A bonus bet (also called a free bet or site credit) usually pays only the profit when it wins. The stake itself is not returned. One common way to turn a bonus bet into cash is to place it on one side of a market and cover the other side with a smaller cash bet at another sportsbook. This calculator shows the cover bet size and the profit you can lock in either way.
Enter the bonus bet amount, the odds on the side you play with the bonus, and the odds on the opposite side where you place the cash bet. Use American odds such as +250 or -280.
Assumes the bonus bet stake is not returned and the cash bet is placed at a different sportsbook. Results are rounded to cents and ignore limits, fees, and taxes.
Some offers require a first cash bet. Hedging it by betting the other side at another sportsbook locks in a known cost instead of a gamble.
You get a $100 bonus bet. You place it at +250 on one side. At another sportsbook the other side is -280. Converting the bonus this way means a cover bet of about $184.21. If your bonus bet wins, the profit pays for the cover bet and leaves about $65.79. If the cover bet wins, you keep the same $65.79. That is a 65.8% conversion rate.
You need funded accounts at two sportsbooks, and each operator's terms control what is allowed. Odds move, so bets should be placed close together. Winnings may be taxable, and you should only bet money you can afford to lose.
A bonus bet is a credit from a sportsbook that you can use to place a wager. If it wins, you usually receive the profit but not the stake.
Most sportsbooks pay only the winnings from a bonus bet. The credit itself is used up when you place the wager, so a $100 bonus bet at +100 pays $100, not $200.
Because the stake is not returned, longer plus-money odds generally convert a larger share of the bonus into cash than short favorites.
Betting both sides across different sportsbooks is common, but every operator has its own terms. Read them before you place a bet.
Ready to put a bonus to work? Compare current sportsbook offers or browse bonuses by state.
21+. Gambling problem? Call 1-800-GAMBLER. Bonus offers carry terms and conditions. This content is for information only and is not financial or legal advice.