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Bonus bets: how to turn them into cash

A bonus bet cannot be withdrawn. Its winnings can. Back it at the bookie, lay the same selection on Betfair, and you keep roughly the same cash whatever happens.

The method is the same everywhere. The rules are not. Pick your bookie.

By bookie

  • Sportsbet bonus bets

    Stake not returned, 7 day expiry, no tote, combo multi or each way bets.

  • Ladbrokes bonus bets

    Two kinds: Bonus Cash (pick your own stake) and fixed Bonus Bets. Both stake not returned.

  • Neds bonus bets

    Same platform as Ladbrokes: Bonus Cash and Bonus Bets, both stake not returned, about 7 days.

  • TAB bonus bets

    Stake not returned, most last 7 days, long list of excluded bet types, no Cash Out.

  • bet365 bonus bets

    Calls them Bet Credits. General terms say little; rules sit on each offer page.

  • PointsBet bonus bets

    Stake not returned, winnings withdrawable with no turnover, no in play.

  • Betr bonus bets

    Stake not returned, 7 days max, singles only, A$500 cap per event, no turnover on winnings.

  • Palmerbet bonus bets

    Expiry per offer, no cash redemption, strict irregular betting clause. Read it first.

The method

  1. Use the bonus bet on a fixed odds win bet at longer odds, roughly 4.00 to 8.00.
  2. Leave the cash stake empty.
  3. Lay the same selection on Betfair for the stake the bonus bet calculator gives you. New to it? Lay betting explained.
  4. Win or lose, the cash lands in one account or the other.

Bonus bets often come from money back specials and bet match offers. The bigger picture is in matched betting in Australia, and bookmakers do restrict accounts that only chase promotions.

Frequently asked questions

Can you withdraw a bonus bet?

No. A bonus bet is a separate balance you can only bet with. The winnings from it are cash, which is why you convert it with a Betfair lay instead of hoping your pick wins.

Is the stake returned on Australian bonus bets?

Usually not. Sportsbet, Ladbrokes, Neds, TAB, PointsBet and Betr all state on their own help or terms pages that a winning bonus bet pays the profit only.

How much of a bonus bet can you keep?

As an illustration, often around 70 to 80 percent of the face value at longer odds with a close lay price, after Betfair commission. It is not a promise and it is lower at short odds.

Written by the YAUPICKS team. Bookie rules last checked 18 October 2026against each bookmaker's own help and terms pages. 18+ only.

Gambling involves risk. Matched betting is a strategy that aims to reduce outcome risk, not eliminate it. Losses are possible, particularly through human error, and bookmakers may restrict or close accounts at their discretion. YAUPICKS is an education and community platform operated by YAUPICKS PTY LTD (ABN 40 673 940 228). We are not a bookmaker, a casino or a financial services provider, and no wagers, deposits or withdrawals occur on this site. Nothing here is legal, tax or financial advice. You must be 18 or over. If gambling is causing you harm, contact Gambling Help Online on 1800 858 858 or self exclude from all Australian licensed online wagering services through BetStop, the National Self-Exclusion Register. See our responsible gambling page.