How to make money off bonus bets: This image captures two individuals using their mobile phones to place bets while watching a sports game in a stadium. Bonus bets and free bets are popular promotions offered by bookmakers to attract punters. While they are often used interchangeably, free bets and bonus bets can have different terms and conditions. Free bets are typically simpler and often provided without an initial deposit, usually as a reward for participation in promotions or loyalty programs.