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At promocodejunkie.com we strive to give you the best betting bonuses, as well as the best and favorite online casino bonuses out there. We have rated the bookmakers and casinos we work with in order to give you the full overview of what they have to offer.

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Top 5 Online Casino Bonuses & Betting Bonus Offers

Here are (in our opinion) some of the best betting bonuses and online casino bonuses, which are based on the first deposit as a new customer. The offers listed have reasonable requirements and the terms and conditions appear prominently. The operators in this list are established and trusted brands in the UK. They have a reputation for transparency and fairness in other parts of Europe. The offers differ in terms of maximum and minimum amounts and the conditions that must be met before any funds from the free bets/bonus can be taken from an account.

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Best Betting Bonuses, Bookmakers, Bonus Codes and Bonus Offers

Bookmaking is one of the oldest professions in the world and has evolved over many years. In the modern era bookmaking is highly controlled and regulation provides protection for punters. The basic concept has not changed, which is offering odds on an event to take odds and payouts or returns are determined by a relationship between the stake and the odds.

Here’s an example of a bet:

So, a winning bet of 3/1 with a stake of £10 returns £40, which is made up of the stake and the profit. In this case the backer wins £30 and the layer loses £30. If the bet had lost the backer loses £10 and the layer wins £10. Every transaction is based on the relationship between the stake and the odds.

Bookmakers make money by paying out less in returns than they take in stakes. A book is created with a theoretical profit margin which means in theory the bookmakers have an edge.

The cost of betting is the margin bookmakers apply to a set of odds. These odds change due to basic laws of supply and demand. This basic economic model is more relevant with exchange betting which brings together backers and layers at a price that suits both parties.

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Historically there was one form of bookmaking whereby customers bet on an event to take place and that was the only option. In the last 25 years innovations have created two other types of betting. The three ways of betting are described below:

Traditional Bookmaker

A bookmaker or turf accountant takes bets, generally on sporting events but also in other areas such as politics and entertainment at agreed odds. The art of bookmaking involves setting and adjusting odds to guarantee a profit. Bookmakers generally don’t look to make money from placing bets but by making a book or market to profit regardless of the outcome of the event.

The aim is to balance financial transactions whichever outcome takes place. This is the theory of bookmaking but in practice the outcome of an event will determine if or how much profit accrues to the bookmakers at the odds agreed with the client.

Bookmaking in licensed premises has been legal in the United Kingdom since 1961 and before then bets were legally placed usually by telephone using a debit account. Bookmaking is generally illegal in the United States though some states are now an exception and in some countries the only legal bookmakers are owned and operated by the state. The UK has the most mature industry but betting in other countries, especially in Europe, has become regulated in line with the growth of online gaming. Organised bookmaking first took place in the UK in the late 1790s and internet gambling first appeared in 1994.

Spread Bookmaker

Spread betting has grown significantly in the UK over the last 25 years. The leading spread betting operator was founded in 1992 to offer sports bettors a new way of having a financial interest in sports events and other types of market. Due to the potential level of risk spread betting in the UK is regulated by the Financial Conduct Authority and not the Gambling Commission.

Spread betting involves a point spread which is akin to a handicap. Spread bettors bet on either side of the binary market and the more they are right the more they will win and conversely the more they are wrong the more they will lose. The point spread is designed to create an equal number of wagers on either side of the market which means the operator will profit regardless of the outcome of the event.

Exchange Bookmaker

Exchange betting first appeared at the start of the century and the founder of the concept now accounts for over 90% of the market. An exchange brings together customers who want to bet on something to happen and others who want to bet on something not happening. The betting exchange brings together backers and layers and matches bets at a mutually agreeable price. Customers can play the role of the bookmaker by accepting bets. The operator does not make money through the outcome of an event but by charging commission on transactions.

Exchanges lend themselves to in-play betting and their growth led to a massive increase in live betting with traditional bookmakers. Customers who place a back bet can then place a lay bet when the odds move in their favour to guarantee a profit regardless of the outcome. Conversely bettors who placed a lay bet can then place a back bet if events and the related odds move in the way the bet projected. The same process can be used to minimise losses if the odds move against the bettor. Betting exchanges are now an integral part of matched betting described below.

