Overview

A free bet (or bonus bet) only returns winnings — your stake is never refunded. That means a $100 free bet at +100 wins $100, not $200. The Free Bet Conversion Calculator finds the optimal odds to maximize the cash value you extract, and tells you exactly how much real money your free bet is worth after a hedge on a second sportsbook.

The Formula

Formula: Cash Value = FreeBetStake × (DecimalOdds − 1) × HedgeEfficiency

To lock in a locked-in return, you bet the free bet on a long underdog at Book A and hedge the favorite at Book B for cash. The conversion rate climbs as you go to longer odds, peaking around 70–75% at +300 to +500.

When To Use It

Use it any time you receive a bonus bet, first-bet insurance token, or "second-chance" credit. It is the standard tool for matched betting and for converting promo offers from sportsbooks like FanDuel, DraftKings, BetMGM, and Caesars into real, withdrawable cash.

Worked Example

Example 1: You have a $100 free bet. You back the Lakers +250 (decimal 3.5) at Book A and hedge the Warriors −230 (decimal 1.435) at Book B. Hedge stake = ($100 × 2.5) / 1.435 = $174.22. If Lakers win, you collect $250 from Book A and lose $174.22 at Book B — net $75.78. If Warriors win, you collect $250 from Book B and net $75.78. Conversion rate = 75.8%.

Example 2: A $50 free bet placed on a +120 favorite (decimal 2.2) hedged against a −140 line (decimal 1.714). Hedge = ($50 × 1.2) / 1.714 = $35. Locked-in profit = $25 = 50% conversion. Lower odds yield worse conversion, which is why free bets should always go on the underdog.

Common Mistakes

• Placing free bets on heavy favorites — you sacrifice 20–30% of conversion value.
• Forgetting that the free-bet stake is not returned, then over-hedging.
• Using two correlated outcomes (like both teams to score) rather than mutually exclusive ones.
• Ignoring posted limits on the hedge book, which can leave you exposed.