Bonus Bets Explained

What is a Bonus Bet?

A bonus bet (sometimes called a "free bet") is a promotional credit that sportsbooks give you to place wagers. The key difference from cash: if your bonus bet wins, you keep the profit but not the original stake.

This is the most important thing to understand. Bonus bets have less value than the same amount in cash because you don't get the stake back.

$100 Cash Bet

Win: $190 Stake ($100) + Profit ($90)

$100 Bonus Bet

Win: $90 Profit only (no stake returned)

How Bonus Bets Work: Full Example

Let's walk through exactly what happens when you use a bonus bet:

$50 Bonus Bet at -110 Odds

Bonus bet amount $50

Odds -110

If bet wins, you receive $45.45 (profit only)

If bet loses $0 (bonus bet is gone)

With a cash bet, you'd get $95.45 total ($50 stake + $45.45 profit). With a bonus bet, you only get the $45.45 profit.

Best Strategy: Use Bonus Bets on Longer Odds

Since you don't get the stake back, bonus bets are worth more when used on higher odds. The math works out better.

Think about it: a $100 bonus bet at -200 odds wins you $50. The same bonus bet at +200 odds wins you $200. You're risking the same thing (a bonus bet you never had anyway), but the upside is 4x higher.

$100 Bonus Bet At	Win Amount	Conversion Rate
-200 (heavy favorite)	$50	50%
-110 (standard)	$90.91	91%
+150	$150	150%
+300	$300	300%

The sweet spot is usually +200 to +400. High enough to get good value, not so high that it never hits. A 2-3 leg parlay often lands in this range.

Bonus Bet Strategies

🎯 Target +200 to +400 Odds Recommended

Use bonus bets on underdogs or small parlays in this range. Good balance of value and win probability.

🔗 2-3 Leg Parlays

Combine 2-3 bets you like into a parlay. Gets you into the +250 to +500 range for better conversion value.

⚖️ Hedge for Guaranteed Profit

Advanced: Use bonus bet on one side, cash bet the other side at a different book. Lock in profit regardless of outcome.

⚠️ Common Bonus Bet Mistakes

Using on heavy favorites: A -300 favorite converts at only 33%. Terrible value.
Forgetting expiration: Most bonus bets expire in 7 days. Use them or lose them.
Not checking minimum odds: Some promos require -200 or longer odds to use the bonus bet.
Treating them like cash: Bonus bets are worth roughly 70% of face value. Adjust expectations.

Where Do Bonus Bets Come From?

You'll get bonus bets from several sources in Ohio:

Welcome bonuses: Most Ohio sportsbooks offer bonus bets to new users. FanDuel gives $200 in bonus bets on a $5 wager. DraftKings gives $150. These are your biggest source of bonus bets.

First bet insurance: BetMGM, Caesars, and ESPN BET offer "first bet insurance" — if your first bet loses, you get it back as bonus bets.

Ongoing promos: Sportsbooks regularly offer bonus bets for specific events, parlay insurance, or loyalty rewards.

💡 Bonus Bet Value Rule of Thumb

A bonus bet is worth roughly 70% of its face value. A "$200 in bonus bets" offer is really worth about $140 in expected cash value. Still great — just calibrate your expectations.

Bonus Bet Terms to Know

Stake not returned: The standard rule. You only get profits, not the original bonus bet amount.

Expiration: Usually 7 days from receipt. Check your sportsbook's promotions page.

Minimum odds: Some bonus bets require you to bet at -200 or longer. Can't use them on -500 favorites.

One-time use: You can't split a $200 bonus bet into four $50 bets. It's all or nothing (though some books give you multiple smaller bonus bets).

Non-withdrawable: You can't cash out a bonus bet directly. You must wager it first.

Claim Your Bonus Bets

Ohio sportsbooks are giving away $700+ in bonus bets to new users. Claim them all.

See All Ohio Bonuses →