To convert a bonus bet into cash, place it at longer odds, usually between +300 and +600, and hedge the other outcome with real money at a second sportsbook or on ProphetX. The hedge stake is the bonus bet times its decimal odds minus 1, divided by the hedge's decimal odds. Whoever wins, you end up with about the same amount: with a good pair, 70% or more of the bonus bet's face value.

What is a bonus bet?

A bonus bet (some sportsbooks still call it a free bet) is a credit you can wager but cannot withdraw. Sportsbooks hand them out through welcome promos such as bet & get, through second chance bet refunds and through recurring promos. The key rule is in the payout: a bonus bet does not return its stake. A $100 bonus bet that wins at +400 pays $400, not $500. You keep only the profit part of the price.

That single rule explains everything below. Since the stake never comes back, the share of the decimal price that is profit decides how much a bonus bet is worth. Bonus bets also expire and sometimes carry a minimum odds requirement, so check the terms before you plan the bet.

Why does the conversion rate matter?

The conversion rate is the cash you lock in divided by the bonus bet's face value. Keeping $72.73 from a $100 bonus bet is a 72.7% conversion. It is the number that separates a careless hedge from a good one: hedge $100 at -110 on both sides and you lock in $43.29; pick +400 against -450 and you lock in $72.73.

Over a run of offers the gap adds up. For example, ten $100 bonus bets converted at -110 / -110 give $432.90, while the same ten converted at +400 / -450 give $727.30. A sensible target is 70% or more. That is an estimate rather than a promise: it depends on the prices available on the day.

Why do longer odds convert better?

Look at the decimal price. At -110 (1.91) only 0.91 of every 1.91 is profit, and the bonus bet pays only that part. At +400 (5.00), 4 of every 5 units are profit. The longer the odds, the smaller the share of the price you give up by not getting the stake back.

There is a limit. The hedge costs you the market's hold (the sportsbooks' margin), and longshot markets often carry more of it. Past roughly +600 the gain usually flattens or reverses, and the hedge needs more cash, because you are betting on the favorite. A low hold matters as much as long odds, as the table below shows.

How do you calculate the hedge on a bonus bet?

The formula: hedge stake = bonus bet x (bonus decimal odds - 1) / hedge decimal odds. To convert American odds to decimal, use 1 + american/100 for positive odds and 1 + 100/|american| for negative odds (or the odds converter). A worked example with a $100 bonus bet:

1. Sportsbook A offers +400 on one side of a moneyline: decimal 1 + 400/100 = 5.00.
2. Sportsbook B (or ProphetX) offers -450 on the other side: decimal 1 + 100/450 = 1.2222.
3. Hedge stake = 100 x (5.00 - 1) / 1.2222 = $327.27 in real money.
4. If the bonus bet wins: you collect $400 profit and lose the $327.27 hedge, so you are up $72.73.
5. If the hedge wins: it pays $327.27 x (1.2222 - 1) = $72.73 profit, and the bonus bet is simply gone.

Either way you lock in $72.73, a 72.7% conversion. Notice the cash it takes: $327.27 for the hedge, which you get back with profit if the favorite wins. Make sure your second account holds enough before you place the bonus bet.

Which odds convert best?

For example, a $100 bonus bet hedged at different pairs of prices (illustrative prices, October 2026). Hold is 1/decimal 1 + 1/decimal 2 - 1, the margin you pay on the pair:

Bonus bet odds	Hedge odds	Hold	Hedge stake	Kept, whoever wins	Conversion
-110 (1.91)	-110 (1.91)	4.76%	$47.62	$43.29	43%
+200 (3.00)	-225 (1.44)	2.56%	$138.46	$61.54	62%
+300 (4.00)	-360 (1.28)	3.26%	$234.78	$65.22	65%
+400 (5.00)	-450 (1.22)	1.82%	$327.27	$72.73	73%
+400 (5.00)	-550 (1.18)	4.62%	$338.46	$61.54	62%
+600 (7.00)	-700 (1.14)	1.79%	$525.00	$75.00	75%

The two +400 rows tell the story: same bonus bet odds, but a hedge at -550 instead of -450 costs 11 points of conversion. Look for long odds and a tight price on the other side.

