Caesars offers one of the premier online sportsbooks in the US. New customers can claim a welcome bonus for up to [ct id=28 slug=caesars-sportsbook-bonus] when they LWOS1000.
Some sportsbooks refer to this type of welcome bonus as a protected bet, while Caesars refers to it as a “first bet on Caesars.” You can also think of it as an insured first-bet sign-up bonus.
It’s normal to have questions about how best to use the Caesars welcome bonus. How much should I deposit? How much should I stake on my first wager? Is there a catch?
In this review, we’ll take you through all the important elements of the Caesars welcome offer and review some answers to these questions.
Caesars Sportsbook welcome bonus
| Caesars promo code | LWOS1000 |
| Bonus bet | Bet credit for a loss on your first bet, max [ct id=28 slug=caesars-sportsbook-bonus] |
| Additional rewards | 1,000 tier credits plus 1,000 reward credits |
| Legal States | [ct id=420 slug=caesars-sportsbook-legal-states] |
Terms and conditions apply to all offers. Please see Caesars Sportsbook for details. 21+ Gambling Problem? Call 1-800-GAMBLER+
The Caesars welcome bonus breaks down into two parts. The first is a first bet on Caesars for up to [ct id=28 slug=caesars-sportsbook-bonus]. If your opening wager loses, you receive a bet credit.
The online sportsbook also jumpstarts new bettors into the Caesars Rewards program. This is a nice way of getting ahead of the curve in collecting points toward loyalty bonuses. You’ll receive 1,000 tier credits, which help you level up toward better rewards, and 1,000 reward credits, which work as currency in the program.
The rewards points are straightforward enough — you sign up, you get them, end of story. How best to cash them in is another matter entirely and more or less up to you, depending on what kind of rewards you’re hoping to earn.
However, you only get one first bet at Caesars, and the [ct id=28 slug=caesars-sportsbook-bonus] is a maximum value. That means to get the “full value” of the bonus, you’ve got to make a deposit and first wager of [ct id=28 slug=caesars-sportsbook-bonus], and have that first wager lose. Does that necessarily mean you should do that? No, not really.
It can be tricky to figure out exactly how much you should put in. You want to balance using the promo without betting more than you would otherwise if the promo didn’t apply.
This kind of question — how do I best use the Caesars sign-up bonus — is what we’ll deal with here. Though, as always, remember that there’s no foolproof system, and that betting is inevitably a risk; never wager what you can’t afford to lose.
Using the Caesars promo code
You’ll use the Caesars code during the sign-up process, which we’ll go over here:
- Click through to the Caesars Sportsbook sign-up page.
- Click the “Get Started” button and follow the instructions by providing your details.
- Where it prompts you, enter the code LWOS1000.
- Select a deposit method and deposit money into your account — minimum $20.
- Make your first bet and receive a refund if it loses.
And that’s all there is to it. You’ll get your 1,000 tier credits and 1,000 reward credits, and you’ll receive an equivalent bonus bet if your first bet loses.
Using the Caesars welcome bonus
The first thing we should say is that there’s no “right way” to use a welcome bonus like this.
There’s a school of thought that would lean toward making an aggressive first wager since you (sort of) get a second chance if it loses. Another would urge you to do exactly what you would have done if the bonus had not applied. Both options have merit, but neither is always correct — it’s highly subjective.
The best outlook may be somewhere in between. Don’t consider the bonus as a license to go crazy and throw caution to the wind. The key is to remember that, if your bet loses, the refund is a single bonus bet. The central question, therefore, is how much do you bet when you know that you won’t lose the money, but it also won’t come back to you as cash.
Given that, make a judgment based on what feels best for you. Here are the main things to remember:
- There is no guarantee of success. Losing is always a possibility, and there’s no gaming the system.
- Bonuses are not “free money,” but they can provide some additional value. They aren’t scams, in other words.
Maximizing the Caesars bonus bet
Using the Caesars welcome bonus is all about understanding the difference between a bet credit and a cash wager.
To clarify, the “first bet on Caesars” is what you might see other sportsbooks advertise as a bonus bet. Basically, it means you are getting a form of insurance on the first wager you make. So, if your opening bet loses, you get a bet credit — up to a maximum amount of [ct id=28 slug=caesars-sportsbook-bonus].
There are some other terms and conditions, as well. First, you must make a minimum deposit of $20 into your account. Then, you’ve got to make a real money bet that must settle within 30 days of making your account, so stay away from futures bets.
On top of that — and this part is important — if you lose and receive a bet credit, you have 14 days to use it.
Now, about the refund: This isn’t a like-for-like trade — you put in liquid, withdrawable funds, and your refund is a bet credit that you cannot withdraw and must use within 14 days. This is a serious loss of flexibility, but that’s the price you pay for getting a second chance.
The conventional wisdom around sportsbook welcome bonuses like this is that your first bet should reflect however much money you’re willing to lose in a single wager. That way, you have two possibilities: 1) your bet wins, and you have additional money that you can bet, withdraw or hold in your account, or 2) your bet loses, and the money that you were already comfortable losing is now available as a bet credit.
There are additional things to consider, however. The biggest is that bet credits work differently from cash when you bet them. When you make wagers with bet credits, you don’t receive the bet back on a winning wager, so the bets you make with the refund return less money than bets that you make with cash.
Betting your bet credit
As we mentioned, one important difference you ought to keep in mind when wagering with a bet credit is that you don’t get the amount of your bet back if you win; you only collect the winnings. Let’s use these NFL game lines as an example:
Let’s say you lost your initial $100 bet and thus have a $100 bet credit to use. If you used that bonus bet on the favored Green Bay Packers at -550, you’d only get $18.18 back if they won the game. The same $100 bet credit on the underdog Patriots would return $400 to your account if they pulled off the upset.
That means, with a $100 bet credit, a winning bet on the New England Patriots pays 22 times what a winning bet on the Packers does. By comparison, the potential return on a standard $100 bet is a difference of just over four times, since you would get your stake returned if you win.
However, there’s obviously a greater likelihood that the bet loses altogether when you bet on an underdog like the Patriots, so it’s not like this is always the best approach.
Bear in mind, of course, that the disparity between the returns of a favorite and underdog will be smaller if you are looking at a line with tighter odds (-110, +115, for example). It doesn’t offer as huge a payout as the big underdog, but it is safer.
FAQs
What is the Caesars promo code?
Use the Caesars Sportsbook promo code LWOS1000 when you create an account to qualify for the Caesars welcome bonus of a first best on Caesars for up to [ct id=28 slug=caesars-sportsbook-bonus].
Is Caesars Sportsbook legit?
Yes, Caesars has been a major name in gambling for some years now. It began as a casino and hotel empire, and has expanded to become one of the biggest legal online sportsbooks in the US. It operates in most states where online sportsbooks are legal, and always with the proper licenses and regulatory approval.
Where is the Caesars online sportsbook available?
As of this review, Caesars online sportsbook is available in [ct id=420 slug=caesars-sportsbook-legal-states].