How to Use the Bonus Bet Conversion Calculator
A bonus bet calculator, or bonus bet conversion calculator, determines the rate at which you can turn a bonus bet into cash.
As part of many promotions and sign-up bonuses, sportsbooks offer "bonus bets" or "free bets". Bonus bets are different from cash because if your wager wins, you do not get back your initial stake—only the profit.
Learning how to use a bonus bet calculator will enable you to convert your bonus bets into cash at the highest possible rate.
Example Bonus Bet Conversion
Imagine you have a €100 bonus bet on BetMGM. You find an opportunity on the Over/Under 2.5 goals in a Premier League match.
Setup:
- Place €100 bonus bet on Over 2.5 at 4.00 odds on BetMGM
- Hedge with €220 on Under 2.5 at 1.36 odds on Pinnacle
Outcomes:
- Bonus bet wins: €300 profit - €220 hedge bet = €80 net profit
- Hedge bet wins: €79.20 profit - €0 (bonus bet) = €79.20 net profit
No matter the outcome, you net approximately €80, which is an 80% conversion rate on your €100 bonus bet.
What is a Good Conversion Rate?
Most sports bettors aim to get bonus bet conversion percentages over 70%. This means that for a €100 bonus bet, you will be able to earn €70 in real withdrawable cash.
Conversion rate benchmarks:
- 70%: Decent conversion, acceptable for most bonus bets
- 75-80%: Excellent conversion, target this range when possible
- 85%+: Exceptional conversion, rare but worth waiting for
- Below 65%: Consider waiting for better odds discrepancy
Calculator Inputs Explained
Bonus Bet Size: The bonus bet amount in euros (€100, €50, €25, etc.)
Bonus Bet Line: The decimal odds at which the bonus bet is placed (typically higher odds like 3.00-5.00 for better conversion)
Hedge Line: The decimal odds at which you'll hedge the bonus bet on a different sportsbook
Calculator Outputs Explained
Hedge Bet: The euro amount you need to wager on the hedge to extract maximum value
€ Profit: The guaranteed profit in real euros obtained from the bonus bet and hedge
% Profit: Dollar profit as percentage of bonus notional size (your conversion rate)
How to Convert Bonus Bets Optimally
Converting a bonus bet is how you turn that "sportsbook only" money into real money that you can withdraw (also known as "churning").
The strategy: Find lines across different books that have high plus-odds on one side and minus-odds on the other.
Step-by-step process:
- Receive bonus bet from sportsbook (€100 example)
- Find high odds market (4.00+) where you can use the bonus bet
- Find low odds on opposite side at another sportsbook (1.30-1.50)
- Use this calculator to determine hedge amount
- Place bonus bet on high odds side
- Place cash hedge bet on low odds side
- Guarantee profit regardless of outcome (70-80% conversion)
Finding Bonus Bet Conversion Opportunities
This free calculator shows you HOW to convert bonus bets, but finding optimal odds discrepancies manually is time-consuming.
FairOdds Terminal helps you find conversion opportunities by displaying odds across 60+ bookmakers. Look for markets where one book has significantly higher odds than others—these are prime for bonus bet conversion.
Start your free trial to compare odds across all major sportsbooks and find the best bonus bet conversion opportunities.
Bonus Bet Conversion FAQ
What is a bonus bet?
A bonus bet is a promotional bet that sportsbooks give as an incentive. If you win, you only receive the profit (not your stake back). For example, a €100 bonus bet at 2.00 odds returns €100 profit, not €200. Bonus bets must be converted to cash through hedging.
How do you convert a bonus bet to cash?
Convert bonus bets by placing the free bet on high odds at one sportsbook, then hedging at another sportsbook. The calculator shows exactly how much to hedge to guarantee profit. Aim for 70%+ conversion rate to maximize value.
What is a good bonus bet conversion rate?
70%+ conversion is good, 75-80% is excellent, 85%+ is exceptional. For a €100 bonus bet, 70% conversion means you extract €70 in real withdrawable cash. Higher conversion rates require finding better odds discrepancies between sportsbooks.
Why don't bonus bets return the stake?
Bonus bets are promotional tools. Sportsbooks give you free money to bet with, but only pay out winnings, not the stake. This is why you need to convert them efficiently—you're extracting value from free promotional money.
When should I use the bonus bet conversion calculator?
Use it whenever you receive a bonus bet or free bet from any sportsbook. Find odds with large discrepancies between books (high plus-odds on one, minus-odds on other), input them in the calculator, and it shows your optimal hedge amount for maximum conversion.
Can I withdraw bonus bets?
No. Bonus bets cannot be withdrawn—they can only be used to place wagers. You must convert them to cash by betting and hedging, or by winning the bet outright. This calculator helps you extract maximum cash value from bonus bets.