The Honest Promo Index · October 2026 edition
What US sportsbook bonuses are really worth
US sportsbooks currently advertise a combined $5,565 in welcome bonuses across the 12 major national brands. Under the operators' own published terms, the bonus value a new customer actually receives is $3,380 — and the cash a disciplined bettor can realistically withdraw from it is $2,365–$2,700. That is a 58% gap between the advertised number and the honest one.
Advertised
$5,565
the operators' own headline numbers
Realistic bonus value
$3,380
what the current terms actually grant
Honest cash value
$2,365–$2,700
withdrawable, converted with discipline
National totals across all tracked brands; availability varies by state (see the state table below). Best-served state right now: Illinois, $2,120–$2,420 honest value across 10 books.
Methodology
- Source of truth: each operator's own published welcome-offer terms and conditions, re-verified on an ongoing basis. No aggregator or affiliate copy is trusted — several advertised claims failed verification against live terms and were corrected in this data.
- Advertised value: the largest dollar figure in the operator's own offer copy — the number the marketing leads with.
- Realistic bonus value: the bonus a new customer actually receives under current terms — after caps, win/loss contingencies, and drip schedules are accounted for.
- Honest cash value: bonus bets never return their stake, so face value is converted at 70–80% — the band a disciplined bettor achieves by covering both outcomes — and rounded down. Casual use returns far less; these figures assume the method is executed carefully, and are estimates, not promises.
- Independence: Bonus Edge receives no compensation from any gambling operator. This index is possible because we have no incentive to inflate an offer.
- Coverage: the 12 major national online sportsbooks, across 25 states with meaningful offer pools. States whose pools are too thin to be worth a new bettor's time are deliberately excluded rather than padded.
By sportsbook
| Sportsbook | Advertised | Realistic | Honest cash | Structure |
|---|---|---|---|---|
| Fanatics | $1,000 | $750 | ~$600 | Deposit match over time |
| BetMGM | $1,500 | $650 | ~$520 | First-bet refund (loss-contingent) |
| theScore Bet | $1,000 | $400 | ~$320 | First-bet refund (loss-contingent) |
| bet365 | $365 | $365 | ~$290 | Bet-and-get (pays win or lose) |
| Golden Nugget | $250 | $250 | ~$200 | Bet-and-get (pays win or lose) |
| BetRivers | $500 | $225 | ~$180 | Capped first-bet refund |
| DraftKings | $200 | $200 | ~$160 | Bet-and-get (pays win or lose) |
| Caesars | $150 | $150 | ~$120 | Profit-boost tokens |
| FanDuel | $350 | $140 | ~$110 | First-bet refund (loss-contingent) |
| Hard Rock Bet | $100 | $100 | ~$80 | Bet-and-get (pays win or lose) |
| Borgata | $100 | $100 | ~$80 | Bet-and-get (pays win or lose) |
| Bally Bet | $50 | $50 | ~$40 | Bet-and-get (pays win or lose) |
National default offers; some brands run different offers in some states — each sportsbook page lists the variations.
By state
Sportsbooks are licensed state by state, so the honest number depends on where you live.
| State | Books | Realistic bonus value | Honest cash value |
|---|---|---|---|
| Illinois | 10 | $3,030 | $2,120–$2,420 |
| Indiana | 10 | $3,030 | $2,120–$2,420 |
| Virginia | 10 | $3,030 | $2,120–$2,420 |
| Louisiana | 8 | $2,880 | $2,015–$2,300 |
| Maryland | 9 | $2,865 | $2,005–$2,290 |
| Arizona | 10 | $2,850 | $1,990–$2,280 |
| Ohio | 10 | $2,850 | $1,990–$2,280 |
| Tennessee | 9 | $2,805 | $1,960–$2,240 |
| New Jersey | 12 | $2,765 | $1,935–$2,210 |
| Iowa | 9 | $2,750 | $1,920–$2,200 |
| Kansas | 7 | $2,655 | $1,855–$2,120 |
| Kentucky | 7 | $2,655 | $1,855–$2,120 |
| Missouri | 7 | $2,655 | $1,855–$2,120 |
| North Carolina | 7 | $2,655 | $1,855–$2,120 |
| Colorado | 9 | $2,515 | $1,760–$2,010 |
| Michigan | 9 | $2,480 | $1,735–$1,980 |
| Massachusetts | 7 | $2,390 | $1,670–$1,910 |
| New York | 8 | $2,385 | $1,665–$1,905 |
| Pennsylvania | 8 | $2,380 | $1,665–$1,900 |
| Washington, D.C. | 6 | $2,290 | $1,600–$1,830 |
| West Virginia | 8 | $2,085 | $1,455–$1,665 |
| Wyoming | 5 | $1,890 | $1,320–$1,510 |
| Connecticut | 3 | $1,090 | $760–$870 |
| Vermont | 3 | $1,090 | $760–$870 |
| Nevada | 2 | $800 | $560–$640 |
Frequently asked questions
Why is a bonus bet worth less than its face value?
When a bonus bet wins, only the winnings are paid — the stake itself is never returned. A $100 bonus bet at even odds pays $100, not $200. That structural haircut, plus the odds margin paid when converting, is why we value bonus-bet face value at 70–80 cents on the dollar for a disciplined bettor, and why casual use returns far less.
Where do the numbers come from?
Every offer is taken from the operator's own published terms and conditions, re-verified on an ongoing basis. The advertised column is the largest dollar figure in the operator's own offer copy; the realistic column is the bonus value a new customer actually receives under the current terms; the honest cash column applies the conversion band to that realistic value.
Is Bonus Edge paid by sportsbooks?
No. Bonus Edge receives no compensation from any gambling operator — no affiliate fees, no referral commissions. Revenue comes solely from user subscriptions, which is what makes an honest valuation possible.
Can I republish these figures?
Yes — the Index is free to cite and republish with attribution to Bonus Edge and a link to this page. For state-level cuts, methodology questions, or comment, contact support@bonusedge.ai.
Citing this index
The Honest Promo Index is free to cite and republish with attribution to Bonus Edge and a link to this page. Journalists: state-level cuts, historical comparisons, and methodology questions — support@bonusedge.ai.
Bonus Edge is the educational tool behind this data: it teaches the conversion method and computes the exact stakes. How conversion works · every offer valued · your state
Bonus Edge is an educational tool, not a sportsbook, and is not affiliated with any operator named above. Figures are estimates derived from published terms, not promises of earnings. Offers change frequently — verify at the sportsbook. 21+ (18+ in some states). Gambling involves risk. Call 1-800-GAMBLER.