What is a Bonus Bet?

A bonus bet (also called a "free bet") is a bet made using promotional credits from a sportsbook rather than your own cash. If the bonus bet wins, you receive the profit but not the original stake amount.

Sportsbooks award bonus bets through:
- Welcome/signup promotions
- Reload offers and loyalty programs
- Specific event promotions (e.g., "Bet $50 on UFC 300, get $10 in bonus bets")
- Referral bonuses
- Insurance/refund offers (losing bet returned as bonus bets)

A bonus bet is worth less than its face value because you don't get the stake back. The real value depends on what odds you use it at:

Formula: Real Value = Face Value × (Odds / (Odds + 1)) (using decimal odds)

Examples for a $100 bonus bet:
- Used at +100 (2.0 decimal): Real value = $100 × 0.50 = $50
- Used at +200 (3.0 decimal): Real value = $100 × 0.67 = $67
- Used at +500 (6.0 decimal): Real value = $100 × 0.83 = $83

This is why you should always use bonus bets on longer odds — the real value increases.

To maximize bonus bet value:

1. Bet on underdogs — +200 to +500 range is the sweet spot
2. Find +EV opportunities — Don't waste bonus bets on random long shots
3. Convert to cash — Advanced strategy: use the bonus bet on one side and hedge with cash on the other side at a different book, locking in a guaranteed profit
4. Don't let them expire — A bonus bet used on even a marginal +EV spot is better than letting it expire worthless