What Is a Bonus Bet?

A bonus bet is a sportsbook credit you can wager without risking your own money. If it loses, you lose nothing. If it wins, you keep the profit (not the stake).

A bonus bet is a credit issued by a sportsbook that lets you place a bet without risking your own cash. If the bet wins, you keep the profit — but not the bonus bet stake itself. If it loses, you lose nothing (the bonus is simply gone).

How Bonus Bets Work

You receive $200 in bonus bets from FanDuel.

You place a $200 bonus bet on Team A at +250.

• Team A wins: You receive $500 payout, but only $300 is credited to your account (the profit). The $200 bonus stake is not returned. Net gain: $300 profit.
• Team A loses: The bonus bet is gone. You lose nothing from your real bankroll. Net: $0.

This is different from a cash bet, where your $200 stake returns with the payout if you win.

Why Bonus Bets Are So Valuable for Hedging

The key asymmetry: if the bonus bet loses, it costs you nothing. This lets you structure a hedge where both outcomes generate profit:

• Bonus bet on the underdog → large profit if underdog wins
• Cash bet on the favorite → smaller profit if favorite wins

If the underdog loses, the bonus is gone but your cash bet profits. Either way, you win something. This structure generates 65–80% of the bonus value as guaranteed profit.

Bonus Bet vs Bonus Cash

These aren't the same:

• Bonus bet: Must be wagered. The stake is never returned, win or lose — only the profit comes back.
• Bonus cash (site credit): Can be withdrawn after meeting rollover requirements. Behaves more like real money.

Bonus cash is more valuable per dollar than bonus bets.

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For the complete breakdown of all sportsbook bonus types, read our guide to sports betting bonuses.