Table of Contents
Share

How to Convert a Bonus Bet

Level: Beginner
Updated: Jan 15, 2025
2 min read

Key Takeaways
  • Bonus Bets are the most common sportsbook promotion
  • You do not lose any money if a Bonus Bet loses (You also won't lose any money on your 2 day free trial)
  • On a winning bet, only the winnings are returned, not the original bet amount (stake)
  • They can typically be converted to cash at 70% of their original value
  • Use the DarkHorse Odds Bonus Bet Finder for bonus bet conversion
This guide covers what a Bonus Bet is and how to convert a Bonus Bet. If you already know what a Bonus Bet is, you can skip to Converting Bonus Bets.

What is a Bonus Bet?

Bonus Bets are the most common sportsbook promotion. They are used as a marketing tool to attract new customers and retain existing ones. Bous Bets allow customer to place bets with promotional money instead of their own.

Some sportsbooks will have a different name for Bonus Bets such as bet credit. No matter what each sportsbook calls a Bonus Bet, it is critical to determine if your promotion is a Bonus Bet. Making this determination is not always straightforward based on the nomenclature. Two distinguishing characteristics determine if a promotion is a Bonus Bet. If your promotion meets the criteria below, you have a Bonus Bet and can convert it using our Bonus Bet Finder.

  1. On a winning bet, the original bet amount (stake), is not returned
  2. If a Bonus Bet loses, you do not lose any cash from your bankroll

Example payout from winning a $100 bet with +150 odds
Bet Type Wager Returned Winnings Total Payout
Normal Bet $100 $150 $250
Bonus Bet $0 $150 $150

The screenshots below from DraftKings and BetRivers show how the total payout for a cash wager includes the stake and the total payout for a Bonus Bet does not include the stake. Notice that for both the Bonus Bet and the cash wager, the bet amount is $100. However, for the Bonus Bets, the total payout is $100 lower than the cash wager. This is because the original bet amount is not returned on a Bonus Bet.

Screenshots showing the difference in payout between a cash bet and a Free Bet on DraftKings Screenshots showing the difference in payout between a cash bet and a Free Bet on BetRivers Screenshots showing the difference in payout between a cash bet and a Free Bet on DraftKings Screenshots showing the difference in payout between a cash bet and a Free Bet on BetRivers

Most sportsbooks do not allow users to break up a Bonus Bet. If you have a $100 Bonus Bet, then you have to bet all $100 on a single bet. FanDuel is one of the few exceptions that allow users to place Bonus Bets in any amount they want. If you have a Bonus Bet on FanDuel, you can break it into as many smaller bets as you wish. A final note on Bonus Bets is that they often have an expiration date. Make sure you convert your Bonus Bet before it expires.

How To Get Bonus Bets

There are several ways to to earn Bonus Bets. The most common are tied to signup offers. In addition to signup offers they are often given to users as part of deposit matches or as Qualifying Bets for promotions.

Screenshot of a $250 Bonus Bet deposit match from BetRivers

The largest Bonus Bet offers come when you are a sportsbooks VIP. Below is a DraftKings VIP offer that a DarkHorse Odds user received. Deposit $20,000 to receive $10,000 in Bonus Bets. If you are interested in becoming a sportsbook VIP read our Becoming A VIP Guide, if you want 1:1 support from us to reach VIP status email us at support@darkhorseodds.com.

DraftKings VIP Deposit Match. Deposit $20,000 get $10,000 in Bonus Bets

Here is a DraftKings VIP offer where a user receives $100 in Bonus Bets for every $1,000 wagered on the NBA. Through Matched Betting and using the Qualifying Bet Finder on DarkHorse Odds you can guarantee nearly $2,000 in profit from this offer.

DraftKings VIP Qualifying Bet

How To Use A Bonus Bet

Applying a Bonus Bet is similar across most sportsbooks, but there may be some minor differences. In most cases, you must select the bet you want first to add it to your bet slip. Once a wager is in your bet slip, the option to apply the Bonus Bet appears. The exact wording may vary but your bet slip will have options for you to select and apply the Bonus Bet. The images below show applying a Bonus Bet on DraftKings and BetRivers.

Screenshots showing how to apply a Free Bet on DraftKings Screenshots showing how to apply a Free Bet on DraftKings Screenshots showing how to apply a Free Bet on DraftKings Screenshots showing how to apply a Free Bet on DraftKings

Converting Bonus Bets Step by Step

Bonus Bet Conversion Flow Chart

This "Converting a Bonus Bet Into Withdrawable Cash" infographic gives a visual overview showing how no matter what happens in the game, when you hedge your Bonus Bets, you can guarantee profit.

Infographic outlining how to convert a Bonus Bet Infographic outlining how to convert a Bonus Bet

What Does Converting A Bonus Bet Mean?

Converting a Bonus Bet is a matched betting technique used to extract a guaranteed profit from your Bonus Bet by hedging it. Converting Bonus Bets differs from traditional gambling because you are betting on both sides of a game; think Bonus Bet on the home team and a hedge bet on the away team. This means one of your bets will win, and the other will lose. Based on the odds of each bet and the Bonus Bet amount, you can hedge a Bonus Bet so that your profit is the same no matter which bet wins.

How To Convert A Bonus Bet

You will want to use a Bonus Bet Calculator to convert a Bonus Bet. Bonus Bet Calculators determine how much you need to bet to maximize your profit, also known as the Bonus Bet conversion rate. The Bonus Bet Finder on DarkHorse Odds is not your standard Bonus Bet calculator that requires a user to find the bets and enter the odds manually. Our Bonus Bet Finder finds all of the best available conversions and does the math so you can be confident you know how much to bet on both sides. It searches through millions of combinations every hour so that you can maximize your Bonus Bet conversions, increase profits, and save time.

