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Vermont Sports Betting Launch Walkthrough: How To Make Over $5,000

Category: State Launch
Updated: Feb 27, 2024
10 min read

Note: The last several state launches saw some delays and confusion from the sportsbooks on what the exact offers were. It took 12-24 hours before all users saw some of the larger offers, specifically the $5,000 Second Chance Bets from FanDuel and DraftKings. If you do not see them when you are about to register you will want to wait at least a day to verify.

It cannot be understated: do not rush through this process. You could miss out on thousands of dollars of profit.

  1. Some sportsbooks will not allow the pre-launch bonus to combine with the regular sign-up offer. If it is not clear, check with customer service.
  2. Do not waste your Second Chance Bet on one of the “No Brainer” bets. Such as 1 point scored in tonight's game. Yes these are a free $50-$100, but the Second Chance Bet is worth hundreds if not thousands. Make sure you do the Second Chance Bets first.
  3. Some offers, DraftKings and FanDuel are examples, are tied to your first deposit. Their deposit amount defaults to $200. Be sure to change the deposit amount before selecting the deposit method. Do not rush.
  4. Take your time and understand the terms and conditions of the offer. Reach out and ask any questions you have.

Online sports betting in Vermont kicked off on January 11th 2024. There are three sportsbooks available at launch: DraftKings, FanDuel, and Fanatics.

You can make in excess of $TODO by turning their promotions into guaranteed profit with a strategy called Matched Betting. Matched Betting turns sportsbook promotions into profit by placing a specific hedge bet which guarantees profit no matter the outcome of the event.

Here are the available sportsbooks sign-up offers and the approximate profit you can make from them. The profit does not stop after the sign-up offers.

If you haven't already, don't forget to sign up for a free trial!

Infographic describing matched betting process

Vermont Sportsbooks

Here are the available sportsbooks sign-up offers and the approximate profit you can make from them. The profit does not stop after the sign-up offers.

Sportsbook Sign-up Offer Value Deposit Required
DraftKings $5,000 Risk Free Bet $2,500 $5,000
DraftKings 2nd Offer 20% Deposit Match $1,000 Same deposit as above
FanDuel $5,000 Risk Free Bet $2,500 $5,000
Fanatics None None None
Total $6,000 $10,000

To maximize your profit from these, you will need a sizable bankroll, over $10,000.

There are three basic Matched Betting concepts to understand before getting started with the Vermont sign-up offers. After going through each one to ensure understanding, we will break down the order you will want to complete the sign-up offers.

Core Matched Betting Concepts

Concept 1: Converting a Bonus Bet

A Bonus Bet is exactly what it sounds like. A bet given to you by the sportsbook. When you place a Bonus Bet you are not risking any money from your bankroll. The distinguishing characteristic of a Bonus Bet is that only the winnings are returned, and not the original bet amount. Read our guide on Bonus Bets to learn more.

Here is an example of converting a $100 Bonus Bet on DraftKings.

$100 bet with DK on the Sixers money line at +265 (Bonus Bet)
$196 bet with FD on the Celtics money line at -285 (Hedge Bet)

The Sixers and Celtics play each other; therefore, one of those two bets will win.

If the Sixers win…

  • You profit $265 on DK
  • You lose $196 on FD
  • Net profit of $69

If the Celtics win…

  • You profit $69 on FD
  • You lose $0 on DK since it was a Bonus Bet
  • Net profit of $69

You can see that no matter who wins you profit $69 from a $100 Bonus Bet. This is often referred to as a 69% conversion.

Concept 2: Converting Site Credit

Site Credit is referred to as different things across sportsbooks. DK calls it DK Dollars, BS calls it bonus cash, etc. Like a Bonus Bet, placing a Site Credit bet does not risk money from your bankroll. Unlike a Bonus Bet, Site Credit works like a normal bet in that your original bet is returned on a winning bet.

