Nothing ventured, nothing gained is among the axioms for gambling. Michigan sports bettors can take a shot at earning a DraftKings $300 free bet right now, representing the latter half of that moniker.
The first half, the venturing, is what Michiganders should understand before they try for this promo. As with all responsible gambling, knowing the odds and rules before putting your money down is important.
How to snag a DraftKings $300 free bet
The process of how is quite simple. Opt into the sportsbook’s Big Bet Bonus. Place a single wager using funds from your account (no free bets you’ve previously earned) of at least $600. That’s it. You’re done.
You have a while to think and strategize, as well. The offer expires Aug. 14.
When that bet settles (no voided bets, and bets that are -200 odds or greater), DraftKings Sportsbook will credit your account with one free bet worth $300. That would be in addition to your winnings on that big play. You still get the bonus, even if you lose, though.
Now, for many players, a $600 bet is a big decision and perhaps a nervous one. That said, the free bet credit is a tremendous value, as free bets are usually worth $25 or less at Michigan sportsbooks. Even at -110 odds, that could lead to a further profit of $272.73 on a winning bet.
However, as with all other Michigan sports betting promos, there are conditions for you to qualify for the reward.
Conditions for DraftKings’ free bet bonus
Again, the odds of your wager have to be -200 or longer.
If you stake your $600 or more on the Los Angeles Clippers moneyline (-215 as of late Thursday) in Game 1 of their NBA playoff series with the Dallas Mavericks, for example, you wouldn’t qualify. Additionally, if you cash out your bet early, you forfeit the bonus.
The free bet expires seven days after being issued and as is normally the case, promotional credit isn’t part of subsequent winning bet payouts. That means should you successfully take advantage of this promo, then use your free $300 bet and win, you’d just get the profit from that wager, excluding the $300.
Why is DraftKings offering such a lucrative offer right now? It’s simply all about keeping people engaged through the less active months.
Don’t you forget about me
DraftKings remains in second place in MI as far as market share goes. But like with most MI sports betting apps, its handle was smaller in April than it was in March. That’s largely because the calendar isn’t as full of events that appeal to a wide swath of bettors.
Although there are still plenty of markets to bet on from April into the summer, the lull between March Madness betting and NFL betting in MI compels companies such as DraftKings to get more creative to keep Michiganders active. This reward is just another attempt at that engagement.
So, is the reward really worth the risk? Well, that depends on a few factors. The rule of thumb is that making bets just to chase promotional deals is rarely a good play.
Bet with your head, not your eyes
If your gambling budget doesn’t allow for you to make a $600 wager, there’s no reason for you to risk some money that you need for other expenses just to get a $300 free bet. Remember, even if you turn that free bet into another win, the promotional credit won’t be part of those winnings that you can withdraw.
You’ll never see that $300 in credit turned into actual cash. It’s also good to have a plan for that free wager should you secure it, as you’ll only have seven days to use it.
What’s more, as you’ll have at least $600 on the line with a wager here, you should be appropriately confident in your bet. If you lose, you’ll still be down at least $300, even if you take the free bet into account. The house still wins in that scenario.
If you have the budget and are planning to stake this much money on an event anyway, though, you might as well get a $300 free bet for your trouble. Promos of this value are rare, but that doesn’t mean it’s cause to gamble irresponsibly. Think before you act.