How Does the ESPN BET Deposit Match Promo Work? Eligible Cashback, Explained
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If you're signing up for ESPN BET, you've probably been hit with two offers — the bet anything, get $250 in bonus bets (available with ESPN BET promo code ACTNEWS), and the $1,000 deposit match.
If you've never had a PENN account, you can get both. You'll get a 100% deposit match on whatever you first deposit is, then you'll get the $250 in bonus bets once you make any wager.
But how does the deposit match work, exactly? And what is Eligible Cashback? It's a hard offer to completely unlock, given the rollover requirement. The good news is that even if you don't get the entire bonus in 30 days, you keep whatever you did earn.
Let's break down the specifics.
The quick explanation
This offer is a bit tricky for many users to understand. We did a deeper dive into each element below. And if you prefer a visual explanation, we broke it down with some examples with a video.
- Whatever you deposit, ESPN BET will match. So a $1,000 deposit gets you $1,000 extra.
- But that bonus unlocks slowly. You'll get 5% of every dollar wagered as actual cash in your account.
- So if you make a $100 wager, you'll get $5 in cash. It's actual cash in your account, not bonus bets.
- After a $100 wager, you'll have $995 left of the cash to unlock.
- You only have 30 days to unlock all the whole bonus balance, so if you deposit $1,000, you'll have to wager $20,000 in the first month to unlock the entire bonus.
- You do keep whatever bonus you have unlocked, even if there's still some available after 30 days.
If you've already signed up at ESPN BET, there are a few other sportsbooks available in almost all the same states — FanDuel, BetMGM and Caesars.
Deposit matches, explained
A deposit match is pretty much what it sounds like — whatever you put in, the sportsbook will give you a bonus on top of it. In this case, it's a 100% deposit match up to $1,000, so if you deposit $1,000, you'll get $1,000 (it's not actual cash right away; more on this shortly).
The currency that a sportsbook gives you as a match can vary. It's usually bonus bets or some kind of site credit. With ESPN BET, it's something slightly different, which they call "Eligible Cashback."
OK, so what's Eligible Cashback?
Eligible Cashback isn't bonus bets; it's a balance that converts into cash at a 5% rate for every dollar you wager. This means to unlock the full cash of your bonus, you must wager 20x what you deposited within your first 30 days on ESPN BET.
Again, the biggest thing to know (and most difficult part of the offer, depending on your wagering style) is that you have 30 days to unlock all the Eligible Cashback, or it expires. The good news is that even if you don't unlock all the Eligible Cashback, you do keep whatever you did unlock. It doesn't just hit your account all at once after you hit a certain threshold.
Still confused? Let's look at some examples. Say you deposit $1,000, and get $1,000 in Eligible Cashback.
- Your first wager is $100 on the Bengals +4 against the Ravens on Thursday Night Football. Since it unlocks 5% at a time, $5 worth of your cashback balance will turn into $5 worth of real cash following that $100 wager.
- Then you place a $50 bet on the Jaguars -6.5 against the Titans. You'll get $2.50 worth of real cash.
- Then you place a $100 bet on the Chiefs -3 against the Eagles. You'll get $5 worth of real cash.
Here's the total:
| Wager | Bet | Cashback Earned |
|---|---|---|
| Bengals +4 | $100 | $5 |
| Jaguars -6.5 | $50 | $2.50 |
| Chiefs -3 | $100 | $5 |
| Totals | $250 | $12.50 |
So after these three bets, you have $12.50 in additional cash that can be wagered or withdrawn, and $987.50 cash can still be unlocked as you wager more.
| Starting | Wagers $ to Unlock all Cashback | Available Cashback |
|---|---|---|
| Starting Balance | $20,000 | $1,000 |
| Current Balance | $19,750 | $987.50 |
Are there minimum odds requirements?
Yes, each wager that chips away at the 20x wagering requirement must be -200 or longer (meaning -110 or +200 are OK, but -500 is not).
This is so bettors can't try to wager large sums on huge favorites just to hit the wagering requirement.
If I don't unlock all the Eligible Cashback, do I still get to keep what I did unlock?
Yes. Even if you don't unlock all the Eligible Cashback, you will keep whatever you did unlock.
Per ESPN BET's terms and conditions:
"If an Eligible Cashback balance expires before you earn the full amount of the cashback, any cashback that has been earned up until that point will remain in your cash balance. Any remaining Eligible Cashback will be forfeited upon expiration of the Eligible Cashback balance and will no longer be eligible to earn as cashback."
Can I check on that status of my cashback?
Yes. If you click your account/profile in the top right after logging in, you can check the status under "Rewards."
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