Top 10 Deposit Bonuses – Best Sites 2023
With over 4,000 online casinos and betting sites competing to offer the best gambling experience globally, punters are spoilt for choices. However, this also creates a “needle in a haystack” situation when shopping for the best deals, such as the first deposit promotion. This post takes you through all you need to know about deposit and no-deposit bonuses, including the following:
- What is a Deposit Bonus?
- Types of Deposit Bonuses
- What Makes a Great Deposit Bonus?
- The Best Deposit Bonus Deals You Should Know
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What is a Deposit Bonus?
You probably already know this, but let’s ensure we are on the same page before we go further. A deposit bonus is a type of promotion that most online betting sites and casinos run. It rewards users with a certain amount of money when they deposit into their accounts. This promotion often targets new users signing up for the first time. However, select bookies may also offer them to continuing punters.
Moreover, you are not usually allowed to withdraw the bonus directly from your account. Still, you can take home the winnings you get after wagering. You are often also given a particular wagering (rollover) requirement, meaning you have to stake several times over the bonus amount before withdrawing real cash (more later).
Types of Deposit Bonuses
All deposit bonuses are issued after you meet a particular minimum deposit into your betting account. Still, they could come in four different types, including:
Matched Deposit Bonus
Also called a percentage match deposit bonus, this type of offer is where the operator matches your deposit amount up to a specific percentage. It is mostly available for first-time users of a betting site or online casino. The offer is often presented as a “100% Bonus up to xxx”, where the xxx represents the maximum amount the casino is willing to give as a bonus.
For example, at Betrophy, one of the leading betting sites and casinos, new users enjoy a 100% matched bonus of up to ₹10,000 for sports betting. It is common for bookies to add something extra for users to experience, especially in the casino section. For instance, punters may be offered additional free spins, allowing them to try out the casino section risk-free.
Another characteristic of the matched deposit bonus is its minimum deposit and maximum bonus amounts. You don’t get the promotion if you deposit less than the required value. Also, the operator doesn’t issue a bonus larger than the maximum stipulated amount in the terms and conditions. Using the example above again, Betrophy will not give a bonus larger than ₹10,000. If you deposit ₹15,000, you will still only get ₹10,000 because the bookie will match your bonus 100%, but only up to ₹10,000.
Fixed Amount Deposit Bonus
This bonus is significantly less popular than the matched deposit one but is available among some bookies. Rather than matching your deposit, the bookie has a fixed amount of cash they issue to your account once you meet a minimum deposit value.
For example, the bookie might say something like ₹1,000 welcome offer; minimum deposit ₹250. This means you will get the ₹1,000 bonus if you deposit anything equal to or above the ₹250 minimum amount. The bonus is a constant figure here.
No Deposit Bonus
Although such bonuses are very rare, you might come across one occasionally. As you have already guessed, betting platforms that offer no deposit bonuses do not require users to make any deposit. You only have to sign up, and voila! Your account is credited with a bonus. Such offers are especially popular in the casino section. You may be given several free spins of a particular slot game to promote the product.
Other Creative Deposit Bonuses: the Stepwise Deposit Bonus
With so much stiff competition, online betting sites and casino operators are always developing new and creative ways of keeping things interesting for their first-time users. An emerging trend is where the bookie issues you with several subsequent deposit bonuses after signing up, which we decided to call stepwise deposit bonuses.
A good example of this type of deposit promotion is Betrophy’s Welcome Offer, which starts as a 100% matched first deposit bonus and goes on to issue 50% more for the second deposit and 25% for the third deposit. The idea here is to minimize risk for new users while encouraging them to continue depositing and playing.
Fun88, too, has a similar promotion for its new users. The bookie offers a 75% reload welcome bonus up to a whopping 20,000 INR. Unlike the first deposit, the second one is the same for the casino and sportsbook section.
Key Considerations: What Makes the Best Deposit Bonus?
If you are out shopping for a new betting site to try your luck, you also want the best bang for your buck. Here are some things to look for in a deposit bonus that may make all the difference between a great offer and trash.
What does the bookie require of you to qualify for the deposit bonus? The last thing you want as a punter is to lose before you start your betting journey. Qualification requirements should be attainable and convenient, starting from the minimum deposit amount, which sets the entry threshold. It should be something that you can attain without poking a hole through your wallet.
A great example of an attainable deposit bonus is 22Bet’s 100% matched bonus of up to ₹10,000. Although the maximum bonus is high, it has a low entry threshold of ₹80. This is not only attainable but also flexible. It allows new users bonuses from as low as ₹80 to as high as ₹10,000, which is a very wide range.
Value for Money
When considering value for your money, you want to ensure that you get a significant percentage of your deposit as a bonus. Any deal that provides 100% is great. It also shows that the bookie is putting themselves out there as much as you are.
Some bookies will offer 50%, which is better than nothing, but does not offer much value for your money compared to others. Select operators to provide up to 200%, and that’s attractive. Such offers are great so long as they don’t try to get the better of you through other rules such as wagering requirements (more later).
