Free Bet Converter

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A free bet converter calculates how to turn a sportsbook's free bet or bonus bet into guaranteed cash. The strategy: place the free bet on a longshot at one book, then hedge the opposite side at another book. This calculator shows the optimal odds and hedge amount to maximize your cash conversion rate, typically 70-80% of the free bet value.

Formula

Cash Value ≈ Free Bet Amount × (Longshot Decimal Odds - 1) / Longshot Decimal Odds

A $100 free bet placed at +300 (4.00 decimal): Cash value ≈ $100 × 3/4 = $75. The longer the odds, the higher the conversion rate — but harder to find matching hedge lines.

How to Use This Calculator

  1. Enter the free bet amount from the sportsbook
  2. Enter the longshot odds where you'll place the free bet
  3. Enter the hedge odds from a different sportsbook
  4. View the hedge stake, guaranteed profit, and conversion rate

When to Use This

  • •Converting DraftKings or FanDuel free bets to real cash
  • •Maximizing the value of signup bonus bets at new sportsbooks
  • •Calculating whether a free bet promotion is worth claiming
Free Tool

Free Bet Converter

Convert your bonus bets into estimated cash value by hedging on the opposite outcome.

Your Free Bet
$
Hedge Bet (Different Sportsbook)

Find the best hedge odds at a different sportsbook

Conversion Rate
66.7%
Look for better odds
Hedge Stake $233.33Place at other book
Estimated Conversion Value +$66.67No matter the outcome
If Free Bet Wins +$66.67
If Hedge Wins +$66.67
⚠ 67% is below the 70% target - find better odds

Compare odds from 20+ sportsbooks

Sign up free to compare odds across sportsbooks, find the best price, and place bets with one click.

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For informational and educational purposes only. Not financial or gambling advice. All calculations assume odds remain constant and bets execute as entered. Actual results may vary. Gambling involves risk of loss.

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Frequently Asked Questions

How do you convert a free bet to cash?

Place the free bet on a longshot (high odds) at one sportsbook, then hedge the opposite side with your own money at another sportsbook. The free bet side profits big if it wins; the hedge side covers you if it loses. Either way, you end up with cash.

What is a good free bet conversion rate?

A conversion rate of 70-80% is typical. A $100 free bet should yield $70-80 in guaranteed cash. Using longer odds improves the conversion rate, but finding matching hedge lines becomes harder. Low-hold markets give the best conversion rates.

Do free bets return the stake?

Most free bets do NOT return the stake — you only receive the profit if the bet wins. This is why the conversion rate is less than 100%. A $100 free bet at +300 that wins pays $300 profit (not $400 total). Some sportsbooks offer "bonus cash" that does return the stake — check the terms carefully.

Related Glossary Terms

Free Bet

A promotional bet from a sportsbook where you risk nothing but keep the profit if you win.

Bonus (Welcome Bonus)

A promotional offer from a sportsbook or casino that gives you extra funds or free bets.

Expected Value (EV)

The average amount you can expect to win or lose per bet over time.

Arbitrage (Arb)

Betting both sides of a market at different sportsbooks to guarantee a profit regardless of outcome.

Bankroll Management

The practice of managing your gambling funds to minimize the risk of going broke.