[PSA: Gambling Is Risky And Addictive] Sports Betting Account Signup Bonuses

[coffeebean]

Caesars sports betting website is currently offering $3,300 in Site Credit when you sign up, deposit $3,000, and bet in NY.

The only way to utilize the $3,300 sign up bonus is if you actually bet the $3,300.

If you are a guy like me, and you don't want to risk the loss of the $3,300, you can hedge the bet with a different account.

Here's how you can do that...

Open up a 2nd account with a different social and deposit the $3,000 just like you did with the first account.

Now that you have $3,000 liquid and $3,300 in site credit on 2 accounts it is time to place bets against each other in order to maximize the return with no risk.

Now you'll want to find a bet which is the closest to receiving a 100% return on each side. Usually that's an over/under bet for example I bet that the total score will be over 50 or Under 50, so if you win you'll receive about 90% of your original bet.

Time to hedge the bet: On account 1 bet your $6,300 on a game that the score will be over 50 (for practical purposes), on the 2nd account bet on the same game $6,300 that the score will be Under 50.

One account will win about 90% of $6,300 which will turn into about $12,000 liquid, and one account will be left with $0.

There you have it $6,000 profit.

CORRECTION: No reason to bet $6,300 from each account rather, bet just the $3,300 from both accounts so you'll be left with $9,000 in one account and $3,000 in the other. This will help with taxes (only 6k in profit not 9), and potential problems with the company not releasing anything more than original fund, since you can just pull out the 3k from each account which you originally brought in.

[coffeebean]

+1

People not hedging properly and losing money. People funding via CC and incurring cash advance fees and interest, and/or not getting their payout by the time their bill is due and paying their CC late. That's just a few off the top of my head.

That's with anything in life especially in the credit card forum. I think posting a warning in wiki will be helpful though.

[AsherO]

That's with anything in life especially in the credit card forum. I think posting a warning in wiki will be helpful though.

Perhaps, but this one seems to be particularly delicate.

[Euclid]

+1

People not hedging properly and losing money. People funding via CC and incurring cash advance fees and interest, and/or not getting their payout by the time their bill is due and paying their CC late. That's just a few off the top of my head.

I was thinking more about the start of habits/addictions. There's a reason why the companies pay such high bonuses; their CPA (cost per acquisition) is calculated carefully, they're not stupid.

[AsherO]

I was thinking more about the start of habits/addictions.

Yeah, much worse. They have a responsible gambling logo/link on the top right of the site that takes you here, shifting all the responsibility to the user, which will accomplish nothing for someone falling into an addiction.

[SBC]

I have heard that placing $6300 each for the same bet, even though it’s different households can trigger. So maybe do 6295 etc.

Started the tread bec people have been reporting not being able to withdraw properly or timely. Like the money is in the account but taking up to 7-14 days to actually get the $

[S209]

To answer some of the questions here: I didn’t say that people weren’t getting paid, but OP said he heard reports and I requested a source. HOWEVER, this type of thing has been available in NJ for a long time already and I have taken advantage of it in multiple ways. The one time I was not paid out and actually lost money was from William Hill (now Caesar’s).

I hedged a bet against DWs account. They kept the money for the losing bet but refused to pay out for the winner citing “fraudulently opening multiple accounts to hedge a bet”.

Consider yourselves warned.

[AsherO]

To answer some of the questions here: I didn’t say that people weren’t getting paid, but OP said he heard reports and I requested a source. HOWEVER, this type of thing has been available in NJ for a long time already and I have taken advantage of it in multiple ways. The one time I was not paid out and actually lost money was from William Hill (now Caesar’s).

I hedged a bet against DWs account. They kept the money for the losing bet but refused to pay out for the winner citing “fraudulently opening multiple accounts to hedge a bet”.

Consider yourselves warned.

Nice datapoint, thanks!

Maybe unrelated people (different address/IP address/last name) who trust each other can team up to hedge against eachother’s bets

[aygart]

What ever you win on one account will be the same amount loss on the other

In addition to the bonus. How is the bonus reported to the IRS?

[S209]

Nice datapoint, thanks!

Maybe unrelated people (different address/IP address/last name) who trust each other can team up to hedge against eachother’s bets

Yes, or hedge with different sportsbooks (if there are multiple compatible bonuses).

