Sports betting bonuses are a byproduct of the competitive mobile sportsbook industry now operating in Indiana. Sensible legislation and the hard work of the people at the Indiana Gaming Commission have established an industry ripe for innovation and competition.
“Competition” is the key word there because when business compete for customers, it is the customers who win. This holds true in online betting as well, and Indiana sportsbooks have brought out the big guns as they fight for your attention.
Deposit bonuses, free bet offers and other promotions of all different stripes have become the order of the day in Indiana lately.
Best Indiana Betting Bonuses
Online betting bonuses offer customers the rare chance to get ahead of the sportsbook and essentially play with house money. Every offer comes with its caveats, of course, but the overall quality of Indiana betting bonuses right now is surprisingly high. There are many good deals to be had and very few bad deals worth skipping.
We’ll be digging into the ins and outs of betting bonuses over the course of this guide, but know that any offers you see recommended on this page are generally good deals from a value perspective. We vet every offer and will never recommend a bonus that is subpar or predatory. Bait and switch promos have no place at IndianaBetting.com.
That being said, not every offer is necessarily right for every player. One of the key skills we hope to impart with this guide is the ability to vet promotions by understanding how they work and what to watch out for on any terms-and-conditions pages. More on that shortly.
Current Indiana Bonus Codes
|Sportsbook||Bonus Offer||Promo Code||Wagering Requirements|
|BetRivers Indiana||100% up to $250||250MATCH||1x|
|DraftKings Indiana||20% up to $500||WIN||25x|
|FanDuel Indiana||$500 Risk Free Bet||BESTPROMOCODE||1x|
When you sign up for an account or go to make a deposit at some sportsbooks, you will be asked for a promo code, bonus code or something to that effect. What you’re being asked for is a certain phrase or word in order to claim the bonus of your choice.
For example, DraftKings Indiana asks for a promo code on the initial signup page:
Betting bonus codes are almost like a secret passphrase used to unlock a reward. This is part marketing strategy to instill the sense you’re getting something exclusive and part analytics tool so sportsbook operators can gauge the effectiveness of their various marketing campaigns.
It often makes no difference whether or not you enter a bonus code at all. In many cases, you’ll get the same bonus no matter what you type into the promo code field. However, there are occasions in which knowing the right promo code will get you a larger bonus that actually is exclusive.
Keep an eye on any promo codes listed here at IndianaBetting.com. We keep all bonus offer details, promo codes and important information up to date at all times.
Wagering Requirements Explained
Before we dive into explaining the various types of deposit bonuses and promotions offered by Indiana sportsbooks, it is important to explain how wagering requirements work what to look for in other terms and conditions.
Very rare is the bonus that is offered without wagering requirements and various other terms. Understanding how these things work will go a long way in helping you quickly judge the value of any offer you come across.
If you read the fine print of just about any deposit bonus, you are likely to see a reference to wagering requirements, rollover or playthrough. All three terms refer to the same thing, which is a stipulation that you must place a certain dollar value worth of wagers prior to withdrawing the bonus money or any winnings won by wagering the bonus money.
The lower the wagering requirements, the better the bonus. The higher the wagering requirements, the less valuable the bonus.
Why It Is Important to Note Wagering Requirements
To use a simple example, consider a 100% up to $250 deposit bonus.
If the rollover on this example bonus is 1x (which does happen from time to time), you would be required to place $250 worth of wagers before you can withdraw the bonus money or any winnings associated with the bonus money.
Compare that to an example bonus of 100% up to $500.
This one, however, comes with a 25x rollover (which is not uncommon). If you claimed the full bonus amount in this example, you would have to place $12,500 worth of wagers to clear it for withdrawal.
Determining which bonus is better comes down to understanding your own skill level and betting style.
Are you a winning sports bettor (be honest)?
If so, the $500 bonus from our example above will serve you just fine. All you need to do is place at least $12,500 worth of wagers with your winning edge and you have a good chance of coming out ahead at the end of it all.
Are you a high-volume bettor?
If so, the $500 bonus is still the better choice. If you know you will eventually place $12,500 worth of wagers (win or lose), this offer gives you an extra $500 to help pad the bankroll. You’ll either have an extra $500 worth of winnings or soften the blow by $500 for doing something you were already planning to do anyways (bet a lot on sports).
Are you a new or casual bettor?
On the other hand, new and casual sports bettors will be better served by the $250 bonus with a simple 1x rollover. You only need to place $250 worth of wagers in this instance, and that means you will be exposed to less commission over the course of clearing the bonus.
The story is much the same for casual bettors who only place the occasional wager. You have a much better chance of clearing the entire bonus before it expires if all you have to do is place $250 or more worth of wagers. Plus, you can pick and choose your wagers more carefully since you don’t have to churn through so much money just to clear the bonus.
