Betting sites have over the years maximized on offering sign up offers to attract new players. These bonuses are not only beneficial to the bookies but they could turn into lucrative deals for punters. In this article, we will focus on deposit bonus bet offers (matched), but if you are interested in no deposit bonuses, you can check our exclusive guide on free bets.
- How to Redeem and Cash Out Deposit Bonuses: Step by step guide on how to cash out bonus funds from your player account.
- How to Cash out Bonus on Bet9ja, 1XBet, and Betway: Learn how to redeem bonuses at Be9ja, Betway, and IXBet bookies.
- Assessing the Value of the Best Betting Sign Up Offers: Understand how to spot a great betting sign up offer from one with little value.
- Maximize profit Using the Bonus Rollover Strategy: Learn the two main effective strategies to boost your profits.
- How to Choose the Best Betting Site For You: There’s more to betting sites than just their sign up offers, so make sure the one you pick is a good fit for you.
- FAQs: All the answers to your most frequently asked questions.
Best Deposit Bonuses in Nigeria
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T&Cs APPLY, 18+ ONLY
Open Account Offer. Up to 100% matched bonus €50 in Bet Credits for new customers at bet365. Min deposit €5. Bet Credits available for use upon settlement of bets to value of qualifying deposit. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. Time limits and T&Cs apply. |
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How to Redeem and Cash Out Bonus
As the name suggests, with deposit bonuses- also known as matched bonuses, you are required to fund your account, and the amount of the bonus awarded will be a specific percentage of your deposit. Matched bonuses are linked to the first deposit, and this can extend up to the fourth deposit, but this varies from one bookie to the next. The percentage range from 50% match bonus to 100% and some bookies can go as high as 200%.
Despite the percentage, this deposit bonus bet amount is usually capped to a certain maximum amount. For example, you could be awarded a 100% deposit bonus up to ₦10,000. This means that only deposit up to ₦10,000 will be matched. Thus, if you make a ₦20,000 bonus, only ₦10,000 will be matched, and you will receive a ₦10,000 match bonus. Hence, you will have a total of ₦30,000 bankroll.
Other forms of deposit bonus include free money where a sportsbook offers you a certain amount when you fund your account. For example, a bookie could offer you ₦50 for any deposit made not less than ₦100. Thus you will end up with a ₦150 bankroll.
So how do you claim these deposit bonuses? You can easily claim these bonuses following these easy steps.
- Step 1: Identify a sportsbook where you don’t have an account and check the available bonuses for new players.
- Step 2: After reading the terms and conditions of the deposit bonus, create an account by filling in all the required details.
- Step3: Confirm your details, fund your account with the required minimum amount or the amount you have planned to wager.
- Step 4: Some match deposit bonuses will appear on your balance immediately after funding your account. However, if the deposit bonus does not reflect, you can contact the support team, and they will process it immediately.
It is important to mention that this is just a general overview of how to claim a bonus from deposit bonus betting sites. However, this process is bound to change based on the bookie. There are even some bookmakers that will require you to use a promo code to activate the bonus.
We will highlight how to claim the best betting sign up offers from our top three sportsbooks; Bet9ja, 1XBet, and Betway.
How to Cash Out Bonus on Bet9ja
Bet9ja is among the popular sportsbooks for Nigeria players, and they have some of the lucrative offers you will find online. Claiming their deposit bonuses is also easy to help you get started fast. Here is what you need to know about activating your first Bet9ja deposit bonus.
You can claim the bonus either using a promo code or by simply clicking in the welcome bonus banner on the home page.
If you are using the bonus code, make sure you fill the bonus code during registration. When you click on the bonus banner, the bonus will be activated automatically.
Bet9ja offers a welcome bonus of 100% match bonus on your first deposit up to ₦100,000.
This bonus is not restricted to any payment method, and as long as you meet the minimum deposit limit of ₦100, you will qualify for the offer.
As earlier mentioned, these welcome bonuses usually come with terms and conditions which must be met before you can cash out the bonus. For instance, for this bonus, you must meet 5x turnover requirement, and this should be obtained by staking on any sports markets with odds of 3.0 or more. Although you don’t have to stake the entire bonus on one bet, you have to wager the full worth of the bonus within 30 days before qualifying to withdrawal the bonus.
