Best sportsbook bonuses, ranked by real value
Sportsbooks advertise huge numbers — but the headline isn't what you get. We rank every major sign‑up offer by what it's actually worth after the fine print: bonus bets aren't cash, and "first bet back" offers only pay if you lose.
Case in point: BetMGM's headline $1,500 offer is really worth about $36.
All offer terms verified September 1, 2026. Sportsbooks change these without notice, and the exact figures vary by state — confirm the current offer with the operator.
| # | Sportsbook | Offer | Type | Real value | Best case |
|---|---|---|---|---|---|
| 1 | bet365 | Bet $10, get $365 in bonus bets | Guaranteed bonus bets | $255 | $255 |
| 2 | Fanatics | Bet $20, get $350 in bonus bets | Guaranteed bonus bets | $244 | $244 |
| 3 | FanDuel | Bet $5, get $350 in bonus bets | Guaranteed bonus bets | $243 | $243 |
| 4 | DraftKings | Bet $5, get $200 in bonus bets | Guaranteed bonus bets | $140 | $140 |
| 5 | Caesars | Double your winnings on your next 10 bets | Profit boost | $125 | $125 |
| 6 | BetRivers | Second-chance bet up to $500 | First-bet safety net | $36 | $182 |
| 7 | BetMGM | First bet up to $1,500 back if it loses | First-bet safety net | $36 | $546 |
How we value an offer
- Bonus bets ≈ 70¢ on the dollar. A winning bonus bet returns the winnings but not the stake, so it's worth less than cash.
- "First bet back" only pays if you lose — and scales with how much you risk, so the big headline number is rarely the real value.
- Profit boosts depend on how much you bet. We value them at a realistic stake.
Frequently asked questions
Why isn't the biggest bonus the best?
Because the headline number isn't what you get. A "first bet up to $1,500 back" only pays if you bet big and lose, and even then it's bonus bets, not cash — so its real value to a normal bettor is a small fraction of the billboard figure. A guaranteed "$10 gets $365 in bonus bets" is worth far more.
What is a bonus bet actually worth?
About 70 cents on the dollar. When a bonus bet wins you keep the winnings but not the stake, so a $100 bonus bet is worth roughly $70 in real terms — never face value.
21+ (check your state). Offers, availability, and terms vary by state and change often — verify current details with the operator before signing up. Informational only, not betting advice. Gambling problem? Call 1‑800‑GAMBLER.