A bet & get offer gives you bonus bets for placing one qualifying bet, for example "bet $50, get $200 in bonus bets". You lock in the result in two steps: hedge the qualifying bet on the other outcome so it costs a small, known amount whoever wins, then convert the bonus bets into cash with a second hedge. In our example that is about $2.27 out and about $136 in.

How does a bet & get offer work?

The sportsbook asks you to place one bet of at least a set amount, at or above set odds, and pays bonus bets once that bet settles. The offers come in two shapes, and the difference changes their value:

• Win or lose: "bet $50, get $200 in bonus bets" pays the bonus bets whatever happens to your bet. This is the easy one to value.
• Only if your bet wins: "bet $5, get $150 in bonus bets if your bet wins" pays only when the qualifying bet wins, so the offer is worth the bonus times the chance of winning.

Bonus bets (sometimes called free bets) are not cash. When a bonus bet wins you keep the winnings but not the stake, and unused bonus bets expire. Often the $200 arrives as several smaller bonus bets, such as eight $25 bonus bets, each to be used in full on one bet.

Step 1: how do you hedge the qualifying bet?

The qualifying bet is placed with your own money, so you hedge it in Cash mode: a second bet on the other outcome of the same two-way market, at another sportsbook or on ProphetX (a prediction market). The hedge stake that gives the same result either way is:

Hedge stake = qualifying stake x qualifying odds / hedge odds (decimal odds).

Worked example, for example: $50 on Team A moneyline at -110 (1.9091) at the promo sportsbook, hedged on Team B at +100 (2.00).

1. Hedge stake: $50 x 1.9091 / 2.00 = $47.73.
2. If Team A wins: the sportsbook pays $45.45 of profit, the $47.73 hedge loses. Result: -$2.27.
3. If Team B wins: the hedge pays $47.73 of profit, the $50 bet loses. Result: -$2.27.

The exact figure is -$2.2727 either way; with stakes rounded to cents one side can come out a cent different. That small loss is the price of the bonus bets. Its size depends only on how close the two prices are: the Bet Finder in Cash mode rates this pair 95.45, meaning you keep $95.45 of every $100 bet at the sportsbook, so a qualifying bet costs $4.55 per $100. A pair rated 97 would cost $3 per $100. Why some pairs are so much cheaper than others is explained in low hold betting.

Step 2: how do you convert the bonus bets?

A bonus bet is hedged differently, because its stake is never returned. You place it at long odds and hedge the other outcome so both results pay the same:

Hedge stake = bonus x (bonus odds - 1) / hedge odds (decimal odds).

Continuing the example: the $200 in bonus bets on Team C at +300 (4.00), hedged on Team D at -340 (1.2941).

1. Hedge stake: $200 x 3.00 / 1.2941 = $463.64.
2. If Team C wins: the bonus bet pays $600 of profit, the $463.64 hedge loses. Result: +$136.36.
3. If Team D wins: the hedge pays $463.64 x 0.2941 = $136.36 of profit, the bonus bet pays nothing. Result: +$136.36.

That is a conversion rate of 68.18%. The whole offer: $136.36 - $2.27 = $134.09, whoever wins either game. If the bonus came as eight $25 bonus bets, each one converted at the same prices keeps about $17.05, the same $136.36 in total. The step-by-step method, and how to choose the odds for the bonus bet, are in how to convert bonus bets into cash.

What is a bet & get offer worth?

Expected value = bonus bets x conversion rate - cost of the qualifying bet. For an "only if it wins" offer, multiply the bonus by the chance that the qualifying bet wins first. For example, as of October 2026, with the qualifying bet at -110 hedged at +100:

Offer (hypothetical)	Qualifying cost	Bonus bets	Conversion	Expected value
Bet $50, get $200, win or lose	$2.27	$200	70%	$137.73
Bet $50, get $200, win or lose	$2.27	$200	60%	$117.73
Bet $25, get $100, win or lose	$1.14	$100	70%	$68.86
Bet $5, get $150 if it wins	$0.23	$150 x 51.16% chance	70%	$53.49

The 51.16% is the fair chance of the -110 side once the vig is removed from the -110 / +100 pair (52.38% / (52.38% + 50.00%)); the no-vig calculator gives it for any pair. The table shows where the value sits: the conversion rate moves the result far more than the qualifying cost, so most of the effort goes into step 2. For an "only if it wins" offer you can also choose a qualifying side with a higher chance of winning, as long as it meets the minimum odds.