Fixed deposit bonuses, too, can be weighed against the deposit amount to determine if they provide a good percentage bonus. Any offer that equals or exceeds the minimum deposit requirement of the fixed deposit bonus is excellent.
Roll Over/ Wagering Requirements
Wagering requirements are among the top three things you have to consider when going after a deposit bonus. The offer might be great, but it doesn’t mean much if the wagering requirements imply you have to risk an absurd amount of money before enjoying your winnings.
All bookies and casinos have wagering requirements, so it’s only a question of how much. You might find something like a 6x wagering requirement or any other amount. This figure shows how many times over your initial bonus you have to wager before the platform credits withdrawable money to your account.
For example, 22Bet has a 10x wagering requirement on its 100% matched bonus up to 10,000 INR. This rule means if you were to get a bonus of 5,000 rupees, you would have to re-wager any winnings resulting directly from the bonus 10 times over before you can withdraw actual cash. That would be 50,000 INR.
Although 50,000 INR might seem like too much, this bonus is one of the best out there, especially considering the winnings came from an offer in the first place. Comparatively, some bookies will have over 30x rollover. That’s just too high.
Acceptable Betting Markets
Limited betting markets are some restrictions that may ruin your expectations for the deposit bonus. Some bookies limit the matches or events for you to stake your bonus. Suppose your preference lies outside the accepted events. In that case, you will have to bet on markets you barely understand.
22Bet gives us a great example of flexible betting markets to go with the deposit bonus. The platform talks about the bonus being only valid for pre-match and live markets, which are very broad categories.
Punters are still on the hook after considering betting markets. Among the most common restrictions for the deposit bonus are betting odds, which also limit the kind of bets that users may take. For example, 20Bet asks for at least 1.5 odds for single bets and 1.7 for cumulative bets. On the other hand, Fun88 talks about 1.6, while 22Bet starts much lower at 1.4.
All bookies have a limited window to claim the bonus by depositing after signing up. 7 days are standard, although some operators allow up to 30 days. Most punters find 7 days adequate, in any case.
Once it is issued, you will also likely encounter a time limit on the bonus validity. This time is usually longer than the window for claiming the bonus because betting sites are more concerned about encouraging users to deposit into their accounts than start using the bonus. Still, you might want to investigate both limits with your bookies to ensure you won’t miss out on opportunities by taking your time.
This consideration is not directly related to a welcome bonus. Still, it makes so much sense to consider whether a bookie has ongoing promotions for its users. After all, you don’t go through the entire process of signing up and verifying your account just to use the welcome bonus. It would be best to consider whether the bookie keeps things interesting long after your first few days on the platform.
For example, Fun88 has a referral program that rewards you with 1,000 INR whenever you refer a friend. The operator also issues other prizes occasionally, including the chance to win an iPhone.
Another great example of a continuous promotion is 22Bet’s loyalty program that rewards users with loyalty points. Once the points accumulate, you can redeem them in the form of free bets or casino spins.
What is a qualifying deposit?
A qualifying deposit is any amount of money you make that qualifies for the welcome bonus promotion. For example, if the bookie says the minimum deposit is 1,000 INR, anything from 1,000INR upwards counts as a qualifying deposit.
Where do I find the bonus code?
Bonus codes are slowly becoming outdated as most bookies provide the promotions without the need for these codes. If you can’t find the bonus code on this site, chances are you don’t need one in the first place.
Can I redeem the deposit bonus twice?
No. Unfortunately, betting sites do not allow their users to redeem the same welcome bonus twice. You might have to go for a bookie that issues several subsequent deposit bonuses — like Betrophy and Fun88 — or sign up on more than one betting site if you wish to take advantage of several deposit bonuses.
What is a roll over or wagering requirement?
A wagering requirement, also called a roll over, is a rule that bookies have regarding withdrawing your winnings from any bonuses issued. It is a figure that says how many times over the welcome bonus you have to stake to withdraw your winnings.
For example, if the betting site has a 10x wagering requirement on a 4,000 INR promotion, it means you have to stake 40,000 INR to redeem any winnings that come from the bonus. This means if you used the 4,000 INR bonus to stake and won something like 10,000 INR, you wouldn’t be allowed to withdraw those winnings, yet. Therefore, you would have to re-wager the amount until your total stakes reach at least 40,000 INR before you can withdraw whatever winnings are left in your betting account.
Conclusion on Deposit Bonuses
Deposit bonuses are vital to a great first-time experience on a betting site or online casino. The most common type of deposit promotion is the percentage match bonus, which promises to match your first deposit up to a maximum amount. When shopping for such bonuses, you want to ensure they are attainable by having a reasonable entry threshold. Moreover, you want to confirm that the offer provides reasonable odds, rollover, betting markets, and time restrictions.Last Updated on 26/05/2023 ago by Devak Mukherjee