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Bonus Conversion Calculator
Estimate a bonus offer’s hedge stake and possible outcome values from the terms and prices you enter. Book rules, limits, and price changes can change the result.
Bonus Conversion Calculator
Turn free bets, profit boosts, or deposit matches into hedged cash value. Choose the bonus type and see the conversion math.
Promos have rollover, time limits, max-stake caps, and clawback rules. Always check the fine print before sizing real money.
Free bet ≠ cash: stake-not-returned changes the math
Most sportsbook promos are stake-not-returned (SNR): a winning $100 free bet at +200 pays only the $200 profit, not $300. To extract real cash, place the free bet on a positive-odds side and hedge the favored side with cash. The free bet earns potential profit; the hedge locks part of that profit regardless of outcome. The conversion ratio (cash locked / bonus face value) depends almost entirely on the price of the free-bet leg.
Hedge sizing to lock conversion value
Hedge stake = free_bet_profit_if_win / hedge_decimal_odds. Place the free bet on the underdog; if it wins, profit comes through. If the favorite wins, your real-cash hedge wins and pays out the same equalize amount. The conversion percentage is the locked amount divided by the original bonus face value. Both the free-bet price and the hedge price affect the result. Longer free-bet odds alone do not guarantee a higher conversion percentage.
Worked example: $100 free bet on +200
$100 free bet at +200 (SNR) — wins $200 profit. Hedge favorite at -210 (decimal 1.476190) with real cash. Hedge stake = $200 / 1.476190 = $135.48. Using the unrounded stake, either outcome locks $64.52: free-bet wins → $200 minus the hedge stake; favorite wins → the hedge profit. Conversion = $64.52 / $100 = 64.5%. With a sharper -195 hedge price (decimal 1.512821), conversion improves to $200 / 1.512821 = $132.20 stake → locks $67.80, conversion 67.8%.
FAQ
What is bonus conversion (and what makes a free bet different from cash)?
Bonus conversion is the process of turning a sportsbook promotional credit — typically a 'free bet' or 'bet credit' — into withdrawable cash by placing the free bet on one side of a market and hedging the other side with real money. The catch is that the standard free bet is stake-not-returned (SNR): when a free bet wins, you receive only the PROFIT, not the original face value. A $100 free bet at +200 returns $200 profit on a win, not $300 — a key difference from cash that drops conversion below 100%.
How do I compute the cash-equivalent value of a free bet?
Place the free bet on an underdog (positive American odds) and hedge the favorite side with real cash. The conversion math: free_bet_profit_if_win = bonus_amount × (decimal_odds − 1); hedge_stake = free_bet_profit_if_win / hedge_decimal_odds; cash_locked_if_either_wins = (free_bet_profit_if_win × 1 − hedge_stake). Divide cash locked by bonus amount and you get conversion percentage. Aim for +200 to +400 free bet odds because higher prices = higher conversion rates.
What conversion percentage should I aim for?
Realistic stake-not-returned conversions are about 55-65% at typical two-way prices (see the sweep); higher only when a sharper price exists on the other side.
Why does the conversion percentage depend on the hedge odds?
The hedge price determines how much cash you have to risk to lock in the free bet's potential profit. Hedging at -110 (decimal 1.91) costs less per dollar of insurance than hedging at -200 (decimal 1.50), so the locked cash is higher at -110. Lower juice on the hedge side = better conversion. Always shop the hedge market across at least three books before placing — a single penny of price improvement on a $100 hedge is real money on a $1000 free bet.
Are there sportsbook rules that affect realized conversion?
Yes. Maximum free-bet stake per ticket, market exclusions (some books bar futures, alts, or specific sports from free bets), expiration windows, minimum-odds restrictions (often -200 or shorter not allowed), and rollover requirements on the converted cash all eat into the theoretical conversion rate. Read the promo terms before placing — a 75%-theoretical conversion that requires 5x rollover at +110 is often worse than a 65% conversion with zero rollover.
Same math for a CASH ticket where stake IS returned on a win.
Find the lowest-vig hedge price before locking in the conversion.
Use entered probability and price estimates to calculate a stake fraction.