Bonus bet calculator
Turn a sportsbook bonus bet into cash. Enter the bonus, the price you bet it at and the price on the other side at another book: see the hedge stake and the cash you keep whichever side wins.
The bonus the book gave you
At the book that gave the bonus
Best price at another book
- Cash you keep
- $69.28The same whichever side wins.
- Conversion
- 69.3%Share of the bonus that becomes cash. 70% or better is good.
- Hedge with cash
- $230.72Bet this at -333 on the other side, at another book.
- If the bonus side wins
- +$69.28The bonus pays $300.00 (never the stake); the $230.72 hedge loses.
Why a bonus bet is worth less than cash
A bonus bet (also called a free bet or bet credit) pays only its winnings. Bet a $100 bonus at +300 and a win pays $300, not $400, because the stake was never yours. That is why the usual advice is to bet a bonus on a longer price: the winnings are a bigger share of what the bet returns.
How the hedge locks in cash
Bet the bonus on one side at the book that gave it, and bet real money on the other side at another book. Size the hedge so both outcomes pay the same: hedge = bonus × (bonus odds − 1) ÷ hedge odds, in decimal odds. With the default numbers, $100 at +300 and the other side at -333 (1.30), the hedge is $230.77. If the bonus wins you collect $300 and lose the hedge: $69.23. If the hedge wins it pays $69.23 and the bonus is gone. Either way you keep $69.23, about 69% of the bonus.
Getting more of it back
Conversion rises with the bonus price and with a tight market on the other side. Most bettors keep 60 to 80%. Check that both books settle the market the same way (see the settlement rules), and read the bonus terms: some books exclude certain markets or require minimum odds.
ArbWins's bonus bet converter does this across every game at DraftKings, FanDuel, BetRivers, Hard Rock Bet and theScore Bet every 20 seconds and lists the best conversions for the book that gave you the bonus.