How to Convert Bonus Bets into Guaranteed Cash

You've just signed up to a new bookmaker and received $100 in bonus bets. Most punters would simply use these on their favourite AFL team and hope for the best. But what if I told you there's a way to turn those bonus bets into guaranteed cash?

Welcome to the world of bonus bet conversion – a strategy that transforms "free" bets into real money sitting in your bank account, regardless of whether your picks win or lose.

What Are Bonus Bets?

Bonus bets (sometimes called "free bets") are promotional credits that bookmakers offer to attract new customers or reward existing ones. They look like free money, but there's a catch: you don't get the stake back when you win.

Example:

• Normal $50 bet at $2.00 odds → Win $100 total (including your $50 stake)
• $50 bonus bet at $2.00 odds → Win $50 total (no stake returned)

This difference is crucial for conversion strategies.

The Conversion Strategy: Guaranteed Cash

The smart approach is to "hedge" your bonus bet by backing both sides of the same market across different bookmakers. This guarantees you'll convert a percentage of the bonus bet into real cash.

How It Works

Step 1: Use your bonus bet on one outcome Step 2: Use your own money to bet on the opposite outcome at another bookmaker Step 3: No matter what happens, you profit

Let's see this in action.

Real-World Example

You have a $100 bonus bet to convert. You find this NRL match:

At Sportsbet (using bonus bet):

• Penrith Panthers to win: $2.20

At TAB (using real money):

• Manly Sea Eagles to win: $1.80

The Calculation

Bonus bet side: $100 on Panthers at $2.20

• If Panthers win: Get $120 cash
• If Panthers lose: Get $0

Hedge bet side: Need to calculate stake on Manly

• Target: Same payout regardless of outcome
• If Manly wins, need to cover the $0 from bonus bet loss
• Stake needed: $66.67 on Manly at $1.80

Outcomes:

• Panthers win: Get $120 from bonus bet, lose $66.67 on Manly = Profit $53.33
• Manly win: Bonus bet loses $0, win $53.33 from Manly bet = Profit $53.33

Result: Guaranteed $53.33 profit regardless of the outcome!