Sign up at almost any legal U.S. sportsbook and the first thing it does is hand you a "free bonus bet." It sounds like a giveaway, and it can be worth real money, but only if you know what a bonus bet actually is and where to spend it. Most new bettors burn theirs on a heavy favorite and leave more than half the value on the table. This guide walks through the four offers you'll see over and over, what each one is really worth, and how to squeeze the most cash out of every one.
Watch: The Best Bonus Bet Offers, Explained
The OddsShopper channel broke down a handful of these welcome offers book by book: what you have to do to trigger each one and what lands back in your account. The video uses a state's betting launch for its examples, so the exact amounts and availability change over time and vary by state, but the offer structures it walks through are the same ones books still run today. Watch it to see how the same welcome offer pays out differently book by book, and which qualifying-bet slip-ups quietly cost you the credit before it ever lands.
What Is A Free Bonus Bet?
A bonus bet (books also call it a "bet credit" or "free bet") is a stake the sportsbook fronts you to place a wager. The one rule that trips up nearly everyone: a bonus bet returns your winnings, not the stake. When a normal $100 cash bet at +150 wins, you collect $250 back ($100 stake + $150 profit). When a $100 bonus bet at +150 wins, you collect only the $150 profit. The bonus stake itself is not returned with your winnings; the book keeps it.
That single detail drives every smart decision below. Because you only ever keep the profit, a bonus bet is never worth its full face value, and the odds you place it at decide how much of that value you actually take home.
Using one is simple: add any bet to your slip, and a toggle to apply your bonus bet appears before you confirm. You can't withdraw the credit as cash directly, so the only way to bank it is to place a wager and win real money back. Want the deeper mechanics? Our primer on what a free bet is walks through the terminology book by book.
The Four Main Bonus Bet Offer Types
Most welcome offers fall into one of four common templates. The exact dollar amounts change constantly and vary by state, so always read the current terms. The mechanics behind them stay the same across the major sportsbooks, and DraftKings 🎁, FanDuel 🎁, BetMGM 🎁, and Caesars all run their own versions of each.
| Offer Type | How it works | What you get |
|---|---|---|
| Bet-And-Get | Deposit and place a qualifying bet at minimum odds (often around -120 or longer) | A set amount in bonus bets, win or lose (e.g. bet $100, get $100) |
| First-Bet Safety Net | Your first cash wager is insured up to a cap | If it loses, the stake comes back as a bonus bet (up to the cap) |
| Loss Rebate, Split | Lose your first bet above a threshold | The refund arrives as several smaller bonus bets (e.g. five bets at 20% each) |
| Small-Deposit Instant | Deposit and bet a tiny amount on anything | A large bonus-bet payout drops in instantly (e.g. bet $5, get $150) |
A few things to notice. The bet-and-get hands you credits regardless of the result, which makes the qualifying wager the whole game: you want to clear the minimum odds and move on. A first-bet safety net only pays out if you lose, so it rewards a bigger, higher-variance first bet you'd be happy to have covered, though the refund comes back as a bonus bet worth a bit less than the stake, not full cash. The split rebate breaks your refund into several bets, which matters because each one has to be used separately. And the small-deposit instant offers can be the richest per dollar risked, since a small wager like $5 can unlock a $150 credit win or lose.
You'll also run into odds boosts (sometimes pitched as "profit boosts"): a one-time token that bumps a specific market to a better price than the board shows. Those aren't bonus bets, since you're risking your own cash. A boost only helps when the boosted price is real value: it improves the number, but you still have to want the bet at that new price, so weigh the boosted odds on their own merits before you opt in.
How Much Is A Bonus Bet Actually Worth?
Because a bonus bet pays profit only, its cash value climbs the longer the odds you use it on. Place a $100 credit on a heavy favorite at -200 and you net just $50 if it hits. Place the same credit on a +500 underdog and a win returns $500. You won't win the longshot often, but averaged out, the expected value of the credit is far higher at longer odds.
To turn a bonus bet into a locked amount rather than a coin flip, hedge it by betting the other side in cash at another book, so you keep a set figure regardless of the result. That's exactly what our Free Bet Converter does: the tool finds the hedge that converts the credit to cash and tells you the exact figure you'll lock in before you risk a dollar. When I want certainty over upside, it's the first thing I open. As a rough guide to how much of a bonus bet's face value you can lock in when you hedge at a fair price:
| Bonus Bet Odds | Approx. cash kept per $100 |
|---|---|
| +150 | $60 |
| +200 | $67 |
| +300 | $75 |
| +500 | $83 |
The pattern is simple: the longer the odds, the more of the credit you keep. Used at -200 a credit converts to around 33 cents on the dollar; used at +500, closer to 83 cents. After each book's built-in margin the real number lands a touch lower, but the direction never changes, and longer odds pull more value out of the credit.
