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All of the largest US sports betting operators have made their way to North Carolina in the last two weeks. And they all offer better deals in North Carolina than in other states.
These apps promise thousands of dollars, but do you actually get thousands in cash? Not exactly. There are four main types of welcome offers at US sportsbooks, and they all work slightly differently. We explain the main types and tell you how much money you can win on average with them.
Advertised Value vs Real Cash Value of NC Betting Apps
| Sports betting | Offer | Maximum Advertised Value | Actual Appraised Value* |
| 1. Fanatics Sportsbook | $1,000 bet | $1,000 | $545 |
| 2. Outsiders NC | $1,000 first bet mulligan | $1,000 | $400 |
| 3. bet365 NC | $200 bonus bets or $1,000 insurance for the first bet | $1,000 | $400 |
| 4. ESPN BET NC | Bet anything and get $225 + $500 max deposit (now 10% cashback rate) | $725 | $408* |
| 5. DraftKings NC | Bet $5, get $250 | $250 | $150 |
| 6. FanDuel NC | Bet $5, get $250 | $250 | $150 |
| 7. Caesars NC | Bet $10, get $250 | $250 | $150 |
| 8. BetMGM NC | Bet $5, get $150 | $150 | $90 |
*Estimate of the actual maximum cash value of these offers
Sports betting providers often promise big bonuses through first bet insurance offers or deposit bets, but what are they actually worth? We'll do our best to break it down below.
Bonus bets: If you optimize your bonus bets by betting on plus-money underdogs in the +300 to +500 range, you will convert around 60-70% of your bonus bets into cash in the long run. So $200 worth of bonus bets can be worth around $130. However, most people won't make the most of bonus bets, so sportsbooks only pay out around 30% of all bonus bets. So $200 worth of bonus bets will cost you around $60.
Insurance: The value of this initial bet is difficult to determine – if you make a first bet of $1,000 at +250 and it wins, you have won $2,500. If your first bet loses, your subsequent bonus bets will also lose, potentially leaving you with $0.
There is a hedging method that will protect around $400 on an initial bet of $1,000. It's a big investment as it requires you to bet more than $4,000 on the other side of your first $1,000 bet, which is why most people won't do this. But I think it's fair to call the cash value about 40% of the sum insured.
Deposit Match: Most deposit games include a rollover or play-through requirement. This means you can't just deposit, get a match and then withdraw straight away.
Some games have larger rollovers than others. We estimate the value at the maximum value offered minus the money you would lose if you reached 50% of your bets and met the rollover requirement, assuming these bets are all -110.
Take part in the ESPN BET deposit match. Say you max out by depositing $250 and receive $500 in eligible cashback. There is a 10x rollover, meaning you need to wager a total of $5,000 ($500 x 10) in the first 30 days to get the full game.
If you made 50, $100 bets each at -110 and reached 25-25, you would lose, on average, about $227 in cash on those bets, but you would make the $500. So by this estimate, the deposit match is actually only worth about $273. At least with ESPN BET you get real money and no bonus bets.
Competition: Similar to the deposit match, think about what it would cost you to reach the maximum match and assume your bets will hit at a 50% hit rate.
If you make 10 bets of $100 each on Fanatics and win 5-5, you will lose about $55 in cash. But you get $1,000 worth of bonus bets. There's no guarantee you'll get 5-5, but that's what we use as an estimate.
Assuming you turn your $1,000 in bonus bets into 60% cash, you'll earn $600 minus the $55 lost for $545 cash.
1. Fanatics Sportsbook Promo: $1,000 Wager Match
At Fanatics you get one $100 wager for 10 days, total $1,000 in potential FanCash: During your first 10 days on the platform, your first bet of the day will be doubled in FanCash, up to $100. So if you place a bet of $100 as your first bet on Day 1 you will receive $100, if you place a bet of $25 you will receive $25.
Of course, the bet is more valuable if you bet a maximum of $100 every day and stick to it every 10 days. As we detailed above, we estimate this offer to be around $545 cash if you max it out.
Even if you go 5-5 on those $100 bets, you'll lose about $55 in cash, but you'll have $1,000 in bonus bets. And if you convert those bonus bets into cash at a rate of 60%, you'll end up with just over $550 in cash.
2. Underdog Promo: $1,000 mulligan on your first bet
As we detailed above, a $1,000 insurance bet that you hedge against another book is worth about $400 in cash. We don't necessarily recommend this, but I think it's a fair way to measure value.
3. bet365: $200 or $1,000 initial use insurance
bet365 offers a choice of two sign-up bonuses in all states, including North Carolina. Use bet365 bonus code NYPNEWS and either choose a safety net on the first $1,000 bet or grab the $5 bet and get a $200 offer.
- The $1,000 First Bet Safety Net will refund you bonus bets equal to your loss if your first bet loses.
- The bet will give you $200 after a $5 bet (just make sure your first bet has odds of -500 or higher, meaning -400 is fine, but -600 is not).
As we explained above, with a wide selection, the first bet of $1,000 can be worth around $400 in cash if you max it out. So if you plan on maxing out, get the insurance, but if you just want a few bonus bets, take the $200.
4. ESPN BET Promo Code: Get $225 and $500 Deposit Bonus
ESPN BET's offering comes in two parts, and the true value has increased
- Use ESPN BET promo code NPNEWSNC to get $225 in bonus bets after every cash bet.
- No matter what, you'll also receive up to $500 in qualifying cashback on your first deposit. Whatever you deposit, you get 200% more, up to $500.
The cashback unlocks slowly, 10% at a time, and you only have 30 days to unlock everything. We estimate the deposit match is worth closer to $222 as you start to lose juice betting against the wagering requirements. This is significantly higher with the cashback rate now at 10%; last week it was 5%.
5. FanDuel Promotion: Bet $5 and get $250
FanDuel's offer is simple: just deposit $10, bet $5 and get $250 worth of bonus bets.
No promo code is required to claim this offer.
6. DraftKings: Bet $5 and get $250
For new users, DraftKings offers the same offer as FanDuel: bet $5 and get $250 worth of bonus bets.
7. Caesars Sportsbook Promo Code: Bet $10, Get $250
With promo code NYPNEWSNCAfter just a $10 bet, you will receive five bonus bets of $50 each. Make sure your first bet is $10 or more or you will lose the offer.
8. BetMGM Promo Code: $150 Bonus Bets
BetMGM bonus code NYPNEWS Get $150 worth of bonus bets after wagering $5.
These bonus bets are refunded in six increments of $25 each and you have seven days to use the bonus bets.
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