Palmerbet bonus bets: how to turn them into cash
Palmerbet's promotional terms are the strictest of the bookies here on how promotions are used. Read the caution below before you convert anything.
The short version: place the bonus bet at Palmerbet on a fixed odds win bet at longer odds, then lay the same selection on Betfair. Whichever way it goes, you end up with roughly the same cash.
Palmerbet bonus bets rules
| Expiry | Set per offer. Anything unused by the expiry date is removed from your account. source |
|---|---|
| Cash | Must be taken as offered. Cannot be varied or redeemed for cash. source |
| Withdrawals | Asking to withdraw before a bonus bet is used or resulted cancels the bonus bet. source |
| Cannot be used on | Multis, exotics and futures (bet match and no deposit bonus bets). Palmerbet can also limit a bonus bet to racing or certain meetings. source |
| Limits | One bonus bet per event on bet match offers. Maximum payout on any bonus bet A$10,000. source |
Not confirmed on Palmerbet's own pages, so check the offer itself: Whether the stake is returned on a win (not stated in the terms we read; check the bet slip before placing); A general expiry period or minimum odds.
Read this first: irregular betting clause
Palmerbet's terms treat betting on all likely outcomes, equal or zero margin bets and hedge betting as irregular, and let it void those bets and withhold winnings. Accounts that bet mostly with bonus bets, or that it regards as professional punters, are not eligible for promotions. source
Where Palmerbet bonus bets come from
- Race Rescue. Your stake back as a bonus bet if your fixed odds runner finishes 2nd or 3rd. source
- Money back 2nd or 3rd. On nominated thoroughbred races, a bonus bet matching your first fixed win bet, up to A$50, if your runner places 2nd or 3rd. source
Refund style offers work the same way once the bonus bet lands. See money back specials for how to cover the qualifying bet.
How to turn it into cash
- Pick a fixed odds win selection at Palmerbet, roughly 4.00 to 8.00, where Betfair has a lay price close to it and enough money waiting.
- Place the bonus bet at Palmerbet. Leave the cash stake box empty so you do not place a cash bet as well.
- Lay the same selection, same market, on Betfair for the lay stake the bonus bet calculator gives you. New to laying? Start with lay betting explained.
- If the selection wins, the profit lands at Palmerbet. If it loses, the lay wins on Betfair. Either way the result is about the same.
Worked example: a A$50 bonus bet
Same bonus bet, two prices, 8% Betfair commission. Figures are illustrative, not a promise.
| Longer odds | Short odds | |
|---|---|---|
| Back / lay odds | 6.00 / 6.20 | 2.00 / 2.06 |
| Lay stake | A$40.85 | A$25.25 |
| Liability needed on Betfair | A$212.42 | A$26.77 |
| Cash either way | A$37.58 | A$23.23 |
| Kept from A$50 | 75% | 46% |
Why longer odds keep more: with a stake not returned bonus bet the only value is the profit, which is the stake times the odds minus one. At 2.00 that is A$50; at 6.00 it is A$250. The cost is a bigger liability, so you need that much sitting in Betfair before you lay.
Mistakes that cost money
- Typing a cash stake as well as ticking the bonus bet.
- Using it on a bet type with no lay market, like exotics, each way or most multis. If you cannot lay it, you cannot lock it in.
- Laying the place market when you backed the win, or the wrong runner.
- Using short odds and keeping half the value.
- Not enough in Betfair to cover the liability, so the lay only part matches.
- Letting it expire.
- Only ever betting on promotions. Bookmakers do restrict accounts.
Frequently asked questions
Can Palmerbet void a matched bonus bet?
Its promotional terms let it void bets and withhold winnings where it sees hedge betting, equal or zero margin bets or bets on all likely outcomes. Read clause 3 of its promotional terms before converting a Palmerbet bonus bet.
What happens if I withdraw with an unused Palmerbet bonus bet?
Palmerbet's terms say a withdrawal request before the bonus bet is used or resulted cancels it. Use or settle it first.
How much of a Palmerbet bonus bet can I keep?
As an illustration, often around 70 to 80 percent of the face value when you use it at longer odds with a close Betfair lay price. It is not a promise: the odds, the gap to the lay price and your Betfair commission all move it. At short odds it can be much less.
Can Palmerbet restrict my account for doing this?
Yes. Bookmakers can restrict or close accounts at their discretion, and accounts that only ever bet on promotions are the usual target. Treat promotional access as something that runs down over time.
Keep going
The full method is in matched betting in Australia. Other bookies: Sportsbet, Ladbrokes, Neds, TAB, bet365, PointsBet, Betr, or all bonus bet guides.
Sources
Written by the YAUPICKS team. Palmerbet rules last checked 18 October 2026 against Palmerbet's own help and terms pages. Bookmakers change their terms; the offer in your account always wins. 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.