The PointsBet Sportsbook bonus offers users a two-part welcome package worth up to $2,000. It’s one of the biggest betting bonuses on the market. Below, BettingBonuses will explain how it works and what bettors need to know before they get started.

PointsBet Sportsbook is one of the few true innovators in the online sports betting industry, thanks in part to its unique spread betting format it calls PointsBetting.

PointsBet Promo Code: $2,000 in Risk-Free Bets

  • Promo code: None needed
  • Eligible states: CO, IA, IL, IN, MI, NJ, WV
  • Bonus amount: Up to $2,000 ($500 fixed odds, $1,500 PointsBetting)
  • Rollover requirements: None

PointsBet issues a two-part welcome bonus to all new customers:

  • Risk-free bet worth up to $500 on their first fixed-odds wager
  • Risk-free bet worth up to $1,500 on their first PointsBetting wager

For the record, “fixed-odds” is just the catch-all term for traditional bets such as moneylines, point spreads, props, and the like. Fixed-odds bets are the standard wagers people tend to think of when they hear the phrase “sports betting.”

PointsBetting wagers are unique to PointsBet. Unlike fixed-odds bets that reward winners regardless of whether their pick wins by one point or 20, PointsBetting payouts account for the accuracy of the bettor’s prediction.

If the bettor’s selection wins by 10 points in a PointsBetting wager, the bettor receives a 10x payout. Likewise, if the selection loses by 10 points, the bettor loses by 10x.

In short, PointsBetting is a high-risk, high-reward type of wagering. However, PointsBet allows users to set loss limits and put a cap on the most they can lose. Additionally, PointsBet offers a full menu of traditional fixed-odds wagers.

The second portion of the PointsBet bonus is even more appealing. Bettors are entitled to an up to $1,500 refund on their first PointsBetting wager if it loses.

Most importantly, the PointsBet bonus is not an either/or decision. PointsBet welcomes new users to take advantage of both offers.

If new users claim the bonus and lose one or both of their first wagers, PointsBet will refund them with free bets.

Bettors must use free bets within seven days of receipt, and free bets do not return the initial stake on winning wagers – just the net profit.

Tips for using the $1,500 Risk-Free PointsBetting bonus

It is critical to keep a couple of things in mind when using bonus funds on PointsBetting markets.

First and foremost, bettors should note that their wager in a PointsBetting market is not the amount they stand to win or lose. It is a unit size.

For example, if a bettor places a $50 PointsBetting wager on an NFL team at -3 and they win by 14, the payout is not $50. Instead, the bettor would win $50 for each point by which their selection covered the spread. In this case, their team covered the spread by 11, generating winnings of $50 x 11 = $550.

Second, new customers should note they can set stop losses on each PointsBetting wager. For example, a customer may decide they don’t want to lose more than $100 on a PointsBetting wager. In this case, they could bet $5 per unit and set their stop loss adjustor to 20x.

In doing so, the most the bettor could lose is $100 ($5 x 20). However, stop losses also cap winnings by the same multiplier. In this case, a 20x cap on a $5 PointsBetting wager limits wins and losses to $100. Bettors lose out on some potential upside, but they also mitigate risk.

New customers who wish to take full advantage of the PointsBet bonus need to keep both of the above points in mind.

Therefore, a customer wishing to maximize their risk-free bet should set the stop loss amount to $1,500 based on the size of their wagering unit. For example, a customer could place a $50 PointsBetting wager and set the stop loss adjustor to 30x. Similarly, they could place a $100 PointsBetting bet and set it to 15x.

Of course, bettors may also set lower stop-loss limits and use smaller wagering units if they don’t want to tie up that much money. However, bettors should always make responsible gambling and bankroll management their top two priorities.

PointsBet Sportsbook Sign-Up Bonus Pros

1. Two chances to win

It is exceedingly rare for a sportsbook to give a two-part welcome package to new customers, but that’s exactly what the PointsBet bonus entails.

