Welcome Bonus Online – How it works
The best part of signing up with a new bookmaker is the welcome bonus. Nearly all Canadian bookmakers you find on the internet will offer you a welcome bonus online as part of your first deposit. This bonus is a great way to boost your bankroll. The bonus money comes with a few strings attached to it, namely wagering requirements, which we will go through on this page and other welcome bonus-related questions. A welcome bonus is often referred to as a “sign-up bonus” or “first deposit bonus”.
Find the most generous welcome bonus online in Canada
A list of the best welcome bonus online offers available to Canadian punters. Remember that different wagering requirements are typically used. It all depends on the terms and rules the bookmaker has for the welcome bonus offer. You can only redeem a welcome bonus once, but there is no limit on how many bookmakers you sign up with and deposit money to. You could claim all these bonuses separately.
Information about welcome bonuses online
Below we will cover the general information that most commonly applies to the typical types of welcome bonuses online offered by Canadian bookmakers.
What is a welcome bonus?
All the bookmakers are fighting for your attention right? Because of this, a welcome bonus online can come in many shapes and forms as bookmakers are trying to stand out from the crowd. There is a couple of key welcome bonus online types you should familiarize yourself with.
Welcoming matching bonus
A matching bonus is triggered when you deposit money into a new bookmaker account for the first time. Not all bookmakers offer this bonus. Most do, though, and you are likely to see it in banners all over the sportsbook. Look out for a text saying something similar to; “We will double your money”, “100% bonus up to $500 etc.
In all cases, the bookmaker will match your deposit amount with a sum of bonus money. In the example of a 100% bonus up to $500. It means that when you deposit up to $500, you will receive another $500 in bonus money, or equal to the lesser amount you deposit. The “up to”, indicates that you can deposit any amount up to $500. If you wish, you can deposit $50 and receive $50 in bonus money. It’s not uncommon with 50%, 150%, 200% or even %300 and %400 matched deposits.
In all cases, there are minimum and maximum deposit amounts with different terms and conditions. Namely, wagering requirements that you have to play through to withdraw the bonus money.
The most common welcome bonus in Canada
The most common welcome bonus you will see online in Canada is the matching bonus. Generally, this is the bonus type that has the most to offer for new customers. A matched welcome bonus online offer is, of course, only available once.
The bonus amount varies a lot between bookmakers. Some may have these blockbuster bonuses; a 200% bonus up to $1000. Other bookmakers may have more humble welcome bonuses; 100% up to $100. The law of big numbers and big money obviously screams at you that the best bonus is 200% up to $1000. But this is not necessarily the case, as we will go through in the next section. All bonuses have unique terms and wagering requirements. Some wagering requirements are less beneficial. Most often, very lucrative looking bonuses have more strings attached to them. In contrast, a smaller bonus may be easier to turn into withdrawable money.
It’s more common to see moderate welcome bonuses online in Canadian bookmakers, such as 100% up to $100-$500. These matching bonuses are usually easier to clear and turn into money you can withdraw.
Remember, don’t be blinded by the largest number and allure of receiving $2000 in bonus money. This amount will prove challenging to clear, and you may have been better off going with a smaller sum or a more moderate bonus offer. As we will go through next, wagering requirements can make it a time-consuming task to turn bonus money into real money.
What you need to do before you can withdraw the bonus money
It depends on from bookmaker to bookmaker. As we outlined above, it all comes down to the specific bookmaker’s wagering requirements you signed up with. For Cbet, as we used as an example, you simply need to:
- Wager the deposit and bonus amount five times
- If you bet accumulators, you need a minimum of three selections
- Each bet or selection you make must have a minimum of 1.30 odds
If you fulfil these criteria and need to clear a full 100% up to $200 on Cbet, you need to place $2,000 in bets while sticking to the terms outlined above.
Welcome Bonus FAQ
Summary
Always accept a welcome bonus online if you are offered one by the bookmaker. It is a great way to boost your bankroll, and you have nothing to lose by redeeming a welcome bonus. An excellent way to grow your bankroll is to play-through different welcome bonuses at different bookmakers if you are starting out with online betting. Remember to always read about the wagering requirements.