Additionally, Site Credit often has minimum odds requirements such as -300. This means your bet must be -300 or longer to count toward the playthrough requirement. -300, -250, +150, etc all count toward the playthrough. -350, -450, etc would not count. Read our guide on Site Credit to learn more.

Here is an example of converting a $100 Site Credit on MGM.

$100 bet with MGM on the Wizards money line at -120 (Site Credit Bet)
$85 bet with BS on the Bulls money line at +115 (Hedge Bet)

The Wizards and the Bulls play each other; therefore, one of those two bets will win.

If the Wizards win…

  • You profit $83 on MGM
  • The $100 Site Credit is returned as $100 cash
  • Total profit of $183
  • You lose $85 on BS
  • Net profit of $98

If the Bulls win…

  • You profit $98 on BS
  • You lose $0 on MGM since it was a Site Credit, not cash from your bankroll
  • Net profit of $98

You can see that no matter who wins you profit $98 from a $100 Site Credit. This is often referred to as a 98% conversion. $98 / $100 * 100 = 98%.

Note: Site Credit can sometimes have a 2x or more playthrough requirement. Even with much higher playthrough requirements, Site Credit is still very profitable.

Concept 3: Converting a Second Chance Bet

Second Chance Bets are the most common sign-up offer. Second Chance Bets are wagered with cash from your bankroll, and if it loses you receive a refund, often in the form of a Bonus Bet or Site Credit. It is important to note that converting Second Chance Bets is either a one or two-step process. If the Second Chance Bet wins, you only need one step. If it loses, you need to convert the refund (See the Site Credit / Bonus Bet sections above). Learn more about Second Chance Bets in our guide.

Here is an example of the $1,000 Second Chance Bet on FanDuel that is refunded as a Bonus Bet.

Step 1: Hedge your $1,000 Second Chance Bet

$1,000 bet with FD on the Hornets money line at +280 (Second Chance Bet)
$2,305 bet with DK on the Nets money line at -290 (Hedge Bet)

The Hornets and the Nets play each other; therefore, one of those two bets will win.

If the Hornets win…

  • You profit $2,800 on FD.
  • You lose $2,305 on DK.
  • Net profit of $495. You’re done. No need to complete step two.

If the Nets win…

  • You profit $795 on DK.
  • You lose $1,000 on FD, but you get a $1,000 Bonus Bet on FD from losing the Second Chance Bet.
  • Right now you are down $205, but you have that $1,000 Bonus Bet. This is where step two comes into play.

Step 2: Convert your $1,000 Bonus Bet

$1,000 with FD on the Pistons money line at +240 (Bonus Bet)
$1,704 with DK on the Timberwolves money line at -245 (Hedge Bet)

The Pistons and the Timberwolves play each other; therefore, one of those two bets will win.

If the Pistons win…

  • You profit $2,400 on FD
  • You lose $1,704 on DK
  • Step 2 Profit is $696
  • Step 1 Loss is $205
  • Final Profit is $491

If the Timberwolves win…

  • You lose $0 on FD
  • You profit $696 on DK
  • Step 2 Profit is $696
  • Step 1 Loss is $205
  • Final Profit is $491

You can see that no matter which bet wins in any of the scenarios above, in the end, you walk away with $491 profit.

Note that with many sportsbooks, if you have a Second Chance Bet, they force it to be on your first bet placed. This is important to note to avoid accidentally hedging using a Second Chance Bet. Doing so will reduce your guaranteed profit.

Before You Start

Read our getting started guides and make sure you understand the full process before you sign-up for any sportsbooks and place your first matched bet.

Vermont Sign-up Offers Walkthrough

Warning: Before getting started, it is important to know that Sportsbooks can and will limit you. Getting limited means you won't receive any more promotions and you'll be severely restricted in how much you can bet. Read our guide on how to avoid getting limited.

