Caesars may be one of the most recognizable names in gaming, but its online sports betting operation hasn’t exactly dominated the industry.

Not one to roll over and die, Caesars aggressively reinvented itself, most notably with the acquisition of sports betting powerhouse William Hill in April 2021. This single move allowed Caesars Sportsbook to open in new several states. Then came its fresh new-look sports betting app, and along with it, an Emperor sized sign-up bonus.

The revamped Caesars Sportsbook offers new players an up to $5,000 risk-free bet. Yes, $5,000.

We examine if this titanic offer is as glorious as it sounds in the sections below.

Caesars Sportsbook Promo Code: $5,000 Risk-Free Bet

  • Promo code: None needed
  • Eligible States: AZ, CO, IL, IN, IA, MI, NJ, PA, TN, VA, WV, DC
  • Bonus amount: Up to $5,000 awarded as free bet
  • Rollover requirements: None

Enticing players with risk-free bets is commonplace among U.S. online sportsbooks, but rarely do we see one exceeding $1,000 in value, let alone $5,000.

Beyond the monetary cap, the promotional terms are standard. New bettors that place their first real-money wager on the site will be entitled to a free bet of equal value, up to $5,000, should that bet lose. The initial wager must be made within 30 days of opening an account and must settle within 30 days of being placed. Likewise, any free bet received must be used within 30 calendar days or it will expire.

When wagering with free bets, the initial stake will not be returned to player accounts, only the winnings. So, if you place a $1,000 wager at even odds, and it hits, you’ll have $1,000 in your account, not $2,000 as if you were using your own funds.

Pros of Caesars Sign-Up Bonus

#1 The monetary cap

To give you some perspective on how aggressive Caesars Sportsbook’s welcome bonus is, consider that the average risk-free bet offer is capped somewhere around $500.

In fact, Caesars’ offer is more than twice as large as the second biggest welcome bonus offered by any online sportsbook, anywhere. It’s truly massive and tailored toward bettors willing to make large deposits and big bets.

That’s not to say low rollers can’t get in on the action, as there appears to be no minimum deposit or wager size to qualify.

#2 Lenient timetable

Caesars gives new bettors a healthy 30 days to find a bet they like. This applies to both the risk-free bet and the free bet. That’s much longer than industry standards, which are closer to 7-14 days.

#3 No bet restrictions

Caesars Sportsbook does not list any bet restrictions in its terms, meaning that you can use your risk-free and free bets however you like, the only caveat being that you must wager both of them in one shot.

So, whether you’re feeling a straight bet on a favorite at -200, or a 5-leg parlay at +1000, all bets are eligible. Just be aware that if you use the “Cash Out” feature on your initial wager, you will no longer be eligible for a free bet.

Caesars Sportsbook Sign-Up Bonus: Cons

The single biggest con, and this applies to every risk-free promo, is that if your settled bet turns out to be a winner, Caesars won’t award you another dime. Sure, you get to enjoy your winnings, but in terms of additional kickbacks, nada.

The second biggest issue is that refunds are awarded as a free bet. With free bets, the book is effectively staking you, and will take that stake back if you win. Only the winnings will remain yours.

Therefore, it is in a bettor’s best interest to use the free bet on an attractive underdog, as we want the payout to be larger than the initial stake.

As you may have suspected by now, risk-free bet promos encourage bettors to take quite a bit of risk. Irony abounds.

If there weren’t enough to make risk-averse types tremble, both the risk-free and free bet portions of the offer must be wagered in one shot. If you deposit $5,000 and place 5 $1,000 wagers, you’ll only be eligible for a $1,000 free bet, and that free bet can only be used on a singular wager. Risky.

Finally, risk-free bets must settle within 30 days of being placed in order to qualify for a free bet, so that may prevent you from making wagers on season-long futures, and other bets that won’t settle for a month or longer.

How does the Caesars Sportsbook Welcome Offer rank?

In terms of how much money Caesars Sportsbook is willing to put itself on the hook for, no other offer compares. It’s not even close. Yet we question just how many new bettors are going to be in solid enough financial position to take full advantage of the offer.

The other facets of the sign-up bonus aren’t terrific, especially the fact that refunds are awarded as a free bet instead of a site credit.

Site credits allows bettors to break up their wagers how they choose and return the initial stake on winning bets. Most books don’t use them, but the ones that do provide significantly more value to the bettor.

Considering this, we rank Caesars’ sign-up offer slightly above average. It’s certainly worth taking advantage of, just be aware that it’s a riskier proposition than it might initially appear.