BetRivers bonus bets and bonus money: how they work and how to convert them
In short: BetRivers has two kinds of promotional funds. A Bonus Bet pays only its winnings, must be used whole on odds longer than −200, and lasts 30 days unless the promotion says otherwise. Bonus Money must be wagered once before it turns into cash. Convert a Bonus Bet at plus money with a hedge elsewhere.
BetRivers's rules checked against its own help and terms pages on October 14, 2026 (sources at the bottom of this page). Offers and terms change, so read the offer in the app before you bet. 21+ only, and only where BetRivers is licensed.
Bonus Bets and Bonus Money are different
BetRivers' terms describe two promotional funds: Bonus Money and Bonus Bets, both restricted and non-withdrawable until their conditions are met. Its help centre puts the difference simply: unlike bonus money, bonus bets pay only the win amount and not the stake back.
How a BetRivers Bonus Bet works
- Stake: the Bonus Bet amount is not included in any returns or winnings, and only the winnings are withdrawable when the bet settles.
- Minimum odds: Bonus Bets can only be used on odds longer than −200 (decimal above 1.50). Plus-money prices clear that easily.
- No splitting: each Bonus Bet can be used once and cannot be split between several bets.
- Expiry: 30 days after issue, or as the promotion's rules specify.
- Bet types: the help centre has you pick the single wager or parlay to use it on; a Bonus Bet limited to an event, league, or pre-match or live only appears on the bet slip when an eligible bet is there.
- Cash out: BetRivers' sportsbook rules say Cash Out cannot be used on free bets.
How BetRivers Bonus Money works
Bonus Money has a play-through requirement: the terms require it to be wagered at least once, on odds longer than −200, before it converts to cash, and it generally expires 30 days after issue. Because a winning Bonus Money bet behaves more like site credit than a bonus bet, shorter prices work for it; the site credit guide in the TrueEdge Academy explains why.
Two details from the help centre: cashing out a Bonus Money bet pays bonus back up to the original bonus wager, with any profit above that as withdrawable money; and cashed-out Bonus Money bets do not count toward the play-through. Withdrawing while a bonus is active voids it.
Second-chance bets
BetRivers' welcome offers have used a second-chance bet: if the first wager loses, you receive a Bonus Bet equal to the stake, up to the offer's cap. That refund is a normal BetRivers Bonus Bet — winnings only, odds longer than −200 — so value it at roughly 65–75% of its face when deciding what to bet first.
What BetRivers' terms say about arbitrage
BetRivers' sportsbook rules allow it to act where a patron engages in arbitrage, among other behaviour, and its terms let it amend or cancel a Bonus Money promotion before conversion. Read the terms in your state before hedging a promotion.
Worked example: converting a $100.00 BetRivers Bonus Bet
Bonus Bet: $100.00 on Team A at +350 (decimal 4.50) at BetRivers. If it wins it pays $350.00; the $100.00 stake is not returned.
Hedge: Team B at −430 (decimal 1.2326), with cash, at a different sportsbook.
Hedge stake = $350.00 ÷ 1.2326 = $283.96.
If Team A wins: $350.00 − $283.96 = $66.04.
If Team B wins: the hedge returns $350.00, a profit of $66.04.
You keep about $66.04 of the $100.00 Bonus Bet either way — a 66.0% conversion, an estimate that holds only if both bets are accepted at these prices.
Illustrative prices, not a current offer or a live market. Real prices move, so recompute with the hedge calculator before you place either bet. The figures come from the same formula the free calculator runs.
Converting a BetRivers bonus bet, step by step
- 1
Open the Bonus Bet in your BetRivers account
Check whether you hold a Bonus Bet or Bonus Money — they need opposite odds. Note the expiry, any minimum odds, and any sport or bet-type limits shown on the token or in the offer's terms.
- 2
Find a plus-money price at BetRivers
Look for one side of a two-way market at roughly +250 to +500 at BetRivers, inside the token's rules. Main-line moneylines, spreads and totals in major leagues usually price tightest on the other side.
