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The Best $500 Bonus Bet Offers

Which sportsbooks offer $500 in bonuses when you sign up? Find out where you can claim a $500 sign up bonus and how you can put your welcome offer to good use.

Looking to kick off your sports betting with a new operator? Then a $500 bonus bet provides bettors with the option to place a wager without having to risk losing any money.

Bonus betting offers appear in several different formats, and although they are excellent for most purposes, any bonus bet offered by licensed US Sportsbooks does not come entirely without risk. Despite many believing the term ‘risk-free’ is too good to be true, some sports bet options are better than others. How good a bonus bet is typically comes down to how a losing wager will be refunded.

One of the most generous sports betting or online casino offers is a $500 bonus bet. A bonus bet promotion is an excellent bonus for new and experienced bettors. Some sportsbooks may call their offers different things, but essentially they are all there to provide new users with a boost. Using a bonus bet worth up to $500 means that if your first bet loses, the operator will refund you up to the value of $500. This is basically the same as a $500 bet on the house.

Lots of customers will come across different betting bonus options, promising bet credits or a second chance bet if you lose. The key is to do some shopping around to establish which bonus suits your needs the best, and doesn’t have strict wagering requirements.

Some punters prefer bonus bet offers over matched betting promotions because it gives them a second chance if the opening bet loses and removes any pressure they may feel. Sport is unpredictable by its nature, so having access to a bonus bet or deposit bonus can give you a second chance without losing money.

This page covers how bonus bets can differ, the best 500 bonus bet offers with sportsbook promo codes, and how to determine which are the best for you.

Sign On Bonuses Worth $500

#1. BetRivers Sportsbook

One of the most popular sports betting operators to hit the US market, Join BetRivers sportsbook and get second-chance sign-up bonus worth $500. There is no BetRivers bonus code required to claim this offer.

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Up To $500 2nd Chance Bet
  • Awesome live betting
  • Multiple bet types
  • Huge range of sports & markets

How Does a $500 Bonus Bet Work?

Numerous online sports betting sites offer bonus bets as sign-up promotions. They are arguably the most popular bonus offer in the US market for bettors who are about to make their first sports bet. Essentially, they are first-time sportsbook bonus offers to give to new players. When a new customer places a sports wager, and it wins, they have won some money with no strings attached. However, if the bet loses, the sportsbook will give them their money back in the form of “bonus cash,” site credit, or a “bonus bet” for bets at the sportsbook. The amounts of online sports betting bonuses will typically be equivalent to a customer’s first bet at the sportsbook.

Bonus bets will come in different amounts, typically ranging from $100 all the way up to $2,000 on sports betting sites such as William Hill US. Some terms and conditions come with these offers, so you won’t be able to bet up, and there will be requirements before you place your first bet.

There is no need to visit Atlantic City to use your bonus bet. Features such as live betting and live streaming are available at your fingertips on betting apps. Using mobile is a very popular betting option as you can wager on the move.

Example Of Using a $500 Bonus Bet

Let’s take a look at an example. You have just signed up for the sportsbook of your choice and are ready to make your first deposit. You plan to wager on the Seahawks at -110. If you win, you will get $955 (the original $500 bet plus the $455 in winnings) added to your account, which will be available for withdrawal. The beneficial aspect of the bonus comes in if you lose. You won’t have any money in your account but will have a $500 bonus bet to use. The bonus bet cannot be converted into real money.

You might then decide to bet on the Lakers +5 at -110. If the wager is successful, your account will show $500. You will not receive the $500 stake from the “bonus bet” back as you would in the scenario where the bet won, and you had $955 in your account. So by losing the Seahawks bet and winning the Lakers bet, in this example, you end up down $44.025 from your original deposit.

WynnBET $500 Risk free bet offer

Strategy For $500 Bonus Bets

You can ‘beat’ these offers only one way, so you are getting a genuinely free profit without taking on much risk. To do this, you must carry out some research by comparing the lines between competing sportsbooks in the hope of finding an arbitrage situation where you can bet both sides of a wager and guarantee that you will win.

These are not easy to find, but you may find another sports betting site offering a promotion or “odds boost” on a game that you can take advantage of if you look hard enough.

