Profit
$400
Original stake returned
$100
Total returned
$500
BONUS BETS
How bonus bets actually work.
A $100 bonus bet is usually not the same thing as receiving $100 in cash. The difference comes down to one important rule: in many bonus-bet promotions, the promotional stake is not returned when the bet wins.
THE SHORT VERSION
A bonus bet gives you promotional betting value.
Matched betting is one way to try to convert more of
that value into cash while reducing how much the
game’s winner matters.
FIRST THINGS FIRST
What is a bonus bet?
A bonus bet is promotional wagering credit provided by a sportsbook. You can use it to place an eligible wager, but it does not behave exactly like cash.
The most important distinction is whether the promotional stake is returned when your wager wins. Many sportsbook bonus bets are stake not returned.
SIMPLE EXAMPLE
Why a $100 bonus bet does not pay like a $100 cash bet.
Winnings
$400
Bonus stake returned
No
Total returned
$400
This is why converting a bonus bet is different from simply withdrawing the promotional amount. The bonus itself is not usually cash sitting in your account.
WHERE MATCHED BETTING COMES IN
Instead of relying on one outcome, you can cover the other side.
Suppose you have a $100 bonus bet and find an eligible wager at +400. Instead of simply hoping that wager wins, a matched-betting approach looks for an opposing wager at another sportsbook.
The goal is to calculate the second wager so the two possible game outcomes produce similar overall results.
That does not remove execution risk. Odds can move, terms can differ, and placing the wrong market or stake can change the result. But the strategy is designed to make the final result much less dependent on correctly predicting the winner.
BONUS BET SIDE
Team A
+400
$100 Bonus Bet
VS
CASH HEDGE
Team B
-450
Calculated cash stake
THE NUMBER PEOPLE CARE ABOUT
What does conversion rate mean?
Conversion rate is the percentage of the promotional bonus-bet amount that you expect to turn into usable value after accounting for the opposing wager.
For example, if a $100 bonus bet produces approximately $72 in modeled value after the matched wagers, the conversion rate is about 72%.
Higher is generally better, but the best-looking percentage is not the only thing that matters. Available sportsbooks, timing, bet limits, promotion restrictions, and odds movement can all affect whether a match is practical.
WHAT HEDGE11 DOES
You do not have to calculate all of this manually.
Tell us about the promotion.
Enter the bonus-bet amount and the relevant promotion details.
Choose your sportsbooks.
Select the books Hedge11 can consider for the opposing wager.
We search for matched opportunities.
Hedge11 compares opposing wagers and looks for useful combinations.
Follow the stake calculation.
Hedge11 shows the wager amounts and the modeled result for each side.
BEFORE YOU PLACE ANYTHING
Four things to check every time.
Make sure the wager is actually using the intended bonus bet or promotional credit.
The two wagers need to represent opposing sides of the same event and market.
If the sportsbook odds have changed, refresh the calculation before placing the next wager.
A typo in either wager amount can materially change the expected result.
BONUS BET FAQ
A few common questions.
Is a $100 bonus bet worth $100?
Usually not in direct cash value. Because the promotional stake is often not returned, the amount you can realistically convert will generally be less than the face value of the bonus bet.
Why not just bet the bonus on a huge underdog?
You could, but then the result depends heavily on that one wager winning. Matched betting uses the opposing side to reduce that dependence on the game outcome.
Do I need cash for the hedge?
Yes, in a typical bonus-bet match you need cash available at the second sportsbook for the opposing wager.
Are all bonus bets the same?
No. Sportsbooks can have different rules covering eligible markets, expiration, minimum odds, maximum wagers, stake-return treatment, and other conditions. Always check the specific promotion terms.
NEXT STEP
Ready to see what this looks like in Hedge11?
Start with your promotion and let us search for the opposing wager and calculate the stakes.