How to Cash out Bonus on 1XBet
1XBet accepts players from Nigeria, Kenya, and South Africa, among other African countries. New players are welcomed with a 100% match bonus on their first deposit up to ₦36,000. Kenyan players, on the other hand, will receive a 200% bonus up to 10,000 KES and this bonus will be credited into two parts.
You qualify to activate these bonus even when using other payment options such as cryptocurrencies. There is no need to use a bonus code since you only need to tick the dialog box for activating the bonus.
This welcome bonus bet amount will immediately reflect into your account and before cashing it out, you will be required to meet the 5X wagering requirement using accumulator bets with at least three events which should have odds of 1.40 (2/5) or more. This bonus turnover requirement should be met within 30 days after receiving the bonus.
Check our extensive guide to Accumulator Betting and Promotions here.
How to Cash Out Bonus on Betway
You can use a bonus code to activate the deposit bonus at Betway. But if you don’t have the promo code, just click on the first deposit offer banner on the home page to claim the offer. After funding your account, the bonus amount will automatically reflect in your account. This bookmaker awards new players with a 50% free bet bonus on your first deposit up to ₦20,000. The deposit bonus bet is not restricted to any payment method as long as you meet the minimum deposit of ₦100.
To cash out, you have to honor the set 3X wagering requirement, and the total odds on the bets must be 3or more. Only sports bets contribute to the playthrough requirements. You have to fulfill the T&Cs within 30 days after receiving the bonus to qualify to withdraw it.
What Makes a Good Sign Up Offer
With the wide range of welcome bonuses offered by sportsbooks, it is easier to get lured to claim huge bonuses but end up making no profit. A huge welcome bonus does not necessarily translate of free money. Here are some features of the best betting signup offers.
Low Turnover Requirements
The wagering requirements are the main restriction to withdrawing bonuses since you have to meet the set number of times you are expected to wager the bonus amount. The number of times ranges from 3x up to 20x. Some huge bonuses can have a playthrough requirement of more than 30x. The higher the turnover requirement, the harder it is to attain. Thus, the best welcome bonuses are those with low wagering requirements.
Bonus Amount
Between a deposit bonus bet of ₦50 and ₦1000, the ₦1000 is much inviting. However, bookmakers are not here to offer free money as they would be out of business within months if they were to offer such amounts to every player that signs up. Such huge offers usually come with stringent T&Cs. It is better to have ₦50, which you are guaranteed to meet the turn over requirement faster than the ₦1000.
Expiration Period
Sign up bonuses usually have a set time frame within which you must meet the T&Cs to request a withdrawal. This time frame could range from 7 days to 30 days. You are more likely to meet the terms and conditions with a 30-day time frame compared to a 7-days limit.
Bonuses Valid For Specific Payment Options
Some bonuses can only be activated by using specific payment methods. You should check this information before funding your account to ensure that you use the valid payment option.
Minimum Odds
Sportsbooks set minimum odds to protect themselves from players who purpose to win through placing wagers with almost no risk. The set odd markets will range between 1/2 and 1/1. Despite the set odds, the signup offer will only be profitable when you use it in a market you fully understand.
Read our guide to understanding betting odds here.
What You Should Know about Deposit Bonuses
We all love sports betting bonuses since they provide us with an opportunity to place bets with money that is not technically ours. They are a great way to boost your bankroll, but they might end up being a disappointment if you fail to meet the full terms and conditions. In this section, we will highlight the crucial things you need to know about deposit bonuses before claiming them.
You can only claim sign up offers once
As the name suggests, a welcome bonus is only offered to new players. This means that if you already have an account with the bookmaker, you can’t claim the offer. However, since we are focusing on deposit offers, some bookies reward their existing players with deposit offers once in a while to motivate them to keep playing. However, if the deposit offer is part of the signup offer, you can only claim this bonus once after making your first deposit and in other cases subsequent deposits.
Deadline of claiming the bonus
Other bonuses especially reload bonuses, usually have a time frame within which you can claim the bonuses. Deposit bonuses are rarely time-bound since you can only claim them after making your first deposit. However, for welcome bonus bets such as free play, you might be required to claim them within a set duration after signing up. With deposit offers, the bookies will give you all the time you need to get comfortable with the platform before deciding to put your money on the line.
