Cents on the dollar
Bonus Bet Calculator: Free Conversion to the Real Cash Value
A free bonus bet conversion calculator that answers what is a bonus bet worth in cash, rather than repeating the number printed on the advertisement.
What a $100 bonus bet converts to
The same face value, priced at seven different points.
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| Used at | Decimal | Cash value of $100 | Share of face |
|---|---|---|---|
| −200 | 1.5000 | $31.82 | 31.8% |
| −110 | 1.9091 | $45.45 | 45.5% |
| +100 | 2.0000 | $47.73 | 47.7% |
| +200 | 3.0000 | $63.64 | 63.6% |
| +300 | 4.0000 | $71.59 | 71.6% |
| +500 | 6.0000 | $79.55 | 79.5% |
| +1000 | 11.0000 | $86.78 | 86.8% |
Calculated at a market margin of 4.7619%, the margin a two-way market priced at −110 on both sides carries. Increment, minimum-odds and expiry rules reduce these figures further. The bonus bet value table carries the full range alongside the posted offers converted.
Why the free bonus bet calculator gives a conversion range, not a number
A cash bet and a bonus bet are not the same instrument, and the difference is one rule. Win a $100 cash bet at +200 and you collect $300: your stake back plus $200 of profit. Win a $100 bonus bet at the same price and you collect $200. The stake was never yours; it was a token the book accepted in place of money and kept whatever happened.
A free bonus bet calculator is only useful if it asks that question, and most of the arithmetic below is just a careful way of answering it.
That single rule makes the value of the token depend on the price it is spent at. At −200 you are risking a $100 token to win $50, and the token converts to about $31.82. At +500 the same token is chasing $500, and it converts to about $79.55. Nothing about the offer changed between those two lines; only the price did. That is why a bonus bet conversion calculator has to ask where the bet is going before it can say anything useful. Asking what is a bonus bet worth without naming a price is asking an incomplete question.
The formula is short. Take the decimal price, subtract the returned stake by taking one minus the reciprocal, then divide by one plus the market margin to strip out the book’s edge. What comes back is the cash equivalent per unit of face value. Every figure in the table above is that formula with a different price in it.
What $1,000 in bonus bets is actually worth
Run the whole advertised figure through the same conversion and the arithmetic stops being abstract. A thousand dollars of face value is worth about $477 in expected cash if every bet goes on at even money, and about $716 if every bet goes on at +300. Those two prices are the range people actually use, and the top of it needs longer odds than most tickets carry. At −110, the price quoted more often than any other, the same $1,000 converts to $454.55 — under the bottom of that range, which is the whole reason the price a bonus bet is used at matters more than the number on the banner.
Three rules then trim it further, and all three appear in offer terms, where advertisements never put them. Increments decide how the face value is released, and an offer paid out in fixed slices restricts which prices are reachable with each slice. Minimum odds conditions set a floor on the price, which sounds generous and mostly removes the cheapest options. Expiry windows are the sharpest of the three: a token that has to be used this week gets spent on whatever is available, not on what the conversion arithmetic would prefer.
None of this is hidden. It is written in the terms, which is where the dated figures on this site come from. The gap is not between what books say and what they do; it is between the headline number and the arithmetic underneath it, and the arithmetic is public.
Reading the conversion honestly
The cash equivalent is an expected value, and expected values describe averages; an evening is not an average. A bonus bet used at +500 is worth $79.55 in the sense that a large number of them would average close to that. Any individual one pays $500 or nothing, and it pays nothing about five times out of six. Both statements are true and only the second one describes a Saturday.
This matters because the conversion ratio rises with price, and it would be easy to read that as a recommendation. It is not one. A longer price raises the average and concentrates the outcome, so the same arithmetic that makes the number bigger also makes it less likely to be realised by any particular person. What a free bonus bet calculator can honestly tell you is what an offer is worth. Where a bet belongs is a different question, and it is not one arithmetic answers.
The practical use is comparison. Two offers with the same headline are rarely worth the same amount once increments, minimum odds and expiry are applied, and a smaller advertised figure with clean terms regularly beats a larger one with restrictive ones. That comparison is what the bonus bet calculator here exists to make possible, and it is why the sportsbook rankings on this site are ordered by converted value and never by the number on the banner.
Used that way a bonus bet conversion calculator is a comparison instrument; it promises nothing. It cannot know which offers you will qualify for or which prices will be available when the token lands in your account. What it can do is put two advertised figures on the same footing, which is the one thing the advertisements themselves are built not to do.
Questions about bonus bet value
5 questions
01 What is a bonus bet worth in cash?
Between roughly 32% and 80% of its face value, depending on the price it is used at. A bonus bet does not return its stake, so only the profit leg is paid. Used at −200 a $100 bonus bet is worth about $31.82; used at +500 it is worth about $79.55. There is no single conversion figure, which is the whole point.
02 Why is a $1,000 bonus bet offer not $1,000?
Because the advertised number counts face value, not cash. Run $1,000 of face value through the conversion above and the expected cash equivalent lands near $477 at even money and $716 at +300, before increment rules, minimum odds and expiry dates narrow it further. The headline figure is a unit of bonus bets, not a unit of money.
03 Does the stake come back if a bonus bet wins?
No, and that single rule is what separates a bonus bet from a cash bet. A winning $100 cash bet at +200 returns $300: your $100 plus $200 profit. A winning $100 bonus bet at +200 returns $200, the profit only. The bonus bet calculator above is built around that difference.
04 Does a longer price make a bonus bet worth more?
Mathematically the conversion ratio rises with the price, because the stake being withheld is a smaller share of a larger return. It also concentrates the whole value into a less likely outcome, so the variance on one bonus bet is severe. This page values offers, it does not tell anyone where to place anything.
05 What do increment and expiry rules do to the value?
They cut it. Offers that release bonus bets in fixed increments restrict which prices are reachable, and a short expiry window can force a placement at whatever is on the board. Both push realised value below the conversion figure, which is why the number here is a ceiling rather than a promise.