Sportsbooks Glossary

A formerly-common marketing phrase ("risk-free first bet up to $X") that is no longer permitted in most US regulated sportsbook markets following 2022–2023 state-AG actions and AGA voluntary marketing standards. The phrase implied the bettor could not lose, which is false: the refund typically arrives as bonus bets, not cash.

Why it matters: BB editorial pages avoid "risk-free" language even when describing first-bet promos. Sportsbooks that still use it in marketing are flagged as compliance risks.

Example: Every BB sportsbook review and ranking surface notes that "risk-free" is not used because the refunded value is rarely cash-equivalent.

Placing bets on every outcome of an event at different sportsbooks such that the combined payouts exceed the combined stakes regardless of result. Pure arbs require simultaneous execution across books with mismatched lines.

Why it matters: Sportsbooks aggressively limit suspected arb bettors. BB editorial does not encourage arbitrage as a strategy because the legal and account-status risks usually exceed the gains.

Example: BB notes arb risk in stacking guidance but does not provide live arb signals.

Non-withdrawable credit issued by a sportsbook (as a promo bonus, refund, or loyalty reward) that can only be used as the stake on a qualifying wager. If the bet wins, only the winnings are paid out as cash.

Why it matters: Bonus bets typically convert to ~70% of face value via single-bet placement on +200 to +300 odds. Treat $100 in bonus bets as ~$70 cash for budgeting.

Example: Caesars and BetMGM both issue bonus bets as first-bet refunds; the conversion mechanic is identical.

A sportsbook feature that lets the bettor settle an open ticket before the event concludes, accepting a value below the potential max payout in exchange for locking in profit (or limiting loss). The cash-out value is set by the sportsbook and includes a margin.

Why it matters: Cash out is convenient but rarely +EV. Some promotions disallow cash out on the qualifying wager because the operator wants the full wagering exposure.

Example: DraftKings, FanDuel, BetMGM, and Caesars all offer cash-out functionality on most pre-game wagers.

The average outcome of a bet across infinite repetitions, given the true probability of the event versus the offered odds. +EV bets have positive expected return; -EV bets have negative. Promotional bets often have +EV because the promo subsidizes the stake.

Why it matters: EV is the framework for evaluating whether a sportsbook promo is worth claiming. BB editorial pages do not endorse high-volume betting, but EV is the unambiguous way to compare promos.

Example: The BB EV Calculator helps users estimate promo EV before claiming a sportsbook bonus.

A promotion that refunds the user's first wager (usually as a non-withdrawable "bonus bet" or "second-chance bet") if it loses. The refund is capped (e.g., up to $1,000 or $1,500) and the refunded value cannot be withdrawn directly.

Why it matters: A "first-bet up to $X" is not a $X cash bonus. Refunds usually arrive as bonus bets that require winning a separate wager before any cash can be withdrawn.

Example: DraftKings, FanDuel, BetMGM, Caesars, and most major US sportsbooks lead with a first-bet bonus structure in 2026.

A free bet (or bonus bet) returns only the winnings if it hits, not the stake. A $100 free bet on +100 odds returns $100 of cash (the stake is consumed), versus $200 on a $100 cash wager.

Why it matters: The free-bet/cash distinction roughly halves the apparent value of a sportsbook promo at even odds. Always evaluate promos as free bets unless explicitly stated otherwise.

Example: Most "second-chance" first-bet refunds at DraftKings and FanDuel arrive as free bets, not cash credits.

Placing one or more bets on opposing outcomes to lock in a known profit or limit downside. Common in promo plays where a free-bet conversion strategy locks gains regardless of which side wins.

Why it matters: Hedging is the operational technique behind converting bonus bets into cash predictably. It requires liquidity at two sportsbooks (or one sportsbook and a betting exchange).

Example: BB's Free Bet Calculator helps users compute optimal hedge stakes for converting bonus bets to cash.

Wagering on events that have already started, with odds that update continuously based on the live game state. Most US sportsbooks offer extensive in-play markets, especially on major sports.

Why it matters: In-play markets often have higher hold percentages (worse expected value for the bettor) than pre-game lines, but some promos accept in-play wagering toward rollover.

Example: Most BB-tracked sportsbooks (DraftKings, FanDuel, BetMGM, Caesars) offer in-play markets across NFL, NBA, MLB, and NHL.

A combination wager requiring every leg to win for the ticket to pay. Sportsbooks promote parlays aggressively because the implied hold percentage is much higher than on straight bets.

Why it matters: Parlays have appealing payouts but low hit rates. Most "boosted" parlay promos are still negative-EV compared to straight wagering on the same legs.

Example: DraftKings, FanDuel, and BetMGM all feature daily boosted same-game parlays as promo entry points.

A wager on an individual player's statistical performance (e.g., points scored, rushing yards) rather than on the game outcome. Player exchange products like PrizePicks, Underdog, and Sleeper Picks let users build over/under tickets across multiple players.

Why it matters: Player-exchange products are regulated as fantasy contests in many states where traditional sportsbooks are not legal. They have separate promo mechanics from licensed sportsbooks.

Example: PrizePicks, Underdog Fantasy, and Sleeper Picks all run player-prop promo offers tracked on the BB sportsbooks hub.

The deadline by which a sportsbook promotion must be claimed, the qualifying wager placed, or the bonus funds wagered through. Expiry windows commonly run 7, 14, or 30 days.

Why it matters: A bonus you do not use in the expiry window expires worthless. Bonus-bet credits commonly expire 7 days after issuance.

Example: Every BB sportsbook review notes the promo expiry alongside the headline bonus amount.

A parlay combining multiple correlated outcomes from a single game (e.g., a quarterback over passing yards plus the team to win plus a receiver anytime touchdown). Sportsbooks price in the correlation, generally below standard parlay multipliers.

Why it matters: SGPs are the highest-margin product on most sportsbooks. Promo offers for SGP boosts should be evaluated against true correlated odds, not standard parlay math.

Example: DraftKings' "Same Game Parlay" and FanDuel's "SGP" are heavily promoted around NFL Sunday slates.

The list of US states where a sportsbook is licensed and legally offers wagering. State eligibility is the threshold filter — a promo that is great in NJ may be unavailable in TX, CA, or AL.

Why it matters: Sportsbook state availability changes frequently as state legislatures act. Always confirm current eligibility before claiming a promo.

Example: Every BB sportsbook review enumerates state availability alongside age requirements and responsible-gambling resources.

The total amount that must be wagered through eligible markets before bonus funds (or, in some cases, deposit funds attached to a deposit-match promotion) can be withdrawn. 1× rollover means the bonus must be bet once; 10× means ten times.

Why it matters: A "100% deposit match up to $1,000" with 10× rollover requires $10,000 in qualifying wagers before withdrawal. The headline value rarely matches the realizable value.

Example: Most BB sportsbook reviews call out rollover language separately from the headline bonus amount.