Kevin Davis gives us a complete guide on how to build a betting bankroll from scratch using the generous sign-up bonuses offered by the sportsbooks.
In the days before sports betting was legal in New Jersey, I used to go to a local Spanish-speaking business to place my sports bets. I would go to a backroom and use google translate to lay my bets with a bookie named Flaco. I would hand over cash to Flaco and get a ticket in Spanish of my wager. When legal sports betting came to New Jersey, I ditched Flaco and took advantage of the lucrative sign-up offers from multiple legal sportsbooks in New Jersey. By the time you are done reading this article, you will know how to turn a $250 sports betting bankroll into $882.
The sports betting business in New Jersey and other legal states is competitive. It is not like Flaco’s business where he is the only book on the block, there are many legal sportsbooks with deep pockets. These sportsbooks must compete with one another for customers and their favorite tactic is to give new customers lucrative sign-up bonuses. Some sportsbooks will match your initial deposit up to 100%, others will give you matching free bets.
While there is always a catch, the reason why sportsbooks do this is because they view all customers as undisciplined losers. In their minds, they can give customers money because those customers will lose it anyway. With conservative bankroll management and $250, you can give yourself a $882 sports betting bankroll by taking advantage of three different sportsbook sign-up offers.
Step 1: Deposit $250 Into Your New SugarHouse Account
The SugarHouse Casino & Sportsbook app is a great app to download for betting on sports. It has an easy interface and hundreds of different bets you can make on each game imaginable. The reason why I recommend downloading the Sugarhouse app first is because they will match 100% of your first deposit up to $250 with the fewest strings attached. If you sign up for a SugarHouse account and deposit $250 using the code “250match”, you will have a bankroll of $500.
The only requirement is that you bet the amount of your initial bankroll at least once on games that only pay -200 or better. This means that you cannot bet on the Lakers -600 Moneyline against the Knicks, you must bet on games where you might lose. Luckily for this promotion you receive the amount of your initial stake back if your bet wins. For example, if you bet $50 on an NFL spread at -110 odds and your team covers the spread, you would get your stake of $50 back plus $45.45 in profits. For many sportsbooks they will give you free money to bet with, but you can only keep the profits and not the stake. That is what makes the SugarHouse sign-up bonus offer my favorite.
In my opinion the best plan for betting your $500 in your SugarHouse account is not to make one $500 bet. That would be reckless because if it loses, you will be left with no money. The best plan is to make 20 different bets at $25 each on football or basketball spreads. If you randomly pick a side on a spread at -110 juice, your expected loss on each $25 bet is only $1.08. After making your 20 bets and going 10-10, your SugarHouse account balance will be $477.27.
Step 2: Deposit $150 Into Your New William Hill Account
Now that you have a $477.27 bankroll, you should withdraw $150 from your SugarHouse account to deposit into your new William Hill account. William Hill is a huge UK sportsbook company that has set up shop all over legal sports betting jurisdictions in the United States. The app in my opinion is good, but the betting options are lacking. Luckily on certain sports they have good odds. On Baseball for example this season, William Hill has had a low hold on their Baseball markets.
All you must do to take advantage of your welcome deposit match offer from William Hill is signup using the promo code “EXPERTVIP150” and they will match your initial deposit 100% up to $150. You will even get an additional $10 cash credit as well in your account. This means that your initial William Hill bankroll is $310 off your $150 deposit. The only requirement to withdraw any money from your William Hill account after receiving this bonus is that you must bet the entire $310, but not all at once.
Just like with the SugarHouse app, I would recommend breaking up your William Hill bankroll into 20 bets at $15.50 each. If you randomly pick a side on a spread at -110 juice, your expected loss on each $15.50 bet is only $0.67. After making your 20 bets and going 10-10, your William Hill account balance will be $296.65. When you combine this with your SugarHouse account balance, your total bankroll is now $773.92.
Step 3: Deposit $250 Into Your New PointsBet Account
Now that you have a $773.92 bankroll, you should withdraw $250 combined from your two accounts making sure to leave enough money leftover to bet later. With that $250 you should deposit it into a new PointsBet account using the promo code ‘ONEPULSE’. PointsBet is an Australian sports betting company that has an easy to use app with several betting options. In my opinion, they have the best bonuses and odds boosts for existing customers. Unfortunately, their sign-up bonus is not as good as William Hill or Sugarhouse.
While their sign-up bonus is not the best in the industry, it will still result in putting more money in your pocket (figuratively since it is all digital). Instead of getting $250 to match your $250 initial deposit, PointsBet will give you a $250 free bet on top of your initial deposit. What makes a free bet different than a deposit bonus is that you only get the winnings of your bet, not your stake plus your winnings. So, if you bet on a -300 moneyline favorite and they win, your free bet will only net you $62.50 in profits.
While you can choose to splurge on one large $250 bet, I would recommend taking a more conservative bankroll management approach. What you should do is split your $250 bet in four free $62.50 bets and then bet them on spreads. If you go 2-2 on your $62.50 free bets, you will be left with $113.64 in profits. For your initial $250 deposit, I would recommend splitting that into 20 bets at $12.50 each. If you randomly pick a side on a spread at -110 juice, your expected loss on each $12.50 bet is only $0.54. After making your 20 bets and going 10-10, your PointsBet account balance will be $358.26. When you combine this with your other two accounts, your total bankroll is now $882.18.
Using Your New Accounts
Now that your $250 sports betting bankroll has grown to $882.18, you can take advantage of multiple sportsbooks. As a sports bettor, you should always be on the lookout for new sign-up offers. With your three new accounts, you should check each account for the best promos and odds. Additionally, you will be able to learn more about bankroll management in a future article.