Bonus Bet Hedge Calculator
A bonus bet is a stake a sportsbook gives you that you can't withdraw: if it wins you keep the winnings, but the stake itself isn't paid back. To turn it into cash, you bet the opposite side of the same market at another book. This calculator finds the size of that second bet and shows the result whichever side wins.
Betting $150 on the other side at -250 turns this $100 bonus bet into about $60.00 of cash (60.0%), whichever side wins.
- Bet on the other sideat -250; this is your own cash
- $150
- If the bonus bet wins
- +$60.00
- If the other side wins
- +$60.00
- Bonus converted to cashcalculated result ÷ bonus amount
- 60.0%
Calculated at the odds you entered. Prices move and bets can be voided, so confirm both prices before placing either bet. HedgeMath doesn't place bets.
How the math works
Say the bonus stake is S and its odds have decimal value dA. If the bonus bet wins it pays S × (dA − 1). If it loses you lose nothing: the stake was never your cash.
The hedge bet H on the other side, at decimal odds dB, pays H × (dB − 1) if it wins and costs you H if it loses.
To get the same result either way, set S × (dA − 1) − H equal to H × (dB − 1). That gives H = S × (dA − 1) ÷ dB. The result is the same on both outcomes, and the conversion rate is that result divided by S.
If the hedge were priced with no sportsbook margin, conversion would equal 1 minus the implied probability of the bonus bet's odds: about 68% at +210 and 50% at +100. Real prices carry a margin, so real conversion runs lower.
Worked example
Load this example into the calculator →- Bonus bet amount
- $403
- Odds on your bonus bet
- +210
- Odds on the other side, at another book
- -220
- Round stakes down to
- Whole dollar
Betting $581 on the other side at -220 turns this $403 bonus bet into about $264.09 of cash (65.5%), whichever side wins.
Calculated with the same engine as the calculator above. Last updated 2026-09-30.
What changes the result
- Longer odds convert more, up to a point
- You keep the winnings, not the stake, so a bonus bet at +300 converts a higher share than the same bonus at -110. At very long odds the margin you pay on a much larger hedge starts to outweigh the extra winnings, so the middle of the range usually converts best.
- The hedge price matters
- Every cent of margin at the hedge book comes out of the result. Compare a few books for the other side.
- Same market, opposite side
- The hedge must be the other outcome of the same bet: the same line for a spread or total, in the same game.
- Read the bonus bet's rules
- Minimum odds, expiry dates and eligible markets differ by sportsbook and promotion.
- Rounding
- Rounding the hedge down to a whole dollar moves the result by cents. The rounding option shows the exact cost.
Frequently asked questions
What is a bonus bet?
A bonus bet (sometimes called a free bet) is a credit from a sportsbook that you place like a normal bet. If it wins you receive the winnings but not the stake back, and if it loses you have lost nothing of your own money.
How do I convert a bonus bet to cash?
Place the bonus bet on one side of a market, then bet the opposite side of the same market at another sportsbook with your own cash, sized so both outcomes pay about the same. This calculator sizes that second bet.
Which odds should I use for the bonus bet?
Longer odds convert a higher share of the bonus, because you keep the winnings and not the stake, but only up to a point: the hedge grows with the odds and the margin you pay on it grows too. Check the promotion's minimum odds, and see the bonus bet conversion guide for a table.
Is the result locked in?
The calculator shows the result at the odds you enter. Odds move, bets can be voided or limited, and sportsbooks can change stakes or rules. Confirm both prices in the apps before placing either bet.
Does HedgeMath place the bets?
No. HedgeMath does the math. You place every bet yourself, and we never take a wager or hold your money.
Skip the searching.
Pro searches live odds across your own sportsbooks and returns the best side for the bonus and the best hedge for it.