What Is a Bonus Bet?
In short, a Bonus Bet is a promotion given to you by a sportsbook where on a winning bet you only get the profit and not the stake. Learn more in our Bonus Bet guide.
What Is a Bonus Bet Conversion Calculator?
A Bonus Bet conversion calculator determines the exact hedge amount so that you can ensure equal profit no matter which side of your bet wins. You enter the bonus amount and odds, as well as the odds of the opposing side at a second sportsbook. The output is the exact hedge amount, your profit, and the conversion rate.
Finding Bonus Bet Conversions
Bonus Bets often have the highest conversion percentages when used at longer odds, with many strong opportunities falling between roughly +300 and +500. Since the Bonus Bet stake is not returned when it wins, selecting the right odds makes a drastic difference in profit. DarkHorse Odds' Bonus Bet Finder searches sportsbooks for conversion opportunities and automatically calculates the expected return and recommended bet sizes. You can explore the demo site, or start a free trial.
Is Your Promotion Actually a "Bonus Bet"?
Sportsbooks have inconsistent naming conventions for promotions, and it is not always obvious which type of promotion you have. Different sportsbooks might refer to a Bonus Bet as a bet credit or a bet token. The deciding factor whether or not your promotion is a Bonus Bet is if the stake is not returned on a winning bet. If the stake is returned, then you have Site Credit and need to use the Site Credit Calculator.
How the Math Works
Note: The calculations below use decimal odds. If you are starting with a different odds format, first convert them to decimal odds using the Odds Converter.
Example: You have a $200 Bonus Bet. The home team is +300 (decimal 4.00) on Sportsbook A. The away team is -325 (decimal 1.3077) on Sportsbook B.
Step 1. Determine the Profit on a Winning Bet
\[
\begin{aligned}
\text{Bonus Bet Winnings} &= \text{Bonus Bet Amount} \times (\text{Decimal Odds} - 1) \\
&= 200 \times (4.00 - 1) = \$600.00
\end{aligned}
\]
Step 2. Determine Hedge Amount
\[
\begin{aligned}
\text{Hedge Bet Stake} &= \dfrac{\strut \text{Bonus Bet Winnings}}{\strut \text{Hedge Decimal Odds}} \\
&= \dfrac{\strut 600}{\strut 1.3077} = \$458.82
\end{aligned}
\]
Step 3. Verify the Profit on Both Sides
If the Bonus Bet wins...
- Profit $600.00 from the Bonus Bet
- Lose $458.82 from the hedge bet
- Net profit of $141.18
If the hedge bet wins...
- Profit $141.18 from the hedge bet
- Lose $0 from the Bonus Bet
- Net profit of $141.18
\[
\begin{aligned}
\text{Conversion \%} &= \dfrac{\strut \text{Profit}}{\strut \text{Bonus Amount}} \\
&= \dfrac{\strut 141.18}{\strut 200} \\
&= 70.6\%
\end{aligned}
\]
Either way you finish with $141.18 in withdrawable cash, a 70.6% conversion on the $200 Bonus Bet.
Why Longer Odds Convert Better
Because the stake is not returned, only the winnings. Longer odds produce more winnings per dollar of bonus. A $200 Bonus Bet at +120 results in $240 winnings, compared to a $200 Bonus Bet at +300 where the winnings are $600. The winnings impact how much "room" you have to hedge, and the larger number leaves more behind once the hedge is considered.
Converting a Bonus Bet on a 3-Way Market
Hedging a 3-way money line in soccer takes two bets instead of one. if your Bonus Bet is on draw you need to add a leg for the home side and a leg for the away side, and the calculator sizes both.
Example: You have a $200 Bonus Bet. The draw is +260 (decimal 3.60) at Sportsbook A. The home team is +100 (decimal 2.00) at Sportsbook B and the away team is +300 (decimal 4.00) at Sportsbook C.
Step 1. Determine the Profit on a Winning Bet
\[
\begin{aligned}
\text{Bonus Bet Winnings} &= \text{Bonus Bet Amount} \times (\text{Decimal Odds} - 1) \\
&= 200 \times (3.60 - 1) = \$520.00
\end{aligned}
\]
Step 2. Determine Each Hedge Amount
\[
\begin{aligned}
\text{Home Hedge Stake} &= \dfrac{\strut \text{Bonus Bet Winnings}}{\strut \text{Home Decimal Odds}} = \dfrac{\strut 520.00}{\strut 2.00} = \$260.00 \\[6pt]
\text{Away Hedge Stake} &= \dfrac{\strut \text{Bonus Bet Winnings}}{\strut \text{Away Decimal Odds}} = \dfrac{\strut 520.00}{\strut 4.00} = \$130.00
\end{aligned}
\]
Step 3. Verify the Profit on Every Outcome
If the Bonus Bet wins...
- Profit $520.00 from the Bonus Bet
- Lose $260.00 from the home hedge
- Lose $130.00 from the away hedge
- Net profit of $130.00
If the home hedge wins...
- Profit $260.00 from the home hedge
- Lose $0 from the Bonus Bet
- Lose $130.00 from the away hedge
- Net profit of $130.00
If the away hedge wins...
- Profit $390.00 from the away hedge
- Lose $0 from the Bonus Bet
- Lose $260.00 from the home hedge
- Net profit of $130.00
\[
\begin{aligned}
\text{Conversion \%} &= \dfrac{\strut \text{Profit}}{\strut \text{Bonus Amount}} \\
&= \dfrac{\strut 130.00}{\strut 200} \\
&= 65.0\%
\end{aligned}
\]
One of the three bets wins. Either way you finish with $130.00 in withdrawable cash, a 65.0% conversion on the $200 Bonus Bet.
