Sports betting can be confusing. If you're here, you've probably seen all the ads telling you to sign up for a sportsbook, bet $5, then get cash instantly.
Are these promotions scams? Are they really worth $200 in cash?
No. They're not scams. But also, no, those promotions aren't worth $200 in guaranteed profit, either.
This story will help as a beginner's guide to walk you through the best sports betting promos for Super Bowl 58 between the 49ers and Chiefs and how to maximize your profit on each of them.
How to Bet Super Bowl 58 For Beginners: Maximizing Profit at BetMGM
Sportsbooks will offer new user promos because customer acquisition costs are inherently high in the sports betting space. Plus, acquiring and developing new users is a key performance index for these companies — and are profitable in the long run. Each book has a specific sweet spot that they're willing to spend in order to bring a new user in, with the hopes that the user continues to use the platform over the long run.
Let's start with BetMGM's Super Bowl offer, in which you bet $5 and win $158 in bonus bets no matter the outcome. Yes, once you deposit and place a $5 wager, you will receive your $158 in bonus bets. But you need to bet through that $158 afterward. And only after that can you withdraw whatever is in your account.
Keep in mind, too, that this offer is not available in New York, Puerto Rico or Nevada.
Signing up requires your address, the last four of your social security number and other identifying information. This is done because of state and federal regulations. In addition, they're in place so one person can't claim multiple new user promotions for the same sportsbook.
The promotional code is ACTION and needs to be inputted on sign up.
When your account is verified, sign into your online bank — or use debit card or other deposit methods — to get your initial wager in the account.
That initial $5 bet needs to be on a line that's -200 or greater. That means the bet needs to net $2.50 or more.
After you bet your $5, that's all you need to do for now! Once that bet is graded as a win or loss, you'll receive your two $50 bonus bets and a $58 one.
But as aforementioned, those aren't cash. You need to bet each token in order to withdraw. And you won't get back your initial wager, even if you win. For instance, normally, when making a $10 bet with your friend, you'd stand to win the $10 in profit that you risk, in addition to your $10 back if you beat them at arm wrestling.
Here, the bonus bet would net you $10 with a win, but you don't get the $10 you "risked" back.
So, in the scenario with your friend, you risked $10 and won $20 in total.
With sportsbook bonus bets, you'll "risk" $10 of the sportsbook's gift, funny money. If you win a +100 bet, you "win" just $10 in total.
Given this major factor, best practices indicate that you should use your $158 in bonus bets on lines ranging from +300 to +700.
(For an in-depth explainer, click the link below explaining positive expected value wagering.)
That means your $50 free bet, for instance, would profit $300 on a +600 wager.
Try to ensure these are on straight bets, not on parlays, which are typically losing affairs.
Next Steps: bet365, FanDuel
After that, you'll know what you're doing. The same offers exist for bet365 and FanDuel — FanDuel in particular will award you with $200 in bonus bets.
bet365's offer nets you $150 in bonus bets after a $5 wager.
The same signup process and principles apply. For bet365, make sure to use the promo code ACTION. For FanDuel, use our link — there's no code needed from there.
Go ahead and put the $5 on whatever you deem fit. But afterward, target individual lines that are +300 to +700 using the bonus bets you're awarded.
The difference with bet365 and FanDuel — compared to BetMGM — is these two books will let you pick how much in bonus bets you want to allocate for each bet. For BetMGM, you have to bet with the $50, $50 and $58 tokens they give you.
At bet365 and FanDuel, you can choose to bet $5 per wager, or whatever you want.
With the bonus bets, let's say you're targeting the Super Bowl.
The 49ers defense has been a run sieve during the playoffs — and threw up several duds during the regular season, too. Despite the prowess in its front four, it's a rush defense that ranks poorly by all major advanced metrics. And that unit has done even worse during the playoffs.
For reference, Lions running back David Montgomery dropped 93 rushing yards on this 49ers run defense, while running back Jahmyr Gibbs tacked on 45. The Packers — who use primarily one RB as opposed to the Lions' two-prong attack — set up Aaron Jones well, too, delivering on 108 rushing yards in a near upset.
A selection with this in mind — one that fits the aforementioned +300 to +700 criteria — is for Chiefs running back Isiah Pacheco to record 100 or more rushing yards for Super Bowl 58. Those odds are at +330 at FanDuel, meaning a $10 bonus bet would net $33 in profit.
