bet365 has made its entry into Iowa, marking its fifth state in the United States, on June 5, 2023. Originally scheduled for a March launch, the sportsbook now offers an enticing deal for Iowa residents — and one of the highest-value promos in the industry right now.
By depositing $10 and placing a $1 bet on anything after entering the bet365 bonus code LABSNEWS, users receive $365 in bonus bets. This limited-time launch promotion sets Iowa apart from other states where bet365 offers $200 in bonus bets. We don’t know yet how long this deal will last, but the last time bet365 went to $365 for March Madness, it lasted about a month.
Just use this link to get started, or enter bonus code LABSNEWS at checkout.
Despite a deliberate approach over the last five years, bet365 has made significant strides in expanding its presence in the United States this year. It recently entered Ohio and Virginia in early 2023, joining New Jersey and Colorado as live bet365 states. While the company obtained licensing in Pennsylvania, it decided not to proceed with its plans in Massachusetts at the last minute.
bet365 is renowned as the world’s favorite sportsbook and is among the largest globally. Its offerings include an exceptional same game parlay feature, an extensive range of prop bets, and a top-notch user experience. The addition of bet365 to the Iowa market will be warmly received, even though the market is already saturated, lacking many innovative products.
bet365 Iowa Bonus Offer
To take advantage of bet365’s Iowa launch, new users can use the promo code LABSNEWS to claim the $365 bonus when they deposit $10 and place a $1 bet.
This sign-up offer is one of the simplest in the U.S. Currently, it applies to all other states as well, using the bonus code LABSNEWS, and bet365 will apply the correct value offer based on your state. During March Madness, bet365 briefly extended the $365 bonus bet offer to all states but ended it in other states on March 30.
Once users receive their bonus bets, they must wager them to convert them into cash. The bonus bet system operates similarly to most other sportsbooks.
How the Bonus Bets Work
Regarding the functioning of bet365’s bonus bets, they work similarly to those at most other sportsbooks. For instance, if a user has $200 in bonus bets and decides to wager $10 on the Chicago White Sox at +110 odds against the Cleveland Guardians, a Whit Sox win would yield an $11 profit.
However, the $10 bonus bet would not be returned, leaving the user with $11 in cash and $190 in remaining bonus bets. If the White Sox lose, only the bonus bets would be forfeited, leaving the user with $190 in bonus bets.
It’s worth noting that bet365 has lenient expiration rules for bonus bets, only deactivating them after 90 days of inactivity. Additionally, the bonus bets are issued one hour after the settlement of the user’s initial $1 bet or more. Users must also place their first bet within 30 days of creating their account, which are straightforward requirements to fulfill.
Other books expire bonus bets in 7-14 days if they’re not used.
Other Options in Iowa
Compared to other states, the entry barriers for sportsbooks in Iowa are relatively low, thanks to reasonable licensing and tax rates. Operators are required to pay a $45,000 license fee and a $10,000 annual renewal fee, in addition to 6.75% of sports betting revenue as taxes. In contrast, obtaining licenses in Pennsylvania and Illinois costs more than eight figures, while New York requires books to pay 51% of their revenue in taxes.
The favorable conditions in Iowa have enabled single-state operators like Elite Sportsbook and Q Sportsbook to establish their presence. Even popular Las Vegas books such as Circa and SuperBook, which haven’t gained significant traction elsewhere in the country, have entered the Iowa market.