As a result, the PointsBet bonus gives new users a much better chance of winning at least one of their first wagers. In addition, the offer helps familiarize bettors with the PointsBetting concept.

2. Massive bonus cap

PointsBet is willing to put itself on the hook for up to $2,000 per new registrant. Not many sportsbooks can say that, with most of the competition offering welcome packages that cap out at $1,000 or less.

Caesars Sportsbook is the only mainstream sportsbook with a bigger welcome offer, and even that one isn’t divided into two parts.

4. Bettors pay less juice

PointsBet is famous for its “no juice” offers.

For example, PointsBet has offered +100 odds on NFL spreads with no maximum bet amount for the past few NFL seasons. No-juice offers present great value opportunities to bettors by effectively eliminating the house edge.

If new customers can find an appealing no-juice market, it pairs nicely with the fixed-odds portion of the welcome bonus.

Moving beyond its “no juice” promos, PointsBet just tends to have better lines than most other recreational sportsbooks in the US. Better lines = better value.

PointsBet Sportsbook Sign-Up Bonus Cons

Risk-free bet promotions have their drawbacks, and the PointsBet bonus is no exception.

First, PointsBet issues refunds as “Bonus Bets,” its term for free bets. The biggest downside to free bets is customers cannot break them up into smaller bets – they must use free bets all in one shot.

Second, free bets only return the profits on winning bets and not the initial stake. For example, if a customer places a free bet worth $500 on a -200 line and wins, they will end up with an additional $250 in their cash wallet.

As such, the best play is usually for bettors to use their free bets on underdogs for a chance at earning a larger profit than the initial stake. However, that strategy also encourages bettors to take bigger risks – which is not a great habit to form early in one’s gambling career.

And finally, the advertised bonus cap of $2,000 is slightly misleading. To receive $2,000 in free bets, new customers would not only have to lose their first fixed-odds and PointsBetting wagers, but they would have to lose the maximum on their spread bet. Incurring a maximum loss on a PointsBetting market is just not going to happen too often – which is a good thing – but it does diminish the value of the promotion.

Ranking the PointsBet Sportsbook Bonus Among Other Offers

Several factors differentiate good risk-free bet promos from poor ones:

  • Is the bonus cap high?
  • Does the offer include restrictive conditions on what players can bet on and at what odds?
  • How does the sportsbook distribute refunds?

For the most part, PointsBet checks all the right boxes. The $2,000 monetary cap is significantly above average, the promo is divided into two parts to give customers more flexibility, and it lacks overly burdensome betting restrictions.

The offer’s biggest flaw is that it awards refunds in the form of free bets, which are not nearly as valuable as site credit. However, it is hard to hold that against PointsBet since almost all sportsbooks do it that way.

With all of the above in mind, we rank the PointsBet bonus well above average. Bettors should certainly consider taking advantage of the offer, especially when the sports betting calendar is busy because that’s when PointsBet tends to offer the best lines.

Other PointsBet Promotions

PointsBet is a bonus-heavy sportsbook with a long lineup of new promos introduced throughout the year.

The exact list of promotions changes regularly, but below are examples of the types of promos PointsBet has offered in the past.

