How to convert a bonus bet to cash

What is a free bet actually worth and how do you cash it?

A bonus bet does not return its stake. Win a 1,000 bonus at even money and you collect 1,000, not 2,000 — so bet naively it is worth about half its face value.

Converting means hedging: put the bonus on one side and cash on the other, so you keep a guaranteed amount whichever way it lands. Longer odds convert better, because you are not risking the stake:

Every guide stops at “convert on a longshot”. Look at the hedge column: the 80% plan needs 11,200 sitting at a second book. Most people do not have that, which makes the honest advice “convert at the longest price you can actually hedge”. Run your own number →