Best betting bonuses in Canada

Utilizing a betting bonus as your deposit is a great way to increase your bankroll. Bookmakers won’t just give you a bonus, though. There are specific requirements you need to meet to cash out your bonus. These are called wagering requirements. We will go through these and cover the most popular types of betting bonuses you can find at Canadian bookmakers on this page.

Find the best betting bonus in Canada

Below is our betting bonus list covering some of the best offers available right now. As you can see, there is a wide range of different bonuses available. Each bookmaker will generally have their set of wagering requirements (WR). It’s good to read through those terms before depositing.

Common betting bonus types found in bookmakers

Welcome Bonus

Welcome bonuses is the biggest and most lucrative type of betting bonus available in bookmakers. The welcome bonus is offered to you when you sign up in a bookmaker for the first time. It’s not a guarantee that every bookmaker will have a welcome bonus available, but you should utilize it when they do. It’s a great way to boost your bankroll.

A welcome bonus could include any of the other bonus types we cover further down the page. In this section, we will cover matching bonuses. Welcome matching bonus is when the bookmaker matches your deposit amount with an equal amount in bonus funds.

For example, a welcome bonus could be a 100% deposit bonus up to $100. This means that when you deposit $100, you will receive an additional $100 in bonus money. Your balance will jump to $200.

It’s important that you can’t withdraw the bonus money straight away. In all cases, there are wagering requirements. It could be that you have to wager your funds five times (5x). If we use the example above, it would mean that you need to place a total of $1,000 in bets (100 + 100 x 5). All bookmakers have different wagering requirements. It’s good to read about these before depositing.

Free Bet

Free bets can be offered regularly as a promotion for existing customers. It’s not uncommon that free bets are part of a welcome bonus package together with a matching bonus, as we described above.

A free bet online is an amount of bonus money you receive to place one bet. $5 to $30 free bets are common in Canada. In most cases, free bets are restricted to specific markets such as Match Odds or Moneyline. In addition, there is usually a minimum odds’ requirement ranging between 1.50 to 1.75 in odds.

It’s not uncommon that Canadian bookmakers allow you to withdraw the win amount from a free bet directly. In some cases, there are wagering requirements tied to the bonus money you win through the free bet. It could be a 2x wagering requirement. So if you had a free bet of $15 and won your bet at 1.8 in odds, the total return was $27. If the wagering requirement is 2x, then you would have to place $54 (27 x 2) in bets to withdraw your bonus money.

Odds Boost

Odds boost is a betting bonus that is frequently offered by bookmakers in Canada. Odds boost online is exactly what it says. For a specific match, the online bookmaker may give up some of its vig to reward players. For example, Toronto Maple Leafs are playing Ottawa Senators. The odds for Toronto to win is 2.10. The bookmaker has a 25% odds boost promotion running on the match, and instead of 2.10, they are giving out 2.38.

The enhanced odds will give you a higher potential profit on your bet. When betting $25 in the Toronto match, you would receive $59.5 instead of $52.5. This is a great betting bonus that you’ll come across quite often in Canadian bookmakers.

Cashback

Bookmakers often offer the betting bonus type cashback. Cashback is, simply put, you are getting part of your money back if you lose. It could be for one bet, or it could be all the losses for one week. The cashback bonus is usually rewarded as free bets or an amount of bonus money. Regularly, wagering requirements typically apply to the cashback bonus. However, generally, Canadian bookmakers are generous and have less strict wagering requirements for cashback bonuses.

Betting bonus wagering requirements explained and how to beat them

Almost all betting bonus types offered in Canadian bookmakers have wagering requirements tied to them. This means that you need to bet a certain amount before the bonus money is turned into cash you can withdraw. The wagering requirement is often abbreviated to WR. It can often be expressed as WR X3. This means that you need to wager your betting bonus three times or your betting bonus plus the original deposit.

Bookmakers anticipate that customers will lose all bonus money and possibly the deposit before completing the wagering requirements. You don’t want to be one of those guys.

One way to beat wagering requirements in Canadian bookmakers is to use a process called matched betting.

How to beat wagering requirements in Canadian bookmakers

Let’s say you found a bookmaker, take Cbet.gg, they have a 100% deposit bonus up to $200. To withdraw the money from the Cbet betting bonus, you need to wager the deposit amount and bonus amount five times. $400 (deposit + bonus) x 5 = $2,000.

In addition to Cbet, you need to deposit in an appropriate betting exchange, Fairlay for example, is available to Canadian players. Deposit $400 to your Fairlay account.

What you want to do next is find any market with over 1.5 odds at Cbet, for example, any team to win above that odds. On Fairlay, you then want to lay (bet not to win) with an appropriate stake.

Regardless of the outcome, the loss and win will cancel each other out. Most likely, you will make a tiny loss here. If you lose on Cbet, then your wagering requirement is completed. If you win at Cbet, you need to repeat the same process until you complete the $2,000 WR or your balance is at 0. The key to success here is to find the narrowest odds between Cbet and the betting exchange to minimize the loss you may suffer from the vig or exchange commission fee.

Summary

Now that you know more about how a betting bonus works, you can take the next step; start betting! If you feel like you’re not quite there yet. Then feel free to read the in-depth reviews of each betting bonus type. Before you leave, always keep in mind that there are wagering requirements attached to most betting bonuses. Read the terms before depositing!