DraftKings is one of the first sportsbooks to give out VIP status and they have a deposit match signup offer. VIP status can lead to many more promotions. Because of this, they are a perfect book to start with and use to hedge the other sign-up offers. Their sign-up offer is a 20% deposit match on a $5,000 deposit. The match is released $1 of Site Credit for every $25 wagered with minimum odds of -300. Using them as a hedge for all the other signup offers will complete a large portion of the playthrough requirements and likely result in you getting a text from a DK VIP representative.

Here is the order that you will want to complete the sign-up offers.

1. DraftKings

Deposit $5,000. Be careful when making your first deposit. It defaults to $200. You will want to change that to $5,000. Use DK to hedge the other sign-up offers, but only after completing the Second Chance Bet on DK.

  • The first bet with DK counts as the Bet $5 Win $200 in Bonus Bets offer. This offer is less valuable than the $5,000 Second Chance Bet. Do the Second Chance Bet instead if your bankroll allows it.
  • When hedging other offers on DK sticking to minimum odds of -300 may lower your conversions slightly but counts towards completing the deposit match rollover requirement.

2. Fanatics

Fanatics is a newer sportsbook that is growing with plans to compete with DraftKings and FanDuel. Right now they do not have a sign-up offer. Fanatics sportsbook gives you 1% back in FanCash on all of your straight bets (more for parlays). FanCash can be converted into Bonus Bets, or used as cash for Fanatics apparel.

  • Use fanatcis to hedge the DraftKings sign-up offer. To max out the DraftKings offer you will liekly need $7,500+.

3. FanDuel

Opt-in then deposit a minimum of $2,000. Your next bet will be the Second Chance Bet up to $5,000. Be sure no bonuses are applied when making the $5,000 Second Chance Bet.

  • If the Second Chance Bet loses, convert the Bonus Bet refund.
  • FanDuel has a second offer that cannot be combined with the Second Chance Bet offer. It is Bet $5 Get $200 in Bonus Bets. Because it cannot be combined, this offer is not worth doing.
  • If you use DK to hedge you will likely receive a text DK VIP after betting so much this quickly.

Increase Profits With VIP

The largest profits available from matched betting are from reaching VIP status. Learn more about how you can increase your profits and get free tickets to games, concerts, and other events in our Becoming a Sportsbook VIP guide.

Continuing Past Sign-up Offers

Sign-up offers are some of the most profitable available. However, it is easy to continue profiting after that. Sportsbooks regularly offer promotions to existing users such as profit boosts, double your winnings, bet and gets, loss insurance, and many more. Read more about how to profit from matched betting after sign-up offers in our After Sign-up Offers guide.

FAQ

How Do I Get Started?

Guides: We have extensive matched betting guides that walk you through how to get started and profit from matched betting.

Discord: The DarkHorse Odds Discord server is a great place to discuss and learn more about matched betting from a community of other matched bettors.  Join here.

Email: Send any questions to support@darkhorseodds.com.

One-on-One Help: DarkHorse Odds has partnered with The Book Investing. They offer personalized one-on-one consultation to help you profit from matched betting. They are familiar with the best strategies available to increase profits and longevity. For New Users to The Book Investing, they offer a free walkthrough on your first matched bet.

How do I know how much to bet?

Our Bet Finders give you the best conversions and tell you exactly how much to bet.

Why do sportsbooks do this? (This sounds too good to be true.)

Sportsbooks offer promotions to get new customers and retain existing ones. They know that in the long term, they will make money off of the average gambler. It’s not that different from bank and credit card sign-up offers, except there’s a lot more money to be made.

How much money can I make doing Matched Betting?

You won’t be able to quit your day job, but it can be a sizable side hustle. A lot depends on how much money you can commit to Matched Betting to start with and what sportsbooks are available in your state. Many can make $1,000 or more a month even after sign-up offers.

What’s the catch? Is there any risk?

There’s no catch. The biggest risk to be aware of is human error. For example, placing a bet on the wrong team or for the wrong amount. So, don’t rush, take the time to understand the promotions, read over the terms and conditions, and double-check your bets.

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