Bonus Bets: The Ultimate Guide For Punters in Australia [Updated 2020]
Bonus bets are popular incentives by betting companies in Australia to attract people towards placing bets on their sites.
Generally, bonus bets are classified into two types; bonus bet promotions and deposit bonuses.
(a) Bonus Bet Promotions: Bonus bet promotions come in a number of forms, one of them is from an offer to bet at values higher than regular market odds. The other type is a refund if your bet loses by a small margin.
Both promotion types increase your winnings handsomely.
(b) Deposit Bonus: The deposit bonus is only available to existing customers, it requires a deposit to be made and will often then be matched by that amount with bonus bets.
Such bonuses can’t be advertised to encourage an Australian to sign up, as such types of signup bonus bets have been banned since 2018/19.
Due to the banning of sign-up offers, bookmakers now offer an increasing range of promotions which offer bonuses or boosted odds to their users. With such promotions available, interested punters have switched to using those offers and understanding their benefits so that they can place bets and enhance their betting experience.
We know it can be tricky and tedious to understand and navigate through the different terms and conditions of different promotions of Australian betting sites. For that reason, we have created this article to guide you through the process of using and receiving the benefits of bonus bets. This article will answer your most asked questions, give you a background to betting in Australia, and help you enjoy betting bonuses from your bookmaker.
What are Bonus Bets?
Bonus bets, like the name implies, are free bets that you can use at your discretion and keep the winnings from the bet in your account. Bonus bets were previously offered to new users as sign-up bonuses, however since 2018/19 such practices have been banned in Australia, bonus bets are strictly for existing customers of bookmakers.
To qualify, you need to place a bet on markets selected by the bookmaker, these can be found in the ‘Promotions’ section of your account.
Every week, betting sites churn out offers on their promotion pages for various types of bonus bet opportunities. Some types of bonus bet promotions are below:
· Bonus bets back if one leg of a multi fails
· Bonus bets back if your horse places second or third.
(In the past, money back was an option)
· Boosted odds for selected events
· Bonus bets if your team loses by a specified margin
Remember: Always read the terms, and conditions for such promotions, especially to be aware of expiry dates and turnover requirements.
How Do Bonus Bets Work?
In simple terms, a bookmaker bonus/free bet is an amount of money that a bookmaker credits the account that allows you to place bets on specific games and markets.
Free bets are different from regular bets in several ways, especially regarding how they should be placed and what rewards you’re entitled to.
When using bonus bets, you don’t stand to lose anything if the bet loses. On the other hand, if the bet wins, you will only receive the payout, unlike regular bets where you get both the amount you bet (stake) and the payout.
Every bookmaker has a promotions page where you can find their bonus bet offers. Choose from the current bonus offers available on the promotion page listings after checking them out.
You can read through our bookmaker review pages to find the best offers by bookmakers and check out their review pages if you are interested in finding features they have available, we look at the most prominent bookmakers operating in Australia.
How to Get Bonus Bets ?
Every betting site has its own method for handing out bonus bets, however these methods are often similar.
The two major bonus bet categories are betting promotions, and deposit bonuses (before sign up these no longer exist in Australia for new players). Bookmakers can give deposit bonuses to bettors at their discretion.
While deposit bonuses are simpler to understand, betting promotions are more complex. They come in varying forms and require a user to place a bet that meets specified requirements such as wagering on a selected event and performing turnover requirements before earning can be received.
Some bookmakers and betting sites often notify their customers via emails and SMS when they can get matched deposit bonus bet. Such notifications come with speculated time limits, so get in there quick.
Betting sites don’t send notifications for all their bonus bet opportunities, they instead create a promotions page where they place a list of specials from which punters can score bonus bets.
Many opportunities include bonus bet refunds in the event that a punter ends up losing a selection by a narrow margin. See the sections above.
How to Turn Bonus Bets into Cash?
Most betting companies have a similar rule concerning turning bonus bets into cash. However, terms and conditions differ from one betting site to the next and from one promotion to the next, so you should read through T&Cs posted alongside the promotion to understand the dynamics involved to collect the win.
