How to Convert a Bonus Bet (Step-by-Step)
A bonus bet (also called a free bet) is a promotional wager from a sportsbook where you keep the profit but not the stake. By placing a bonus bet on one side and a cash hedge bet on the opposite side at another sportsbook, you lock in guaranteed profit regardless of the outcome.
Example: You receive a $200 bonus bet from DraftKings. You place it on Team A at +250 odds, then hedge by betting $142.86 on Team B at -280 at FanDuel. If Team A wins, you profit $357.14 from the bonus bet minus the $142.86 hedge loss = $214.28 net. If Team B wins, your hedge pays out $192.86 on your $142.86 stake = $50 net profit minus the lost bonus bet (which cost you nothing). Either way, you profit at least $50.
Use the calculator to find the exact hedge amount and guaranteed profit for any odds pair. Enter your bonus bet amount, select your bet type, and input the best odds you can find on each side.
Free Bet vs. Deposit Match: Which Do You Have?
Free Bet (Stake Not Returned):You receive the winnings minus the original stake. Most sign-up bonuses work this way — DraftKings “Bet $5, Get $200 in Bonus Bets” gives you free bets where only the profit portion is paid out. Typical conversion rates are 65-80%.
Deposit Match (Stake Returned): You receive the full payout including the original stake, just like a normal cash bet. These are rarer but more valuable — conversion rates are typically 85-95%. Some reload bonuses and deposit matches work this way.
The calculator handles both types — select the correct one using the toggle for accurate results.
What Conversion Rate Should You Expect?
Your conversion rate depends on how close the odds are between your two bets. The closer the odds (lower “hold” or “vig”), the higher your conversion rate. Here are typical ranges:
| Odds Range | Free Bet Conversion | Deposit Match Conversion |
|---|---|---|
| +100 / -110 | ~45% | ~90% |
| +200 / -220 | ~60% | ~88% |
| +300 / -340 | ~68% | ~85% |
| +500 / -600 | ~73% | ~80% |
| +700 / -900 | ~75% | ~77% |
For free bets, aim for longer odds (+300 or higher) to maximize your conversion rate. For deposit matches, shorter odds work fine since the stake is returned.
How to Find the Best Odds for Conversion
The key to a high conversion rate is finding a “low-hold” market — one where the combined vig across two sportsbooks is minimal. Here are the best strategies:
- Use moneylines on less popular sports — MLB, NHL, and college basketball often have tighter lines across books than NFL or NBA.
- Check alternate lines — Alternate spreads and totals at sportsbooks like DraftKings and FanDuel frequently have exploitable differences.
- Compare across 3+ sportsbooks — The more books you have accounts at, the better odds pairs you can find.
- Look for +EV boosts — Sometimes profit boost promotions create opportunities where you don't even need to hedge. Check our Profit Boost Calculator for those.
Frequently Asked Questions
What is a bonus bet conversion calculator?
A tool that calculates the exact amount to hedge bet so you lock in guaranteed profit from a sportsbook bonus bet, regardless of which side wins.
How much profit can you get from a free bet?
Typically 65-80% of the free bet value. A $200 free bet usually converts to $130-$160 in guaranteed cash, depending on the odds you find.
What is a good conversion rate for bonus bets?
For free bets (stake not returned), 70%+ is good and 75%+ is excellent. For deposit matches (stake returned), 85%+ is good.
What does "stake not returned" mean?
It means only the profit from your bonus bet is paid out — you don't get the original bet amount back. Most sportsbook sign-up bonuses work this way.
Can you use bonus bets on any sport?
Usually yes, though some promotions restrict bonus bets to specific sports or events. Always check the terms of your specific promotion.
How do you find the best odds to convert a free bet?
Compare moneylines across multiple sportsbooks for the same event. Look for markets where one book has significantly better odds on one side than another book has on the opposite side.
What is the difference between a free bet and a deposit match?
A free bet only pays out the profit (stake not returned). A deposit match pays out like a normal bet including the stake. Deposit matches convert at higher rates because you keep the full payout.