Discover the benefits of the DraftKings Loss back, an opportunity to recoup some of your sportsbook losses.
Despite being a hidden offer, it offers players a way to minimize losses and maximize profits when betting online. Learn how the Loss back program operates and how you can maximize its benefits.
DraftKings Sportsbook has earned its place as one of the leading sportsbooks in the US, due to its extensive range of sports betting options, user-friendly interface, and generous promotions for both new and existing customers. Since its initial launch in 2018 in New Jersey, bettors nationwide have capitalized on DraftKings’ exceptional promotions to place their wagers.
But have you heard of the term “Loss back”?
As a sports betting player, all you need to do is opt-in by choosing one of the Loss back promotions, and you will receive a percentage of any losses back to your player’s account in bonus bet credits or casino cash.
But let’s dive in some more and explain exactly how this Loss back promo works.
What is the DraftKings Loss back Special Offer?
In case the brief explanation of these money back specials left you confused, let me elaborate.
These are exclusive promotions that all major sportsbooks use, that entitle users to receive a free bet bonus, but only if their initial bet loses.
Each money back special has specific criteria that are determined by the type of bet and the sport on which the wager is placed. For instance, DraftKings recently conducted an NFL game loss back special, providing bet insurance for first-touchdown scorers if they failed to score the first touchdown, but went on to score later in the game.
In most cases, loss back specials require users to meet specific criteria when placing their initial bet. For instance, an NBA loss back special might be a three-leg same-game parlay, where if one leg is a loser, this will qualify for the Loss back free bet bonus.
Lots of major sportsbooks have promotions and have their own money back specials, loyalty rewards, and bet bonuses, but DraftKings sportsbook has a range of special hidden Loss back promos.
Casino Loss back promos give up to 20% cashback, while sports bettors receive up to $100 as a free bet bonus.
Depending on the time of year, these sports offers are available for NFL, NBA, NHL and MLS games.
How do you qualify for a DraftKings Sportsbook Loss Back Bonus?
Before placing your qualifying wager, make sure to review the terms and conditions of each money back special carefully, as these can vary significantly.
Typically, there will be a minimum odds requirement that complies with the DraftKings sportsbook standards, and bets must be placed on games that are deemed fair and operational. As an example, from leagues like MLB, NBA, NFL, and the NHL. Additionally, the promotion will only pay out if you lose your initial bet, not if the bet is a winner.
To participate in these Loss back promotions on the DraftKings Sportsbook, simply click on the opt-in button for the promotion, select your wager, and add to the bet slip.
These specials can range from futures bets on the Super Bowl to point-spread wagers on high-profile NBA and NFL games. It’s important to note that these promotions are not deposit bonuses, and there is no need to enter promo codes to take advantage of them.
If you do not already have one, then you will need to make sure to sign up for a new user’s account on DraftKings.
This will allow you to take advantage of the DraftKings new customer welcome offer, which is a 20% deposit match bonus up to $1000, and the Loss back promos and bonuses we have covered here will follow.
How much money you can get back from a Loss back Bonus
The amount of money you receive back from a money back special is directly tied to the amount of your initial wager, with a maximum dollar amount set for the promotion.
At present, DraftKings Sportsbook states that the maximum amount for a money back special is $100, although a recent Super Bowl first touchdown insurance promotion was only eligible for up to $25 with a recent parlay promotion being eligible for a maximum $50 bet bonus.
As an example, if you had placed a bet on the Super Bowl between Kansas City Chiefs and the Philadelphia Eagles, and bet on Jalen Hurts for the first touchdown scorer then you would have a winning bet, but what if you had placed your bet on Travis Kelce?
Well, Kelce scored the second touchdown of the game meaning you would have got a Loss back (free bet) bonus of up to your original stake (max $25).
It’s essential to review the terms and conditions very carefully to determine the value of the free bet you’ll receive and make sure it is offering good value for you. While you can wager more than the maximum amount eligible for a free bet, any amount exceeding that limit will not be returned in the form of a free bet in case of a loss.
How long does DraftKings take to credit me for my losses?
Money back specials function in a similar way to risk-free bets and are typically credited to your account approximately 24 hours after the conclusion of the bet and processing. It’s worth noting that the free bet won’t be credited as soon as the game or event itself has finished, but rather once the losing bet has been settled.
