The majority of bookmakers operating in Nigeria will offer a welcome bonus of some description. And those that don’t will state that they concentrate on providing higher odds instead. A welcome bonus is a big part of a bookmaker’s armory for attracting new customers so it will receive the biggest share of advertising. Since a welcome bonus is aimed at newbies to the sports betting world we will explain its ins and outs below to avoid any confusion.
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What Is A Welcome Bonus
A welcome bonus is designed specifically to entice customers to join an online sportsbook. To that end, they tend to be larger and more attractive than normal bonuses to lure a bettor to join.
There are many guises to a welcome bonus as not one type of bonus is defined as use for a welcome bonus. Also, on sign up, a new customer may be eligible for more than one bonus as part of a package.
Advantages & Disadvantages
As in life, there are advantages and disadvantages to most things, with a welcome bonus being no exception.
- Something for little or nothing
- Available at the majority of sportsbooks
- Try out a bookmaker without over-committing your own funds
❌One time offer
Welcome Bonus Types
A welcome bonus is not always the same type of bonus and varies across bookmakers. It may even change at a bookmaker though the year not just in type but the amount.
A deposit bonus, also known as a matched bonus, is the amount that you will receive as a bonus compared to your deposit. It will be set as a specific percentage of your deposit ranging from 50% to 200%. However, the most common percentage is 100%. For example, if you deposit ₦10,000 and the promo is a 100% deposit bonus you will receive ₦10,000 as a bonus. Therefore giving you ₦20,00 to play with, ₦10,000 deposit plus ₦10,000 bonus.
Risk-Free And Free Bets
Risk-Free And Free Bets are some of the many promotions presented by bookmakers. Attractive both to entice new players and keep the existing ones happy.
A free bet is when a bookie pays for the stake and you claim the winnings, subject to terms and conditions.
With a risk-free bet, you place the bet with your own funds and if it loses you will receive your stake money back.
So, as you can see they both give you the opportunity to place a bet without risking your own money.
Enhanced odds are when the bookmaker boosts the odds of a match. This is a very popular bonus at the Nigerian betting market as punters can win even more if their football predictions come true.
So, for example, your team is 5/1 to win but then the bookie makes them 10/1, these are enhanced odds.
Cashback Welcome Bonus
A cashback welcome bonus is a percentage returned to you either as cash or free bets when you lose your initial bet. For example:
100% cashback bonus you bet and lose ₦1000 you will receive back a ₦1000.
The percentage can range from 5-100% but will tend to be higher as a welcome bonus compared to normal cashback promotion.
Mobile and App-Only Offers
Mobile bonus offers are quite rare these days due to the rise in popularity of playing on the go. So most bookmakers make its bonuses and promotions available to all users whether from a mobile device or desktop PC.
Welcome Bonus Bonus Terms & Conditions
A Welcome Bonus Terms & Conditions can be quite extensive so it Is essential you understand them to take advantage of the bonus. T&Cs to look out for are:
There will be a bonus time limit, meaning that you have so many days to utilize and meet the T&Cs of the bonus to allow you to withdraw any winnings. The limit can range from 1 to 30 days generally depending on how big the requirements are.
Wagering requirements or turnover is the number of times you need to bet with the bonus. This can be x1, x10 or higher. For example, the bonus is ₦100 with an x10 wagering requirement, so you need to bet ₦1000 (₦100×10 = ₦1000) to be able to withdraw any winnings from the bonus.
Seems harsh doesn’t it, but it can be worse as sometimes the wagering requirement will also include the bet/deposit amount you placed to get the bonus.
Odds restrictions are used to limit the number of losses to the bookmaker. So, in the T&Cs, you will find an odds restriction so you can only bet on games above the minimum odds stated.
The minimum odds currently showing for operator bonuses in Nigeria are 1.40 1.85 and 3.00.
As it says on the tin, the bookie will limit the maximum winnings you can withdraw from a bet or bonus. Thus, if set at ₦100.000 no matter how much more you win over that you will not be able to withdraw it.
Minimum Deposit to Claim the Bonus
To claim a bonus, unless a no-deposit bonus, of course, you will need to deposit some funds. This amount varies a great deal and currently, Nigerian betting sites are showing a range of ₦50 - ₦400.
Payment Method Restrictions
Let’s assume you find a bookmaker you want to join and like the bonus. This, however, turns out not to be the case because the payment method you wish to use is not valid to claim the bonus. The main culprits at the moment are Skrill and Neteller e-wallets. So be sure you check the T&Cs before committing to the bookie.
up to ₦100,000
Welcome Bonus Good for the Punter or Good for the Bookmaker
A welcome bonus should be a win-win for both parties, the bookmaker gets a new customer and the new customer gets an above average bonus. A welcome bonus should also be a bigger amount than other bonuses so why not take advantage of it? What’s important is that you can meet the T&Cs and bet on the sports that you want to and make a profit.
How To Choose The Best Welcome Bonus For You?
Part of this is personal preference as you may want a matched bonus, free bets or a combination of both so the type is important. Next, don’t get drawn by big figures as the biggest bonus is not necessarily the best as may have too many conditions tied to it. Also, check the T&Cs thoroughly especially the wagering requirements.
Remember betting should be fun so select the one you can enjoy and do not just join a bookmaker for the bonus.
5 Step Guide - How To Claim A Welcome Bonus
- Go to the homepage and click on the welcome bonus link or join now button
- Follow the prompts on entering your personal details
- Choose a password
- Verify your account
- Log in and make a deposit - enter a bonus code, place a bet if required and receive your bonus