Deposit Bonus Country Restrictions
Some sportsbook will restrict their deposit bonus bet offers to players from particular regions, and it is always important to check if your country is among the restricted territories. Some bookies have specifically tailored deposit bonuses for certain countries which could turn out lucrative, and this is definitely a chance you don’t want to miss out. For example, 1XBet offers a 100% match bonus on the first deposit for players in Nigeria up to ₦30,000; Kenyan players are treated to a 200% match bonus on their first deposit up to KSH 10,000.
Eligible Deposit Bonuses
There are cases where the deposit bonus can only be activated when you fund your account using specific deposit methods. For example, a bookie can restrict the eligible deposit methods to Skrill and Neteller; this then means that any deposits made via Paypal or credit cards do not qualify to claim the bonus. This is why it is important to read the T&Cs, and if your preferred payment method is restricted, you can choose among those that qualify for the offer.
Bonus Codes
As earlier stated, there are some deposit bonus betting sites that might require you to input a bonus code to activate the welcome bonus manually. Others will need you to click on the banner on the homepage while some may require you to tick on a dialog box.
We have made it easy for you to obtain these bonus codes on our site where you only need to spin the wheel of fortune at the bottom of our home page and get bonus codes for your preferred bookie.
Minimum Deposit Amount
To qualify for the deposit bonus bet offer, you have to meet the set minimum deposit amount requirement. In most cases, this amount is usually ₦100 or the equivalent amount in other currencies. However, this amount could vary depending on the sportsbook. Make sure you meet the set minimum limit to qualify for the deposit bonus.
The amount of deposit bonus is set as a percentage of your deposit
Most deposit bonuses are offered as a percentage of your deposit amount. This is what is referred to as the matched bonus. For example, if the bookies offer a 100% match bonus up to ₦1,000, it means that if you deposit ₦500, you will be awarded an additional ₦500 as the deposit bonus. Thus your bankroll will be ₦1,000. If you deposit ₦1,000, you will receive an additional ₦1,000, and you will have a bankroll total of ₦2,000.
Thus, the more the amount you deposit, the higher the bonus amount. However, take keen note of the term ‘up to’. For instance, the 100% match bonus up to ₦1000 means that the bookie can only match deposits up to ₦1,000 and any more funds above that will not be matched. So, if you deposit ₦2,000, only ₦1,000 will be matched.
Pay attention to the rollover conditions
The rollover conditions, also known as the wagering/playthrough requirements, are among the most frustrating conditions when not followed. This mostly occurs when players fail to read the terms and end up realizing when they are way too deep. So what does bonus rollover conditions mean? These are the number of times you are required to wager the bonus amount before you can qualify to withdraw.
For example, if the wagering terms state that you have to wager the bonus amount 10x before making a withdrawal. You have to make a total stake of ₦500 for a bonus worth ₦50. This is quite a significant amount to wager for a ₦50 bonus amount.
This is the reason why we earlier stated that you should opt for bonuses with lower wagering requirements. With the same example of a ₦50 bonus amount, with a 3x wagering requirement, you would only need a total stake of ₦150 which is significantly less compared to the ₦500 with a 10x turnover.
Minimum odds of bets that contributed to the rollover conditions
Meeting the wagering requirement is not the only thing that you should pay attention to since you can only achieve this by placing eligible bets. Bookies will often set minimum odds required to protect themselves from players who wager on selections with odds in the range of 1.01-1.10. These selections are almost 100% sure bets, and you will be betting at almost zero risks. In most cases, the minimum odds are set within the 1.40-2.50 range.
Specific bet types that contribute towards the rollover conditions
Some bookies will go an extra mile to toughen the rollover conditions by restricting the types of bets placed. Some of the frequently restricted bets include forecast, tricast, system bets, and over/under bets. Bookies that have such restrictions require players to place multiple bets instead of single bets.
Other conditions that would render your bet ineligible for bonus rollover
Apart from the cases mentioned above, there are other situations when your bet does not count towards the bonus rollover. These include;
- If you cash out a bet - You have to wait until your wager wins or loses before it can count towards the playthrough requirement.
- If you place a bet using a free bet - Wagers placed using free bets, do not contribute to your rollover.
