If you’ve claimed a welcome bonus from FanDuel, DraftKings, Caesars, or BetMGM, you’ve probably seen the term “Bonus Bet” — sometimes called “Free Bet” or “Bet Credit.” But what do these actually mean, and how can you use them to place smart wagers without risking your own cash?
In this short guide, we’ll explain how bonus bets work, how to use them strategically, and a few mistakes to avoid — especially if you’re new to online sports betting.
What Are Sportsbook Bonus Bets?
A bonus bet is a credit that sportsbooks give you to place a wager without using your own money. You’ll find them most often in:
- Welcome offers (e.g., “Bet $5, Get $200 in Bonus Bets”)
- Parlay insurance promotions
- Deposit matches or loss refunds
Unlike real cash, you can’t withdraw a bonus bet directly. Instead, you use it to place a wager — and if you win, you keep the profits (but not the original stake).
Example: You use a $50 bonus bet on a wager with +200 odds.
- If the bet wins, you receive $100 in winnings (not $150).
- If it loses, you lose nothing — since it wasn’t your money.
Step 1: Check the Expiration Date
Most bonus bets expire within 7 to 14 days. If you forget to use them, they simply vanish.
You can see your expiration timer under your “Promos” or “My Bets” tab in each app.
Pro tip: Use your bonus bets right away while you’re still excited about the promo. Don’t let them collect digital dust.
Step 2: Choose Higher-Value Odds (+150 to +400 Range)
When you use a bonus bet, you don’t get your stake back — so it’s smart to aim for higher odds.
For instance:
- A +200 bet returns $100 profit on a $50 bonus bet.
- A -110 bet only returns $45 profit.
That’s why experienced bettors often use bonus bets on underdogs or prop bets — you’re maximizing profit potential without risk.
Step 3: Avoid Extremely Long Shots
Yes, the temptation is real — using a $50 bonus bet on a +5000 longshot might sound fun, but it’s usually not worth it.
Keep your wagers in a moderate range (roughly +150 to +400) to balance upside and probability. You want to give your bonus bet a realistic chance of winning.
Step 4: Use Multiple Bonus Bets Separately
If your sportsbook gives you several smaller credits (like six $25 bonus bets), don’t combine them into one parlay. That’s a high-risk move that usually ends in zero payout.
Instead, spread them across:
- 1–2 favorites (safer wins)
- 1–2 underdogs (bigger payout potential)
- 1 parlay if you’re feeling adventurous
This diversified approach gives you a better shot at turning bonus credits into withdrawable cash.
Step 5: Check the Fine Print (Every Time)
Each sportsbook defines bonus bets a bit differently. Watch for:
- Minimum odds requirements (e.g., -200 or longer)
- Eligible bet types (some exclude parlays or futures)
- State-specific restrictions (Arizona vs. other states)
You can usually find all terms inside the app under “Promotions → Terms & Conditions.”
Example: How It Works on Caesars Sportsbook
Let’s say Caesars gives you a $100 Bonus Bet after you lose your first wager.
You decide to use it on a Phoenix Suns moneyline bet at +180 odds.
If the Suns win:
- You get $180 in real winnings.
- The $100 credit disappears (it’s one-time use).
If the Suns lose: - You lose nothing. Your balance remains the same.
That’s how simple bonus bets are once you understand the math.
Bonus Bet Mistakes to Avoid
- Forgetting expiration dates.
- Stacking all credits on one parlay.
- Using bonus bets on low-odds favorites.
- Not reading promo terms.
- Betting emotionally after a loss.
Each of these can wipe out the benefit of your bonus — even if the promo sounded great.
Responsible Betting Reminder
Even if it’s “house money,” remember that bonus bets are still gambling. Keep your wagers small, set deposit limits, and don’t chase losses.
If you’re in Arizona and need help, call 1-800-NEXT-STEP or visit the Arizona Division of Problem Gambling website.
Final Thoughts
Bonus bets are a great way to explore sportsbooks like Caesars, FanDuel, or DraftKings without risking your own funds. Treat them as a chance to learn, test odds, and maybe even build your balance.
Use them wisely — on realistic bets with value odds — and they can stretch your entertainment budget while you build experience as a bettor.