Bonus bets, what are they and why you are using them wrong!
*** This is an opinion piece not financial advice ***
What is a bonus bet?
A bonus bet is basically free swing from a bookie. You place the bet and if it loses you don’t lose any money. Bear in mind the Bookie will keep the bonus stake. eg you put a $50 bonus bet on a horse paying $2. The horse wins and the return is $100, the bookie keeps the $50 bonus stake and you keep the other $50.
Who doesn’t get bonus bets?
1. Sharp punters, if you are beating the bookie and I mean actually beating them (I’m not talking about that 1 time you landed a $2000 multi but have blown more either side of that win” they are simply not going to give you bonus bets. In addition to that you will probably get an email saying that you are not eligible for promotions and offers.
2. People that hedge their bonus bet with the same bookie. If you are going to hedge or arb your bonus bet DO NOT do it with the bookie that gave you the bonus. This will almost certainly get you promo banned. If this is how you wish to use your bonuses hedge it on Betfair.
What should I use my bonus bet on?
“Any tips today? I need to turn over a bonus bet”
“I need a sure thing to rinse a bonus bet”
There is no definitive answer. For me I like to use the rare and elusive bonus bet on a roughie, hear me out!
Bonus bets are usually of small value. I personally don’t see the point of crunching numbers, doing form and “safely” placing the bet when I will not win any more than I would using my own money. Like I said above…. $50 bonus bet at $2 odds gives you $50 profit after the bonus stake is returned. Bet $50 of your own money at $2 odds and you get the same result of $50 profit. The bonus is simply insurance. If the bet loses you don’t! I would much rather have my bonus on an underdog in the footy or a horse paying big odds that could run a big race. If it wins happy days, if it loses meh! Think of a roughie bonus as zero risk v high reward and a safe bonus as zero risk v low reward.