What is a bonus bet?

A bonus bet is a type of wager in which the bettor is guaranteed to receive their initial stake back, regardless of the event's outcome. This type of bet is typically offered as a promotion or bonus by sportsbooks to attract new customers or encourage existing customers to place more bets. The bonus aspect of the bet means that the bettor reduces the risk to lose money.

A bet bonus typically works by allowing the bettor to place a wager on a specified event or market, and if the bet loses, the sports betting site will refund the bettor's stake up to a certain amount. This allows the bettor to place a bet without any risk of losing their money, as they will be guaranteed to receive their stake back, regardless of the outcome of the event. 

Worth mentioning is that the refunded comes in the form of bonus bets or bonus money as is most often never paid out as real cash. 

Here's an example of how it could work:

• A sportsbook is offering a bet bonus of $500.
• A customer signs up and deposits $500 into their account
• The customer places a bet of $500 on a football match
• If the customer's bet loses, the sportsbook will refund the $500 stake back to the customer's account in the form of a bonus bet.
• If the customer's bet wins, the customer will keep the winnings, which would be more than the initial $500 bet

It's important to note that a bet bonus often comes with certain terms and conditions. 

For example, the bonus amount could have a cap limit, the bonus amount could only be refunded in the form of a bonus bet, or the bonus can only be used for certain types of events or markets. Check the terms and conditions before taking advantage of any bonus offers from a sportsbook.

A bonus bet betting strategy is a way of using a bet bonus offered by a sports betting site to make a profit. This is done by using mathematical calculations and taking into account the odds of the event or market, as well as the terms and conditions of the bet bonus.

Here's an example of a bonus bet betting strategy:

• A sportsbook offers a bet bonus of $50 on a football match.
• A customer signs up and deposits $50 into their account
• The customer finds two different sportsbooks that offers different odds for the match
• The customer places a bet of $50 on the team with the highest odds at one sportsbook; let's say the odds are 2.00
• The customer then places a similar bet, this time on the opposing team with lower odds, let's say 1.80, with the other bookie.
• Regardless of the match's outcome, one of the bets will be refunded. So, the customer will either break even or make a profit from the other bet.
• The customer can then repeat this process with different matches and sportsbooks to make a profit over time.

It's important to note that this strategy requires a significant amount of time and effort to find the best odds and to keep track of multiple bets. Additionally, it's also important to be aware that many sportsbooks have terms and conditions that prohibit this kind of strategy, and if you break the terms and conditions, your account could be suspended.

It's also worth mentioning that there are other methods of betting, like Matched Betting, that make use of bonus bets but with a different approach; in matched betting, the bettor place a back and lay a bet on the same event with other sportsbooks or betting exchanges, to guarantee a profit regardless of the outcome.