Or, you can just claim both bonuses.
The discussion up to this point assumes you have to pick between one bonus or another. In reality, you can claim multiple bonuses and clear them one by one. Experienced and casual bettors alike are likely best served by starting with the low rollover bonus, clearing it quickly and then moving on to bigger bonuses with higher wagering requirements.
Other Important Terms and Conditions to Watch For
Wagering requirements are not the only thing to note when it comes to choosing a betting bonus. They are definitely important, but other terms and conditions you are likely to see sooner or later include:
Withdrawable vs. Non-withdrawable
Some bonuses may be withdrawn; others may only be used to place sports wagers. Look for phrases such as “site credit” that indicate the bonus itself cannot be withdrawn.
It is usually better if you’re able to withdraw the bonus itself in addition to any winnings, but you should also take into account wagering requirements and other terms to get a true sense of the true value of any individual bonus.
Betting bonuses often come with a term that states something to the effect of “only wagers placed at odds of -200 or greater count towards meeting the rollover.”
This means wagers placed at odds of -200, -110, +200 and so on count towards the rollover while wagers placed at odds of -250, -300, -400 and so on do not.
This restriction is enforced by some sportsbooks to prevent customers from claiming a large bonus and then clearing it with low-risk, low-pay wagers. A customer could even conceivably place a single large wager at low odds and have a very good chance of clearing the entire bonus all in one shot without a whole lot of risk.
Read the fine print of many betting bonuses and you’ll find you have a finite amount of time between signing up for an account and making your first deposit in order to be eligible for that sportsbook’s new customer offer.
Most betting bonuses only give you so much time to meet the wagering requirements before the bonus expires.
If the bonus is released in increments, you will still get to keep any portion of the bonus you managed to clear before the deadline. If the bonus is released in one big chunk, you get nothing if the deadline passes before you meet the wagering requirements. This is obviously an important thing to look for in any offer’s terms and conditions.
In the fractured US sports betting market in which every sportsbook is forced to operate quasi-independent websites for each state, it is easy to get mixed up as a customer and end up at, say BetRivers Pennsylvania as opposed to BetRivers Indiana.
You will also occasionally come across promotions advertised on third-party websites that are only meant for customers in a certain state. Make sure any offer you see is intended for customers in your state.
Vague Terms and Conditions
Unfortunately, most betting bonuses include at least one vague term that can be invoked to rescind the offer. These types of terms are usually couched in language detailing “bonus abuse” or “violating the spirit of the promotion,” whatever that means.
How these terms are enforced and what they mean is left to the discretion of each operator. The general sense is that mobile sportsbooks do not want customers to find ways to claim bonuses with low risk and then leave with no intention of sticking around, but the lack of clarity also opens customers to abuse.
The good news is all licensed betting sites are regulated by the Indiana Gaming Commission. Unlike the case with illegal offshore sportsbooks, customers have recourse and may submit a complaint if they feel they have been wronged by an IN sportsbook. This type of term is not good to see, but licensed operators know they cannot push too far at the risk of provoking unwanted attention from the Gaming Commission.
Types of Betting Bonuses in Indiana
As important as it is to understand how the terms and conditions of any offer affect its value, it is equally important to understand how the different types of betting bonuses work. Choosing the best bonus for your needs naturally requires a firm understanding of how they all work.
The mobile sportsbooks that are now live in Indiana have come up with all manner of welcome bonuses and ongoing promos for existing players. The remainder of this page will explain the ins and outs of the various types of bonuses you are likely to encounter in Indiana and conclude with a guide to evaluating the value of any deposit bonus.
First Match Deposit Bonuses
The first match deposit bonus is the most common type of promotion offered to entice potential customers to sign up for an account and make a deposit. In return, the sportsbook will match your first deposit in terms of a percentage.
For example, a 100% deposit bonus means your first deposit will be doubled with bonus money. Deposit $100, get $100 in bonus funds. Deposit $200, get $200 extra.
Likewise, a 20% match bonus will give you $20 extra on a $100 deposit or $100 extra on a $500 deposit.
The general rule of thumb is that the bigger the match rate, the smaller the maximum bonus. While the typical 100% bonus might max out at $250, the typical 20% bonus might max out at $500. This not a hard and fast rule, but it would be wise to do some digging if you find a sports betting bonus that offers a high match rate and a high maximum bonus amount.
Risk Free Bet Offers
Risk free bets are also quite common in the regulated online betting market. The basic idea with a risk free bet is you sign up, make a deposit and place a wager with your own money to qualify.
If your first bet wins, you are paid as normal and nothing special happens. If your first bet is a loser, the sportsbook will refund your first wager with an equal amount (up to some specified value). The refund is usually issued as site credit, which means it cannot be withdrawn.
