The main types
Deposit match (casino, sometimes sportsbook). You deposit, and the operator credits bonus funds equal to a percentage of that deposit, up to a cap. Those funds usually cannot be withdrawn until you meet a wagering requirement. If you withdraw early, the bonus — and sometimes winnings tied to it — can be voided.
Bonus bets / bet credits (sportsbook). A token you can stake. If the bet wins, you typically receive only the winnings, not the token amount back. If it loses, you lose the token. Bonus bets often exclude some bet types and have a short expiration window (sometimes days, not weeks).
Second-look or “if it loses” tokens. Some offers credit a bonus bet after a first wager loses. That is still a wagering product. You had to risk real money first, and the replacement token has its own rules. It does not put you back to even in cash.
Spins / Flex spins (casino). Credits to spin specified slots. Winnings from spins may be paid as cash, as bonus funds with a playthrough, or not at all if you miss a game, time, or max-win rule. Read the game list.
Wagering requirements, in arithmetic
A wagering (or playthrough) requirement says how many times you must bet bonus funds — and sometimes the deposit plus bonus — before you can withdraw. A 15x requirement on $100 of bonus funds means $1,500 of qualifying bets, not a $100 win target.
Not every game counts at 100%. Slots often count fully; table games and live dealer may count at a fraction or not at all. Max bet rules are common: bet more than the cap while a bonus is active and the operator can cancel the bonus.
Sportsbook tokens usually have a minimum odds requirement (for example, only bets above a stated American-odds number qualify). A huge underdog parlay may be excluded. So may cashed-out bets.
Expiration is where people get burned
Unused bonus bets and unused casino bonus funds expire. Some expire in a week. Some expire after a single promotional period. If you opt in and then forget the account, the offer is simply gone. That is by design, not a glitch.
Why we will not say “risk-free”
New Jersey’s Attorney General and Division of Gaming Enforcement have told operators to stop dubious promises of “guaranteed wins” or “risk-free” bets when the patron is not fully compensated for the loss of their funds. The Council on Compulsive Gambling of New Jersey repeats that advertising standard.
In plain English: if you must stake your own money, and a losing bet is replaced with a token you cannot cash, the first stake was not risk-free. You can still lose. ClearWager will not use “risk-free,” “guaranteed win,” or “guaranteed profit.”
A short checklist before you claim anything
- Is the offer available in your state, on this product (sportsbook vs casino)?
- Do you have to opt in, use a code, or place a qualifying first bet?
- What expires, and when?
- What is the playthrough, and which games count?
- Is there a max bet or max conversion?
- If you already have an account, are you even eligible? Most welcome offers are one-time and device/household limited.
If the terms are not clear, skip the offer. A licensed book still lets you deposit and bet without a promotion.