Bonus conversion · Explainer
How do bonus bets work?
How do bonus bets work? A bonus bet is sportsbook credit you can wager but not withdraw, and when it wins you keep the winnings but not the stake. That one rule decides what a bonus bet is worth in cash and which odds suit it. You need to meet the sportsbook's age rule (21+ in most states) and be located where it is licensed.
THE SHORT ANSWER
A bonus bet is promotional credit you can wager but not withdraw. If it wins, you get only the winnings: a $50 bonus bet that wins at +200 pays $100, not $150. Because the stake never comes back, longer odds keep more of its value. Hedged in doddo's free bet calculator, a $50 bonus bet keeps about $22.68 at even money and about $30.51 at +400, before limits, rejected bets or price moves.
Before you take part. Legal betting age and eligible locations only. Bonus rewards are not cash. Terms apply; gambling involves risk of loss.
Meet the operator’s minimum age and be physically present in a permitted jurisdiction. Account verification, new-customer rules, opt-in, qualifying wagers, reward limits and expiry may apply. Bonus bets and FanCash cannot be withdrawn directly. Estimates are not guaranteed returns; qualifying bets and conversion can lose money. The operator’s current promotion terms control.
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| Bonus bet odds | Other side odds | Cash stake to fund | If bonus side wins | If other side wins | Bonus converted to cash |
|---|---|---|---|---|---|
| 1.67 (about -149) | 2.25 (+125) | $14.89 | $18.61 | $18.61 | 37.2% |
| 2.00 (+100) | 1.83 (about -120) | $27.32 | $22.68 | $22.68 | 45.4% |
| 3.00 (+200) | 1.42 (about -238) | $70.42 | $29.58 | $29.58 | 59.2% |
| 5.00 (+400) | 1.18 (about -556) | $169.49 | $30.51 | $30.51 | 61.0% |
Calculated with doddo's free bet calculator, which uses decimal odds (American odds in brackets). These are example prices with a normal sportsbook margin on both sides, not live quotes. Each outcome is your net result after the cash hedge; the bonus bet's own stake is not returned.
How do bonus bets work at DraftKings and FanDuel?
A bonus bet is a sportsbook credit you can place as a wager but cannot withdraw. DraftKings' help center says the bonus bet stake "isn't included in any potential winnings", winnings go to your cash balance, and bonus bets need a one-time play through. FanDuel's help center says the same about the stake: if the bet wins you keep the winnings, but the bonus bet portion of the wager is not returned.
The details differ by sportsbook. DraftKings allows one bonus bet per bet slip, does not let you split one into several bets, and excludes teasers. FanDuel lets you use part of a bonus bet and keep the rest until it expires, lets you add cash to the same wager, and excludes round robins.
| How the $50 stake is funded | Profit if it wins | Stake returned | Total you receive |
|---|---|---|---|
| All cash | $100 | $50 | $150 |
| All bonus bet | $100 | $0 | $100 |
| $25 bonus bet + $25 cash (FanDuel allows this) | $100 | $25 | $125 |
Only the cash part of a mixed stake comes back on a win, per FanDuel's help center.
What a winning $50 bet at +200 pays back
What kinds of sportsbook promos pay bonus bets?
Most US welcome and promo offers follow one of four patterns. The headline amount is the most you can receive, not what the offer is worth in cash. Hard Rock Bet's welcome offer as of October 2026 shows how a second-chance offer works: ten No Sweat tokens, one per day, and a losing token bet returns a bonus bet equal to the stake, up to $50. DraftKings' help center gives a profit boost example: a 25% boost on a $10 bet at -115 lifts the profit from $18.69 to $20.86.
| Promo type | What you do | What you get | How it pays |
|---|---|---|---|
| Bet and get | Place a qualifying cash bet, often $5 or more at a set minimum price | Bonus bets, often win or lose, sometimes released in batches | Winnings from each bonus bet go to cash; the bonus stake is not returned |
| Second chance or no sweat | Place a cash bet with a token, or make your first bet | A bonus bet equal to your losing stake, up to a cap | Nothing extra if the cash bet wins; a bonus bet if it loses |
| Deposit match | Deposit cash | Bonus funds or bonus bets sized as a share of the deposit | Check the playthrough: how many times you must wager it before withdrawing |
| Profit boost | Apply a boost token to a cash bet | A higher price on that one bet | Extra profit only if the cash bet wins |
Amounts, minimum odds, expiry and eligible markets change by sportsbook, state and date. Confirm the terms in your account before you deposit.