How Much Are Bonus Bets Worth?

Bonus Bets are typically converted into 70% of their original value. For example, a $100 Bonus Bet can be converted into $70 of withdrawable cash.  

Use The Bonus Bet Finder

If you are new to using Bet Finders on DarkHorse Odds, start by reading our Tools & Features guides to learn how to use all the available features, such as filters and editing your Bet Slip.

Select the Bonus Bet Finder:

How to select the Free Bet Finder How to select the Free Bet Finder

In all of our guides, we filter to “Main Lines Only” as a way to avoid limits. Limits will significantly reduce your long-term earnings potential. Learn the best practices on preventing sportsbook limits in our Don't Get Limited guide. You can apply this by selecting Filters -> Main Lines Only. This is optional but highly recommended.

How to apply main line filters to the bet finders

This sets Market Type to Money Line, Spread, and Total. It also sets Market Segment to Full Game+ and Full Game.

Filter showing main lines selected

Select Your Bonus Bet Conversion

After selecting the sportsbook where you have the Bonus Bet and entering the bet amount, you will be presented with a table of all available Bonus Bet conversions. You can then select the matched bet that best fits your needs. The example below shows a $100 Bonus Bet on Caesars.

Data table with the best available free bet conversions Data table with the best available free bet conversions

Place Your Bonus Bet and Hedge Bet

After selecting the bet you want from the table above, you are presented with the bet slip, which provides all the details needed to hedge, ensuring maximum profit. In this example, on Caesars, you would place the $100 Bonus Bet on the Spurs money line at +500. Then place, a Hedge Bet on Golden Nugget of $427 on the Kings money line at -585. The Spurs and the Kings play each other; therefore, one of these two bets will win. Either way, you will profit $73.

Bet slip showing you which bets to place to convert a free bet

Bonus Bet Conversion Explanation

Clicking the information icon on the bet slip above shows the outcome explanation. The outcome explanation is a plain English description explaining exactly how you profit $73 from your Bonus Bet conversion no matter the event's outcome.

Explanation detailing how you profit from converting a bonus bet Explanation detailing how you profit from converting a bonus bet

Frequently Asked Questions

What is a Bonus Bet?
Arrow Down Icon

Bonus Bets are the most common sportsbook promotion. Sportsbooks use them as a marketing tool to gain new customers and to retain existing ones. Bonus Bets are promotional money given to you so you can wager on an event without using your own money. If a Bonus Bet wins you keep the profit, not the original bet amount. This is sometimes referred to a stake not returned Bonus Bet. If a Bonus Bet loses you do not lose any money, since it was promotional money from the sportsbook.

What Is a Bonus Bet Calculator?
Arrow Down Icon

A Bonus Bet calculator is an online tool that helps you determine how much you could earn from a Bonus Bet, factoring in odds and the “stake not returned” rule to provide an estimated profit. Several of these tools exist including the DarkHorse Odds Bet Finder. Start your Free Trial now.

How Do I Convert a Bonus Bet to Cash?
Arrow Down Icon

Placing a Bonus Bet on one side of an event and hedging with cash on the other is the best way to convert a Bonus Bet. The challenging part is to find the most profitable odds and determine how much to bet. This is where the DarkHorse Odds Bonus Bet Finder can help. We comb through millions of odds a day, and do all the math for you. This way you can be sure you get the best conversion and bet the right amount. Start your Free Trial now.

What Happens If I Lose My Bonus Bet?
Arrow Down Icon

A Bonus Bet is promotional money given to you by the sportsbook. Losing a Bonus Bet results in no monetary loss for you.

What Does “Stake Not Returned” (SNR) Mean?
Arrow Down Icon

“Stake Not Returned” means you do not receive the original bet amount back in your payout, only the net winnings. If a $100 Bonus Bet wins at +200 odds, the total return is $200. On a normal $100 bet at +200 odds the total return would be $300. $200 profit and $100 stake (original bet amount).

What Are the Best Odds to Use My Bonus Bet On?
Arrow Down Icon

The highest Bonus Bet conversions typically occur in the +300 to +500 range. Our Bonus Bet Finder will find the best available conversion based on the exact criteria you enter.

Do Bonus Bets Come with Rollover Requirements?
Arrow Down Icon

The Bonus Bet itself must be wagered before it can be withdrawn.  The winnings from a Bonus Bet are not subject to a rollover requirement and can be withdrawn.

Can I Withdraw Winnings from a Bonus Bet Immediately?
Arrow Down Icon

Yes, unless the terms of the promotion state otherwise but this is rare.

Can I Use My Bonus Bet on Any Sport?
Arrow Down Icon

Yes, but with a few exceptions. There are normally not any restrictions associated with using a Bonus Bet. Occasionally there are restrictions based on either market or sport. DarkHorse Odds helps with this with our extensive Filters.

Share
© 2022 Dark Horse Odds. All right reserved.
Some of the links on DarkHorse Odds are affiliate links.
Gambling Problem?
Call 1-800-GAMBLER CO, DC, IL, KS, KY, LA, MD, MS, NJ, OH, PA, TN, VA, WV, WY Call 877-8-HOPENY or text HOPENY (467369) (NY), Call 1-800-327-5050 (MA) 21+ to wager unless specified. Please gamble responsibly. Call 1-800-NEXT-STEP (AZ), 1-800-522-4700 (NV), Call 1-800-BETS-OFF (IA), 1-800-270-7117 for confidential help (MI), 1-800-981-0023 (PR). 19+. Gambling can be addictive. Please play responsibly (Ontario).