How to read promo terms: eight clauses, in the order the money moves

The eight clauses

1. State exclusions. Are you eligible at all?
2. Stake returned or not. What a win actually credits.
3. Expiry. How long the token lives.
4. Minimum odds and maximum stake. The prices and amounts the promo works at.
5. Excluded bet types. Where the token can't go.
6. Combining. One promo per bet.
7. Deposit method. Which deposits count for a deposit offer.
8. Turnover. What has to be bet before money leaves.

Two framing rules first. Specific terms beat general ones: Sportsbet's clause 1.3 says that in a conflict "the specific terms will prevail", and TAB's My Offers T&Cs say the same about the general Promo T&Cs.1 And the terms can move: Sportsbet may restrict markets "at any time, including after a Bonus Bet has been credited" (1.5) and change or cancel an offer during its period (8.3); TAB can cancel a promo "at any time at our discretion" (62.8).3 Read the version on the day you use the token.

1. State exclusions

Sportsbet 2.1: ACT, NSW, WA and SA residents are excluded from offers, and Victorians from account-opening offers. TAB 64: NSW, QLD, SA, VIC and WA residents "may be ineligible", per promo.3 PointsBet decides per offer and per account. If your state is on the list, stop here; the NSW page explains why the list exists.

2. Stake returned or not

Not, at all three. Sportsbet 7.1, TAB FAQ 15, PointsBet's formula.1 This is the clause that sets the value of the token, and it's the one to check first on any promo that pays in bonus bets, which is nearly all of them.

3. Expiry

Seven days from credit at Sportsbet (6.2) and TAB (67.1) unless the offer says otherwise; per token at PointsBet; and PointsBet daily boosters "do not roll over to the next day".5 Find the expiry under the token in the app the day it lands, and put the date somewhere you'll see it.

4. Minimum odds and maximum stake

The general bonus bet terms of Sportsbet and TAB set no minimum price; specific promos do. TAB's multi saver and multi boost tokens need each leg at $1.10 or better and the combined price at $1.50 or better; its Same Race Multi tokens need a combined price of $2 and a field of five runners.3 Maximum stakes are set per customer: PointsBet's Run 2nd help page shows the promo banner with "the maximum stake for this punter is $20", and TAB's Race Boost caps the bonus at a $100 stake.5 Bet above the maximum and the excess is an ordinary bet.

5. Excluded bet types

Sportsbet 9.1: tote multis, combo multis, each-way, tote singles.1 TAB FAQ 10: live bets, each-way, parlay formula, mystery products, FootyTAB, non-flexi exotics, Trackside, non-flexi system multis, Multiplier and The Lock.4 PointsBet: not in-play (in Australia, in-play bets on sport are phone-only). Each TAB token also lists its own ineligible bets: a Race Saver doesn't apply to multis, bonus bets, cash-out or live bets, and "bets placed with Multiplier are ineligible".3 If the bonus bet button isn't in the slip, this is the clause to check.

6. Combining

One promo per bet. Sportsbet 6.6: an offer "must not be used in conjunction with any other offer"; TAB 62.7 and 66.8 say the same for promo codes and bonus bets.3 In practice: a bonus bet can't carry a boost, a bet return can't carry a Power Play, and PointsBet's Run 2nd doesn't apply to a bet with a Pay Back token or an Odds Booster on it.5

7. Deposit method

Only for deposit-related offers, and only some deposits count. TAB FAQ 14: online debit card only, "if you make cash or BPAY deposits, you won't receive the offers".4 Sportsbet 4.5: Cash Card and BPAY "will not trigger the Deposit Match offer".1 PayID isn't named either way; the specific offer has to say.

8. Turnover

Deposit once, bet once, at any odds, before the deposit can be withdrawn. Sportsbet's help page: "deposit $50 you'll need to bet $50".2 PointsBet: bonus bet winnings aren't held.5 This one isn't in the promo terms at all, which is why it's last on the list and first among surprises. The turnover page has a calculator.

My verdict