Bonus Bet Conversion Calculator
Find the real cash value of your bonus bets and free bets. See the optimal conversion rate at any odds.
Bonus Bet Details
Results
How Bonus Bets Work
Sportsbooks offer bonus bets (free bets) as promotions. With a standard free bet, you receive the winnings but not the original stake back. This means a $100 free bet at +300 pays $300 profit (not $400 like a cash bet would).
Maximizing Conversion Rate
The conversion rate is the percentage of the bonus bet's face value you can expect to extract as real cash. Longer odds give higher conversion rates:
- -110 odds: ~47% conversion
- +200 odds: ~67% conversion
- +300 odds: ~75% conversion
- +500 odds: ~83% conversion
Strategy
For the highest conversion, use your bonus bet on a long-odds underdog and hedge the other side with a cash bet to lock in guaranteed profit.
Frequently Asked Questions
How much is a bonus bet actually worth?
A bonus bet is typically worth 60-80% of its face value, depending on the odds you use it on. Because most bonus bets do not return the stake on a win, a $100 bonus bet at +300 odds pays $300 profit instead of $400. The longer the odds, the higher the conversion rate and the more cash value you extract.
What is the best way to use free bets?
The best strategy is to use your free bet on a long-odds underdog (typically +300 or longer) and then place a hedge bet with real cash on the opposite side to lock in guaranteed profit. This maximizes the conversion rate and turns the bonus into real cash regardless of the outcome.
Should you hedge bonus bets or let them ride?
Hedging is generally the smart play for bonus bets because it guarantees you extract cash value. Letting a bonus bet ride is higher variance -- you might win more, but you also might get nothing. Professional bettors almost always hedge their free bets to lock in a guaranteed conversion.
What is the difference between a free bet and a risk-free bet?
A free bet only pays out the profit if it wins, not the original stake. A risk-free bet returns the stake as a bonus credit if it loses. Risk-free bets are worth more because you get the full payout if you win and a second chance if you lose. Always check the terms to know which type you received.
Get the Edge with Optimal Bet
Our app scans sportsbook pricing across the market to expose inefficiencies and uncover +EV edges. We compare odds, surface high-value opportunities, and deliver precision alerts so you can move with conviction.
