How to convert bonus bets into cash
A bonus bet is worth what you can lock in, not its face value. Bet it at long odds, hedge the other side with cash, and keep 65–80% of it whatever happens.
Updated September 27, 2026 · TrueEdge Academy
To convert a bonus bet, place it on a long-odds outcome at one sportsbook and bet the opposite outcome with real money at another, sized so you finish with the same profit whichever side wins. Done well, a $100 bonus bet becomes $65 to $80 of cash you keep, and the result of the game stops mattering. This guide shows why that works, the formula for the hedge, and the choices that decide whether you keep $55 or $80.
Why a bonus bet is not worth its face value
A bonus bet pays only the winnings. Bet a $100 bonus bet at +100 and win, and you get $100 back, not the $200 a cash bet would return, because the $100 stake was never yours. Lose, and you lose nothing you paid for. So its value is the profit it can produce, and the one lever you control is the odds. The longer the odds, the more of the bet's face value turns into profit when it wins, which is why every conversion method starts at plus money.
- At +100 (decimal 2.00), it wins
- $100
- At +300 (decimal 4.00), it wins
- $300
- At +400 (decimal 5.00), it wins
- $400
Stake not returned in any of them. Longer odds win less often, which is exactly what the hedge below takes care of.
The hedge that locks the value in
A bet at +400 wins about one time in five, so on its own it is a lottery ticket. Betting the other side with cash turns it into a certainty. You want a hedge stake H such that you end up with the same profit either way. If the bonus bet wins you collect its winnings and lose the hedge; if the hedge wins you collect the hedge's profit and the bonus bet costs you nothing. Setting those two outcomes equal gives the only formula you need:
- Hedge stake
- H = B × (d₁ − 1) ÷ d₂
- Profit, whichever side wins
- B × (d₁ − 1) − H
- Conversion rate
- profit ÷ B
B is the bonus bet, d₁ its decimal odds, d₂ the decimal odds of the hedge. Decimal odds include the stake, which is why they make this a one-line calculation. Our hedge formula guide derives it.
- Bonus bet: $100 on Team A at +400
- decimal 5.00
- Hedge: Team B at −450
- decimal 1.222
- Hedge stake: 100 × 4 ÷ 1.222
- $327.27
- If Team A wins: +$400 − $327.27
- +$72.73
- If Team B wins: $327.27 × 0.222
- +$72.73
- Conversion rate
- 72.7%
Illustration, not a current offer. You need $327.27 in cash at the second book, and once both bets are placed you finish $72.73 up whichever side wins.
Step by step
- 1Find a market where your bonus-bet book offers plus-money odds (roughly +250 to +500) on one side.
- 2Find the best price on the other side at a different book you hold cash at. The whole method lives on this price: a hedge at −450 instead of −550 is worth several points of conversion.
- 3Work out the hedge stake with the formula above, or let a hedge calculator do it.
- 4Place the hedge first if the price is moving, then the bonus bet, and check both slips say what you intended before you leave.
- 5Record both bets. The pair is one position, and your records should show a single profit, not a win and a loss.
What decides your conversion rate
Three things, in order of how much they matter. First, the combined margin of the two prices: the closer the pair is to a fair two-way market, the more of the bonus you keep — see hold and vig. Second, the odds you bet the bonus at: longer is better until the hedge side gets so short that the best price on it is bad. Third, the market itself: main-line moneylines and spreads in major leagues are priced tightly by every book, so they convert best. A realistic target on a single bonus bet is 70–75%; the conversion rate guide shows how to benchmark yours.
Splitting a large bonus bet
A $500 bonus bet can often be split into several smaller ones. When it can, spreading it across three or four markets lets each piece sit on its best available price instead of forcing the whole amount into one market, and it keeps any single hedge stake small enough not to stand out. When it cannot be split, pick the tightest major-league market you can find rather than the longest odds.
Doing it without the arithmetic
The work in all of this is the search: finding, across every book you have, the pair of prices that converts best right now. The Promo Optimizer does that search for your books, ranks every available pair by conversion rate, and gives you both stakes. The walkthrough shows a conversion from start to finish.
Frequently asked questions
- What is a good bonus bet conversion rate?
- 70–75% is a solid result on a single bonus bet hedged at a different book; above 80% is uncommon and usually needs a pricing error on one side. Below about 60% means the pair of prices was too wide.
- Can I convert a bonus bet without betting the other side?
- You can just bet it at long odds and accept the result, which has the same average value but swings between zero and several times the bonus. Hedging trades a little of that average for certainty.
- Do I need an account at a second sportsbook?
- In practice, yes. Hedging at the book that issued the bonus means paying its margin on both sides, which converts badly; the hedge goes on with cash at the best opposing price somewhere else.
- What odds should I bet a bonus bet at?
- Usually +250 to +500. Longer odds keep more of the bonus when they win, but past a point the short side of the market gets badly priced and the conversion rate falls.