Best Sportsbook Bonuses Right Now
Every major sportsbook offers a welcome bonus to new users. But here's what most people don't realize: you can convert much of that bonus value into cash by hedging it on another book. It is low risk, not no risk: odds move, and books can limit, void or cancel bets.
Below is our curated list of the best sportsbook sign-up offers available in September 2026. Offers change often and differ by state, so check the terms in the app before you bet, ranked by value.
Tier 1: Best Welcome Offers
DraftKings: Bet $5, Get $150 in Bonus Bets
- How it works: Place a $5 first bet, get $150 in bonus bets whether it wins or loses
- Wagering requirement: 1x on bonus bets
- Our take: Easiest bonus to unlock. The $5 bet doesn't need to win.
- Available in: 20+ states
FanDuel: Bet $5 a Day, Get Up to $250 in Bonus Bets
- How it works: Bet $5 on each of 5 days and get $50 in bonus bets each day, up to $250
- Wagering requirement: 1x on bonus bets
- Our take: Most total bonus value for a small outlay. Stack this with DraftKings for a day-one arb.
- Available in: 20+ states
BetMGM: First Bet Up to $1,500
- How it works: If your first bet loses, get it back as bonus bets up to $1,500
- Wagering requirement: 1x on bonus bets
- Our take: Highest ceiling. Hedging the other side reduces the swing if your first bet loses.
- Available in: 20+ states and DC
bet365: Bet $10, Get $200 in Bonus Bets
- How it works: Place a $10 first bet, get $200 in bonus bets whether it wins or loses. Some states also offer a first bet safety net up to $1,000 instead.
- Available in: 17 US states
Tier 2: Strong Offers
theScore Bet (formerly ESPN BET): First Bet Reset Up to $1,000
- How it works: If your first bet loses, the stake comes back as bonus bets, up to $1,000
- Available in: 20 states and DC
Fanatics: Bet $20, Get $350 in FanCash
- How it works: Bet $20 and collect $350 in FanCash over 7 days. FanCash can be turned into bonus bets.
- Available in: 20+ states and DC
Caesars: Up to $250 in Bet Resets
- How it works: Five bet reset tokens. If a bet placed with one loses, the stake comes back as a bonus bet, up to $50 each.
- Available in: 20+ states and DC
BetRivers: 2nd Chance Bet Up to $500
- How it works: If your first bet loses, the stake comes back as a bonus bet. The cap is lower in some states.
- Available in: 15 states
Tier 3: International Books
Pinnacle: No Welcome Bonus (But Best Odds)
- Why it matters: Pinnacle offers the sharpest odds in the industry. No bonus, but the consistently better odds mean higher arb profits over time.
- Arb-friendly: Yes, Pinnacle explicitly allows arbitrage betting
BetOnline: 50% Welcome Bonus Up to $1,000
- How it works: 50% match on first deposit, up to $1,000 bonus
- Wagering requirement: 10x (higher than US books)
- Available in: Varies. Only use books that are licensed where you live.
How to Convert Bonuses Into Cash
The strategy is simple: use welcome offer arbs.
- Sign up at 2-3 sportsbooks with the best bonuses
- Find an arb between them (BetBot posts these in our welcome offer arbs channel)
- Use your bonus bet on one side, real money on the other
- The bonus bet costs you nothing if it loses, because bonus bets do not return the stake
- How much of the bonus you keep depends on the odds. Longer odds on the bonus side usually keep more of the value
Example: Converting a $200 Bonus Bet
- Bonus bet on Lakers +150 at DraftKings ($200 bonus)
- Cash bet on Celtics -140 at FanDuel ($175 real money)
If Lakers win: the $200 bonus pays $300 (bonus bets don't return the stake), minus the $175 cash bet = about $125
If Celtics win: the $175 cash bet pays about $125 profit, and the bonus bet costs nothing
About $125 in cash from a $200 bonus, if both bets are accepted at these odds. If the price moves before you place the hedge, the numbers change, so check both prices first.
Pro Tips
- Read the bonus terms: wagering rules, expiry dates and eligible markets differ from book to book.
- Don't bet the bonus randomly: always pair bonus bets with an arb on another book to maximize conversion.
- Check state availability: not all books operate in all states. See our state guide for details.
- Use BetBot's welcome offer arb channel: we post the best bonus conversion opportunities daily.
Ready to Claim Your Bonuses?
Join BetBot Picks and check our welcome offer arbs channel for daily welcome offer arb opportunities. We'll tell you exactly which books to use and what to bet.