Indiana users have a new betting site available, as bet365 Sportsbook launched in the Hoosier state on Tuesday. It joins Colorado, Iowa, Kentucky, Louisiana, New Jersey, Ohio, and Virginia as states to offer the sportsbook. The bet365 bonus code TOPACTION gives you a choice between a pair of sweet welcome bonuses.

bet365 offers a guaranteed $150 in bonus bets with a simple $5 wager on any market. The sportsbook provides bonus bets regardless of the first bet outcome. Make sure your first bet is on a market with -500 odds or longer.

A $2,000 first bet on the house allows you to earn back your first bet in bonus bets if it loses. This offer is eligible for any first wager up to $2,000. bet365 enables you to customize bonus bets, so you wouldn't have to wager your entire $2K bonus if you went for the full offer.

bet365 will expand to more states, including North Carolina, over the next few weeks. The Tar Heel State launches online sports betting on March 11, with bet365 available at launch.

The bet365 sign-up offer is eligible for any sporting event, but how could Indiana users go with any event other than the Hoosiers? Indiana's men's basketball team hosts Penn State today at noon ET on FS1.

It's been a decent start for Indiana, as they're 5-5 in the Big Ten and 13-8 overall. The schedule did them no favors, as they recently had three straight games against top 12 opponents. However, they enter this matchup off a home victory against Iowa.

Penn State's 10-11 record isn't anything special, but they've been playing better basketball lately. Two weeks ago, they scored a home victory against No. 11 Wisconsin. On Wednesday, they defeated Rutgers by 15 despite being 6.5-point road underdogs.

Let's assume everyone has a bonus bet for Penn State-Indiana. The Hoosiers are a sizable favorite for today's matchup, but that's not great for our bonus bet.

We want to aim for a market with a big payout because the stake disappears no matter the outcome. Betting on the longshot is one of the best ways to use a sportsbook bonus. It may be tough for the IU fans, but Penn State is the value play.

Remember, we can break down our bonus into any amount. A $50 wager on the Penn State ML provides just over $110 in winnings. That money is now available for withdrawal.

Here are the important points to know about this offer:

New players only, 21+ (18+ in KY). Gambling Problem? Call 1-800-GAMBLER. Available in NJ, IA, CO, KY, IN, LA, VA, OH only. Place a qualifying bet of up to $2000 to be eligible for a matched refund in Bonus Bets if your qualifying bet loses. A deposit (minimum $10) is required to participate in this offer. T&Cs, time limits and exclusions apply.

Bet $5 and Get $150 in Bonus Bets at bet365. Deposit required. Bet Credits wager excluded from returns. T&Cs, time limits and exclusions apply.