We investigate the electronic properties of GaAs1−xBix by photoluminescence at variable temperature (T=10–430K) and high magnetic field (B=0–30T). In GaAs0.981Bi0.019, localized state contribution to PL is dominant up to 150K. At T=180K the diamagnetic shift of the free-exciton states reveals a sizable increase in the carrier effective mass with respect to GaAs. Such an increase cannot be accounted for by an enhanced localized character of the valence band states, solely. Instead, it suggests that also the Bloch states of the conduction band are heavily affected by the presence of bismuth atoms.