Since sports betting became legal in the United States, there have been scores of sportsbooks opening shops across different states in the country.
One such state is Iowa where there are a handful of sportsbooks providing online betting services to Iowans.
Since 2019 when online sports betting became legal and accessible to Iowans, sportsbooks have been embroiled in stiff competition to get a large chunk of the market share.
Due to the tough competition, betting sites have been devising different strategies by way of promotional tools to win over and retain customers. Sportsbooks create a marketing budget for advertising on different platforms to gain exposure and top-of-mind awareness.
However, the most prominent tool for winning and keeping players is promotions. Customer promotions are basically of two types namely: new customer sign up bonuses and promotions for existing customers.
New customer sign up bonuses are available on almost all the sportsbooks, and they are designed to attract players to sign up. These bonuses are a way of getting a good bankroll for players who are looking to start betting on betting sites.
And of course, there is no shortage of Sportsbook sign up bonuses for potential new bettors in Iowa. The biggest Sportsbooks offering betting sign up bonuses are all available to Iowa residents.
Nowadays, there is a long list of new and existing customer sportsbook promos in Iowa.
For new players, sign up bonuses are a promise of cash in the form of non-withdrawable cash available to players to place bets. If the bets are won, players can then go on to withdraw the winnings accruable from the bets with the actual bonus stake deducted before being paid out to the player.
However, as good as it sounds, betting sign up bonuses are not handed out to new players on a platter of gold. There are certain conditions that are required to be met before players are awarded bonuses.
From Sportsbook to Sportsbook, the degree of difficulty in claiming these bonuses differs. In other words, the conditions attached to these offers vary from one betting site to another.
Nevertheless, the most important thing players should consider is how valuable a bonus is. And there are quite a few metrics to be carefully considered in order to ascertain whether a betting sign up bonus is valuable or not.
Let’s take a look at some of the metrics below.
Bonus Amount
The bonus amount is the value of money that the betting site gives out to new players who sign up with them. It is safe to say that it is the monetary value of what new players get as an incentive for joining a Sportsbook.
Of all the factors used in measuring the value of a bonus offer, this is the one that gets the attention of customers the most. And rightly so, because that is what the betting site pushes the most.
This doesn’t come as a surprise as players with little or no betting experience are drawn to the money on offer.
While a higher bonus amount means that there is more monetary value, if other conditions like wagering requirements are stiff, the value of the bonus is reduced. However, a high bonus amount with less stringent conditions would be precious.
Validity Period
The validity period of a bonus is the window allowed by Sportsbook for players to use their bonus bets before it is wiped away. In other words, if bonuses are not used in that period, the player forfeits the bonus.
Generally, a longer validity period is desirable because it allows players to critically analyze how to maximize their bonuses.
Inexperienced players need more time to figure out what type of bets, the sports they are betting on, and the type of market to bet on.
If the validity period of a bonus is short, it will be difficult for a new player to maximize the bonus offer.
Low Minimum Deposit
Most sportsbooks require players to make deposits after creating a betting account to be eligible for a bonus. As a matter of fact, most new player betting bonuses are deposit bonuses.
This means players must make a deposit to qualify for a betting bonus. And more often than not, sportsbooks set a minimum deposit that should be met as a prerequisite for claiming a betting bonus.
Ideally, the minimum deposit should be affordable. If it is affordable, it is a sign that the Sportsbook is committed to rewarding players with sign up bonuses after signing up.
In essence, players do not have to break the bank to get a sign up bonus, and an affordable minimum deposit is one of the signs of a valuable betting bonus.
Low Minimum Stake
Across many of the sportsbooks, players are required to place a bet in order to get a bonus. However, the minimum wager required should be within the reach of a new player.
For instance, most betting sites in Iowa require a minimum stake of at most $10. For most Americans, a minimum stake of $10 is affordable and it means that they can easily get a betting bonus with such a required stake amount.
A low minimum stake is one of the telltale signs of a valuable betting bonus.
Fair Wagering Requirements
Most betting bonuses come with wagering requirements as a pre-condition for redeeming bonuses.
After players are awarded a betting bonus following a sign up, they are required to roll over the bonus for a certain amount of time.
A betting site willing to give new customer bonuses ideally should not demand more than a one-time rollover for players to unlock their bonuses.
If the rollover is more than once, such a bonus could be problematic for players to redeem. Hence, a one-time rollover for a sign up bonus is an indication that the betting bonus is ideal for a new player.