How Betting Bonuses Influence Online Betting Behaviors

Whether you’re casually browsing the internet or your social media account, you’ve probably seen advertisements for online betting. These enticing ads are every virtual punter’s dream come true: promising anything from free bets to risk-free wagers and deposit bonuses.  

Indeed, the industry has become so competitive that online platforms dangle these incentives to users, like carrots to a rabbit. However, understanding how these bonuses could influence your betting behavior is crucial before diving into the ‘free money’ pool. Let’s explore this topic further.

Why do people bet online?

Millions wager on different channels worldwide. For instance, Statista estimates that the online sports betting market alone would attract 180.8 million users and grow to USD$ 65.68 billion by 2029, from almost USD$ 46 billion this year. 

Before drilling in on the impact of bonuses, let’s examine the core reasons people place bets in the first place. Some of the most common motivations include: 

• The promise of big payoffs

The prospect of a big win is undeniably enticing. The chance to turn a small wager into a life-changing sum fuels the excitement and motivates many to place bets.

As every bettor knows, more wagers could mean higher chances of winning. For example, this bet 5 get 200 Fanduel promo provides USD$ 200 bonus bets for first-time bettors of any online sports betting event. Just deposit USD$ 10 to your new account and place a USD$ 5-wager on NFL, MLB, NBA, and other options to claim your new subscriber incentive. Unlike most platforms, you don’t have to lose on your first bet to qualify.     

• The competitive spirit

Competition is ingrained in human nature. Betting allows people to test their knowledge and prediction skills against the bookmaker or other bettors, adding a layer of challenge and excitement.

• Social connection

Betting can be a social activity. Whether placing friendly wagers with friends or following sports together, betting can foster a sense of community and shared experience.

• Entertainment value

For some, wagering adds extra fun and excitement to watching a game or following a sport. It can heighten the anticipation and engagement with the event itself. Still, some might think of wagering as a great escape from the daily stresses of adulthood. 

Understanding these core motivations is crucial when considering how bonuses influence our betting behavior. Bonuses tap into these desires for excitement, competition, and potential reward—making them all the more tempting.

The appeal of bonus bets

Let’s face it: humans are naturally drawn to free stuff. Betting bonuses capitalize on this principle to trigger your brain’s reward responses. It doubles the excitement of ‘getting something, including big bucks, for nothing.

Just how great are these bonuses at attracting bettors? Let’s unpack more insights below: 

• The illusion of averting losses

Humans dislike losing more than they enjoy winning. Bonuses frame betting to mitigate potential losses, making it seem less risky. However, a 2020 European study on the impact of wagering inducements—which include loyalty and instant reward programs—discovered the opposite. Researchers concluded that these offers tend to increase betting amounts, ‘gambling-related expectancies and perceived loss of control.’

• Time limits to enhance excitement  

Bonuses are presented to “boost” your bets or get a “second chance.” But the catch? You must avail yourself within a specific period. This framing method downplays the inherent risk of gambling and makes it feel more like a strategic game.

For example, a 2021 qualitative research cited that betting and event frequency are key factors contributing to potential gambling issues. Games with many betting opportunities, coupled with the cash-out feature—or the chance to withdraw your wager before a winner is declared—can add fuel to the fire. This could cause the punter to use their emotions rather than their heads when placing their bets.   

• Anchoring bias

The initial bonus amount becomes an anchor point, influencing how much you wager. You might feel compelled to bet a larger sum to ‘maximize’ the value of the bonus. For instance, some promotions may offer free betting values of up to USD$ 500, but only if you deposit or spend at least USD$ 100. At face value, you’re getting a good deal, right? Probably not if you’re wise enough to calculate your perceived losses in advance.   

When the ease of online betting gets into the mix, you get a potentially addicting activity—if you’re not careful. Estimates reveal that up to two percent of American adults, or about four million people, will develop a gambling disorder once in their lives. Additionally, some nine million individuals might incur symptoms of the disorder—although not grave enough to require a diagnosis.   

Not all free bets are created equal

As a beginner, you’ll realize that the bonus options seem endless. Most offers can be lumped into these categories:    

• Sign-up Bonuses: These are free bets or credits in exchange for creating an account. They often entice new players to bet a specific amount before allowing them to withdraw any winnings.
• Deposit Bonuses: These reward you with ‘extra money’ based on your initial deposit. While seemingly generous, they may keep you betting continuously to meet wagering requirements.
• Free Bets: These are bets placed with the bookmaker’s money, offering a chance to win real cash. Sounds great, right? But again, winnings might be subject to wagering requirements, and the bonus amount isn’t withdrawable.
• Risk-Free Bets: Here, the bookmaker reimburses your stake if your bet loses. This might seem like a safety net, but it can encourage riskier bets you wouldn’t normally make.

Like developing your betting strategy, always use your head and not your heart when exploring online gambling. Understand what these offers entail and how they work to avoid unwelcome surprises.

Reading the fine print

More importantly, don’t be swept away by the bonus bonanza. Read the conditions for every free betting opportunity offered. Focus on these areas to separate a good deal from a bad one:

• Wagering requirements often refer to the betting amount you must make before qualifying for the bonus. Look for offers with low requirements for a better payoff.
• Expiry dates shouldn’t be overlooked if you want to optimize your bonuses and free bets. Ensure you have enough time to meet the requirements before the validity period ends.
• Withdrawal limits impose frequency or amount restrictions, allowing platforms to save on processing costs.
• Game restrictions mean your free bets only apply to specific events and games, as determined by the online bookmaker.      

Knowing every offer’s terms and conditions helps you better manage your betting options, timing, and strategies.

How to use bonuses and bet responsibly

Whether a regular or occasional bettor, keeping these tips in mind can help you gamble responsibly:

• Set a betting budget and stick to it
• Don’t view online betting as an income-generating activity
• Always check the accompanying conditions for every betting bonus
• Practice self-discipline and know when to stop

Use wagering bonuses to enhance your experience, not to chase after losses. Understanding the psychology behind them can turn a potential pitfall into a financial benefit. So, have fun, but don’t put your savings on the line.