What are the Disadvantages of Online Sports Betting Bonuses?
Online sports betting has really taken off in Nigeria. With new bookmakers springing up almost daily, there’s a fierce battle for new customers and a bigger market share. One of the main tactics these online bookmakers use to lure new customers and keep existing ones is offering all sorts of enticing sports betting bonuses – many of which come with substantial disadvantages.
When you’re browsing different betting sites, you’ll probably see big, shiny banners screaming something like: “Get up to ₦100,000 in welcome bonus!” or some other captivating betting offers.
It can be extremely tempting to jump right in. After all, who wouldn’t want extra cash or free bets just for signing up or being a loyal player?
Boosted odds on TOP events every day
Boosted odds on TOP events every dayToo Good to Be True? Maybe
However, as tempting as these offers may appear, they aren’t always what they seem. As we say in Nigeria, awoof de run belle, and this couldn’t be truer when it comes to the majority of bonuses offered by betting sites.
While they might look like free money or risk-free bets, these bonuses often come with complicated conditions that can end up making you overspend, or even cause you to be addicted, and can actually do you more harm than good in the long run.
Therefore, every bettor needs to recognise the disadvantages that come with sports betting bonuses before signing up for them.
In this article, we’ll explain how to recognise the disadvantages of these bonuses so you can avoid falling for the traps set by online sports betting sites.
- READ ALSO: Common Sportsbook Bonuses Explained
Give a boost to your next sports betWhat Are Sports Betting Bonuses?
Before we get into the nitty-gritty of the disadvantages, let’s clarify what we mean by betting bonuses.
These are incentives provided by online sports betting sites to attract new customers or keep existing ones engaged.
Bonuses can come in various forms, such as welcome bonuses, free bets, deposit matches or even cashback offers.
While they do give you more resources to play with, they are not just free money and often come with strings attached.
Welcome Bonus Up to ₦200.000
Welcome Bonus Up to ₦200.000Disadvantages of Online Sports Betting Bonuses: Over-Betting
Most sports betting platforms offer matching deposit bonuses for new customers or free bets and cashback to existing customers, which can make you believe you’re doubling your chances of winning.
However, the best betting sites put a lot of work into crafting these bonuses to get you to spend more than you initially planned.
Indeed, sports betting triggers dopamine hits in your brain that make everything feel like a win – whether it’s from a game, a cash prize, or a bonus.
The excitement that comes with these bonuses can trick your brain into wanting more, leading to over-betting, where you place more bets than you usually would in an attempt to chase bonuses.
You start with a small amount, but with the lure of “free” money, it’s easy to think, “If I just put in a bit more, I’ll get even more bonus funds to play with.”
The reality is, while it might seem like you’re getting extra value, in many cases, this just ends up with you parting with more cash than you budgeted for, nudging you closer to risky betting behaviour.
For some, this can even kickstart a cycle that’s hard to break, where the initial excitement of a bonus turns into a slippery slope of chasing losses and gambling addiction.
200% Welcome Bonus Up to ₦100.000
200% Welcome Bonus Up to ₦100.000Disadvantages of Online Sports Betting Bonuses: Complicated Terms and Conditions
Honest question: have you ever read any terms and conditions anywhere from start to finish? Didn’t think so. The truth is, hardly anyone reads these things. Most of us just tick the box and move on.
That’s mostly because these terms and conditions are often long, filled with jargon, and written in a way that’s meant to be as dull as possible.
This isn’t by accident. Betting sites know that most people won’t take the time to read through pages of rules and capitalise on this to bury many conditions attached to a bonus in the fine print.
Bettors often rush to claim a bonus without really understanding what they’re signing up for, only to find out later that there are restrictions they weren’t aware of.
You might think you’re getting a good deal, but these T&Cs can include sneaky clauses like high wagering requirements, limits on withdrawals, or even specific conditions on how you can use your bonus funds.
It’s all designed to make it tougher for you to actually cash out any real winnings from that bonus.
