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The point is the house doesn't lose ANY money by giving out this bonus.
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He had a chance to win his sportsbook bet for $120. If betholdem were to let everyone wager their bonus and just walk away if they lose, they would shortly be out of business.
The fact that he lost his wager to the house doesn't matter. By placing a wager with the bonus money he incurred an obligation to either wager his (deposit + bonus) x 5 or cash out for his remaining funds - $120. This was clear in the T&C of the site and is very much a standard form of casino bonus.
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How can you say they should PROFIT off giving someone a bonus? He already lost the bonus back to them, then they are taking an ADDITIONAL $120 from him, they already got their bonus back! Net $120 to the casino!
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That's exactly why they give you the bonus. They expect to profit from it or break even, either because you lose the money and have to pay it back from your deposit or because you roll it over enough times that you pay more than $120 in juice.
The OP should have been overjoyed at the prospect of getting his full funds back in 30 days. Whatever problems betholdem may have (and I know nothing about them beyond what I've read in this thread), in this case they went above and beyond for someone who is apparently a massive tool.
Martin