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What is a Bonus Bet?

Making the Most of Sportsbook Promotions

📚 6 min readLast updated: January 2025

A bonus bet (also called a “free bet” or “risk-free bet”) is a promotional credit offered by sportsbooks that allows you to place wagers without using your own money. While they come with specific terms and conditions, bonus bets can provide significant value when used strategically.

Key distinction: With bonus bets, you typically keep only the winnings, not the stake. If you win a $100 bonus bet at +100 odds, you receive $100 in profit, not $200 like a regular bet.

Common Types of Bonus Bets

🎁 Welcome/Sign-Up Bonuses

The most common type, offered to new customers after registration and first deposit.

Example:

“Bet $5, Get $150 in Bonus Bets” or “First Bet on Us up to $1,000”

🔄 Deposit Match Bonuses

Sportsbook matches a percentage of your deposit with bonus funds.

Example:

“100% Deposit Match up to $500” - Deposit $500, get $500 in bonus bets

🏆 Risk-Free Bets

If your first bet loses, you receive a bonus bet equal to your stake.

Example:

“First Bet Risk-Free up to $1,000” - Lose your first bet, get it back as a bonus

🎯 No-Deposit Bonuses

Free bonus bets just for signing up, no deposit required (rare but valuable).

Example:

“$25 Free Bet for New Signups” - No deposit needed

How Bonus Bets Work: Key Terms

💰 Stake Not Returned

Most bonus bets don't return the stake amount. A winning $50 bonus bet at +100 pays $50, not $100.

⏰ Expiration Dates

Bonus bets typically expire within 7-14 days. Use them quickly or lose them forever.

🔄 Wagering Requirements

Some bonuses require you to bet the bonus amount multiple times before withdrawing (e.g., 5x rollover).

📊 Minimum Odds

Many bonuses have minimum odds requirements (e.g., -200 or longer) to prevent abuse on heavy favorites.

Strategies to Maximize Bonus Bet Value

🎯 Strategy 1: Target Longer Odds

Since you don't get the stake back, bonus bets have more value on underdogs.

$100 Bonus at -200:

Win: $50 profit

Expected Value: ~$33

$100 Bonus at +200:

Win: $200 profit

Expected Value: ~$67

💱 Strategy 2: Conversion Betting

Advanced technique using opposing bets to guarantee ~70% cash conversion:

  1. 1. Find a game with close odds on both sides
  2. 2. Place bonus bet on one side at Book A
  3. 3. Place cash bet on opposite side at Book B
  4. 4. Guarantee profit regardless of outcome

🎲 Strategy 3: Low-Hold Markets

Focus on markets with small spreads between both sides (like MLB moneylines) to minimize the house edge and maximize expected value.

Common Bonus Bet Mistakes to Avoid

Letting bonuses expire

Track expiration dates carefully - most expire within 7-14 days

Using on heavy favorites

Poor value since stake isn't returned - aim for +150 or longer

Ignoring terms and conditions

Always check wagering requirements, minimum odds, and eligible markets

Chasing with bonus bets

Don't waste bonuses on desperate longshots - find genuine value

OddsBandit LogoMaximize Bonus Bet Value with OddsBandit

OddsBandit helps you extract maximum value from every bonus bet opportunity:

  • Bonus Bet Converter:

    Find optimal conversion opportunities to turn bonuses into guaranteed cash

  • Low-Hold Finder:

    Identify markets with minimal juice for maximum expected value

  • Promo Tracker:

    Keep track of all your bonuses, requirements, and expiration dates

  • Arbitrage Alerts:

    Get notified of risk-free conversion opportunities across books

Bonus Bet Expected Value Calculation

Understanding the true value of a bonus bet helps you make better decisions:

Example: $100 Bonus Bet

Option A: Heavy Favorite at -500

  • • Win probability: 83.3%
  • • Potential profit: $20
  • • Expected value: $20 × 0.833 = $16.66

Option B: Underdog at +300

  • • Win probability: 25%
  • • Potential profit: $300
  • • Expected value: $300 × 0.25 = $75.00

The underdog bet has 4.5x more expected value despite lower win probability!

Key Takeaways

  • 1

    Bonus bets are promotional credits that let you wager without risking your own money, but typically only pay out winnings (not the stake)

  • 2

    Maximize value by using bonuses on longer odds (+150 or better) since the stake isn't returned — avoid wasting them on heavy favorites

  • 3

    Advanced users can convert 70%+ of bonus value to cash through hedging strategies and low-hold market exploitation

  • 4

    Always read terms carefully — check expiration dates, wagering requirements, minimum odds, and eligible markets before using any bonus

Turn Every Bonus Into Profit

Stop leaving money on the table with suboptimal bonus bet usage. OddsBandit helps you find the best conversion opportunities and track every promo across all your sportsbooks.

Start Maximizing Bonuses