Caesars Sportsbook blew its rivals out of the water when it launched a risk-free bet bonus worth up to $5,000 earlier this year. It was five times larger than any other comparative welcome bonus on the market, and it helped Caesars seize market share across the country.
It has decided to change its welcome bonus to a deposit match offer worth up to $1,001. On the surface, that doesn’t sound as impressive as the $5,000 risk-free bet, but it might actually be even more appealing.
What Does Caesars Sportsbook’s New Welcome Bonus Entail?
You will be awarded up to $1,001 in site credit as an incentive to register for an account with Caesars. You can claim it by signing up for an account, making an initial deposit of at least $20, and placing a qualifying wager at odds of -200 or greater. That covers standard sides and totals, and lots of money line and prop bets.
You will then be awarded 100% of your deposit amount in free credit. If you place a $20 qualifying bet, you will get a $20 free bet. If you wager $1,001, you will receive $1,001 in site credit.
It is described as a “one-time free bet token”, so you must use your bonus funds on a single wager, as opposed to dividing them up and placing lots of different bets. The bonus has a 1x playthrough requirement, so any winnings you earn will take the form of cash.
Your stake (risk amount) will not be returned. For example, if you get a $100 free bet and place a successful wager at odds of +200, you will be returned $200, as the bet amount is not included. That is standard practice at all regulated U.S. sportsbooks.
How Does it Compare to the $5,000 Risk-Free Bet?
The $5,000 risk-free bet was certainly an eye-catching offer. It was five times larger than FanDuel’s $1,000 risk-free bet. However, it only benefited customers if their initial bet was lost. You would get a 100% refund up to a maximum of $5,000, paid in site credit, with a 1x rollover requirement attached. The new offer benefits you regardless of how well your first bet performs.
Deposit match bonuses are a lot less common than risk-free bets in the nascent U.S. sports betting industry. Bet365 offers an appealing 100% match deposit bonus worth up to $500, but it is only available in New Jersey. BetRivers and SugarHouse Sportsbook provide a 100% up to $250 offer.
Tipico goes up to $750, but it attached a 3x playthrough requirement, whereas the others only have a 1x rollover requirement. It means that Caesars Sportsbook now offers the best deposit match bonus on the market.
Why Did Caesars Sportsbook Change the Sign-Up Bonus?
Rivals like DraftKings and FanDuel are becoming increasingly creative in the welcome bonuses they are providing. DraftKings was recently offering boosted odds of 40/1 (+40000) on any NFL, NBA, or NHL team to win as a promotion for new customers. You could bet $5 at the boosted odds and essentially earn $200 in free bet credit by betting on a heavy money line favorite.
FanDuel has followed suit, so Caesars Sportsbook needs to respond as the battle for market share across the country heats up. Parent company Caesars Entertainment needs to respond, so it has launched this new promo.
The company has deep pockets, and it should soon complete the $3 billion sales of William Hill’s non-U.S. assets to 888 Holdings, so it will be flush with cash. We can expect to see it continue spending as it takes on FanDuel, DraftKings, and BetMGM in a bid to become the country’s number one online sportsbook.