Update: Twinspires Sportsbook is closing operations. Twinspires Horse Racing is still a recommended option.

If the TwinSpires name sounds familiar, that’s because it is the most prominent name in horse racing betting. Churchill Downs Inc., parent company of the Kentucky Derby, has offered online betting under the TwinSpires banner since 2007 and entered the sports betting business in 2018.

TwinSpires Sportsbook got off to a rough start, but Churchill Downs has corrected course since completely overhauling its product. Today, TwinSpires Sportsbook boasts an improved betting interface, larger betting menu, and more generous welcome bonus.

The TwinSpires bonus offers new users a risk-free first bet worth up to $1,000. After that, additional promotions keep the rewards coming. The TwinSpires Sportsbook bonus is average in most respects, but it is easy to understand and provides value to new users. Read on for all the details.

TwinSpires Sportsbook Promo Code: $1,000 Risk-Free Bet

  • Twinspires Deposit Bonus Promo code: FREE1000
  • Eligible states: CO, IN, MI, PA, TN
  • Bonus amounts: Up to $1,000 awarded as a free bet
  • Rollover requirement: None

Experienced bettors will find the TwinSpires bonus a standard affair. New customers can sign up for an account, enter the promo code FREE1000, and place receive a refund worth up to $1,000 if their first bet loses.

TwinSpires issues refunds as free bets, and customers only qualify if their first bet loses. Additionally, bettors must place their first bet within seven days of registering to qualify, and they must use their refund within seven days of receipt.

New users cannot withdraw their free bets, but they only have to roll over the money one time within seven days to withdraw any winnings.

As per industry standard, TwinSpires only returns net profits on free bets that win. So, if a customer uses a free bet to place a $500 wager on a -110 market, they will receive $454.54 in withdrawable money rather than the $954.54 they would receive on a wager they placed with cash funds.

Pros of TwinSpires Sportsbook Sign-Up Bonus

1.  Solid bonus cap

TwinSpires has opened its wallet wide to attract new players with a signup bonus that offers significant upside.

It is not entirely uncommon for online sportsbooks to cap their welcome bonuses at $1,000 or higher, but the majority play it more conservatively, with the industry norm closer to $500.

2. Few bet restrictions

Most sportsbooks place multiple restrictions on how customers may use free bets, including only allowing bettors to use them on markets with odds within a certain range.

TwinSpires bucks the trend in that regard, with the only restriction being that bettors cannot combine their risk-free bet with profit boost promos.

However, customers should note that if they cash out their first bet early, it counts as a win and will not qualify for a free bet refund.

3. Ongoing promotions

Once they’ve completed the terms of the sign-up bonus, bettors are more than welcome to participate in TwinSpires’ other promotions. And right now, the promotional juice is flowing, with several new offers rolled out on a weekly basis.

TwinSpires also offers a nice bit of local flair to some of its promotions. For example, customers from Tennessee may receive promotions related to the hometown Titans, while customers in Colorado might receive promos for the Rockies and Broncos.

TwinSpires Sportsbook Welcome Bonus Cons

The TwinSpires bonus suffers the same flaws innate to most risk-free offers:

  • Bettors who win their first wager do not qualify for the offer. They still win in the sense that they start their TwinSpires journey on a positive note, keeping their initial stake + winnings, but they don’t receive any extra value.
  • When customers place winning wagers with free bets, they only receive the net profit and not the initial stake. Therefore, it is usually best for bettors to use their free bets on underdogs, so the profits at least cover the lost stake.
  • Most sportsbooks, TwinSpires included, require customers to use their free stakes all at once. For example, if a bettor receives a free bet worth $1,000, they’ll have to use it on a single bet rather than breaking it up into multiple wagers. As a result, risk-free bets are actually riskier than promotions that give new users site credit

All the aforementioned issues are present with the TwinSpires bonus. They don’t make the bonus unusable, but the offer would definitely be more attractive had TwinSpires broken with tradition and offered more flexible bonus terms.

Additionally, it is a bit confounding that TwinSpires opted to mandate that customers place their first bet within seven days to qualify and then to use their risk-free bet within seven days if their first wager loses. It seems unnecessary unless TwinSpires aims to advertise a large welcome bonus but disqualify customers who don’t pay close attention to the bonus terms.

How the TwinSpires Bonus Compared to Other Offers

The TwinSpires bonus ranks slightly above average due to its large maximum refund amount and flexibility on the types of markets upon which bettors may use the free bet.

Otherwise, the TwinSpires bonus is a typical offer in online sports betting. The bonus terms and limitations are all about in line with what users can expect at most sportsbooks. It doesn’t stand out in many ways, but its strong points put it just a tad above average.