I assume that the more differences the better: name, address, IP address, other personal information, device, dollar amount, etc.

[coffeebean]

To answer some of the questions here: I didn’t say that people weren’t getting paid, but OP said he heard reports and I requested a source. HOWEVER, this type of thing has been available in NJ for a long time already and I have taken advantage of it in multiple ways. The one time I was not paid out and actually lost money was from William Hill (now Caesar’s).

I hedged a bet against DWs account. They kept the money for the losing bet but refused to pay out for the winner citing “fraudulently opening multiple accounts to hedge a bet”.

Consider yourselves warned.

If you only bet from the bonus they give you how can you lose money?

[S209]

If you only bet from the bonus they give you how can you lose money?

You’re right, if you only use a free bet you can’t lose. I utilized a match bet promotion and they didn’t issue the match bet for the losing bet or the winnings from the winning bet so I lost the original money from one side. In the case of the bonus touted here, 3K is at risk.

[benny120]

Nice datapoint, thanks!

Maybe unrelated people (different address/IP address/last name) who trust each other can team up to hedge against eachother’s bets

The safest way to hedge is to open an account at a different sports book like MGM or draft kings, and hedge a few small bets between ceasers and the other sports book so all your winnings won't be by ceasers but will likely be split between ceasers and that other sports book.
That way even if ceasers refuses to pay out your winnings, you're still not losing all of your initial investment.

FYI for all people saying to open multiple accounts and bet against each other, Ceasars clearly states in the terms and conditions that they have the right to not pay out the bonus or any winnings if they dedect abuse, which includes multiple accounts from the same IP betting against each other.

[coffeebean]

3K is at risk.

In my original post you're right, I posted a correction later on which there is 0 risk because you're only betting the bonus money

[benny120]

Here's a good reddit thread of a guy describing exactly how he did it, hedged his bet safely, and got paid out already.
https://www.reddit.com/r/sportsbook/comments/s1st0a/allinclusive_summary_of_caesars_3k_bonus_from/

[R.A.T.]

Not sure where to start with this potential train wreck.

Never hedge using the same SB (sports book) no matter how smart you think you are.

By using 2 or more different SB's you have three possible outcomes when hedging. If you don't understand this basic principle, then you are not ready.
Win one, lose one, tie both - Line the same
Win one, tie one - Line different by .5 or more
Win both - Line different by 1 or more

Place many bets over time and not one and done. There are a ton of SB's out there. You will keep getting offers from them.

[AsherO]

Not sure where to start with this potential train wreck.

Never hedge using the same SB (sports book) no matter how smart you think you are.

By using 2 or more different SB's you have three possible outcomes when hedging. If you don't understand this basic principle, then you are not ready.
Win one, lose one, tie both - Line the same
Win one, tie one - Line different by .5 or more
Win both - Line different by 1 or more

Place many bets over time and not one and done. There are a ton of SB's out there. You will keep getting offers from them.

Ugh, this is way more complicated than I realized

[coffeebean]

Win one, lose one, tie both - Line the same
Win one, tie one - Line different by .5 or more
Win both - Line different by 1 or more

Ooof a bit too complicated for me. Why not just win one lose one?

[coffeebean]

Here's a good reddit thread of a guy describing exactly how he did it, hedged his bet safely, and got paid out already.
https://www.reddit.com/r/sportsbook/comments/s1st0a/allinclusive_summary_of_caesars_3k_bonus_from/

One thing I don't understand is if "7a). THE MONEY IS TAKEN FROM YOUR REAL CASH FIRST FOR WAGERS. NOT BONUS CASH", then why is the bonus cash available for withdrawal right after the game if you've never betted with the bonus cash?

[R.A.T.]

One thing I don't understand is if "7a). THE MONEY IS TAKEN FROM YOUR REAL CASH FIRST FOR WAGERS. NOT BONUS CASH", then why is the bonus cash available for withdrawal right after the game if you've never betted with the bonus cash?

Look at it as a hold on the 3.3k bonus cash. Once you have a total of 3.3k in bets that hold is released.

I have not done this actual promo. I am going by the post in the link. I would have to read the T&C's for the promo as they are all different.

Ooof a bit too complicated for me. Why not just win one lose one?

The object is to give yourself the best possible return.