How to use a bonus bet (and why long odds convert better)

Sportsbooks hand out bonus bets (also called free bets or bonus credits) for sign-ups, no-sweat offers, and promotions like profit boosts. They look like cash, but they aren't: when a bonus bet wins, you get the winnings and not the stake. They're different from an odds boost, which changes the price itself instead of handing you credit, but the same test decides whether either one is worth using: does the number you end up with beat the fair price.

Why the odds matter so much

Take a $50 bonus bet. At -110 a win pays about $45, and the bet wins roughly half the time, so it's worth around $23 on average. At +300 a win pays $150; if the fair chance is about 24%, it's worth around $36. Same bonus, very different value.

The reason is the missing stake. On a cash bet the stake comes back and the vig is the cost. On a bonus bet the stake never comes back, so the bigger the payout relative to the stake, the less you give up.

Locking in the value with a hedge

If you'd rather have a sure thing than an average, hedge: place the bonus bet on one side at the book that gave it to you, and a cash bet on the other side at a different book, sized so you profit the same amount whichever side wins.

1. Find a game where your bonus book offers long odds on one side (+250 or longer is a good start).
2. Find the best price on the other side at another book you use.
3. Enter both in the bonus bet converter to get the hedge stake and the locked profit.
4. Place both bets before either price moves.

A conversion of about 70 to 80% of face value is typical when prices line up well. Below 60%, look for a better pair.

Things to check first

• Read the offer's terms: minimum odds, expiry, and which markets are allowed.
• Bonus bets usually can't be split, so the whole amount goes on one bet.
• Your books' terms still apply. Only bet where it's legal for you, and only with money you can afford to lose.