If you place a bet on Monday night football, then once your bet is settled, you’ll receive your bonus bets in your cashier account twenty-four hours after the settlement of the bet, so this would be on Tuesday evening.
If you placed a 3-game parlay bet with parlay insurance, and your first leg loses on Friday, but you still have a pick on Sunday and Monday night football; you have to wait until all results are in and the bet has been settled. So again, you can expect your bonus bet credit on Tuesday evening.
Are DraftKings Loss Back Bonuses Cashable?
Whether you can withdraw your winnings from a mone yback special depends on whether you want to withdraw the cash winnings from the bet or just the free bet itself. It’s worth noting that free bets cannot be withdrawn from DraftKings, but any winnings from those free bets can be withdrawn 24 hours after the bet has been settled.
If you encounter problems or issues when attempting to withdraw funds from your account, it’s best to contact DraftKings customer service through their mobile app or website for assistance in resolving the issue.
Keep in mind that attempting to withdraw funds before the 24-hour period has elapsed may cause issues, so it’s essential to be patient.
Other DraftKings Sportsbook Bonuses & Promotions
The welcome bonus offered by the DraftKings Sportsbook is unique among major sportsbooks because it’s a deposit bonus and not a risk-free bet. If you’re a new player, click on this link to set up an account and receive a 20% match deposit bonus up to $1,000. Keep in mind that this bonus is based on your first deposit, so make sure to deposit an amount you are comfortable with.
DraftKings Sportsbook also offers ongoing promotions such as Odds Boosts, Bonus Bets, Odds Modifiers, and Free-to-Play Pools.
- Odds Boosts increase the odds for specific bets, ranging from moneyline bets to premade same-game parlays.
- Risk-Free Bets (more commonly known as bonus bets) are money back specials that don’t necessarily require meeting specific criteria, and they provide a free bet to existing customers of equal value if your original bet loses.
- Odds Modifiers are similar to Odds Boosts but allow users to create their own bets and receive a bonus to their odds.
- Finally, the sportsbook Free-to-Play Pools are accessible through the promotions page and offer users a chance to make picks against others to win money from DraftKings prize pots of up to $50,000. These pools are free to join and can produce a healthy payout.
There are many other types of bonus and promotional bet offers available on the sportsbook, including the DraftKings referral scheme, so it’s important to regularly check the promotions page for the latest updates and offers.
Do all top sportsbooks like DraftKings offer a Lossback bonus?
There are numerous online sportsbooks that offer a form of Lossback bonus. They do vary by sportsbook, so it is always a good idea to check each offer.
Are Lossback bonuses available during the NFL and Super Bowl football season?
Yes, there are always DraftKings Lossback bonuses available during the NFL season, including on futures bets and during the main event.
What are the playthrough requirements for any Lossback bonus?
Playthrough requirements vary between DraftKings casino bonus promos and DraftKings sportsbook bonus promos. You should check the main website promotions page for the latest terms and conditions and wagering requirements. They indicate how much money you would need to wager when you have a bonus before it becomes cashable.
Does DraftKings have a VIP program?
Like many online sportsbooks, DraftKings has a VIP program where you can earn "Dynasty Rewards" to obtain a wide range of benefits and bonus bets.
Is there a DraftKings promo code needed when opting in for these promotions?
You do not need a DraftKings sportsbook promo code to take part in Lossback promos, but you may need to opt-in.
How easy is it to opt-in for the Lossback promotion on DraftKings sportsbook?
The user interface is modern and the majority of players will find it user-friendly. It makes the opt-in process very straightforward. Just keep an eye on your push notifications and promotions tab.
Does the DraftKings welcome offer include risk-free bets?
Many major sportsbooks are now removing risk-free bets from their offer. The DraftKings welcome offer is paid as bonus credits and is based on a matched deposit of 20% up to a maximum of $1,000. Free bets are still popular as a bonus for existing customers who bet frequently.
Is it legal to bet on DraftKings as a resident of New Jersey?
DraftKings New Jersey is one of the most trusted online gambling and fantasy sports sites. DraftKings is available in multiple states across the US, including New Jersey where it is licensed under state laws by New Jersey’s Division of Gaming Enforcement.