- 3
Find the best price on the other side elsewhere
At a different sportsbook you hold cash at, find the opposite outcome at the best price available. This price decides most of what you keep.
- 4
Size the hedge
Hedge stake = the bonus bet's winnings ÷ the hedge's decimal odds. The free hedge calculator does this for you.
- 5
Place both bets and check the slips
Place the Bonus Bet at BetRivers, confirm it was accepted at your price, then place the hedge straight away. Recompute if either price moved.
- 6
Record the pair as one position
Log both bets and the amount you kept, so you know what each book's bonus bets are actually worth to you.
Mistakes that cost money at BetRivers
- Treating Bonus Money like a Bonus Bet. Bonus Money needs a 1x play-through and keeps its stake on a win; a Bonus Bet does not.
- Trying to split one Bonus Bet across several bets, which BetRivers does not allow.
- Picking a price at −200 or shorter. The terms say odds longer than −200 (decimal above 1.50).
- Withdrawing while a bonus is active, which voids it.
- Cashing out a Bonus Money bet to finish the play-through. Cashed-out bets do not count.
Where BetRivers is available
Arizona, Colorado, Delaware, Illinois, Indiana, Iowa, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia and West Virginia.
The BetRivers terms quoted on this page are its Illinois terms of service; other states' terms can differ in detail. This is the state list TrueEdge's own catalogue uses to decide which books it shows you. Licences change: the book's app checks your location before it takes a bet, and that check is the one that counts. You must be 21 or older and physically in a state where the book is licensed.
Tools for this
- Hedge calculator — free; its Bonus bet tab sizes the hedge for a BetRivers bonus bet
- Promo optimizer — searches live prices at the books you hold for the best conversion, with both stakes worked out
- How to convert bonus bets to cash — the method at any book, with the formula
- How to use a no sweat bet — hedge sizing when the refund comes back as a bonus bet
- TrueEdge plans — the promo optimizer is part of the TrueEdge plan, $79.99 a month or $63.99 a month billed yearly, and a new account can start with a 7-day free trial
Frequently asked questions
Do BetRivers bonus bets return the stake?
No. BetRivers' terms say the Bonus Bet amount is not included in any returns or winnings; only the winnings are withdrawable.
What is the difference between BetRivers bonus money and bonus bets?
Bonus Money must be wagered once, at odds longer than −200, before it becomes cash. A Bonus Bet pays only its winnings and never returns the stake.
When do BetRivers bonus bets expire?
BetRivers' terms say 30 days after issue, or as the promotion's own rules specify.
What odds can you use a BetRivers bonus bet on?
Odds longer than −200, which is decimal odds above 1.50. Each Bonus Bet is used once and cannot be split.
Can you cash out a BetRivers bonus bet?
No. BetRivers' sportsbook rules say Cash Out cannot be used on free bets. Bonus Money bets can be cashed out, but those do not count toward play-through.
How do you convert BetRivers bonus bets to cash?
Bet the Bonus Bet at plus money at BetRivers and hedge the other side with cash at another book, sized so both results pay about the same. Expect roughly 65–75%, an estimate that depends on prices.
Sources
Every rule above about BetRivers comes from these pages of its own, read on October 14, 2026. Addresses are shown rather than linked; open the book's app or site yourself to check them.
- BetRivers terms of service (Illinois, last updated September 3, 2026): https://il.betrivers.com/?page=eula&tos=TOC
- BetRivers help: How do I use a free bet (sports): https://helpcenter.betrivers.com/s/article/How-do-I-use-a-free-bet-sports
- BetRivers help: Can I use bonus money on any sports wager: https://helpcenter.betrivers.com/s/article/Can-I-use-bonus-money-on-any-sports-wager-I-want
- BetRivers help: Withdrawing with active bonus money: https://helpcenter.betrivers.com/s/article/Withdrawing-with-Active-Bonus-Money
- BetRivers help: first-time deposit offer (second chance): https://helpcenter.betrivers.com/s/article/First-Time-Deposit-Offer-Sports-500