Exchange betting works on the principle of matched betting. It is also known as peer-to-peer betting as the operator does not get involved in the transaction. The role of the exchange bookmaker is to provide the infrastructure that brings together backers and layers. Bets can be fully matched, partially matched or not matched at all. Odds are determined by the balance between backers and layers and market forces determine the price on offer. For any outcome the lay price is bigger than the back price.

Betfair is actually an operator, which offers a betting exchange platform. You can read more about Betfair and Betfair Exchange in this review.

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Bonus Codes And Offers

Bookmakers promote bonus offers, mainly for new customers. The UK betting industry is highly competitive and dominated by the traditional brands and new operators. Acquiring new accounts is key to an online bookmaker’s success and bonus offers are a key part of this strategy. Every online bookmaker has a welcome offer which is generally a deposit matched bonus or some kind of sign up deal. At PromoCodeJunkie.com you can find some of the best betting bonuses.

In most cases a customer must deposit funds to take advantage of a bonus code and bonus offer. Bookmakers do offer non-deposit bonuses and these are usually aimed at existing customers and a reward for loyalty. The cost of a bonus for existing customers is less than for new customers as an affiliate is not required in the process. The referral has already taken place and no welcome offer bonus codes are involved.

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Bookmakers enter partnerships with affiliates who promote their brands in return for commission based on net revenue or payment per new customer. Bonus codes are used to identify the affiliate to be credited when a bookmaker acquires a customer who makes a deposit and places bets. When opening an account new customers have the option of entering a bonus code which tracks the referrer and commission. The offer codes are used to claim the deposit bonuses for each product. If you would like to know more about bonus codes, we can surely recommend to read more about the bet365 bonus code, that brings great advantages to new players.

Matched Betting

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Matched betting has come in hand in hand with deposit matched bonus offers. It is a process where bettors use the free bet to back one outcome of a sporting event and then place an opposite lay bet with a betting exchange. The back bet is mostly free so this is a situation in which matched bettors win whatever the outcome of the sporting event. The activity has become more organised in recent years and there are now sites that have matched betting software, calculators, tutorials and forums. Identifying the bonuses can be automated with bots, which search the net to locate the offers. Subscription sites promise guaranteed risk-free profits from matched betting.

Matched betting subscription sites have attracted gamblers who embark on sports betting as a hobby and extend that interest into matched betting.

Betting exchanges facilitate matched betting by allowing customers to lay counter bets having used the free bet to place back bets. Matched betting used to be a casual activity but now it has become a massive part of sports betting. The process is now more organised but bookmakers continue of offer free bets to new customers.

The leading bookmakers are aware of the practice and will close or restrict accounts when there is evidence of widespread abuse of bonus offers. However, some of the money they lose is seen as a cost of acquiring a new customer. They work on the basis of finding a customer to sign up who will then bet and have a net loss. There has been some negative publicity about free bets and bonuses due to lack of clarity and the conditions that must be met to take advantage fully. However, betting bonus offers are still employed to gain new depositing clients.

Conclusion

The authority that looks after fair trading in the UK and the Gambling Commission are looking at the subject of betting bonus offers and their fairness. There is evidence that some operators place unreasonable requirements on free bets so that it is difficult to receive all the benefits. Some operators have been criticized and fined for specifying conditions that cannot be met. In some cases the wagering requirement are not feasible in the amount of time that is allowed. The trend for unfair betting bonus offers provides an opportunity for the leading brands to be seen to be fair.

Offers are now subject to scrutiny and review sites refer to the validity of a betting bonus offer when assessing the quality of an online sportsbook.

Betting bonus offers look likely to be continued but the better ones that appear in the table can be trusted for fairness and transparency. Bonus offers will be a key part of attracting new customers who then make a deposit and place bets. The ones that appear to be feasible will attract new customers so the unrealistic offers will have to improve.