Boosted odds on TOP events every dayBoosted odds on TOP events every dayWagering Requirements
One of the biggest disadvantages of online sports betting bonuses that often go unnoticed is the wagering requirements.
This term, also known as “rollover requirements“, refers to the amount of money you need to bet before you can withdraw any winnings you’ve made from a bonus.
For instance, if you receive a ₦10,000 bonus with a 10x wagering requirement, you need to place bets worth ₦100,000 (that’s ₦10,000 multiplied by 10) before you can cash out any winnings from the bonus.
Some betting sites even have clauses that require you to bet a certain amount of your own money or bet on minimum odds (usually 1.50 or higher) when using bonus money before you can withdraw any winnings.
So, even if you win big with your bonus, you can’t withdraw anything unless you meet every single wagering requirement. Failure to meet the requirements means you forfeit everything.
Suddenly, that “free” money doesn’t look so free anymore, does it?
So, you can see that these wagering requirements are designed purposefully to make it nearly impossible for you to win with your bonus.
That’s why we recommend that you only claim bonuses from sites with reasonable and easy-to-meet wagering requirements.
These include Bet9ja, BetKing, and betBonanza, all of whom offer several bonuses and free bets without wagering conditions and rollover requirements that start as low as just 3x.
You should also to check out our reviews of the best betting sites in Nigeria to know everything about their bonus requirements.
300% First Deposit Bonus up to ₦145600
300% First Deposit Bonus up to ₦145600 Disadvantages of Online Sports Betting Bonuses: Bonus Expiry Dates
Another disadvantage these betting sites don’t advertise prominently is the time limit or expiry date attached to bonuses.
Most betting sites will give you a deadline to use your bonus and meet those wagering requirements, which can be as short as 3 or 14 days.
If you don’t meet the wagering requirements within that timeframe, your bonus and any associated winnings will be forfeited.
This can push you to place bets hastily to meet the deadline, which can often lead to poor decision-making, increasing the risk of losing your hard-earned money and taking the fun out of betting.
Before claiming any bonus, check how long you have to meet the wagering requirements. If the timeframe is too tight, it’s better to pass up the offer rather than force yourself into bets that you wouldn’t normally make.
Predict 6 Scores Win ₦10.000.000
Predict 6 Scores Win ₦10.000.000Restricted Betting Markets
You might think that you can use your bonus on any bet, but that’s not always the case.
For instance, some online sports betting sites might only allow you to use your bonus on specific markets or bet types, or it may not apply to odds below a certain value. Or they may contribute only a fraction of each bet.
This tactic ensures you bet more and play longer before you can cash out your bonus. You might find that:
- Some popular betting markets are excluded
- Live betting might not count
- System bets might be restricted
- Only single bets qualify
- Only certain Casino games qualify
These restrictions on what you can bet on with your bonus limit your betting options and can force you to place bets you wouldn’t normally consider, increasing your chances of losing.
100% Welcome Bonus Up to ₦50.000
100% Welcome Bonus Up to ₦50.000Bonus Funds vs Real Money
Another disadvantage to be aware of is that most online sports betting sites keep and treat your bonus funds separately from your actual deposit.
In some cases, betting sites force you to use your bonus money first, and only after you meet certain requirements can you access your real money winnings.
For example, you might win ₦50,000 with your bonus, but they can stop you from withdrawing a kobo until you’ve fulfilled those wagering conditions.
This can be incredibly frustrating and cause you to have a deep resentment and distrust of betting sites.
Additionally, the differences in how these sites treat your bonus funds and real money can make it harder to track your spending and winnings.
Triple bonus 200% up to ₦150,000
Triple bonus 200% up to ₦150,000Falling into the Bonus Hunting Trap
A significant disadvantage of sports betting bonuses is that they can lead bettors to jump from one site to another, signing up and collecting bonuses left, right, and centre.
This is known as bonus hunting. While it may seem like a clever way to maximise your chances of winning, it may actually end up doing you more harm than good.
