Readers in over 20 legal sports betting states can cover their first bet up to $1,000 with the Caesars Sportsbook promo code HANDLENEWS1000. All you’ll need to do is set up a new account with the promo code followed by a $10 minimum deposit and wager on any market or odds.

First bet insurance offers are common among sports betting sites and have two potential outcomes:

Win — If you win your first bet, it profits cash and you keep what you bet

Miss — Caesars Sportsbook deposits a bonus bet equal to what you lost, up to $1,000 (in one big bonus bet, not smaller increments)

Click one of the modules throughout this piece to automatically apply the promo code HANDLENEWS1000 to your account sign-up page.

While any sport qualifies for the Caesars Sportsbook first bet on the house, I enjoy betting on NBA playoff basketball. Unlike the regular season, the NBA playoff matchups are full of urgency and games that come down to the wire.

One series I’m looking at for value is the Oklahoma City Thunder vs. Dallas Mavericks. While the Thunder breezed through the first series, the Mavs have taken a 2-1 series lead with Game 4 on Monday night.

We’ll use Game 4 as an example of how to activate the Caesars welcome offer but you can bet anything on the Caesars Sportsbook mobile app to earn the first bet on the house.

When you apply the promo code to a new account, any new Caesars customer across any Caesars state can make a first bet and be covered up to $1,000. This means you’ll either win cash from a winning bet or Caesars Sportsbook will cover your stake amount with a bonus bet.

Let’s run through an example of how the promotion works. Imagine I set up a $200 same game parlay for the OKC Thunder to win Game 4 at +101 and the under 215.5 total points (-111) for a +282 parlay.

Caesars Sportsbook bonus bets work differently from some other books. Any bonus you earn from the first bet on the house cannot be split across wagers but must be used in one chunk.

In the example above, I would need to use the $200 in bonus on one bet and cannot split the bonus bet across multiple wagers such as 10 bets of $20.

21+ only. New users and first $10+ wager only. Offer valid and must be physically present in AZ, CO, IL, IN, IA, KS, KY, LA, MA, MD, ME, MI, NC, NJ, NY, OH, PA, TN, VA, WV, and WY only. Know When To Stop Before You Start.® Gambling Problem? IL, KY, MD, NJ, OH, PA, TN, VA, WV: Call 1-800-GAMBLER. MA: CALL 1-800-327-5050 or visit gamblinghelplinema.org. NY: Call 877-8-HOPENY or text HOPENY (467369). ©2023, Caesars Entertainment