Bonus bets can be misleading. You don’t get to withdraw them from your sportsbook, and, if you place one, you won’t get your stake paid back. Instead, you’ll just receive the profit from your wager. That means if you find a nice bet against the spread at odds of -110, your $10 bonus bet will only earn you $9.19 if it wins — and that’s if it wins. Fortunately, you can better use your bonus bets via OddsShopper’s bonus bet converter tool. The next time you find yourself asking, “How should I use my bonus bet?” — just give the tool a whirl. The bonus bet tool currently supports just about every sportsbook, including bet365, BetMGM, Caesars, DraftKings, FanDuel and Hard Rock. Let’s dive into how to turn your bonus bets into withdrawable cash. Make sure to check out our bankroll management tips as well!
How to Use Bonus Bets: Ensure a Profit with This Tool
Introducing the OddsShopper Bonus Bet Converter
So you’ve got a bonus bet. It doesn’t matter what book you have it: BetMGM, Caesars, DraftKings or FanDuel — you can take advantage of OddsShopper’s bonus bet converter to turn that into cash. Of course, you’ll need to have accounts at multiple books to make this happen, so if you’re just at one — make sure you take advantage of our sportsbook bonus codes when registering!
So how does the tool work? Since bonus bets only award you the profit from your wager, not the stake, you’ll maximize your returns by placing it on a wager with longshot odds. However, instead of keeping your fingers crossed and hoping that bet hits, you can spread your action across different books to make sure you turn a profit.
Let’s take the Virginia Cavaliers first-half moneyline against the Louisville Cardinals as an example. With odds of +500, the Cavaliers would win you $125 in profit by winning after the first half. However, an additional $106.48 wager on Louisville at odds of -575 would ensure that you profit $18.52 no matter the outcome. No need to sweat — that’s money in the bank!
Our bonus bet converter is available to all users, but if you’re looking to use multiple bonus bets at once, you’ll only get the first few lines with value without signing up for Portfolio EV. A subscription will give you access to more than just our full bonus bet converter, however — you’ll also get access to a boatload of +EV bets every day!
