Bet $1 and Get $100 in Free Bets at DraftKings

The New York Rangers and St. Louis Blues skate in front of a dasher board advertising DraftKings at Madison Square Garden. Bruce Bennett/Getty Images/AFP

DraftKings Sportsbook is offering $100 in free bet tokens to anyone that signs up for an account this week. This is an extremely attractive sign-up bonus that comes with very lenient wagering requirements. Read on to learn more about it.

Breaking Down the DraftKings Welcome Bonus

You can claim the DraftKings welcome bonus by visiting the website, signing up for an account and depositing $5. You then need to wager $1 on any NBA, NFL, college basketball or college football game. If either team scores a point in that game, you will get $100 in bonus credit.

At least one point is scored in every basketball and football game – the last NFL game to finish 0-0 was in 1943 – so you are guaranteed to receive the $100 in free bets.

The bonus credit will be divided into four free bet tokens, each worth $25. Each of these tokens comes with just a 1x rollover requirement.

You can use a token on any game or sporting event. Any winnings you earn will be paid in cash, although the token amount will not be included in your returns. For example, if you place a successful $25 bet at odds of +200, you will get your $50 profit in cash, but the $25 stake will not be returned.

The free bet tokens will be credited to your account once your $1 bet is settled. You then have seven days in which to use them.

If you were to place four successful $25 bets at -110, you would earn $90.91, which is not bad considering you only have to deposit $5 of your own money to unlock it. Even if you had three losers and one winner at low odds from your free bet tokens, you would still earn an overall profit.

Who Can Claim This Bonus?

This offer is available to anyone physically located in Arizona, Colorado, Connecticut, Iowa, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Tennessee, Virginia, Wyoming, or West Virginia.

You must be 21 or older in most of those states, but the legal age for betting is 18 in Wyoming.

This offer is limited to new customers only. You cannot use it in conjunction with odds boosts, free bets, or cash out bets. Voided bets do not count, and the tokens cannot be used on live bets on parlays.

Otherwise, there are no restrictions.

Is There a Catch?

This is a very lucrative offer, so you might imagine there is a catch. However, that is not the case. The terms and conditions make it very clear that the free bet credit will be issued immediately after your $1 qualifying bet is settled.

Your winnings from the bonus bets will be paid in cash, and you can withdraw it and walk away with no obligations to return if you so desire.

DraftKings is still very much in customer acquisition mode, and it seems more interested in growing market share than in earning a profit right now. It is investing heavily in promotional credits to compete with rivals like FanDuel, and it regularly offers great sign-up bonuses.

They change on a regular basis, and this is one of the best welcome bonuses yet.

In some states, sportsbooks are able to deduct promotional spend before paying tax on the remaining revenue, so handing out lucrative bonuses essentially reduces DraftKings’ tax bill, while also helping it attract new customers.

Once you have signed up, it hopes that you will enjoy the user experience and remain a long-term customer.