How do you do it with the NinjaBet tools?

1. Pick the offer on welcome offers: each card has its step-by-step guide and an expected profit, an estimate rather than a promise.
2. Open the Bet Finder in Cash mode, choose the promo sportsbook first, set the minimum odds of the offer in the filters and enter your qualifying stake. Place the sportsbook bet first, then the hedge.
3. When the bonus bets arrive, switch to Bonus Bet mode. The rating is the conversion rate: 75 means you keep about $75 of a $100 bonus bet. Enter the bonus amount and pick a pair near the top.
4. To check a pair you found yourself, use the matched betting calculator or the free bonus bet converter.
5. Log both steps in the Bet Tracker to see what the offer really made.

The free account uses the Bet Finder with DraftKings and ProphetX; Premium unlocks every sportsbook in your state.

What are the usual traps?

• Minimum odds: a qualifying bet below the minimum, for example -250 when the terms say -200 or longer, does not trigger the offer. Set the filter before you search.
• Eligible markets: some offers count only certain sports, only pre-game bets, or exclude parlays. A hedge you cannot match on the same market is not a hedge.
• Settlement timing: bonus bets arrive after the qualifying bet settles. A game next week means bonus bets next week.
• Expiry: bonus bets often expire within a few days. Plan the conversion before you qualify.
• Bonus bet rules: some bonus bets must be used in full on one bet, some carry their own minimum odds, some work only on parlays. The Bet Finder filters handle odds limits; for parlay-only bonus bets, look at the Parlay Finder.
• Price changes: odds can move between your two bets. Place the sportsbook bet first and re-check the hedge stake before placing it.

Frequently asked questions

Is a bet & get offer the same as a bonus bet offer?

The bonus bets are the reward; "bet & get" describes how you earn them, by placing a qualifying bet first. Once they arrive they are converted like any other bonus bet.

Why not skip the hedge on the qualifying bet?

You can. Unhedged, the $50 bet at -110 in the example costs less on average, about $1.16 at the fair chance of 51.16% (51.16% x $45.45 - 48.84% x $50), but the result swings between +$45.45 and -$50. The hedge trades that swing for a small, known cost of $2.27.

What conversion rate should I expect?

It depends on the prices available that day. In Bonus Bet mode the Bet Finder shows it as the rating, so you see it before you bet.

Can I hedge on ProphetX?

Yes. ProphetX is a prediction market available in all 28 states NinjaBet serves (Nevada is not served). Its orders and fees are covered in How to use ProphetX.

Do the bonus bets have to be used on the same sport?

Only if the terms say so. Read the promo terms: they set the markets, the odds limits and the expiry.

How long does one offer take?

Placing the two hedged bets takes a few minutes each; the wait is for the qualifying game to settle and for the bonus bets to arrive. Pick a qualifying game that starts soon.

Sources

• NinjaBet tools: Bet Finder (Cash and Bonus Bet modes), matched betting calculator, Bet Tracker.
• NinjaBet free calculators: bonus bet converter, no-vig calculator.
• NinjaBet.com help center: Which US states does NinjaBet support?

You must be 21 or older (18 in a few states) to bet in the United States, and bet only with operators licensed in your state. Gambling can be addictive: if you or someone you know has a gambling problem, call or text 1-800-GAMBLER, or the National Problem Gambling Helpline at 1-800-MY-RESET (ncpgambling.org), free and confidential, 24/7. Results vary and require time and capital; this article is information, not financial or legal advice. Last updated: October 12, 2026.