The 2024 NFL season is upon us, and with it comes a flurry of promotions and bonuses from sportsbooks eager to attract and retain customers. These offers can be tempting, but they’re not all created equal. To make the most of them, bettors need to be strategic, informed and disciplined. In this article, we’ll explore how to use NFL betting promos and promo codes in 2024, covering the types of promotions you’ll encounter, how to calculate their true value and the best strategies for incorporating them into your NFL betting arsenal.
How to Use NFL Betting Promos in 2024
Sportsbooks use promotions as a marketing tool to bring in new customers and keep existing ones engaged. These offers are designed to create brand loyalty and encourage more betting activity. However, while these promotions are intended to benefit the sportsbook, they can also present profitable opportunities for bettors — if used correctly.
In the context of NFL betting, promotions can give you an extra edge, allowing you to boost your bankroll, reduce risk and even create opportunities for arbitrage. The key is understanding how these promotions work and how to exploit them without falling into common traps.
Step 1, though, is finding the best NFL betting promo codes — and we have you covered there. It’s also important to note that different states have different sportsbooks and sports betting regulations (such as where you can bet college player props). Check out the list of sportsbooks below to see what options are available in your state:
Now let’s find out how to take advantage of NFL betting promos.
Types of NFL Betting Promos and How to Exploit Them
Deposit Bonuses
Deposit bonuses are one of the most common promotions offered by sportsbooks. Typically, the sportsbook will match a percentage of your deposit with bonus funds, up to a certain amount. For example, a 100% match up to $500 means that if you deposit $500, the sportsbook will give you an additional $500 in bonus funds.
There are a few things to be mindful of when a sportsbook offers deposit bonuses, however:
Check Wagering Requirements: Before jumping on a deposit bonus, carefully review the wagering requirements. These requirements dictate how many times you must bet the bonus (and sometimes your deposit) before you can withdraw any winnings. A bonus with a 10x wagering requirement means you’ll need to bet 10 times the bonus amount before withdrawing.
Maximize the Match: To get the most out of a deposit bonus, consider depositing the maximum amount that the bonus matches. However, ensure that this deposit fits within your bankroll management plan.
Use the Bonus Wisely: Apply the bonus funds to +EV (expected value) bets, leveraging tools like Portfolio EV to find profitable opportunities.
No-Sweat Bets or Bet Forgiveness
No-sweat bets (also called bet forgiveness) allow you to place a wager without the usual downside. If your bet loses, the sportsbook refunds your stake, typically in the form of a bonus bet or site credit. Here are some ways to maximize your returns on no-sweat bets:
Target Higher Odds: Use no-sweat bets on wagers with higher odds (e.g., +200 or higher). Since you’re protected against losing, this strategy maximizes the potential payout if the bet wins.
Calculate the True Value: Understand that the refund might come as a bonus bet, which usually means you only receive the winnings from the bonus bet, not the original stake. Factor this into your calculations when deciding how much to bet and on what odds.
Profit Boosts and Odds Boosts
Profit boosts and odds boosts are promotions where a sportsbook offers enhanced odds on any bet or specific bets. For example, a standard -110 line might be boosted to +120, increasing the potential payout.
Seek Out Value: Use Portfolio EV to compare the boosted odds with the market to ensure they offer real value. Sometimes, sportsbooks might boost odds on bets that are unlikely to win, so be selective.
Bet Responsibly: Don’t overbet just because odds are boosted. Stick to your usual stake size, ensuring that you’re still following sound bankroll management principles.
Loyalty Programs and Cashback Offers
Many sportsbooks offer loyalty programs where you earn points for each bet placed, which can be redeemed for bonus bets or other rewards. Cashback offers refund a percentage of your losses over a specific period.
Accumulate Rewards: If you’re consistently betting on the NFL, make sure you’re enrolled in the sportsbook’s loyalty program. Over the course of the season, these points can add up, giving you additional funds with which to bet.
Use Cashback to Your Advantage: Cashback offers can help mitigate losses during a rough stretch. Consider placing more bets during the promotional period to maximize the cashback, but ensure these bets are still +EV.
Calculating the True Value of Promotions
Not all promotions are as lucrative as they seem. To determine whether a promotion is worth pursuing, you need to calculate its true value. For instance, if a sportsbook offers a $100 no-sweat bet, don’t assume the value is simply $100. Instead, consider the following:
Wagering Requirements: How much do you need to bet before you can withdraw any winnings?
Bet Type: Is the promotion restricted to certain types of bets, such as parlays or player props, which might have higher variance?
Refund Method: If the promotion refunds your bet as a free bet, remember that you’ll only receive the winnings, not the original stake.
By understanding these factors, you can better assess whether a promotion adds real value to your NFL betting strategy.
Leveraging Multiple Sportsbooks
One of the best ways to maximize the value of promotions is by signing up for accounts at multiple sportsbooks. With accounts at multiple sportsbooks, you can take advantage of a wider range of deposit bonuses, no-sweat bets and profit boosts.
Having access to multiple sportsbooks also allows you to compare lines and odds, ensuring you’re always getting the best price for your bets. Even small differences in the odds can significantly impact your long-term profitability.
Finally, multiple sportsbooks offering bonus bets gives you the chance to convert those bonuses into guaranteed winnings using OddsShopper’s Bonus Bet Converter. Essentially this tool explains how to make bets on each side of the same wager at different books in a way that ensures you come out on top no matter which side wins. Basically, this tool is a bonus bet version of arbitrage betting.
Avoiding Common Pitfalls
While sportsbook promotions can be profitable, they can also lead to poor betting habits if not used carefully. Here are a few pitfalls to avoid:
Overbetting: Don’t increase your bet size just because you’re using bonus funds or a no-sweat bet. Stick to your usual stake size and betting strategy.
Ignoring the Fine Print: Always read the terms and conditions associated with a promotion. Some bonuses come with restrictive conditions that can make it difficult to turn a profit.
Chasing Promotions: Don’t let the availability of promotions dictate your betting decisions. Use them to enhance your strategy, not as the foundation of it.
Conclusion
Taking advantage of NFL betting promo codes can be a powerful way to boost your NFL betting profits in 2024, but it requires a strategic approach. By understanding the true value of these offers, using tools like Portfolio EV to identify profitable opportunities and avoiding common pitfalls, you can turn these marketing tactics to your advantage. Remember, promotions are just one piece of the puzzle; the real key to long-term success lies in disciplined, positive expected value betting.