Is site credit different from a bonus bet?

Yes, and the difference flips the strategy. Site credit usually returns the stake when it wins, so a $100 credit that wins at -120 pays $183.33, like cash. Often it must be wagered once before it becomes withdrawable cash. The formulas change:

• Hedge stake = credit x credit decimal odds / hedge decimal odds.
• Kept = credit x credit decimal odds - hedge stake.

Worked example: a $100 site credit at -120 (1.8333), hedge at +105 (2.05). Hedge = 100 x 1.8333 / 2.05 = $89.43. If the credit wins you collect $183.33 and lose the $89.43 hedge: $93.90. If the hedge wins it pays $89.43 x 1.05 = $93.90. You keep 93.9%.

Site credit converts best at short odds, because the hold now eats into the whole decimal price, stake included. For example, a $100 site credit at pairs with a similar hold of about 3% (illustrative prices, October 2026):

Site credit odds	Hedge odds	Hedge stake	Kept, whoever wins
-400 (1.25)	+330 (4.30)	$29.07	$95.93
-120 (1.83)	+105 (2.05)	$89.43	$93.90
+200 (3.00)	-230 (1.43)	$209.09	$90.91
+300 (4.00)	-360 (1.28)	$313.04	$86.96
+400 (5.00)	-500 (1.20)	$416.67	$83.33
+600 (7.00)	-810 (1.12)	$623.08	$76.92

Compare with a bonus bet on the same pairs: $100 as a bonus bet keeps only $42.68 at -120 / +105, but $66.67 at +400 / -500. Read the promo terms to know which one you hold, then pick the odds that suit it. The site credit calculator runs these numbers for you.

How do you find the best pair with NinjaBet?

1. Open the Bet Finder and choose the Bonus Bet mode.
2. Select the sportsbook that holds your bonus bet and enter its amount.
3. Sort by rating. In Bonus Bet mode the rating is the conversion rate: a rating of 75 means you keep about $75 of a $100 bonus bet.
4. Open both sites, check the prices are still there, place the bonus bet first and the hedge right after.
5. Record both bets in the Bet Tracker.

With a free account the Bet Finder works with DraftKings and ProphetX; Premium unlocks every sportsbook in your state. To check a pair you found yourself, use the free bonus bet converter.

What can go wrong?

• The price moves between the two bets. Place them back to back and recheck the stake if the hedge odds change.
• Pushes and draws. Use 2-way markets: a moneyline with no draw, a spread or total on a half point. A whole-number line can push and leave one side void.
• Partial fills on ProphetX, a prediction market where your order is matched against other users. The ProphetX guide covers orders and fees.
• Terms: minimum odds, eligible markets and expiry dates differ by promo.

Frequently asked questions

What is a good bonus bet conversion rate?

70% or more is a good target. Below 60% it usually pays to look for a longer price or a tighter hedge before placing the bet.

Why does a bonus bet at -110 convert so badly?

Because the stake is not returned. At -110 more than half of the decimal price (1 of 1.91) is stake, so you give up that part before the hedge even starts.

Can I use any odds for a bonus bet?

Some promos set minimum odds or eligible markets. Within those limits, choose the pair with the highest conversion in the Bet Finder.

Do I need real money to convert a bonus bet?

Yes, for the hedge. At +400 / -450 a $100 bonus bet needs $327.27 on the other side, which comes back with profit if that side wins.

Is site credit the same as a bonus bet?

No. Site credit usually returns the stake when it wins, so it converts best at short odds, while a bonus bet converts best at longer odds.

Can I hedge on ProphetX?

Yes. ProphetX is a prediction market available in every state NinjaBet serves, and the Bet Finder includes its prices. The odds converter turns prices in cents into American odds.

Sources

• NinjaBet, bonus bet converter and site credit calculator (formulas used in the examples).
• NinjaBet, Bet Finder, Bonus Bet mode.
• NinjaBet.com, Matched betting in the US and Which US states does NinjaBet support?.
• Commodity Futures Trading Commission, ProphetX designated contract market (cftc.gov).

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.