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They work much like a lot of retail offers, Buy 1 get 1 free type of offers, only with online gambling the product is bets or money to wager with, so the sportsbooks offer deposit bonuses which are effectively free bets or free wagers as an incentive for you to register with them, deposit money and gamble with them. Depending on the state, these may be referred to as free bets, sign-up bonuses, or bet insurance. But these three terms are not truly interchangeable. Match bet offers are in the same mold as second chance bets with different wording. For the above FanDuel promotion, a match bet offer would be 100% on up to $500. That means you can get back 100% of your money on your first bet up to $500. You can get second chance bets using the Caesars Sportsbook promo code ROTOFULL. First-bet insurance deals can be lucrative, but you might have to bet big in order to fully capitalize on the offer. For example, a $1,000 first bet insurance bonus requires you to risk $1,000 on your first bet to collect the full bonus. If you lose, you aren’t technically issued a refund. You get bonus bets, which can only be used to make additional wagers. If you lose again with your bonus bets, you’re still down $1,000.