Bonus Bet Conversion Calculator
Bonus bets return only the winnings, not the original stake. That makes a $100 bonus bet worth less than $100 in cash. This calculator shows the cash-equivalent value at any odds, so you can decide which odds to use your bonus bets on.
Result
Why bonus bets are worth less than cash
A normal $100 cash bet at +100 returns $200 ($100 profit + $100 stake) when it wins. A $100 bonus bet at +100 returns only $100 ($100 profit, stake not returned). The stake is essentially burned regardless of outcome.
Optimal bonus bet odds
Conversion rate increases with odds. A bonus bet at -200 has a conversion rate around 33% (you win 67% of the time but only profit half your stake). A bonus bet at +400 has a conversion rate closer to 80%. Use bonus bets on plus-money odds, ideally between +200 and +500, to maximize cash-equivalent value.
Formula
Cash-equivalent value = bonus × ((decimal odds − 1) / decimal odds). At +200 (decimal 3.00), a $100 bonus has cash value of $100 × (2 / 3) = $66.67.
Note: this assumes a fair (no-vig) market. The expected cash value is the average across many uses of the same odds.
Frequently Asked Questions
Why are bonus bets worth less than cash?
A cash bet returns stake plus profit. A bonus bet returns only profit; the stake is consumed regardless of outcome. A $100 bonus bet at +100 returns $100, not $200, making the effective value lower than face value.
What odds should I use my bonus bets on in Tennessee?
Plus-money odds, ideally between +200 and +500. At +200 a bonus bet converts to ~67% cash value. At +400 it converts to ~80%. Avoid using bonus bets on heavy favorites (-200 or shorter), where the conversion rate drops below 35%.
Do TN sportsbooks let me split bonus bets?
Most TN books allow you to use bonus bet credits across multiple wagers. DraftKings and FanDuel split their welcome offers into multiple bonus credits ($5 increments at DraftKings, single credits at FanDuel). BetMGM's first-bet refund splits into five equal credits.
Can I withdraw a bonus bet as cash?
No. Bonus bets at every TN sportsbook are non-withdrawable. Only the winnings (profit) from a winning bonus bet are withdrawable as cash. Losing bonus bets simply expire without cash return.
How long do bonus bets last at TN sportsbooks?
Most TN books set bonus bet expiration to 7 days from credit. DraftKings, FanDuel, and Caesars all use 7-day windows. Some operators offer longer 14-day windows on specific promos. Always check the specific terms attached to your bonus.