A sportsbook promo stake where a winning ticket usually pays profit only, not stake plus profit.
Free bets are promotional offers from sportsbooks that let you place a wager with a promo stake instead of adding new cash to that ticket. If the bet wins, you keep the profit but typically do not get the promo "stake" returned, which makes free bets worth less than their face value.
The actual value of a free bet depends on how you use it and on the operator's terms. Betting a free bet on a heavy favorite wastes most of its value. The common conversion approach is to use free bets on longer odds because the free bet's value is proportional to potential profit, not the stake.
Free bets are a key part of sportsbook welcome offers and ongoing promotions. Understanding their true cash value can help you compare promos more realistically.
DraftKings credits a $50 free bet after your first deposit. Free bets return winnings only — the stake is not refunded on a win. Placed on a −110 favorite, it returns just $45.45. Placed on a +300 dog, it returns $150.
Optimal conversion: bet the free bet on a +300 to +500 underdog at a soft book, then hedge the other side at a second book to model covered cash value. Example: $50 free bet on Astros +400 = $200 if win; hedge with $170 on the favorite at −200 = modeled return of roughly $85 if both legs stand. That converts a $50 free bet to ~$34 low-variance cash value, or a 68% conversion rate — the standard promo-EV benchmark.
<p>DraftKings credits a <strong>$50 free bet</strong> after your first deposit. Free bets return <strong>winnings only</strong> — the stake is not refunded on a win. Placed on a −110 favorite, it returns just $45.45. Placed on a +300 dog, it returns <strong>$150</strong>.</p><p>Optimal conversion: bet the free bet on a <strong>+300 to +500 underdog</strong> at a soft book, then hedge the other side at a second book to model covered cash value. Example: $50 free bet on Astros +400 = $200 if win; hedge with <strong>$170 on the favorite at −200</strong> = modeled return of roughly <strong>$85 if both legs stand</strong>. That converts a $50 free bet to <strong>~$34 low-variance cash value</strong>, or a <strong>68% conversion rate</strong> — the standard promo-EV benchmark.</p>
Estimate the cash value of a free bet or bonus bet before placing it.
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Continue learningA sportsbook promo stake where a winning ticket usually pays profit only, not stake plus profit.
<p>DraftKings credits a <strong>$50 free bet</strong> after your first deposit. Free bets return <strong>winnings only</strong> — the stake is not refunded on a win. Placed on a −110 favorite, it returns just $45.45. Placed on a +300 dog, it returns <strong>$150</strong>.</p><p>Optimal conversion: bet the free bet on a <strong>+300 to +500 underdog</strong> at a soft book, then hedge the other side at a second book to model covered cash value. Example: $50 free bet on Astros +400 = $200 if win; hedge with <strong>$170 on the favorite at −200</strong> = modeled return of roughly <strong>$85 if both legs stand</strong>. That converts a $50 free bet to <strong>~$34 low-variance cash value</strong>, or a <strong>68% conversion rate</strong> — the standard promo-EV benchmark.</p>
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