Nowadays, for most betting sites, you need to turnover (bet through) the amount you initially deposited into the account to get the bonus bets. This is true for Neds, Ladbrokes, Bluebet and others.
For some betting sites, you have to bet through a bonus bet winnings amount in full at least once, at odds above $1.50 (or whatever amount they specify in their terms and conditions), before you can cash out your bonus bet profits.
Go over the terms and conditions for each bonus bet and every betting company as there will be differences. You can read through the site, speak with a customer service agent, or engage in an online chat to ensure they answer all your queries.
Here are examples of the terms and conditions of betting sites:
Playup terms and conditions
Neds terms and conditions
Bluebet terms and conditions
As a tip it is faster to use betting site’s online chat with customer service to get their expiry date and turnover requirements.
Signup Bonus Bets Banned
The Federal Government of Australia chose on Friday, November 30th, 2018, to enforce drastic changes on the betting scene that had far-reaching effects. One such change was the government’s ruling that banned advertising bonus bets and any bonus activity or mechanism to induce signups.
With this ruling, both the government-backed bookmakers like TAB and UBET, alongside private bookmakers can no longer offer rewards, bonuses, or incentives for creating new betting accounts. No more adverting of free bets and rewards, and no deposit bonus for new users.
While this government ruling changes the playing field for new customers, it doesn’t apply to old customers who can still get bonus bets based on internal marketing and offers for account owners.
The new ruling and betting framework by the Australian government brings to an end the practice of offering large sign-up bonuses for betting enthusiasts. Unfortunately, this applies to all Australians for every state.
Bonus Bets for Existing Customers
Every betting site has several promotions on offer weekly, as we highlighted earlier. You will find a list of these bonus bets in the promotion section of your betting site. You will need a registered account to access it.
Bookmakers generally offer standalone bonuses to customers whose bets meet specific criteria. Some bookmakers will award a bonus bet to you if you haven’t placed a bet for a long while. Your chances of getting bonus bets are even higher if you have had an active account and then stopped.
As we explained earlier, bonus offers for new accounts are now banned in Australia. Bonus offers for those that are not existing customers are illegal and are classed differently from promotional offers to existing customers, which are now the most common bonus bet available.
How to Use Bonus Bets ?
While we will offer you general guidance as to how bookmakers award, and how punters redeem bonus bets, the processes differs from one bookmaker to the next, even though there will be some basic similarities.
Generally, bonus bets after awarded will appear under the bonus section of your betting account. For some other betting sites, you might not find the bonus amount anywhere else, except on your betting slip when you are betting. To ensure you don’t miss any bonus bet opportunities, you must understand the method a betting site uses and watch out for bonus offers from such channels.
Here are general directions for locating a bonus bet awarded to you.
1. Log into your user account
2. Go to the Menu page
3. Select ‘My Account’
4. Go to the Bonus Bets page
If you have any bonus bets, it will appear on this page.
Can you Cash Out Bonus Bets?
You can cash out your bonus bets but not immediately. You will need to use the bonus bet within a specified time and turn it or your deposit over a number of times. Your betting site will state in their terms and conditions how many times you have to turn over your bonus bet winnings or deposit before cashing out.
For most betting companies such as Neds, Ladbrokes, and Bluebet you are required to turnover your initial deposit before you can withdraw anything from your account.
As stated earlier, for some betting companies, you need to turn over your winnings between 1 and 2 times before you can make a withdrawal. For instance, if you get a $50 bonus bet place it on something paying odds of $2, you will keep the $50 winnings and then you will have to place a bet or bets totaling $50 before you can withdraw your winnings.
Besides this general rule, you can also find directives on your betting account withdrawal section, telling you how much you can withdraw at that time.
If you have any confusion or misunderstanding, the best solution is to contact customer support to offer you clarity and correct information. With proper explanation, you won’t have any issues turning over or cashing out your bonus bets when the time comes.