The ESPN BET promo code SHNEWS unlocks a $1,000 First Bet Reset on any type of bet across 18 sports betting states. Here’s what you need to qualify for the promo:

The $1,000 First Bet Reset, while boasting a fancy name, is a first bet insurance on your first bet within ESPN BET. The bet can be any size and on any type of bet such as a parlay or a moneyline — picking a team to win the game outright.

Any promo that is structured as a first bet insurance plays out two different ways depending on the outcome of your first bet.

Let’s use the Sunday NFL preseason matchup between the Denver Broncos and Indianapolis Colts. Imagine I place $200 on a +269 same game parlay for the Broncos to cover +1 and the over 38 total points in the game.

Since every sportsbook operates differently, let’s walk through how the bonus bets deposit and how you can use them.

ESPN BET deposits the bonus bets as five bonus bets, each worth 20% of your total stake. So, if I lose $200 like the example above, I receive five $40 bonus bets.

The bonus bets cannot be split but are treated as individual bonus bet credits. This means when I decide to use the bonus bets, each $40 piece needs to be wagered in its entirety on any straight bet or parlay.

The bonus bet wagers also look differently from a cash bet. Imagine I placed one of the $40 bonus bets on +200 odds and it hits.

Any ESPN BET bonus bets are valid for seven days and can be played once for a chance at cash from a winning bonus bet wager.

New users only, 21+. Gambling problem? Call 1-800-GAMBLER. Must be physically present in AZ, CO, IA, IL, IN, KS, KY, LA, MA, MD, MI, NC, NJ, OH, PA, TN, VA, or WV in order to wager. Players must sign up using a specified Promotion code and then place an Eligible Wager on an Eligible Game during the Promotion Period. Bonus Bets will be credited upon making the first bet. Please Gamble Responsibly.