Bonus Bet Conversion Calculator: Free Bet to Cash
A bonus bet usually pays only the profit, not the stake. Placing it at long odds and covering the other side with a cash bet locks in a share of the bonus, often 60 to 80%. The calculator shows the hedge stake, the locked profit and the conversion rate.
Key facts
- A standard free bet pays winnings only and does not return the stake.
- Hedge stake = bonus × (decimal odds − 1) ÷ hedge decimal odds equalizes both outcomes.
- Locked-in profit = hedge stake × (hedge decimal odds − 1), and conversion is that profit divided by the bonus.
A $100 bonus bet isn't worth $100. If it wins you keep the profit and not the stake, so the aim is to place it at long odds and cover the other side with real money. That hedge turns most of the bonus into cash whichever side wins. This calculator sizes it. It runs in your browser, sends nothing anywhere and forgets your numbers when you close the page.
Bonus bet conversion calculator
Turn on JavaScript to use the calculator. The worked example below shows the same math by hand.
What you enter and what you get
You enter
- Bonus bet amount ($): an amount in dollars.
- Odds you place the bonus bet at: Longer odds convert better.
- Odds on the other side, with cash: American, decimal or fractional odds.
You get
- Locked-in profit
- Bonus bet pays if it wins (stake not returned)
- Cash hedge stake on the other side
- If the bonus bet wins
- If the hedge wins
- Conversion rate
How the calculator works
- Work out what the bonus bet pays if it wins: bonus × (decimal odds − 1).
- Hedge with cash on the other side: stake = bonus profit ÷ hedge decimal odds.
- Whichever side wins, the result is the same, which is your locked profit.
- Divide the locked profit by the bonus to get the conversion rate.
A worked example
A $100 bonus bet placed at +300, with the other side priced at -350 (a normal pair of prices for one game).
| Item | Result |
|---|---|
| Locked-in profit | $66.67 |
| Bonus bet pays if it wins (stake not returned) | $300 |
| Cash hedge stake on the other side | $233.33 |
| If the bonus bet wins | $66.67 |
| If the hedge wins | $66.67 |
| Conversion rate | 66.7% |
What the calculator leaves out
- Bonus terms vary: some bonuses return the stake, expire fast, or ban certain markets.
- The hedge price must still be there when you place it.
- It ignores any wagering requirement attached to the bonus.
How we checked it
Before it went on the page we checked it against a case worked by hand: a $100 free bet at +300, hedged at -350, has to give the locked-in amount we calculated separately. The calculator is also run against thousands of odd entries such as blanks, zeros and huge numbers, so a bad entry shows a plain prompt and never a wrong number. The worked example above comes from the same code the calculator runs.
At a sweepstakes sportsbook
Some sweepstakes sites hand out bonus coins instead of bonus bets. Those usually come with their own playthrough rules and can't be hedged the same way, so read the terms before treating them like a free bet. where sweepstakes sites can operate covers where those sites can operate.
Betting math is not betting advice. Only play with money you can afford to lose, and if gambling stops being fun, call or text 1-800-GAMBLER.
Frequently asked questions
Why is conversion less than 100%?
The bonus pays only its profit, and the hedge costs money. The longer the odds you can use, the closer to the top you get.
What odds are best for a bonus bet?
Long odds on the bonus bet, as long as you can still hedge at a reasonable price on the other side.
Does this work for bonus coins at sweepstakes sites?
Not directly. Bonus coins tend to carry playthrough rules, which this calculator doesn't model.
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- Matched betting, Wikipedia (read 2026-10-05)
- Arbitrage betting, Wikipedia (read 2026-10-05)
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