Bonus Value Calculator
A "$1,500 welcome offer" is not worth $1,500. After rollover, minimum-odds restrictions, and time limits, the realized cash equivalent is usually 30-70% of the headline. This calculator computes the actual value so you can compare offers honestly.
Bonus terms
Adjust inputs above to see the realized bonus value.
Why headline bonus values mislead
Sportsbook marketing emphasizes the largest dollar number that headlines well. The terms in fine print do most of the actual EV-shaping:
- Rollover (playthrough): A 5x rollover on a $200 bonus means you must wager $1,000 in qualifying bets before bonus funds become withdrawable. Each wager pays the operator vig.
- Minimum odds restriction: "Bets must be at -200 or longer." This rules out heavy-favorite parlays as cleanest-clearing strategy.
- Time limit: Typically 7-30 days to clear. If you can't sustain the wagering volume, the bonus expires worthless.
- Bet-credit-only counting: Some operators count only your initial bet toward "first bet" requirements; others count cleared bonus wagers toward rollover. Read terms.
Use this calculator to compare offers after deconstructing the terms. A "$1,500 first-bet" with strict terms may net less cash-equivalent than a "$200 instant bonus" with no rollover. Our promo erosion research shows how operators time their best offers throughout the year.
Frequently Asked Questions About Bonus Value
Why is a $1,000 welcome bonus not worth $1,000?
Welcome bonuses come with strings: rollover requirements (e.g. 5x means you must wager 5x the bonus before withdrawing), minimum-odds restrictions (e.g. only bets at -200 or longer count), and time limits (typically 7-30 days to clear). The realized cash-equivalent value after these constraints is typically 30-70% of the headline number.
How is bonus value calculated?
Cash equivalent ≈ bonus × (1 - vig)^(rollover) × probability of clearing in the time window. The vig erosion compounds with each required wager. A $200 bonus with 5x rollover at -110 average odds nets ~$170 expected; a $200 bonus with 10x rollover nets ~$130 expected.
What is rollover (or playthrough)?
Rollover is the multiple of the bonus you must wager before bonus funds become withdrawable. A $100 bonus with 5x rollover means $500 in qualifying wagers. Many sportsbooks count the bonus credit itself toward rollover; some only count cash wagers. Read terms carefully.
What's a "first bet protection" bonus?
You get the loss back as bonus credit if your first bet loses. Example: "Bet $1,500, get back as bonus credit if it loses." Cash value depends on probability your first bet wins (no bonus needed) vs loses (you get bonus credit subject to its own terms). Typically a $1,500 first-bet-protection is worth ~$300-500 in cash-equivalent value.
How do I maximize bonus value?
Place qualifying wagers at the operator's sharpest markets (lowest vig), use the bonus credit on bets close to break-even at -110 (where one-bet variance is highest), and clear within the time limit. Combining bonus value across 3-4 operators every September (peak promo month) is the most efficient annual strategy.