A second chance bet, also called a no sweat bet or first bet insurance, refunds your first bet if it loses, usually as a bonus bet or site credit rather than cash. To hedge it, place the first bet at longer odds, value the refund at its cash value (about 70% for a bonus bet), and cover the other outcome with a stake of (first bet x decimal odds - refund value) / hedge decimal odds.

What do sportsbooks call a second chance bet?

The promo has many names, but the mechanics are the same: you place a first bet with your own money, and if it loses, the sportsbook gives the stake back up to a limit. You will see it as:

• Second chance bet or bet reset.
• No sweat bet, often on a single game or market.
• First bet insurance or first bet reset, usually part of a welcome promo.

What matters is how the refund is paid. Most often it is a bonus bet, which does not return its stake when it wins. Sometimes it is site credit, which does return the stake, and occasionally cash. Each is worth a different amount, so read the terms before you place the first bet.

What is the refund worth?

A $100 bonus bet is not worth $100, because you only keep the profit when it wins. Hedged at a good pair of prices it turns into roughly $70 of cash, as explained in How do you convert a bonus bet into cash?. So when you plan the first bet, value a bonus bet refund at about 70% of its face value.

Site credit converts better, often around 90%, and a cash refund counts at 100%. Use the value that matches your promo. If you are unsure, use a lower value: it is an estimate rather than a promise, because the conversion depends on the prices you find when you use the refund.

How do you hedge the first bet?

Call the first bet S at decimal odds o1, the refund value R, and the hedge H at decimal odds o2 on the other outcome, at another sportsbook or on ProphetX. The two results are:

• First bet wins: S x (o1 - 1) - H.
• First bet loses: H x (o2 - 1) - S + R.

Set them equal and solve for the hedge: H = (S x o1 - R) / o2. Whoever wins, you end up with the same amount. The second chance bet calculator does this for you, including the refund value.

What does a worked example look like?

For example, a no sweat bet that refunds up to $100 as a bonus bet. You value the refund at R = $70.

1. First bet: $100 at +300 at Sportsbook A, decimal 1 + 300/100 = 4.00.
2. Hedge: the other side at -360 at Sportsbook B, decimal 1 + 100/360 = 1.2778.
3. Hedge stake = (100 x 4.00 - 70) / 1.2778 = 330 / 1.2778 = $258.26.
4. If the first bet wins: +$300 profit - $258.26 lost on the hedge = $41.74.
5. If the first bet loses: the hedge pays $258.26 x 0.2778 = $71.74, minus the $100 first bet, plus the refund valued at $70 = $41.74.

The cash you need up front is $100 + $258.26 = $358.26. The result splits into two parts: hedging the first bet as if it were plain cash costs $13.04 at these prices, and the refund adds R / o2 = 70 / 1.2778 = $54.78. Together that is $41.74.

Why choose longer odds for the first bet?

That last formula is the reason. The refund adds R divided by the hedge's decimal odds to your result. When the first bet is at long odds, the hedge is on the favorite, its decimal odds are close to 1, and the refund counts almost in full. When the first bet is the favorite, the hedge has long odds and the refund counts for much less.

For example, a $100 first bet with a refund valued at $70, at pairs of prices with a similar hold of 3.0% to 3.6% (illustrative prices, October 2026):

First bet odds	Hedge odds	Hedge stake	Locked result, whoever wins
-200 (1.50)	+175 (2.75)	$29.09	$20.91
-110 (1.91)	-105 (1.95)	$61.93	$28.98
+200 (3.00)	-230 (1.43)	$160.30	$39.70
+300 (4.00)	-360 (1.28)	$258.26	$41.74
+400 (5.00)	-500 (1.20)	$358.33	$41.67
+500 (6.00)	-650 (1.15)	$459.33	$40.67

The result climbs quickly up to around +200 to +400 and then flattens, while the cash you need for the hedge keeps growing. That range is usually the sweet spot. A pair with a lower hold beats a slightly longer price, so compare both.

What do you do with the refund?

If the first bet wins, the promo is finished and you already hold your locked result. If it loses, the sportsbook credits the refund, and you convert it like any bonus bet: long odds, hedged with real money.

In the example above, suppose you convert the $100 bonus bet at +400 against -450 and keep $72.73. The losing branch then ends at -$28.26 (the hedge's $71.74 minus the $100 first bet) + $72.73 = $44.47, a little more than the $41.74 you planned with R = $70. A worse conversion would end a little lower. Full method in How do you convert a bonus bet into cash?.

How do you find the pair with NinjaBet?

1. Open the Bet Finder and choose the 2nd Chance mode.
2. Select the sportsbook with the promo, enter your first bet in Bet Amount and the refund's cash value in Refund (for example $70 for a $100 bonus bet).
3. Sort by rating and open the pair at the top. Check both prices are still live.
4. Place the first bet, then the hedge right after, and record both in the Bet Tracker.
5. When the refund arrives, switch the Bet Finder to Bonus Bet mode to convert it.

With a free account the Bet Finder works with DraftKings and ProphetX; Premium unlocks every sportsbook in your state. The step-by-step guides for each sportsbook's promo are on welcome offers.

What should you watch out for?

• Refund type and cap. A bonus bet, site credit and cash are worth different amounts, and the refund is usually capped.
• Eligible markets. Some no sweat bets apply only to one game, a parlay or a same game parlay. This guide covers a single bet on a 2-way market.
• Pushes. Use a moneyline with no draw, or a spread or total on a half point.
• Hedging on ProphetX, a prediction market: orders can fill partially. See the ProphetX guide.

Frequently asked questions

Is a no sweat bet the same as a second chance bet?

In practice yes: both refund a losing first bet, usually as a bonus bet. The name changes from sportsbook to sportsbook, so the terms are what count.

What refund value should I enter?

About 70% of the face value for a bonus bet, often around 90% for site credit, and 100% for cash. Lower it if you expect worse prices when you use the refund.

Why not just bet the favorite?

Because the refund then counts for little: in the table, a first bet at -200 locks in $20.91 against $41.74 at +300.

Do I have to hedge?

No, but hedging locks in the result whoever wins. Without the hedge, you either win the first bet or get a refund to convert, and your result swings.

How much cash do I need?

The first bet plus the hedge: $358.26 in the +300 / -360 example. The longer the first bet's odds, the bigger the hedge.

Can I use the calculator without an account?

Yes. The second chance bet calculator is free and public. The other calculators are on betting calculators.

Sources

• NinjaBet, second chance bet calculator and bonus bet converter (formulas used in the examples).
• NinjaBet, Bet Finder, 2nd Chance and Bonus Bet modes.
• NinjaBet.com, Matched betting in the US and 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.