, it’s a valuable opportunity for the player.
Risk-free bet example:
Let’s say FanDuel Sportsbook offers a risk-free bet of up to $500 to new players. To take full advantage of the offer, a player would deposit at least $500 and use the full $500 on their first wager, a Titans spread bet for example.
If the Titans cover, the player would be credited for the winning ticket and go home happy. If the Titans don’t cover, the player would lose the $500. However, FanDuel would refund that amount to the player’s account as a site credit (with a 1X wager requirement), in this case $500, which would be converted to cash after being played through once.
As you can see, it’s not exactly risk-free, as the player could lose both the initial bet, plus the bonus bet, but it does give a second chance to get whole, a valuable opportunity.
It’s pretty obvious why risk-free bets are beneficial for players. Some players may be irked by having to play through a refunded free bet before being able to touch it, but free bet opportunities are those you’ll want to take advantage of.
Free bets are almost exactly like risk-free bets, but with one key difference: with risk-free bets, you receive a bonus credit regardless of whether you win or lose your initial wager.
Free bets can come in a few different flavors with different terms. Some sites require that players first make a deposit before adding the free bet into their account (equal to a percentage of that deposit amount). Others want players to first deposit and then make a wager. Once they do, they’ll receive a site credit equal to a certain portion of that bet (usually 100%), whether they win or lose the original wager.
Free bet example:
Let’s say a book offered a free bet of up to $300 based on a player’s first wager. If the player deposited $300, then bet $200 as their initial wager on the Titans at -110, they’d receive $200 as a site credit, no matter if their bet won or lost.
To turn the bonus into cash, the player would then need to complete the wager requirement. If that bet is a winner, only the winnings are paid, not the winnings plus the bonus amount.
This makes free bets even more lucrative than risk-free bets, which are only paid out if the first wager is a loser.
No deposit free bets
This type of free bet doesn’t require a deposit, but the limits here are usually low. Value is still value! No deposit free bets are similar to the no deposit casino bonuses offered by many U.S. gambling operators.
Both give potential customers the chance to play on the site for real money, without risking a dime. Essentially, all you need to do is sign up a new account, and the bonus is yours, no need to link a bank account or transfer any money.
No deposit example:
Let’s say a sportsbook runs a promo offering new sign-ups a $10 no deposit free bet upon sign-up. It’s a low-risk endeavor for the sportsbook and gives them an opportunity to attract new players.
To get the cash, players just need to create a new account at the sportsbook by entering their personal information. The $10 would then be placed inside their account immediately, offering the chance to slice it up and place as many wagers as they like. Just like the other bonuses, you can’t just create the account and cash out the money immediately, you’ll need to complete a wager requirement first.
Outside the fact that the bonus amount will probably be pretty low, the only downside to a no deposit free bet would be if it negated your eligibility in a better offer upon your first deposit. For players just passing through the state, that may not be an issue.
With deposit match bonuses, the sportsbook will match your deposit up to a certain specified percentage or amount. Unlike free bets and risk-free bets, though, you’ll usually need to complete a higher wager requirement.
Deposit match bonuses are very common in the online casino world, however, online sportsbooks tend to favor free bets and risk-free bets to entice new customers. Existing players may, from time to time, be offered deposit bonuses as an incentive to come back to the site, or as a loyalty program reward.
Occasionally, books may require you to play through the deposit amount just once, but usually you will need to play through it 10-20X depending on the offer and monetary cap. These offers will add extra value to your deposit, but some will be better than others.
Deposit bonus examples:
A sportsbook may offer a 100% deposit match up to $300 with a 20X wager requirement. If a player deposits $100, they would, in turn, receive a $100 bonus. If the player chooses to deposit $300, they would be taking full advantage of the offer. Players can deposit more than $300, but a $1,000 deposit would still only yield a $300 bonus.
To satisfy the wager requirement, the player would need to wager his $100 bonus 20X, for a total of $2,000 in bets. They would then be able to cash out the bonus freely.
There is also a bonus format known as deposit matched free bets. They are very similar to matched free bets, although this particular offer will award players a matched free bet on a deposit. As an example, players that deposit $50 on a sportsbook may receive a deposit matched free bet of that same figure. The limits on these offers tend to be low because they don’t require much of a commitment from the player, but they still add considerable value.
When can I withdraw my bonus?
This isn’t always as straightforward as it may appear. When players make wagers attached to bonuses or promotions, they usually come with their own set of rules.
In general, bonuses can only be withdrawn after wagering requirements have been met.
For example, a player that loses a risk-free bet wouldn’t simply be refunded their money. In order to withdraw it, the player would need to play through that amount once before it converts to cash.
A player that wins a risk-free bet usually only gets to walk away with the actual winnings of the wager – not the bonus amount itself. As an example, a player that wagered $100 on a $100 risk-free bet would only receive the amount of the winning wager, not the initial $100.
It’s also not uncommon to see sites divide the bonus credit into smaller increments after a player loses a risk-free bet. When the bonus is triggered after a loss, a $100 bonus credit may be divided into ten $10 bets for example.
Who is eligible for TN sports betting bonuses?
Those of legal gambling age who expect to, at least at some point, be inside of Tennessee, can take advantage of promo codes and bonus offers:
- Age requirements: Players must be of legal gambling age in Tennessee, which is 21.
- New players: In order to take advantage of these bonuses, Tennessee operators will require you to verify your identity in order to prevent fraud. Welcome bonus offers are available to new players only, so existing players are out of luck. You cannot create multiple accounts in your own name or in the name of others in order to get several bonuses. If you get caught trying to do that, your accounts will be shut down.
- Physical location: While players must be within Volunteer State lines in order to wager, they aren’t forced to be within those borders to access their account or deposit, so bonuses may still be awarded outside the state. To clear them via real-money play, you’ll need to be inside Tennessee, however.
Terms and Conditions to be aware of
If there is one thing that can’t be stressed enough, it’s to read the fine print. Here are a few of the main things players will want to keep a close eye on before diving in:
- Wager requirements: Make sure you are fully aware as to whether or not you can fulfill the wagering requirements on a specific bonus before choosing to opt-in. Know your rollover requirements – if an operator is offering a $200 bonus on a deposit of $200 or more with a rollover of 25X (including the deposit), a player would have to play through the total $400 25X – $10,000 worth of wagers to clear the bonus and deposit amount to access the full amount of the bonus. At some sportsbooks, the bonus funds may get released incrementally.
- Expiration date: The vast majority of bonus offers, much like bread at the supermarket, come with an expiration date. It’d be pretty awful to fall just short of a bonus requirement because it expired, so make sure you are acutely aware of the timeframe for any bonus or promotion you participate in. If you don’t think you can meet the wagering requirements for a particular bonus in that time frame, you shouldn’t try to take it on.
How can sportsbooks give out so much bonus money?
Welcome bonuses generally cost sportsbooks a good deal of money, but are the price they pay in order to attract new players or lure them away from competitors. The books hope that, by offering incentives like risk-free bets, free bets, deposit bonuses and more, that players will sign up, make a deposit and become long-term customers.
With upwards of 10 sportsbook brands looking to launch in Tennessee, the competition could be fierce. That means that you’ll be able to take advantage of bonuses at multiple different operators, giving you the potential to build up your bankroll with house money and less risk.