Sportsbet bonus bets: how to turn them into cash
A Sportsbet bonus bet is a separate balance, not cash. It cannot be withdrawn, but the winnings from it can. Here is how to turn it into cash without needing your pick to win.
The short version: place the bonus bet at Sportsbet 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.
Sportsbet bonus bets rules
| Stake returned on a win | No. Winnings exclude the bonus bet stake. Sportsbet's example: a A$20 bonus bet at 10.00 pays A$180, not A$200. source |
|---|---|
| Expiry | 7 days from the time it is credited, unless the offer says otherwise. Unused bonus bets become void. source |
| Cannot be used on | Tote multis, combo multis (fixed and tote legs mixed), each way bets and tote singles. source |
| Where it can be used | Any market that shows the Bonus Bet option in the bet slip, subject to the offer's own terms. source |
| Other offers | A bonus bet offer cannot be used together with another Sportsbet offer. source |
| Eligibility | The general bonus bet terms exclude residents of ACT, NSW, WA and SA from offers (subject to an exception in the terms), and Victorians from account opening offers. source |
Not confirmed on Sportsbet's own pages, so check the offer itself: A general minimum odds rule (none in the bonus bet terms; check each offer); Splitting rules (not confirmed on a page we could read).
Read this first: promotion abuse clause
Sportsbet's terms let it revoke offers from professional gamblers or anyone it considers to be abusing an offer. source
Where Sportsbet bonus bets come from
- Bet match offers. A bonus bet equal to a qualifying bet, capped at the amount in the offer. source
- Deposit bonus offers. A bonus bet calculated from a qualifying deposit, capped. Cash card and BPAY deposits do not count. 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 Sportsbet, roughly 4.00 to 8.00, where Betfair has a lay price close to it and enough money waiting.
- Place the bonus bet at Sportsbet. 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 Sportsbet. 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
Does Sportsbet return the bonus bet stake?
No. Sportsbet's help centre says a bonus bet pays the winnings minus the bonus bet stake, so a A$20 bonus bet at 10.00 pays A$180.
How long do Sportsbet bonus bets last?
7 days from when they are credited, unless the offer says otherwise. After that they become void.
What can I not use a Sportsbet bonus bet on?
Tote multis, combo multis, each way bets and tote singles are excluded in Sportsbet's bonus bet terms. Use it on a fixed odds win bet you can lay on Betfair.
How much of a Sportsbet 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 Sportsbet 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: Ladbrokes, Neds, TAB, bet365, PointsBet, Betr, Palmerbet, or all bonus bet guides.
Sources
Written by the YAUPICKS team. Sportsbet rules last checked 18 October 2026 against Sportsbet'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.