The top sportsbooks and betting apps offer welcome bonuses when you sign up. These sign-up bonus options include deposit match offers, bet-and-get promos, and first bet insurance.
The first bet insurance offer is typically the most popular welcome bonus, especially for major events like the Kansas City Chiefs vs. Philadelphia Eagles in Super Bowl LIX. With this sort of promo, you place your first bet on any market, and if it loses, you get bonus bets back to cover the loss. If your first bet wins, you get a payout but no bonus bets.
Continue reading to info on the best ways to use first bet insurance for the Super Bowl and how to use bonus bets from these offers.
How to Use Bonus Bets and First Bet Insurance
It's easy to make the most of bonus bets and first bet insurance offers when betting on the NFL Super Bowl. Keep reading to discover my favorite strategies along with the best sportsbooks to use to bet on the Chiefs vs. Eagles Sunday.
Method 1: Convert Bonus Bets Into Cash With a Hedge
When using a first bet insurance offer, betting on a longshot can be appealing since you won't lose your stake on a losing first bet. However, putting hundreds of dollars on a +500 longshot can be risky. A safer approach is to use the conversion method, which is essentially hedging your bet.
To utilize this strategy, you need two sportsbooks. You place bets on opposite sides of the same market. Ideally, select a longshot market with odds ranging from +300 to +700 for your first bet insurance or bonus bet.
For example, place a $1,000 first bet at BetMGM using the first bet insurance offer on the Eagles D/ST to score a touchdown (+600). Simultaneously, place a $5,333.33 bet at Caesars Sportsbook on the Eagles D/ST not to score a touchdown (-800). Using this method, if the Eagles D/ST doesn’t score, you get a $6,000 payout at ESPN BET plus $1,000 in bonus bets at BetMGM. If the first bet insurance offer wins, you get a $7,000 payout at BetMGM and nothing from Caesars Sportsbook. This strategic approach maximizes potential outcomes while minimizing risk.
Method 2: Bet at Plus Money
If you're looking to maximize your returns without the hassle of juggling multiple sportsbooks, consider placing your bonus bets and first bet insurance offers on plus-money markets.
With bonus bets, your initial stake isn't returned, so choosing plus-money markets ensures that any wins exceed your initial wager. While it may not be wise to aim for extreme longshots, any plus-money market works well with these offers.
Optimally, seek out markets with a higher expected value (+EV), where the odds are more favorable compared to other sportsbooks.
For instance, BetMGM offers the Eagles (+150) on the 2nd Quarter Moneyline 3-Way, whereas Caesars Sportsbook has them at +120 and FanDuel at +105. Place a $100 bonus bet at BetMGM to secure a $150 profit should your bet win.
Top Sportsbooks With First Bet Insurance Offers
bet365
The bet365 bonus code TOPACTION provides a $1,000 First Bet Safety Net in AZ, CO, IA, IN, KY, LA, NC, NJ, OH, and VA. If your initial bet loses, you get your stake back in bonus bets, up to $1,000. Your first bet must have odds of -500 or longer to qualify.
With bet365, you have the flexibility to customize your bonus bets. You choose the amount for each wager instead of being restricted by a pre-set credit.
BetMGM
Use the BetMGM bonus code TOPACTION1550 to unlock a $1,500 first bet offer. This sign-up bonus doesn't have a minimum odds requirement, and if your first bet loses, you get up to $1,500 back in bonus bets. This BetMGM promo is available for users in AZ, CO, DC, IL, IN, IA, LA, KS, KY, MA, MD, MI, NJ, NC, OH, PA, TN, VA, WV, and WY.
BetMGM provides the bonus bets in five equal bet credits. If you lose a $1,500 first bet, you get five $300 bonus bet credits.
Caesars Sportsbook
The Caesars Sportsbook promo code ACTION41000 offers a $1,059 first bet insurance offer for the Super Bowl. Use this welcome bonus in AZ, CO, DC, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, NC, NJ, NY, OH, ON, PA, TN, VA, WV, and WY.
If your first bet doesn’t win, you get a single bonus bet credit up to $1,059, rather than multiple bet credits. Be sure to use your bonus bet within 14 days to avoid expiration.