For instance; Let’s say you are a new customer at DraftKings Sportsbook and are about to place your first bet. You are also simultaneously looking around other sportsbooks for “booster” bets, and you discover a site that is “boosting” the 49ers moneyline spread game against the Packers. Instead of being -200 moneyline favorites, which is the 49ers at most sportsbooks, the boost comes into play and makes the 49ers +150 to win. However, at DraftKings, the Packers are also +150 to win. So now you decide to bet your $500 on the Packers at +150 at DraftKings, and then wager $500 on the 49ers at the boosted +150 odds. This removes as much risk as possible from the bet.

If the Packers win, you have just collected $250 because the +150 bet ensured you made a nice $750 profit at this sportsbook. You may have lost a $500 49ers bet at the other sportsbook, but that is what made this wager less of a risk; you couldn’t lose.

So to sum up, if you are using a $500 bonus bet:

  1. Bet as much as the bonus bet allows. In this case, $500 (if you feel comfortable wagering that amount)
  2. Don’t bet any more than the maximum when claiming the offer (make another bet if you wish to wager more)
  3. Choose your bet wisely. At the end of the day, there are no risks or consequences if you lose, but it’s always nice to win.
  4. Bet on something you wouldn’t normally. As the bet is on the house, it’s a good chance to try a new market
  5. Use a few operators. This way you can claim several $500 bonus bet offers.

Do You Get Your Stake Back on a Bonus Bet?

Whether it is $500 bonus bets or any other bonus bet, players want to know if they will also get their stake back. This all depends on which site you are betting on and how each platform refunds the wagers. For example, if you use your BetMGM sportsbook promo code and bet on BetMGM and the site offers refunds in site credit, you get site credit. This works the same as cash meaning you can wager any denomination you like, and you get the stake in addition to the profit instead of bonus bets that only payout the profit.

However, there are some sportsbooks that will refund your bet in entirely withdrawable cash, which means they are bonus bets in the truest sense of the word.

Ultimately, the majority of the bonus bets out there don’t come without some risk. If the first cash bet you make loses and also the second “bonus” bet fails, you will lose all of your stake. Some betting sites will give you site credit in lieu of a bonus bet if it loses. These are worthwhile, as you can then wager as much as you want of the site credit on numerous bets instead of being required to submit a second bet equal to the first. Another benefit of this is that when you win bets with site credit you get both the stake and the profit, resulting in a profit instead of only trying to break even and getting your money back with a one-time bonus wager.

Other Bonus Bet Examples

Whether you are claiming a bonus bet at Caesars sportsbook, PointsBet Maryland, Barstool sportsbook or any other online sports betting platform, the principle is the same. Let’s take a look at an example of a bonus bet offer, using the Unibet welcome bonus:

You have just signed up to Unibet and deposit $250. You want to bet on the Indiana Pacers -7 at -110. If the bet wins, your bankroll will read $477.25, which is made up of original $250 bet and the $227.25 in winnings. You can choose to withdraw this instantly, or continue you with it as the current bankroll in your betting account.

If the bet loses, you will have nothing in your account but still have a $250 bonus bet to use. Please be aware that this bonus wager can’t be converted into cash. You then choose to wager on the Nets  +5 at -110. If this bet wins, $227.25 will appear in your account. However, you won’t get the $250 stake from the “free bet” as mentioned in the scenario above where you would have earned $477.25. So, in this example, losing the Pacers wager then winning the Nets bet, you will be down $22.75 from your first deposit.

Terms & Conditions

Online sportsbooks offer various wagering requirements and T&Cs for their bonus bet offers. It is vital you pay attention to the fine print before handing over cash to the website. Site credit and bonus bets come with expiry dates, so if you don’t lose them within the stated timeframe, you will lose them. overall, using a $500 bonus bet is a great way to kickstart your betting with a new online operator. If you win, all good. If you lose your bet, you’re covered.


How do you use a sportsbook promo code?

We have listed some of the best $500 bonus bet offers on this page. Find the one you think is the most suitable, sign up for a new account and then make a qualifying deposit to get your bonus funds. You can enter the promo code you have during the registration process to get the bonus added to your new account instantly.

Can I claim a bonus bet at more than one sportsbook?

Yes, you can claim more than one promo, in fact, we recommend that you do. There is nothing out there stopping you from receiving bonus funds at several sportsbooks and getting as much value as you can along the way.

Can I withdraw my bonus money straight away?

With most bonuses, you are not able to withdraw the money instantly. This is because of the wagering requirements. Once you have met those requirements, you will be eligible to withdraw all of the bonus funds you have accumulated from one bonus.