The phrase “risk free” is a bit of a misnomer here because you still have to make a wager with your own money and any refund is most likely not withdrawable.
Interestingly, Indiana Gaming Commission regulations (pg. 26) include a responsible advertising provision that covers this point:
“All bonus offers must… not be described as free unless they are absolutely free. If the customer has to risk or lose their money or has conditions attached to their own money, then the offer or bonus must disclose those terms; not be described as risk free if the customer needs to incur any loss or risk their money to use or withdraw winnings from the free bet; and not restrict the customer from withdrawing their own funds or withdrawing winnings from bets placed using their own funds.”
In any case, whatever they call them now or in the future, risk free bets are a handy promotion that provide an extra chance to place a winning wager if your first bet doesn’t pan out.
Some of the key terms to be aware of when claiming risk free bets include:
- Limited time to place the wager: There may be a limit to how long you have to use your risk free bet after it is credited to your account. If your first bet loses, be sure to check how long you have to use your refund.
- Not withdrawable: Most risk-free bets are issues as site credit only. This means you cannot exchange the free bet for cash or withdraw it. You may only withdraw anything you win by wagering the bonus funds.
- Not included in any returns: Most free bets are not included in any returns on winnings. If you place a $100 risk free bet on a wager with odds of +250, for example, your payout would be $250 rather than the standard $350.
- Wagering requirements: Some risk free bets also come with wagering requirements just like standard deposit bonuses. In most cases, the rollover on free bets is minimal – in the range of 1x the value of the free bet.
No-deposit offers give you bonus funds to place a wager with no deposit necessary. These are sometimes referred to as “free bets” but are not to be confused with “risk-free bets” because you do not need to make a deposit at all but can still give the sportsbook a test run without making a deposit.
The catch is most no-deposit bonuses is they too come with wagering requirements. If you claim a $20 no-deposit offer, for example, and use it on a wager and win $40, you will likely be on the hook for placing at least $20 worth of wagers before withdrawing your winnings.
Still, no-deposit bonuses are a nice perk because they are not particularly difficult to clear in most cases and can potentially be used to win real money without ever making a deposit.
Key terms and conditions to look for include:
- Limited time offer: You usually only have a limited number of days to claim and use your no-deposit bonus after registering for an account.
- Not withdrawable: We have yet to find a no-deposit offer in which customers may withdraw the bonus money itself. Only the winnings may be withdrawn.
- Bonus not included in return: Any bonus money you receive in return for signing up for an account will most likely not be included in any winnings acquired by wagering the bonus.
- Wagering requirements: Always check to see if there are any wagering requirements associated with a no-deposit bonus. The odds are you will need to wager X amount of dollars prior to withdrawing any winnings.
Odds boost promos take a popular wager (or wagers) and boost the odds on those markets temporarily. For example, if the Indianapolis Colts are priced at +2500 to win the Super Bowl this year, an odds boost promo might bump them up to +5000 temporarily.
One of the nice things about odds boosts is they are usually not laden with terms and conditions. The most common caveat you’ll find is there may be a maximum amount you can wager at those enhanced odds.
Some odds boosts are relatively modest in nature, such as boosting a wager from +345 to +360 for a day. Others go way overboard and temporarily boost a team’s championship odds from something like +600 to +6,000. The latter is usually restricted to a small maximum bet size, often in the range of $5 to $10.
If you find an exceptionally large odds boost promo with winnings paid in cash, it is often a good idea to pound that wager with as much money as the sportsbook will take. Even if that outcome is an underdog, there is a good chance the odds boost has temporarily made that wager +EV depending on how much the sportsbook has enhanced the odds.
Key terms and conditions to watch out for:
- Maximum bet size: The biggest and best odds boosts will always have some kind of maximum bet size. It may be as small as $5 depending on how much the odds have been boosted.
- Limited time offer: Odds boosts rarely stick around for long. Get them while they’re hot.
- Winnings paid as bonus money: Large enhanced odds promotions often only pay your winnings in the form of bonus money that is subject to a modest rollover requirement.
Reduced Juice Promos
Reduced juice offers may not look as exciting as big deposit bonuses to the casual observer, but they can be quite valuable by reducing or eliminating the commission on certain wagers or even entire categories of wagers. The more often you can take advantage of reduced juice promos, the better your long term results.
An example of reduced juice in action would a sportsbook dropping the lines on even money wagers from -110 to -105. Rather than paying $110 to win $100, you are asked to risk $105 to win $100. Even better is when you’re able to find those odds reduced all the way down to +100, which means you are truly getting even money payouts for even money wagers.