New to OddsShopper? We scan 100+ sportsbooks and flag the bets priced in your favor, so your bonus bet lands on the best available number instead of a worse one at your home book. You can try it free for 7 days, and code FREEBONUS20 takes 20% off OS Pro or OS Core if you subscribe.
How To Get The Most From A Bonus Bet
Put the value math to work with a short checklist:
- Use It On Longer Odds, Not A Chalky Favorite. A single wager at +300 to +500 extracts far more of the credit's face value than a -200 favorite does. This is the biggest lever, and the one most bettors miss. Just check the offer's terms first, since some books cap the odds a bonus bet is eligible for.
- Shop The Best Price First. The winnings are all you keep, so the number you get matters more than usual. Comparing the same market across books with our odds comparison can be the difference between +270 and +290 on the same bet, which is extra value stacked on top of a free bet.
- Or Hedge To Lock In Cash. If you'd rather bank a known amount than gamble the credit, the Free Bet Converter shows you the hedge that turns the bonus bet into a set payout, regardless of which side wins. You trade some expected value for that certainty, so it's a risk-tolerance call, not automatically the sharper play. Our step-by-step guide to how to convert a free bet shows the exact hedge, and if you're weighing whether the effort pays off, are free bets worth it runs the honest math.
- Read The Fine Print Before You Fire. Almost every offer carries a minimum-odds rule, and a qualifying bet often has to be around -120 or longer, so a -150 favorite may not count at all. Miss the minimum and the bonus never triggers.
Free Bet Vs Bonus Bet: Is There A Difference?
For all practical purposes, no — the difference is branding, not mechanics. DraftKings, FanDuel, BetMGM, and Caesars all label the credit a "Bonus Bet," bet365 calls the very same thing "Bet Credits," and older promos simply said "Free Bet." Every one of them follows the identical stake-not-returned rule: you keep the winnings, never the stake. The word on the button changes; the product sitting in your account behaves the same. Understand how a bonus bet pays and you understand every version of it.
Common Bonus Bet Mistakes To Avoid
- Spending It On A Big Favorite. The most common and most expensive mistake, since you throw away most of the credit's value. Longer odds keep more.
- Letting It Expire. Bonus bets come with a clock, often as short as seven days. An unused credit is worth exactly nothing once it lapses, so use it before the deadline.
- Ignoring The Minimum-Odds Rule. Place the qualifying bet below the required price and the offer simply doesn't fire.
- Forgetting Split Credits Are Separate. If a rebate arrives as five smaller bonus bets, you have to place each one on its own; you can't stack them into a single wager.
- Chasing The Promo Past Your Budget. An offer is only a good deal at a stake you were comfortable risking anyway. These offers are for bettors who are 21 or older in a state where wagering is legal, so never deposit more than you can afford just to max out a bonus. If betting stops being fun, step back; help is available at 1-800-GAMBLER.
In Summary
A free bonus bet pays your winnings, not your stake, so its real value depends entirely on where you place it. Learn the four offer templates (bet-and-get, first-bet safety net, split loss rebate, and small-deposit instant), clear each one's minimum-odds and expiration terms, and steer the credit toward longer odds where it keeps the most value. Shop the best price before you place it, or hedge it to cash when you'd rather lock in a set amount. Do that and every welcome offer becomes real money instead of a wasted click.
New to OddsShopper? We compare 100+ sportsbooks in real time and flag the numbers priced in your favor, the exact thing that decides how much a bonus bet is worth. Try it free for 7 days, and code FREEBONUS20 takes 20% off OS Pro or OS Core when you subscribe.
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FAQ
What is a free bonus bet? It's a stake a sportsbook fronts you as a promotion. When it wins, you keep the profit but not the bonus stake itself, so it's often called a "bet credit" or "free bet."
Do you get your stake back on a bonus bet? No. A bonus bet returns only your winnings. A $100 bonus bet at +150 pays $150 in profit, not the $250 a $100 cash bet would return.
How much is a bonus bet worth? Less than its face value, and it depends on the odds. Used at +150 a bonus bet converts to roughly 60 cents on the dollar; used at +500, closer to 83 cents. Longer odds keep more of the value.
What odds should you use a bonus bet on? Longer odds, generally +300 or higher, because you only collect the profit. A favorite returns very little, while an underdog turns the same credit into a much larger payout.
Do bonus bets expire? Yes. Most carry a short window, often around seven days. Use the credit before it lapses or it's worth nothing.
Is a free bet the same as a bonus bet? Effectively yes. Books use the terms interchangeably, and both follow the same rule: you keep the winnings, not the stake.
