Bonus bets and bonus cash look similar but work differently. Here's what each one means, how to hedge each, and which is actually more valuable.
Both "bonus bet" and "bonus cash" are types of sportsbook credits you receive as promotions. They look similar in your account, but they work differently in ways that matter for your hedging strategy.
This one distinction separates the two types entirely.
Bonus Bet: Stake is not returned when you win. You receive only the profit.
If you bet $100 in bonus bets at +200 and win: you receive $200 (the profit only). Your $100 stake disappears.
Bonus Cash: Stake is returned when you win. You receive profit plus the stake back.
If you bet $100 in bonus cash at +200 and win: you receive $300 ($100 stake + $200 profit). Just like a regular cash bet.
Bonus Bets:
Because the stake doesn't come back, you need higher odds to make the hedge math work well. A $100 bonus bet on a +300 underdog that wins generates $300. That's plenty to cover your cash hedge on the other side and still profit.
A $100 bonus bet on a -200 favorite that wins generates only $50 — barely anything to work with after hedging.
Rule: always bet bonus bets on underdogs (positive odds).
Bonus Cash:
Because the stake returns when you win, bonus cash is worth more per dollar than bonus bets. The hedge math is more flexible — you don't need as large an underdog to generate solid returns.
The strategy is different: hedge the bonus cash side to lose, then collect real cash from the other sportsbook. When the bonus cash bet loses, the bonus cash disappears — which is the desired outcome for most hedges.
| Bonus Bet | Bonus Cash | |
|---|---|---|
| Stake returned on win | No | Yes |
| Stake returned on loss | No | No |
| How common in the U.S. | Very common | Less common |
| Optimal bet type | Large underdog | More flexible |
| Hedge extraction rate | 65–80% of value | 85–95% of value |
| Withdrawable immediately | No (must bet first) | No (must bet first, may have playthrough) |
The setup: Same game, Thunder +250 vs. Cavaliers -310. You hedge at different books.
With $100 bonus bet on Thunder +250:
With $100 bonus cash on Thunder +250:
For bonus cash, you'd hedge differently — bet the bonus cash on the Cavaliers side (making it lose) to trigger the outcome where you collect the full cash winnings at the other book.
Effectively: $100 bonus cash → $85–$90 in guaranteed profit (after paying vig on both hedges).
Bonus cash is worth roughly 20% more than the same dollar amount in bonus bets, all else equal.
Some bonus cash comes with playthrough requirements: you need to wager the bonus X times before you can withdraw. A 5x playthrough on $100 bonus cash means you must place $500 in qualifying bets before any winnings become withdrawable.
Hedging cuts through this — each hedge counts toward the playthrough while keeping your position risk-neutral. The playthrough just means you need more hedges to clear it, not that you'll lose the money.
Bonus bets lose the stake on a win; bonus cash doesn't. Both are hedgeable. Bonus cash is more valuable per dollar because the stake returns. Bet bonus bets on large underdogs; hedge bonus cash to the losing side.
For a full breakdown of every bonus type, read sports betting bonuses explained.
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