Bonus Conversion
Bonus Bet Conversion Calculator: How to Turn a Bonus Bet Into Cash
A bonus bet is a sportsbook promo credit that pays out the winnings only; the stake itself is not returned. To convert it into cash, place the bonus bet on one side of a game and hedge the other side with real money at another sportsbook so both outcomes pay the same. Hedge stake = bonus × (bonus odds − 1) ÷ hedge odds. Placed on a long price, a bonus bet typically converts to around 70% of its face value in locked-in cash.
Bonus Bet Conversion Calculator
Bonus ConversionTurn a bonus bet into locked-in cash with the right hedge stake
Hedge stake = bonus × (bonus odds − 1) ÷ hedge oddsLocked-in profit = bonus × (bonus odds − 1) − hedge stake; conversion rate = locked-in profit ÷ bonus.
How to use the bonus bet conversion calculator
Enter the bonus bet amount, the odds you plan to place it at and the odds on the other side where you will hedge with cash. The calculator returns the hedge stake, the locked-in profit and the conversion rate. The higher the conversion rate, the better this pair of prices is for cashing out the promo.
Place the bonus bet on the longer price. Because the stake is not returned, the bigger the odds, the smaller the share of the payout that the lost stake represents. As a rule of thumb, a bonus bet at +300 to +500 (4.00 to 6.00) hedged at -500 to -333 (1.20 to 1.30) converts at 70% or better.
US sportsbooks issue bonus bets as sign-up offers, as refunds on a losing first bet and as ongoing promos. Regulators in Ohio and Pennsylvania have barred sportsbooks from marketing them as free or without risk, because the stake is never paid back, and the math on this page shows exactly what that costs. Read the promo terms: minimum odds, expiration dates and whether the bonus can be split matter.
Why a bonus bet is worth less than its face value
A $100 bonus bet placed at +100 (2.00) returns only $100 in winnings when it hits; the $100 stake is not paid back, so the credit is worth half its face value. Placed at +400 (5.00), it returns $400 and the lost stake is only 20% of the payout, so 80% of the value is preserved.
The real value of a bonus bet therefore depends on the odds you use it at. The conversion rate is that value minus the cost of the hedge, which is why the calculator asks for both prices.
Example: $100 bonus bet at +300 (4.00), hedge at -333 (1.30)
- If the bonus bet wins: winnings = $100 × (4.00 − 1) = $300, stake not returned.
- Hedge stake = $300 ÷ 1.30 = $230.77 in cash on the other side.
- Bonus wins: collect $300, lose the $230.77 hedge, net $69.23. Hedge wins: $230.77 × 1.30 = $300, minus the $230.77 stake, net $69.23; the bonus bet is gone.
Both outcomes net $69.23, a 69.2% conversion rate. Place the same bonus bet at +100 (2.00) and hedge at -111 (1.90) and the conversion rate falls to about 47%.
FAQ
What is the difference between a bonus bet and cash?+
A bonus bet pays winnings only; the stake is not returned. A $100 bonus bet at +100 (2.00) returns $100 when it wins, while a $100 cash bet returns $200. That missing stake is why a bonus bet is worth less than its face value.
What is a good bonus bet conversion rate?+
Around 70% or higher is good: a $100 bonus bet locks in roughly $70 in cash. The keys are placing the bonus bet on a long price, such as +300 (4.00), and hedging at a short price on the other side at a different sportsbook.
Which side should I put the bonus bet on?+
The longer price. Because the stake is not returned, the higher the odds, the smaller the lost stake is as a share of the payout, and the higher the conversion rate. Hedge the shorter side with cash.
Can I withdraw a bonus bet?+
No. Bonus bets have to be wagered, and only the winnings become withdrawable cash. Most US sportsbooks also set an expiration date and sometimes minimum odds, so check the promo terms before choosing where to place it.
Do I have to hedge at a different sportsbook?+
Usually, yes. Betting both sides at the same book means paying that book's full vig on the hedge, which eats into the conversion. With several legal books in most states, hedge at whichever one offers the best price on the other side.
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For informational purposes only. Sports betting is legal in 39 states and D.C.; rules and minimum age vary by state. 21+. Gambling problem? Call 1-800-GAMBLER.
Odds and vig conventions follow standard US sportsbook pricing (-110 on spreads and totals). The tax line is based on IRS Topic 419 and the Form W-2G instructions (rev. 01/2026); it is not tax advice.