Bovada Sports is currently running two promotions of interest: a 20% Sports Welcome Bonus for new depositors and NCAAB Extra Credit for college basketball prop wagers.

A relative fledgling in the online gambling pack, Bovada Sports is trying to attract new money with two attractive promotions right now. One is for new members making their first deposits and the other is for college basketball fans ready to put their money where their mouths are.

The Sports Welcome Bonus is a 20% match on first deposits of up to $500, making for a maximum bonus of $100. This bonus is credited to your account not as cash but in the form of free bet tokens. To withdraw any of this money as cash, you must wager it three times over in the Bovada Sportsbook first. The free bet must be used within 30 days of the qualifying deposit.

College basketball fans, meanwhile, can earn a $10 or $25 free bet by placing 5 prop bets on the current NCAAB college basketball season. To be eligible, bets must be settled between January 9 and February 5, 2012. If you bet at least $10 each on 5 college basketball prop bets and you’ll receive a $10 free bet; bet at least $20 on 5 NCAAB prop bets and receive a $25 free bet. Bonuses will be issued on February 6. Only one bonus per member. And as with the 20% Sports Welcome Bonus, Bovada Sports requires a 3x rollover before the amount of these free bets can be withdrawn as cash.