Sportsbooks spend millions acquiring customers through sign-up bonuses and ongoing promotions. Smart bettors can extract significant value from these offers—legally and ethically. Here's how bonus hunting works in Ohio.
Potential Value from Ohio Sign-Up Bonuses
Combined value from major Ohio sportsbook welcome offers
What Is Bonus Hunting?
Bonus hunting (also called bonus whoring or promo abuse, though "abuse" is a misnomer since you're following the rules) is the practice of maximizing value from sportsbook promotions. This includes:
- Claiming all available sign-up bonuses
- Converting bonus bets to cash efficiently
- Taking advantage of ongoing promotions
- Using matched betting techniques to reduce variance
This is completely legal. You're simply taking offers that sportsbooks advertise and using them as intended.
Ohio Sign-Up Bonus Landscape
| Sportsbook | Welcome Offer (Typical) | Expected Value |
|---|---|---|
| FanDuel | Bet $5, Get $150 in bonus bets | ~$105 |
| DraftKings | Bet $5, Get $200 in bonus bets | ~$140 |
| BetMGM | First bet insurance up to $1,500 | ~$300-500 |
| Caesars | First bet insurance up to $1,000 | ~$200-350 |
| bet365 | Bet $1, Get $200 in bonus bets | ~$140 |
Note: Offers change frequently. Check current promos before signing up.
Converting Bonus Bets to Cash
Bonus bets aren't cash—you can't withdraw them directly. But you can convert them to withdrawable cash through smart betting:
The Basic Principle
Bonus bets at longer odds convert to more cash. A $100 bonus bet on a -110 favorite returns about $91 profit if it wins. The same $100 on a +300 underdog returns $300 profit if it wins.
Expected Conversion Rate
- -110 odds: ~47% conversion (win $91 profit 50% of time = ~$45.50)
- +100 odds: ~50% conversion
- +200 odds: ~67% conversion
- +300 odds: ~75% conversion
Longer odds = better conversion, but more variance. Most bonus hunters target +200 to +400 range for a balance of conversion rate and manageable variance.
For large bonus bets (like $1,000 insurance bets), consider hedging at another sportsbook to guarantee profit regardless of outcome. This reduces variance at the cost of some expected value.
Matched Betting Basics
Matched betting uses two sportsbooks to guarantee profit from bonuses:
- Place a bonus bet on Team A at Sportsbook 1
- Bet real money on Team B (the opposite outcome) at Sportsbook 2
- One bet wins, one loses—but the bonus bet value exceeds the real money loss
This technique converts bonus value to guaranteed profit with zero variance. However, it requires:
- Accounts at multiple sportsbooks
- Sufficient bankroll to place the hedge bet
- Finding similar odds at both books
Ongoing Promotion Strategy
After sign-up bonuses are exhausted, value comes from ongoing promos:
Daily Odds Boosts
Check all apps each morning for boosted odds. Some boosts offer genuine +EV when compared to market lines. Others are traps with inflated base odds.
Insurance Offers
SGP insurance, parlay insurance, and first scorer insurance all have value. Calculate the expected return including the insurance component.
Deposit Matches
Periodic deposit match offers (especially during major events) provide additional bonus funds to convert.
Loyalty Programs
FanCash, DraftKings Crowns, MGM Rewards, and Caesars Rewards all return value on volume. See our loyalty program comparison.
Avoiding Account Restrictions
Sportsbooks limit or ban bettors who extract too much promo value. To extend your account lifespan:
Mix Your Betting
Don't only bet promos. Place some regular bets on markets you'd bet anyway. An account that only appears for boost promotions gets flagged quickly.
Avoid Obvious Patterns
Don't bet the exact promo max every single time. Don't only bet underdogs with bonus bets. Vary your behavior.
Don't Abuse Referral Programs
Creating fake accounts for referral bonuses is fraud. It will get all your accounts banned and potentially reported.
Creating multiple accounts at the same sportsbook is against terms of service and potentially illegal. All legitimate bonus hunting involves one account per person per sportsbook.
Tax Considerations
Bonus bet winnings are taxable income, just like regular gambling winnings. Keep records of:
- All bonus bets received
- Winnings from bonus bets
- Losses from hedge bets (if applicable)
See our tax guide for detailed information on reporting gambling income.
Is Bonus Hunting Worth It?
For Ohio bettors starting fresh:
- Sign-up bonuses: Absolutely worth claiming, potential $1,500+ in expected value
- Ongoing promos: Worth checking daily, maybe $50-200/month in value
- Full-time bonus hunting: Diminishing returns as accounts get limited
The most value comes from sign-up bonuses. After that, it's about consistent small edges from ongoing promos while maintaining account health for regular betting.