How much is a bonus bet worth in cash?
Less than its face value. A $50 bonus bet is not $50 of cash, because the $50 never comes back. Its cash value depends on the odds you use it at and on the price of the opposite side. In the table at the top of this page, the same $50 bonus bet keeps between $18.61 and $30.51 after a cash hedge. The share you keep is usually called the conversion rate. A qualifying cash bet that earned the bonus is a separate cost, so count it separately.
Why do longer odds keep more of a bonus bet's value?
You lose the bonus stake whether the bet wins or loses, so you want the possible profit to be large next to it. A winning $50 bonus bet pays $50 at even money and $200 at +400. At short odds most of the bonus's value goes with the stake; at long odds the profit is several times the stake, so losing the stake matters less. In doddo's calculator the share kept rises from 45% at even money to 59% at +200, then only to 61% at +400. The cash needed for the hedge keeps growing fast: $169.49 at +400 against $27.32 at even money.
Share of a $50 bonus bet kept as cash after a hedge
How do you convert bonus bets to cash?
You hedge. Put the bonus bet on one side of a two-way market and a cash bet on the other side at a different sportsbook, sized so both results pay about the same. The free bet calculator does the sizing with decimal odds: hedge stake = bonus amount × (bonus odds − 1) ÷ hedge odds.
- Choose a market with exactly two outcomes, such as a moneyline that cannot end in a draw.
- Use the bonus bet on the longer-priced side and find the best price for the opposite side at another sportsbook.
- Enter the bonus amount and both decimal prices in the calculator, then recheck both prices right before you bet.
- Confirm each bet was accepted in full at the price you used. A partial or rejected bet changes the math.
What can go wrong when you hedge a bonus bet?
A hedge narrows the range of results. It does not remove risk, and the cash side is real money.
- Rejected or partial bets: DraftKings' house rules let it refuse all or part of any bet, which can leave one side uncovered.
- Price moves: if either price changes before both bets are accepted, the two outcomes no longer match.
- Pushes and voids: DraftKings returns a bonus bet that pushes or is voided. FanDuel returns it after a void but not after a push.
- Expiry: FanDuel says bonus bets expire in 7 days unless otherwise stated, and you must place the bet before then.
- Limits and eligibility: the operator's age rule, your location and the promotion's terms all apply. Bets placed with FanDuel bonus bets do not count toward other FanDuel promotions.
- Cash out: DraftKings' Massachusetts house rules exclude bonus bets from cash out. FanDuel may offer it once the event is live, but leaves out the bonus stake.
- Taxes: the IRS counts sports betting winnings as gambling income you must report.
How can doddo help with DraftKings and FanDuel bonus bets?
Start with the free bet calculator. It works as a bonus bet calculator and hedge calculator for one bonus bet at a time: enter the bonus amount and both prices to see the cash hedge stake and both outcomes. The provider guides for DraftKings and FanDuel explain each book's recorded offer, its reward schedule and the checks to make in your account. In the doddo app, a bonus conversion plan keeps the qualifying cash bet separate from the bonus, asks for your cash budget, and shows both settled outcomes and the lower one before you place anything. doddo does not place bets or ask for sportsbook passwords, and new accounts are on a waitlist right now. Our responsible gaming page links to independent support.
Frequently asked questions
Can you withdraw bonus bets?
No. A bonus bet cannot be withdrawn as cash. If it wins, the winnings, but not the stake, go to your cash balance at DraftKings and FanDuel.
Do bonus bets expire?
Yes. FanDuel says its bonus bets expire in 7 days unless otherwise stated, and DraftKings shows each expiry date on the Rewards page and in the bet slip. You have to place the bet before it expires, though at FanDuel the game itself can be later.
What odds should I use a bonus bet on?
Longer odds keep more of the value because the stake is not returned. In our example, a hedged $50 bonus bet keeps about 45% at even money and about 61% at +400, though the cash hedge gets larger. Check any market or odds restrictions on the bonus first.
Are bonus bet winnings taxable?
Yes. The IRS treats sports betting winnings as gambling income you must report, even without a Form W-2G. Losses count only if you itemize, and from 2026 the deduction is limited to the lesser of 90% of your losses or your winnings.
What happens if a bonus bet pushes?
It depends on the sportsbook. DraftKings returns the bonus bet after a push or a void. FanDuel returns it after a void but not after a push, so avoid markets that can push when you use a FanDuel bonus bet.
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