Most betting sites frown at bonus hunting and you can find yourself permanently banned if the betting sites think you’re exploiting their offers.
Not to mention, constantly chasing bonuses can turn betting into a stressful grind rather than something fun.
Plus, you’re opening accounts with many betting sites, which can lead to a cycle of depositing more money than you originally budgeted and consequently losing more money just to try and cash out.
Give a boost to your next sports betGive a boost to your next sports betMaximum Win and Withdrawal Limits
One of the most annoying disadvantages of sports betting bonuses is that some betting platforms cap your winnings when you’re using a bonus.
This means that even if you hit the maximum payout, you might not be able to cash out the full amount. Betting sites do this to protect themselves and ensure you don’t win too much using free money.
Additionally, some online sports betting sites limit the amount you can withdraw from your winnings derived from bonus plays. This can be particularly frustrating if you’ve had a big win but can’t access all your funds because of these imposed limits.
Another aspect many bettors don’t realise is that bonuses often come with withdrawal delays.
You’ve met the wagering requirements, you’ve won some cash, but now you’re stuck waiting for days (or even weeks) to get your money out. This can often sour your betting experience, leaving you disappointed and possibly thinking of the site as fraudulent.
Welcome Bonus Up to ₦200.000Welcome Bonus Up to ₦200.000Disadvantages of Online Sports Betting Bonuses: Bonuses That Push You Into Betting More
Some online sports betting sites offer loyalty bonuses, cashback, and free bets that look fantastic on the surface. But these bonuses often require you to bet frequently or make regular deposits to keep them coming.
You might find yourself betting more than you planned, just to hold on to those rewards. Suddenly, you’re placing bets on matches you’d normally ignore, all because you don’t want to lose your bonus benefits.
And, the pressure to keep up can lead to overspending, or even worse, push some people into problem gambling.
Responsible Gambling: Are You Really Winning?
Perhaps the most insidious disadvantage of betting bonuses is the illusion of winning. Sports betting sites know how to get inside your head. There’s actual research showing online sports betting platforms are designed to keep you hooked.
Bonuses can create a false sense of success, encouraging you to bet more and more. This can have a detrimental effect on responsible gambling and lead to significant financial loss.
Remember, the house always holds the edge, and they design bonuses to maximise their profits, not yours.
Give a boost to your next sports betGive a boost to your next sports betDisadvantages of Online Sports Betting Bonuses: What You Can Do to Protect Yourself
- Read the Small Print: Before you get excited about any bonus, scroll down to those terms and conditions. Yes, they’re boring, but they’re important and you’ll be better for it by knowing exactly what you’re signing up for.
- Calculate the Real Value: Ask yourself: Can you realistically meet the wagering requirements within the time limit? Sometimes, it’s better to bet with your own money without any strings attached.
- Watch Out for Maximum Win Limits: Some sites cap how much you can win from bonus bets. If you determine the potential winning isn’t worth the effort, then you’d be better off not accepting the bonus. Don’t let a massive win turn into disappointment because you didn’t know about the limit.
Disadvantages of Online Sports Betting Bonuses: The Bottom Line
Look, we are not saying all betting bonuses are bad. Some can be valuable if you understand exactly what you’re getting into.
Plus, there are betting sites like the ones we’ve highlighted in this article that have reasonable wagering requirements. But remember:
- If it looks too good to be true, it probably is.
- Always read the terms and conditions.
- Calculate if you can realistically meet the requirements.
- Sometimes, betting without a bonus is better for you.
The next time you see a compelling bonus offer, think it through before accepting. Your money deserves more than being stuck in an endless loop of wagering requirements.
You can make the most of these bonuses by regularly visiting our betting offers page, which we update daily with the latest deals and promotions from Nigeria’s best betting sites.
We provide you with honest, in-depth reviews of the best betting offers in Nigeria. This way, you know exactly what you’re signing up for.
Remember, responsible betting isn’t about grabbing every bonus you see – it’s about making informed decisions that work for you, not the betting sites.
