Sportsbooks offer "Deposit Match" promotions to new customers, where they match your initial deposit up to a certain limit (e.g., deposit $1000, get an extra $1000). These promotions are only available to new users of each sportsbook. However, these "bonus funds" aren't immediately withdrawable; you typically need to wager them 5-25 times. While most bettors would likely lose these funds, SmartStake's Promo Converter can help you work toward converting them to withdrawable cash. Conversion outcomes are not guaranteed and depend on the odds available, sportsbook terms, and user error. Let's explore how:

Please note: Any screenshots in this guide are examples taken at one point in time and do not represent any individual user's results. Odds change quickly, sportsbook terms and conditions vary, and user error can occur. You are solely responsible for following each sportsbook's terms. SmartStake is not affiliated with any sportsbook.

Video Guide

Step by Step Instructions

Let's list out all the promotion conversion steps covered in the video.

If you "lose" the entirety of your bonus funds to your hedge book, you are done! Feel free to withdraw you winnings. If this is a Cashback promotion, you will need to wager the entire rollover amount to unlock the full value of the promotion. So for example, theScore has a $1000 Cashback promotion unlocked at a rate of 5%. So if you place a bet of $1000, you will recieve $50 in cashback right away. You will need to wager the entire $20,000 requirement on theScore to unlock the full $1,000 bonus.

If you still have bonus funds on the Promotion Book, just repeat the process from the place your bet step until you "lose" the bonus or meet the rollover requirement. If this is a Cashback promotion, repeat the place your bet step until your eligible cashback balance drops to $0.

🚨 Important!

MAKE SURE YOU PAY ATTENTION TO WHICH BET YOU PLACE FIRST. Depending on the size of the promotion and max bet size allowed to wager, you may find large lowholds available to take ($1,000). The sportsbook might not accept a bet that large.

We want to avoid a scenario where we have placed one side of our matched bet, and the other side gets declined for exceeding the maximum bet amount. Even if you can cash out, doing so may void your no sweat bet promotion.

Always check the maximum bet amount on both sportsbooks BEFORE placing your bets. If you can only find the maximum bet amount on one sportsbook (and its big enough for your needs) then try to place the opposing bet first.

This way, if the bet goes through, you know for a fact that you will be able to hedge it. If it doesn't, then you can go ahead and find a different bet using the promo converter. Find a full list of tips for avoiding common mistakes here.

Other Considerations

Types of Deposit Matches

Deposit matches all follow the same general structure, with some minor differences. Here's the 3 most common types and a full example for converting each one:

• Pure Deposit Matches: These are the most common, and follow the simplest structure. The sportsbook will match your deposit and the bonus funds will immediately be available for use. Any bets you place will usually draw from your bonus funds balance before your cash balance.

• Half&Half Deposit Matches: These differ from a pure deposit match because the sportsbook will use both types of funds (the cash you deposited, and the bonus funds) when you place a bet.

• Cashback: These deposit matches function similar to pure deposit matches, except that you unlock a certain percentage of your bonus funds every time you place a wager.

Forcing a Loss

In general, we want to avoid having to hit the rollover requirement where possible. We can achieve this by "forcing" a loss on our promo bet, as long as the deposit match is either Pure or Half&Half.

The basic strategy is to choose a bet with a high odds (+200 or greater) on our promo bet, since it is more likely to lose.

Let's take this $500 deposit match from PowerPlay as an example:

As you can see, our recommended bet on PowerPlay is Dallas Mavericks -3.5 at +225 odds. This has an implied probability of 31% - so there is a 69% chance that we will lose on PowerPlay and win on our hedge book. If this happens, then we are done! We have transferred the entire $500 promotion value to our hedge book (Fanduel) in just one bet.

If PowerPlay wins, then we can just repeat this process. The worst case is that we end up wagering the entire rollover requirement.

Pairing Deposit Matches

If you are starting with very little capital, it can make sense to pair deposit matches to speed up your bankroll growth. Pairing deposit matches just means completing two deposit match promotions at the same time by betting them against each other.

Here is an example of a potential deposit match pairing:

In this scenario, I would deposit $250 on Sports Interaction and $250 on Fitzdares. I've already managed to increase my $500 bankroll to $1,000 in just one step. Now I would just use the lowholds tool with Sports Interaction as the promo book and Fitzdares as the hedge book. Make sure you are only taking bets that meet the Terms & Conditions from both sportsbooks.

A potential downside to pairing deposit matches is that you will have less hedge bets to choose from. This means you will likely make less profit on these than if you completed them individually - up to you if you want to sacrifice some profit for speed.