Bonus Bets Explained

Profit-only payouts

Bonus bets return profit but not the stake on wins. A $100 bonus bet at +200 pays $200 profit, not $300 total. That changes EV math versus cash wagers.

Cash at +200 risks $100 to win $200; bonus bet risks no cash but still wins only $200 profit. Implied conversion is therefore lower than the headline token value.

Conversion rates

Unhedged conversion often lands around 60–80% of face value depending on odds and vig. Higher plus odds increase variance but can improve conversion percentage when hedging.

Example: $100 bonus at +300 wins $300 profit 25% of the time → $75 raw expected value before vig adjustment on the hedge side.

Hedging bonus bets

Hedge with cash on the opposite side to lock guaranteed return below face value but above zero. Use the Free Bet Converter for stake sizing and expected value.

Bonus bets often cannot be split into smaller tokens. Plan conversion on one or few legs at optimal odds rather than spraying small wagers at heavy juice.

Expiry and restrictions

Bonus bets typically expire within days. Some restrict minimum odds (-200, +100 minimum). Unused tokens forfeit — schedule conversion before deadline.

Winnings from bonus bets may land as cash or as additional bonus bets depending on operator — read settlement rules before converting.

FAQ

Bonus bet vs free bet?

Sportsbooks use both terms for the same general concept: a token wager that returns profit only on wins.