As an example, betting $100 on the Hoosiers at -110 odds would give you a potential payout of $191. Booking that same wager at -105 would give you a potential payout of $196 to put $5 more in your pocket. Those discounts add up over time faster than you might expect.
Other Types of Betting Promotions
Indiana betting sites have shown no lack of creativity when it comes to introducing new promos to new and existing customers alike. The list of other promo types below is not exhaustive – sportsbooks are always coming up with something new – but does provide examples of some of the types of offers you are likely to encounter as an IN sports bettor.
On that subject, one last note is that it is worth your while to follow your favorite sportsbook(s) on social media and consent to receive promotional e-mails when you sign up. You will frequently catch short term offers and bonuses that are not advertised elsewhere.
- Close call insurance: These can take many forms, but the overarching theme is if you back a team and they come close but still fail to win the game, your wager will be refunded with bonus money or cash up to a maximum amount. A common example is you get your money back if your team is up at halftime but goes on to lose the game.
- High scoring loss refund: Similar idea to close call insurance – if your team scores at least X points but still loses, you get a refund.
- Per point bonuses: These promotions are always exciting because the better your team or player performs, the more you earn in bonus money. Examples of this type of promo would be betting on an NBA game and earning $3 in bonus money for every point by which your team wins or getting $6 for every TD your NFL team scores.
- Early payouts: Early payout promos grade your pre-game wagers winners if your team achieves a certain milestone early in the game such as scoring the first TD or getting ahead by X points.
- No goal refund: In a page taken from the playbook of the established UK bookmakers, some Indiana betting sites offer a refund if you bet on a soccer team and the game ends 0-0.
- Parlay insurance: This is a common promo for all you parlay fans out there. If you place a parlay and it loses by exactly one leg, your original wager will be refunded with bonus funds.
- Happy hour specials: Happy hour specials can take many forms, but the general idea is if you place wagers during a certain time of day, you qualify for certain promotions that are not offered the rest of the day.
Evaluating Betting Bonuses for Value
Evaluating the value of any particular offer is a challenge due to the many different ways betting bonuses can be structured and the various terms and conditions that are attached to each. However, there is one simple way to evaluate bonuses for value that doesn’t involve too much math.
Wagering Requirements vs. Average Hold on Sports Betting
The simplest way to quickly evaluate an individual bonus or compare two bonuses is to run each offer’s wagering requirements against the average sports betting hold percentage.
Doing so tells you how much house advantage you’ll be exposed to over the course of clearing that bonus. You can then subtract that number from the bonus amount to uncover the theoretical true value of the bonus.
This method is not perfect as it does not take into account your skill as a bettor or the hold percentages of every individual betting market, but it works decently well as a benchmark figure and is easily calculated.
Before we get started here, we need to come to an agreement on the average hold (the percentage of money wagered that sportsbooks keep as profit) achieved by licensed sportsbooks in Indiana.
The Indiana sports betting industry is still getting its footing and any hold numbers are likely to be skewed, so we turn instead to the decades’ worth of data we have from Nevada sportsbooks that we can use to get to a fair number.
According to figures from the University of Nevada, Las Vegas, sportsbooks there have achieved an average hold of 5.55% since 1984. If we assume you won’t be clearing your bonus with high-hold parlays, we can shade that number down a bit to 5% as a rough starting point.
We can drop that even lower to 4.55% if we bet exclusively into -110 lines, but let’s give ourselves some flexibility in the types of wagers we can use to clear this bonus and call it good at 5%.
Now, multiply the average hold by the wagering requirements you need to meet for any particular bonus. Subtract that number from the value of the bonus and you’ll start to get a general idea of how good that bonus really is.
Let’s compare two imaginary bonuses as an example:
- Bonus A: 100% up to $500 with a 25x rollover
- Bonus B: 100% up to $250 with a 10x rollover
Claiming the maximum bonus amount with Bonus A will require you placing a grand total of $12,500 worth of wagers to release it for withdrawal. If we assume you are exposed to an average commission of 5% over the course of meeting that rollover, your expected loss over the course of placing those wagers is $625 ($12,500 x .05).
The expected value of Bonus A works out to -$125 ($500 minus $625). That’s not a good deal, but it also doesn’t take into account your own skill at picking winners. Still, it is better to err on the side of caution and assume your skills are no better than flipping a coin when it comes to evaluating bonuses.
Now, let’s look at Bonus B.
This one comes with a more generous 10x rollover which means you’ll need to place $2,500 worth of wagers in order to release it for withdrawal. We multiply $2,500 by the average hold (5%) and end up with an expected loss of $125. Subtract that from the original bonus amount and you end up with an expected value of +$125 ($250 minus $125).
It turns out Bonus B is the better deal despite being smaller on its face when we take the wagering requirements into account.