There are two optimal ways to use sportsbook bonus bets — betting at plus-money to give yourself the most expected value, or "bonus bet conversion." In other parts of the world, this concept is known as "matched betting."
Conversion is like a hedge. You're betting the plus-money side of a wager with your bonus bet, and the other side at a different sportsbook in cash. If you bet the correct amounts (which we'll show you how to do below), you'll profit about the same amount no matter which side wins.
Before we dive into the examples, some quick tips:
Tip 1: You want the underdog side to be 1) priced high (+300, +500, +1000 if at all possible) and 2) the favored side at another sportsbook to be close to the underdog side (if the underdog side is +500, -550 or -600 is ideal). These opportunities aren't floating around 24/7, especially if you're sticking to main markets (we'll detail why toward the end). But lines like that convert at the highest rate.
Tip 2: You should be striving to turn bonus bets into cash at about a 60-70% rate. So for every $10 in bonus bets, you'll hope to earn $6-7 in cash using this method.
Tip 3: Sportsbooks do not like this practice, so don't bet exact amounts down to the cent, and never bet both sides of the same game at the same sportsbook.
Bonus Bet Conversion Example
Let's dive into an example using a $10 bonus bet from DraftKings.
Step 1 is to bet the plus-money side (i.e. the underdog) with your bonus bet. The higher the line, the better. Below, I've bet $10 on the Marlins at +250.
Step 2 is to bet the opposite side of that same wager at a different sportsbook. The closer the favorite price is to the underdog, the better. You'll "convert" at a higher rate this way.
| Bet | Amount | Profit |
|---|---|---|
| Marlins +250 | $10 bonus bet | $7.00 |
| Rays -280 | $18 cash | $6.43 |
- Marlins win: You'll win $25 off your $10 bonus bet, but lose the $18 cash bet for a total profit of $7.
- Rays win: If the Rays win, you'll lose your $10 bonus bet but you'll win $6.43 off the $18 cash bet at -280.
If your bonus bets get bigger, you'll need more cash to hedge on the other side. Here's the same example with a $100 bonus bet.
| Bet | Amount | Profit |
|---|---|---|
| Marlins +250 | $100 bonus bet | $70 |
| Rays -280 | $180 cash | $64.30 |
Where to Find High-Converting Bonus Bets
So how do you know how much to bet on each side? You can do the math yourself, or there are many paid and free tools to help you find high-converting bonus bets. You can use our hedge calculator to determine the right amounts to wager.
CrazyNinjaOdds will also show you high-converting bonus bet opportunities — it doesn't have odds from every sportsbook, but it has DraftKings, FanDuel, Caesars, BetMGM and ESPN BET among a few others. You don't need an account, either.
Just choose which sportsbook you have your bonus bet, and it will give you a list of high-percentage conversions.
Once you've found a bet (make sure you have an account at both sportsbooks, or can get one), click on "Calc" to get the wager amounts.
Enter your bonus bet amount, and it will tell you the hedge amount down to the cent (though I don't recommend betting exact cents, because it's a red flag to sportsbooks that you're employing practices like this, which they don't like).
Other Notes to Keep in Mind
Sportsbooks hate this practice: Sportsbooks do not want you to do this. So make sure you're never betting both sides at the same book, don't bet down to the cent (so if your calculator calls for a $79.32 bet, just bet $80), and be careful about small markets.
Be mindful of props and small markets: Sportsbooks can flag and limit your account based on several different practices, but one way they identify undesirable customers is by tracking how often you're beating the closing line.
If you're using these methods, you're often going to beat the closing line, because you're betting outlier prices to get higher conversion rates. Even if the book gets a small amount of action on a small market, they'll move the line to be closer to the rest of the market. Therefore, even if your bets are just for conversion and not because you "like" them, they'll beat the closing line often and you'll be at risk of getting flagged.
The other risk with small markets is the monetary limits on a single bet. If you have a $100 bonus bet and need to wager $500 on the hedge side to make the math work, depending on the sportsbook, there's a good chance they won't even let you get that much money down on that bet. So you'll have placed the bonus bet, and you won't be able to get the money down on the hedge side.
Make sure your bets can't tie: You won't get another shot at your bonus bet if your wager pushes/ties. If you make a $10 bonus bet wager on the Bears at +110 against the Texans in the NFL preseason, and the game ends in a tie, your bonus bet just goes away.
So I'd recommend only betting things that can't end in a tie — MLB/NBA moneylines, anything with a hook (meaning +7.5 instead of +7 or +3.5 instead of +3).
