Turn a welcome bonus into real, withdrawable cash
A bonus bet isn't cash yet -- it's a free bet you can only use once. Laying the same selection on Betfair Exchange locks in most of its value as real money, whichever way the result goes. Most Australians start their matched betting here.
How it works
Every welcome or deposit offer follows the same four steps, whichever bookmaker sends it.
Join a bookmaker you haven't used before. Many send a welcome or first-deposit offer once you register and fund the account.
Back a selection at the bookmaker, then lay the same selection on the Betfair Exchange. The two bets roughly cancel out, so qualifying costs a few dollars at most.
Once the qualifying conditions are met, the bookmaker credits the bonus bet to your account.
Back with the bonus bet, then lay it again on Betfair. Because the bonus stake itself isn't returned, laying it converts most of its value into real, withdrawable cash either way.
A worked example
Converting a $50 bonus bet at 5% Betfair commission.
Back the $50 bonus bet at $4.00, then lay it on Betfair at $4.20. The lay stake is worked out so the result is the same whichever side wins.
Example odds only -- real offers vary, and you'll need enough in your Betfair account to cover the lay liability. The closer the back and lay prices, the more of the bonus you keep.
Finding the closest back and lay prices is the slow part
The Bonus Converter compares every bookmaker's price against Betfair Exchange and shows you the best match, the lay stake, and what you'll keep -- for both lay-only and bookmaker-hedge conversions.
Open the Bonus ConverterHow OddsRise helps
Works out the lay stake and guaranteed return for a Betfair lay, or a bookmaker-hedge conversion when there's no exchange price for the market.
A running list of current welcome and reload offers across Australian bookmakers, so you always know which accounts still have something worth converting.
A full walkthrough of qualifying bets, lay stakes and choosing reputable bookmakers is included free with every plan.
Questions people ask
Other strategies
Convert your first bonus bet this week
Start the free Academy lesson to learn the mechanics, then let the Bonus Converter find the closest back and lay match for you.