Guide · Arbitrage betting
How do bonus bets work? Value, terms and site credit
How bonus bets pay out, why a $100 bonus bet is worth less than $100, how bonus bets differ from site credit, and what playthrough costs.
Reviewed by Owen DavidsUpdated Oct 30, 2026Facts checked Oct 30, 2026
On this page
Bonus bets work like a bet paid for with sportsbook credit: you pick a market and odds, and if it wins you receive the winnings, but under many terms not the bonus amount itself. That makes a $100 bonus bet worth less than $100 in cash. Terms such as expiry dates, minimum odds and playthrough decide what it's really worth.
How do bonus bets work when they win?
Whether the bonus amount comes back with a win depends on the offer's terms.[1] If a bonus bet pays only its winnings, a winning bonus bet of B at decimal odds d pays B × (d − 1):
| Bonus bet | Odds | Pays if it wins (stake not returned) | Pays if stake returned |
|---|---|---|---|
| $100 | -110 (1.909) | $90.91 | $190.91 |
| $100 | +200 (3.00) | $200.00 | $300.00 |
| $100 | +400 (5.00) | $400.00 | $500.00 |
What a bonus bet is worth
In a market with no margin, a bonus bet that doesn't return its stake is worth (d − 1) ÷ d of its face value, whatever side you choose:
| Odds | Fair value of a $100 bonus bet |
|---|---|
| Even money (+100) | $50 |
| +200 | $67 |
| +300 | $75 |
| +900 | $90 |
Real prices include the sportsbook's margin, so the true values are a little lower. Estimate the fair price of the side you're considering with the no-vig calculator. To lock that value in as cash, use the bonus bet conversion calculator.
Bonus bets vs site credit
Sportsbooks use several names for promotional money, and the name doesn't tell you the rules. For any credit, find out:
- Can it be withdrawn as cash, or only wagered?
- Must it be wagered first (playthrough), and how many times?
- Is the stake returned when a bet using it wins?
- When does it expire, and are there minimum odds or excluded markets?
What playthrough costs
Playthrough means wagering a set amount before you can withdraw. Every wager carries the sportsbook's margin. At -110 on both sides of a fair market, each bet's expected value is −4.55%, so:
| Playthrough wagered | Expected cost at -110 |
|---|---|
| $100 | $4.55 |
| $500 | $22.73 |
| $1,000 | $45.45 |
Read the terms before you accept a promotion.
Frequently asked questions
Do bonus bets return the stake if they win?
It depends on the terms, so read them. If a bonus bet pays only the winnings, a $100 bonus bet at +200 returns $200, not $300. That's why its value is less than its face amount.
What odds should I use a bonus bet at?
If the stake isn't returned, longer odds keep more of the bonus's value: in a fair market, a bonus bet is worth 50% of face at even money and 75% at +300. Longer odds also mean losing more often.
Is a bonus bet the same as site credit?
Not necessarily. Sportsbooks use different names for credits with different rules. What matters is whether the credit can be withdrawn, whether it must be wagered first, and whether its stake is returned on a win.
What does playthrough cost?
Each dollar wagered at a typical two-way price loses its margin on average. Wagering $500 at -110 on both-sides-fair markets costs about $22.73 in expected value.
Sources
- 1.How Do Bonus Bets Work?, FanDuelOfficial vendor documentation · accessed Oct 30, 2026
About this page
- Editorial review
- Approved by Owen Davids on Oct 30, 2026
- AI assistance
- Drafted with AI assistance. Facts, sources and conclusions were checked by a human editor before publication.
- Facts last checked
- Oct 30, 2026
How we research and label evidence: our methodology.
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