How to convert bonus bets to cash, step by step

In short: Place the bonus bet on a long shot at one book, then bet the other side with cash at a different book, sized so both results pay the same. You keep a fixed share of the bonus — often 60–75% — whichever side wins.

Step by step

  1. 1

    Check what kind of bonus it is

    Most bonus bets return only the winnings, not the stake. Read the terms: expiry date, minimum odds and eligible markets.

  2. 2

    Find a long shot for the bonus bet

    Look for odds of roughly +300 to +600 at the book that gave you the bonus. Longer odds keep more of a stake-not-returned bonus.

  3. 3

    Find the best price on the other side

    At a different book, find the opposite outcome at the best price you can. The smaller the combined hold, the more you keep.

  4. 4

    Size the hedge

    Hedge stake = bonus winnings ÷ the hedge's decimal odds. That makes both results pay the same.

  5. 5

    Place both bets, bonus first

    Place the bonus bet, confirm it was accepted at your price, then place the hedge straight away.

  6. 6

    Log it

    Record the conversion rate — cash kept ÷ bonus amount — so you know what each book's bonuses are worth to you.

Worked example: a $100 bonus bet

Bonus bet: $100 on Team X at +400 (decimal 5.00). If it wins it pays $400; the $100 stake is not returned.

Hedge: Team Y at -450 (decimal 1.2222) at another book.

Hedge stake = $400 ÷ 1.2222 = $327.27.

If Team X wins: +$400 − $327.27 = +$72.73.

If Team Y wins: $327.27 × 0.2222 = +$72.73.

You keep $72.73 of the $100 bonus either way — a 72.7% conversion.

Assumes both bets stand at those prices. Prices move, so check each one on the betslip before you place it.

What can go wrong

  • The hedge price moves before you place it — recompute first.
  • A book voids one leg as a pricing error.
  • The bonus has minimum odds or excludes the market you chose.
  • The two books settle the event differently (overtime, void rules).

Tools for this

Frequently asked questions

How do you convert bonus bets to cash?

Bet the bonus on a long shot at one book and hedge the other side with cash at another, sized so both results pay the same. You keep a fixed share of the bonus whichever side wins.

How do you turn FanDuel bonus bets into cash?

The same way as at any book: check the bonus's terms, place it on a longer price at FanDuel, and hedge the other side at a different book. The steps on this page apply unchanged.

What is a good bonus bet conversion rate?

Around 70% or better for a bonus that does not return its stake. Rates depend on the prices available when you place it.

How do you convert free bets?

A free bet is usually a bonus bet by another name, so convert it the same way: long shot with the free bet, cash hedge on the other side.

Keep reading

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