DraftKings promo code: First $5 NBA or Duke-UNC bet unlocks $200 Super Bowl bonus

Saturday has fantastic NBA and college basketball slates for new DraftKings customers. Sign up and bet as little as $5 on a matchup like Nets-76ers, Bucks-Mavericks, and Lakers-Knicks. You can also target a jam-packed college schedule featuring showdowns like Houston-Kansas, Tennessee-Kentucky, and a must-watch battle between Duke and North Carolina.

Bet just $5 on any game to activate a $200 welcome bonus from DraftKings. The instant payout lets players dive into this weekend's action or next Sunday's Super Bowl between the 49ers and Chiefs.

DraftKings gives customers seven days to apply their bonus bets. That means anyone who wants to throw bonus bets on 49ers-Chiefs must do so over the next several days rather than waiting until Super Bowl Sunday.

DraftKings' "Bet $5, Get $200" offer is a must-have for prospective bettors in legal states. Lock in the welcome promo below to turn a $5 wager into an instant $200 bonus for all events, including the Super Bowl:

The Chiefs head to Las Vegas as the defending Super Bowl champion, yet the 49ers are the ones entering Sin City as the betting favorite. San Francisco is -2 on DraftKings, though the line could shift in either direction between now and kickoff.

Although they're the underdog, the Chiefs shouldn't feel too poorly about the lack of respect. The underdog has covered the spread in 13 of the last 20 Super Bowls, including three in the previous seven years. Interestingly, nine of the last 11 underdogs who covered the spread also won outright — the Bengals (+4) lost Super Bowl LVI 23-20, and the Cardinals (+7) lost Super Bowl XLIII 27-23.

The percentage of times a team covered the spread during the regular season also matters. In this recent 20-year sample size, Super Bowl favorites who covered less than 65% of their regular season games went 5-8 ATS in the Big Game. The 49ers were 9-8 ATS this season, good for a 52.9% cover rate.