How to convert a bonus bet
A sportsbook bonus bet (often called a free bet or bet credit) cannot be withdrawn, and when it wins most US books pay only the profit, not the bonus stake. To turn it into a known amount, bet the bonus on one side and hedge the other side with your own money at a second book. Hedge stake = what the bonus pays if it wins / the other side's decimal odds. Example: a $100 bonus at +300 pays $300 if it wins; against -388 on the other side (decimal 1.258), the hedge is $238.52 and you end up $61.48 ahead whichever side wins, a 61.48% conversion.
Bonus bet conversion rates by odds
Plus-money odds convert better than short odds, because the bonus stake you never get back is a smaller share of the payout. The gain flattens out past about +400: on a very long shot the other side gets expensive to hedge, and real lines on long shots usually carry more margin than this table assumes. The table hedges a $100 stake-not-returned bonus on a two-way line whose sides add to 104.5% (about -110 on both sides), as an illustration; real lines vary, so enter the actual prices above. A lower-margin pair (the best price on each side) converts more.
| Bonus bet odds | Other side | Hedge stake | Ahead either way | Conversion |
|---|---|---|---|---|
| +100 | -119.78 | $54.50 | $45.50 | 45.50% |
| +150 | -181.69 | $96.75 | $53.25 | 53.25% |
| +200 | -246.82 | $142.33 | $57.67 | 57.67% |
| +300 | -387.80 | $238.50 | $61.50 | 61.50% |
| +400 | -545.16 | $338.00 | $62.00 | 62% |
| +500 | -721.92 | $439.17 | $60.83 | 60.83% |
| +800 | -1412.61 | $747.11 | $52.89 | 52.89% |
Should you hedge a bonus bet or let it ride?
Unhedged, a bonus bet is worth its fair chance of winning times what it pays: the calculator shows this as "Value if you don't hedge". Hedging gives up a little of that average value in exchange for the same result on either side. If you bet often and can live with the swings, letting bonus bets ride at fair prices keeps more value on average; if you want a known amount (or the bonus is large relative to your bankroll), the hedge is the steadier choice. Either way, the price matters most, so shop the line for the best number on both sides.
Stake not returned vs stake returned
Most US bonus bets are stake not returned (SNR): a $100 bonus at +300 pays $300, not $400. A few promotions return the stake like a cash bet; switch the bonus type above and the calculator pays the full return. If you are not sure which you have, the offer terms will say.
Matched betting in the US
Matched betting is the same idea applied to sign-up and reload offers: back one side with the promotion and cover the other side elsewhere so the outcome barely matters. US books limit accounts that only take promotions, and bonus terms (odds minimums, expiry, eligible markets) vary by book and state, so read each offer's terms. For current sign-up offers at regulated books, see our best sportsbooks page.
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Frequently asked questions
How do you calculate a bonus bet hedge?
Hedge stake = what the bonus pays if it wins / the other side's decimal odds. For a stake-not-returned bonus, it pays the bonus amount x (decimal odds - 1). A $100 bonus at +300 pays $300; hedged at -388 (decimal 1.258) the hedge is $238.52, and you end up $61.48 ahead either way.
What is a good bonus bet conversion rate?
On a line with a typical 4.5% margin, hedging a stake-not-returned bonus bet converts about 45.50% of the bonus at +100 and about 61.50% to 62% at +300 to +400. Lower-margin prices on both sides push the rate higher, so shop both sides for the best number.
What odds should I use a bonus bet on?
Usually plus money, around +200 to +500, because a stake-not-returned bonus never returns its stake and the stake is a smaller share of a bigger payout. Very long shots help less: the other side gets expensive to hedge and long-shot lines carry more margin. The conversion table on this page shows the effect at +100 through +800.
Is a free bet calculator the same as a bonus bet calculator?
Yes. Free bet, bonus bet and bet credit all describe the same kind of promotion, and the calculator handles both stake-not-returned and stake-returned types.
Is hedging a bonus bet allowed?
Placing bets at two different sportsbooks is ordinary betting, but each book sets its own terms for bonus bets, including minimum odds and expiry, and books can limit accounts. Read the offer terms before you bet.
Is this calculator a Wise Guy Team pick?
No. It is math on the numbers you enter and makes no prediction. Our documented plays are posted separately, and every one is tracked win or loss.
21+ (or the legal age where you live). Gambling problem? Call 1-800-GAMBLER. This calculator does arithmetic on numbers you enter; it is not betting advice and not a Wise Guy Team play. Sportsbooks set their own bonus terms, limits and eligibility, so read the offer terms before you bet. Wise Guy Team is not a sportsbook and does not accept wagers. See our responsible gambling page.