- If your bet is void - Your bet is considered void if a game you had placed a bet gets cancelled or suspended.
How to Maximize Profit Using the Bonus Rollover Strategy
Although these rollover conditions can be such a pain, you can still make the most of them and still end up profitable. In this section will highlight some techniques to help you secure profits from the signup offers.
The main bonus rollover strategies that we will discuss in this section include the Standard Lay Method and the Underlay Method. However, before we explore these strategies, it is important to highlight what odds to choose
If a bookie has no restricted minimum odds, you have the option to choose between the low and high odds. For qualifying bets, we would recommend placing at low odds to minimize losses. For free bets, placing at higher odds will boost your profits.
More so, the best thing about placing low odds is you will have lower losses from backing and laying. This means you will remain with more of the bonus after placing your wager. However, since the odds are low, you are more likely to win, and in case of a winning streak, you are more likely to complete all the bonus amount before attaining the entire rollover.
If you opt for the high odds, you will be more likely to win at the exchange, which means you won’t have to complete the full wagering. The downside of high odds, however, is the fact more funds are required to lay bets, and if your bet wins, you will have more funds tied up at the bookmaker.
Now, let expound on our two main bonus rollover strategies.
Strategy #1: The Standard Lay
The Standard Lay method involves backing and laying bets which the help of ‘Stake Not Returned’ on a matched betting calculator. This is the same method used for qualifying bets. Here is an example of a matched betting calculator:
With this calculator, you can opt to use the “qualifying bet”, the “free bet-stake returned” or the “ risk-free bet”. It also highlights the lay stake required and the profit.
Example
Let’s assume that the bonus offer terms are as follows;
Offer: Deposit ₦100 and get ₦50 bonus
Terms: Deposit + bonus must be wagered X6 with minimum odds of 1.8
This means that we need to deposit ₦100 to receive a ₦50 bonus. We will then need to wager the deposit and the bonus (100+50) six times before we can withdraw the bonus. Thus, we will need to wager ₦900 (150×6) total amounts of bets.
Using the calculator, we selected the ‘qualifying bet’ and placed a ₦50 backing bet where the results indicate that we will have a ₦1 loss whatever the outcome is (if the back bet wins or if the lay bet wins).
We will then need to repeat this process until we place bets worth ₦900 or when our bookie balance gets to zero; in this case, our profits will be transferred to our betting exchange account.
Ideally, with ₦900 worth of bets using the odds used in our calculator, we will have to wager 8 x ₦50 bets which would lead to a loss of ₦8 (8 x ₦-1). Since the bonus amount was ₦50, we will have an overall profit if we manage to complete the wagering of ₦42.
Strategy #2: Underlay Method
Most matched betting calculators have the underlay option and is as easy to use as the standard lays. The main advantage of using this method is the fact that if your bet wins with the bookmaker, you will be in a position to retain your full bonus and still not incur any loss. However, your loss will be greater if your bet wins with the exchange, but you will have fewer funds tied up in the bookie’ account.
If worse comes worst and you end up losing all your bookmaker funds, you will be done with the bonus, your funds, and the profit in your exchange account. This then means that you are not obliged to complete the rollover requirements.
From the above image, using the same odds and values, we have selected the underlay option. In this case, our bet wins with the sportsbook, and we incur no loss. However, should our bet win with the exchange, we will make a ₦1.98 loss. Compared to the loss we would incur when using the Standard Lay method, this loss is greater.
However, the best thing about this method is the fact that despite the higher loss, you will have more money in your betting exchange account instead of your funds being tied up with the bookie.
How to Choose the Best Deposit Bonus Betting Sites
Now that we know the crucial terms and conditions of deposit bonuses and how to identify the best deposit bonus offers; you will not make the most out of your bonus if you end up with unscrupulous betting sites.
Here are some factors you should consider when choosing the best deposit bonus betting sites:
Clear Terms and Conditions
Legal and legit bookies with have a clear outline of the terms and conditions that need to be met before withdrawing the bonus amount. An unscrupulous site will try and make it hard to understand the requirement, which then makes it hard to benefit from the offers.
Wide Range of Bonuses
The best deposit bonus sites have an extensive range of welcome bonuses. For example, a bookie that offers matched bonuses up to your third deposit is a great option since this gives you ample time to explore the site as well as have an increased bankroll to help boost your confidence when wagering with real money.
