How a free bet becomes real money

Sportsbooks use free bets to get you through the door. They want you to pick a team, hope it wins, and keep betting after that.

We're doing something different.

You place the free bet on one outcome, then place a hedge bet on the other side with another sportsbook or exchange. One bet wins. One bet loses. If the stakes are sized correctly, you bank cash either way.

Why stake-not-returned matters

Most free bets are stake-not-returned. That means if your $100 free bet wins, you keep the profit, but you do not get the $100 free bet stake back.

So the goal is not to turn a $100 free bet into $100.

The goal is to convert as much of it as possible into withdrawable cash.

What conversion rate should you aim for?

A good free bet conversion is usually around 50% to 70%.

So a $100 free bet might turn into $50 to $70 of real cash, depending on the odds available.

Higher odds on the free bet can improve the conversion, but only if the hedge price is still close enough. If the gap between the two prices is too wide, the value gets eaten up.

Below 40%, you can usually do better.

How to use this free bet calculator

Add your free bet amount as Bet 1. Add the odds for the free bet side, then add the odds for the hedge side.

The calculator shows the hedge stake, total bet amount and profit if either side wins.

New to this? Read the matched betting guide first. It walks through the full setup with a real offer.

Related calculators

• Risk-free bet calculator for first-bet-insured promos with a refund
• Lay bet calculator for back and lay setups
• Arbitrage calculator for price gaps between two books