How to Convert a Bonus Bet
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
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. Bonus Bets allow customers 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.
- On a winning bet, the original bet amount (stake), is not returned
- If a Bonus Bet loses, you do not lose any cash from your bankroll
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.
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 earn Bonus Bets. The most common are tied to sign-up offers. In addition to sign-up offers they are often given to users as part of deposit matches or as Qualifying Bets for promotions.
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 vip@darkhorseodds.com.
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 make nearly $2,000 in profit from this offer.
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.
Using the Bonus Bet Finder
The DarkHorse Odds Bet Finders allow you to select your Betting Strategy. There are several options available:
- Matched Betting: Only shows matched betting conversions.
- +EV & Matched Betting: Combines +EV and matched betting results.
- +EV: Only shows +EV bets.
Matched Betting Method
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 profit.
What Does Converting A Bonus Bet Mean?
Converting a Bonus Bet is a matched betting technique used to extract a 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:
Set your Betting Strategy to "Matched Bet".
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.
This sets Market Type to Moneyline, Spread, and Total. It also sets Market Segment to Full-Time+ and Full-Time.
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.
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 moneyline at +500. Then place, a Hedge Bet on Golden Nugget of $427 on the Kings moneyline at -585. The Spurs and the Kings play each other; therefore, one of these two bets will win. Either way, you will profit $73.
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.
+EV and Matched Betting Method
Set your Betting Strategy to "+EV & Matched Bet".
Setting the Betting Strategy to +EV and matched betting displays both +EV bets and matched bets. The results are sorted based on profit. For matched betting it is the profit from hedging your bet. For +EV bets it is based on either the Certainty Equivalent or the expected profit based on +EV based on your +EV Settings. DarkHorse Odds recommends using Certainty Equivalent.
+EV Method
Set your Betting Strategy to "+EV".
Setting the Betting Strategy to +EV removes all matched bet conversions from the Bonus Bet Finder results, and displays the highest +EV bets available.
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Frequently Asked Questions
What is a Bonus Bet?
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 as 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?
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?
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?
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?
"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?
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?
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?
Yes, unless the terms of the promotion state otherwise but this is rare.
Can I use my Bonus Bet on any sport?
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.