24/7 Customer Support
This is one of the factors that we cannot emphasize enough since the last thing you want is dealing with an unresponsive customer support team when your money is at stake. A 24/7 support team via live chat and email will assure you of safety and that the bookie takes your concerns seriously.
Licensing and Regulation
Before creating an account in any online bookies, make sure that the platform is licensed and regulated by the necessary Gambling Authorities. With proper licensing, you can be sure that your personal and financial information is safe and that you will receive all your winnings.
Payout Duration
There are scam sportsbooks that will stretch your payment to weeks up to months, and this disappointment causes players to give up on their winnings. A reliable bookie will have your withdrawals proceed within hours up to 5 working days.
Check our extensive guide to payment options in Nigeria here.
Mobile Betting
Mobile betting is a great option for many players, and the fact that you can still access the bonuses even when you sign up using your mobile phone makes betting easier. If you prefer mobile betting, check if the bookie has a mobile app or if their site is compatible with mobile devices.
Read our article about best mobile betting apps here.
Pros and Cons of Deposit Bonuses
Pros
- Additional bankroll to wager with
- Play for free and earn real money
- Increased winning leverage
Cons
- Stringent wagering requirements which are almost impossible to achieve
- Cashout limitations
Deposit Bonus FAQs
How do I claim a deposit bonus?
To activate your deposit bonus, you need to create an account with a new bookie, and after funding the account, your bonus will be matched based on the terms and conditions set for the offer.
Are deposit bonuses profitable?
Yes, you can maximize your bonuses using the two main strategies; standard lay and underlay method when looking to utilize the bonus rollovers.
How much should I deposit to qualify for the deposit bonus?
The minimum amount required to qualify for the offer varies from one bookie to the other, but in most cases, the amount is set at ₦100 or the equivalent amount in other currencies.
Where can I get deposit bonuses?
Most online sportsbooks offer these bonuses to new players, and you just need to create an account with the bookies mentioned above and make sure you read the terms and conditions to ensure you qualify for the offer.
What if I don’t want a deposit bonus, can I opt-out?
Yes, you are not obliged to claim the bonus, and you can always pass the offer if you are not interested.
Conclusion
Online deposit bonus betting sites offer a wide range of bonuses for both new and existing players. Welcome offers mostly target new players, and deposit bonuses are among the best betting sign up offers. As long as you meet the set terms and conditions, you can easily maximize these offers to earn profits. In this article, we have highlighted our top deposit bonus betting sites in Nigeria, Kenya, and South Africa. At SoccerBetting365 we have also provided a betting guide on how to claim these offers as well as the best bonus rollover strategies to help maximize your profits.
Click here to read our extensive guide to sports betting in Nigeria.
We have similar guides for Kenya and South Africa.
What's in this article
- Best Deposit Bonuses in Nigeria
- How to Redeem and Cash Out Bonus
- How to Cash Out Bonus on Bet9ja
- How to Cash out Bonus on 1XBet
- How to Cash Out Bonus on Betway
- What Makes a Good Sign Up Offer
- Low Turnover Requirements
- Bonus Amount
- Expiration Period
- Bonuses Valid For Specific Payment Options
- Minimum Odds
- What You Should Know about Deposit Bonuses
- You can only claim sign up offers once
- Deadline of claiming the bonus
- Deposit Bonus Country Restrictions
- Eligible Deposit Bonuses
- Bonus Codes
- Minimum Deposit Amount
- The amount of deposit bonus is set as a percentage of your deposit
- Pay attention to the rollover conditions
- Minimum odds of bets that contributed to the rollover conditions
- Specific bet types that contribute towards the rollover conditions
- Other conditions that would render your bet ineligible for bonus rollover
- How to Maximize Profit Using the Bonus Rollover Strategy
- Strategy #1: The Standard Lay
- Strategy #2: Underlay Method
- How to Choose the Best Deposit Bonus Betting Sites
- Clear Terms and Conditions
- Wide Range of Bonuses
- 24/7 Customer Support
- Licensing and Regulation
- Payout Duration
- Mobile Betting
- Pros and Cons of Deposit Bonuses
- Deposit Bonus FAQs
- Conclusion