  • $1 for Every Ace During the US Open: During the latest tennis US Open tournament, PointsBet offered a bonus payout of $1 in site credit for every ace your player achieved if you placed a minimum spread bet of $50 on an individual player.
  • $6 for Every TD Your Team Scores: During the last college football season, PointsBet offered a bonus payout of $6 for every touchdown scored by your team in select games if you wagered $100 or more on the moneyline.
  • First TD = Instant Win: In this promotion, PointsBet selected certain NFL preseason games and offered to instantly pay out your moneyline wagers if your team scored the first TD (first $50 staked).
  • $25 Bonus for Mets vs. Phillies: PointsBet picked a recent Mets vs. Phillies game and gave all customers a $25 MLB bonus bet if they placed a $5 or higher wager on any PointsBetting market for the game.
  • PointsBetting Bailout: PointsBet recently picked select college football games and gave all customers the option to place PointsBetting spread bet wagers on the game with a 50x max win, 10x max loss limit. As a result, customers stood to win up to 50 times their original bet with a maximum downside of 10 times their initial stake.
  • English Premier League Early Payout: Another recent PointsBet promotion promised to instantly pay out your pre-game wagers on English Premier League matches if your team got up by two goals at any point (first $200 staked).
  • MLB Early Payout: Similar deal here, but for specific teams. If you backed the Yankees, Mets, Phillies, Dodgers, or Red Sox during this promotion, PointsBet would pay off your wager early (first $100 staked) if your team got ahead by three runs at any point.
  • $20 Bonus for Every Home Run: During this promotion, PointsBet picked certain teams and players and paid a $20 bonus for every home run hit by those players if you backed their team with a pre-game moneyline.
  • Double Parlay Payouts: If you placed a $25+ parlay with four legs or more during this promotion, PointsBet paid double your winnings in bonus bets for up to $200.
  • NFL and CFB Loyalty Programs: During the latest college and pro football seasons, PointsBet instituted a simple loyalty program that paid a $100 bonus bet after your first 25 wagers, a $200 bonus bet after 50 wagers, a $300 bonus bet after 75 wagers and a $500 bonus bet after 100 wagers.
  • Refer-a-Friend Program: If you refer a friend who deposits at least $50, you’ll both receive $50 in bonus funds.
  • Daily Player and Parlay Booster Odds: Each day, PointsBet selects certain wagers and boosts the odds just for fun. For example, PointsBet may boost a player prop from +100 to +150. Customers can check the “boosters” tab in the main navigation menu each day to see which markets PointsBet has boosted

Many of these promotions will be expired by the time readers find this page, but they provide an accurate cross-section of the PointsBet approach to promos. In addition, bettors should keep an eye out for PointsBet promos offered in conjunction with NBC Sports broadcasts since it has a $500 million partnership in place with NBC Universal.

Good Karma Payouts

PointsBet has a knack for marketing, and one of the most prominent examples of this is the occasional Good Karma Payout that inevitably earns favorable press coverage. Occasionally, PointsBet will announce a Good Karma refund for all customers whose bets were derailed by exceptionally bad luck or poor officiating.

In one example, PointsBet refunded all Yankees American League and World Series futures wagers with free bets after the Houston Astros’ sign-stealing scandal broke wide open. Good Karma payouts are unpredictable, but they always seem to come just when bettors need them the most.

PointsBet also offers personal good karma payouts each month. Any customer who places ten or more bets throughout the month may e-mail PointsBet with their most painful bad beat. PointsBet will refund that customer’s losing wager with up to $100 in free bets.

PointsBet Deposit Methods

Sports betting regulations allow licensed sportsbooks to accept deposits through a standard range of methods. PointsBet customers may fund their accounts through the following options.

  • Online banking: Transfer funds directly from the customer’s bank account to their PointsBet account.
  • PayPal: Transfer funds from a personal PayPal account to PointsBet; note that PayPal will only process a deposit to an online sportsbook if the funds in the PayPal account originate from a linked bank account. PayPal does not allow customers to use funds uploaded via credit or debit card for gambling purposes
  • Credit and debit card: PointsBet accepts credit and debit card deposits via Visa and Mastercard.
  • Cash at the casino: In some states, customers can fund their PointsBet accounts by visiting an affiliated casino, their account information, and cash – customers can log in and visit the PointsBet cashier for details
  • PayNearMe: Bettors can select PayNearMe to generate a pay slip, which they can take to a nearby 7-Eleven to make an instant cash deposit

Customer Support

PointsBet offers customer support via e-mail and live chat. Customers may also visit an FAQ section that provides answers to the most common questions.

Responsible Gambling Tools

As state law requires, PointsBet provides several responsible gambling tools that customers may use to ensure they maintain healthy gaming habits. PointsBet users may log in any time to set daily, weekly, and monthly limits for deposits, amount wagered, and time spent logged in.