How to hedge a bonus bet, step by step

Published 2026-09-30 · Updated 2026-09-30

Place the bonus bet on one side of a market at one sportsbook, then bet cash on the other side at a different sportsbook, sized so both outcomes return the same amount. What you end up with is the bonus bet's calculated result at the prices shown, and it's always less than face value, because a bonus bet never returns its stake.

Why a bonus bet isn't worth its face value

A cash bet that wins pays your stake back plus the winnings. A bonus bet that wins pays only the winnings. The stake disappears either way.

So a $100 bonus bet at +210 returns $210 if it wins, compared with $310 for the same cash bet. That missing stake is why the calculated result of a hedged bonus bet always lands below face value.

The idea behind the hedge

A bonus bet on its own either pays out or disappears. Hedging turns it into a single number: you put the bonus bet on outcome A at one sportsbook and bet cash on outcome B, the opposite side, at another. One of them wins. If the cash bet is sized correctly, you end up with the same amount whichever side wins.

Step by step

1. Check the bonus bet's rules

Before anything else, confirm three things in your sportsbook account:

• when it expires (many expire within days of being issued)
• whether there are minimum odds
• whether it has to be used in full on one bet

2. Pick a market with exactly two outcomes

Moneylines in sports without draws, and spreads or totals on the same line at both books, work cleanly. Avoid markets where a push or a third outcome, like a draw, is possible unless you account for it.

3. Put the bonus bet on a longer price, up to a point

Because the stake isn't returned, bonus bets convert better at plus-money odds. With a standard -110 / -110 margin on the hedge, a bonus bet at +100 calculates to about 45.2% of face value, and one at +300 to about 60.7%.

Past a point, the margin you pay on a growing hedge outweighs the gain (see bonus bet conversion rates). Shopping the hedge across books lowers that margin: from Sep 23 to Sep 30, 2026, the best hedges HedgeMath found for $100 bonus bets came at bonus odds of about +380 to +490 (we searched +100 to +500).

4. Find the best price on the other side, at a different book

The better the hedge price, the higher your calculated result. This is where comparing sportsbooks matters most. Hedging at the same book usually isn't allowed with promo funds, and you'd pay that book's margin on both sides anyway.

5. Size the hedge

Using decimal odds, where B is the bonus bet amount, d1 the decimal odds on the bonus bet's side and d2 the decimal odds on the hedge side:

Hedge stake          H = B × (d1 − 1) ÷ d2
Calculated result      = B × (d1 − 1) × (1 − 1 ÷ d2)
Conversion             = (d1 − 1) × (1 − 1 ÷ d2)

Worked example: a $403 bonus bet at +210, hedged at -220.

• Hedge stake: $581.83
• If the bonus side wins: $846.30 − $581.83 = +$264.47
• If the hedge side wins: +$264.47
• Conversion: 65.6% of face value

6. Place both bets quickly

Odds move. Place the hedge right after the bonus bet, or first if the hedge side is the one more likely to move, and check that both bet slips show the prices you calculated with.

7. Record both bets

Tracking every bonus bet you convert shows your real average conversion rate over time. That number is what your future promos are worth to you.

Common mistakes

• Hedging at the same book. Hedging at the same book usually isn't allowed with promo funds, and you'd pay that book's margin on both sides anyway.
• Using the bonus bet on a heavy favorite. It feels safer, but the calculated result is much lower. See step 3.
• Mismatched lines. A spread of -3 at one book against +3.5 at another is not a clean hedge. Check that the lines match exactly.
• Forgetting about pushes. If the game lands exactly on the number, the two books' rules can differ.
• Letting it expire. An unused bonus bet is worth nothing.

Frequently asked questions

Related calculators