How to Convert Free Bets to Cash: Complete Guide

What Is Free Bet Conversion?

Free bet conversion is the process of turning sportsbook free bets into guaranteed cash by betting both sides of an event.

When a sportsbook gives you a "$100 free bet," you can convert approximately $70-80 of that into real money—regardless of which team wins.

How Free Bets Work

First, understand what a free bet actually is:

Free bet characteristics:

• You don't risk your own money
• If you win, you get the profit only (not the stake)
• If you lose, you lose nothing

Example:

• $100 free bet on Lakers +150
• If Lakers win: You get $150 profit (not $250)
• If Lakers lose: You lose $0

This "profit only" feature is why conversion rates are 70-80%, not 100%.

The Basic Conversion Method

Step 1: Place the Free Bet

Use your free bet on one side of an event.

Example:

• Free bet: $100 on Lakers +150 at DraftKings

Step 2: Hedge on Another Book

Bet the opposite side with real money at a different sportsbook.

Example:

• Real money: Bet Celtics at FanDuel

Step 3: Calculate the Hedge Amount

The math ensures guaranteed profit regardless of outcome.

Use our Free Bet Converter →

The Math Explained

Free Bet Conversion Formula

Hedge Stake = (Free Bet × Free Bet Odds) / Hedge Odds

Where:

• Free Bet Odds = decimal odds on free bet
• Hedge Odds = decimal odds on hedge bet

Example Calculation

Setup:

• $100 free bet on Lakers at +200 (3.00 decimal)
• Hedge on Celtics at -200 (1.50 decimal)

Hedge stake:

Hedge = ($100 × 3.00) / 1.50 = $200

Outcomes:

Wait—that's not balanced. Let's recalculate properly.

Correct Formula for Guaranteed Profit

Hedge Stake = (Free Bet Profit) / (Hedge Odds)
Hedge Stake = (Free Bet × (FB Decimal - 1)) / Hedge Decimal

Guaranteed Profit = Free Bet × (FB Decimal - 1) - (Hedge Stake × (Hedge Decimal - 1))

Better approach: Use the calculator — The math gets complex with different scenarios.

Free Bet Converter Calculator →

Maximizing Conversion Rate

Use Higher Odds

Free bets convert better at higher odds because profit is a larger portion of the payout.

At +100 odds (2.00):

• $100 free bet wins = $100 profit
• After hedge: ~$50 guaranteed

At +300 odds (4.00):

• $100 free bet wins = $300 profit
• After hedge: ~$75 guaranteed

Optimal range: +300 to +500 odds for best conversion rates.

Find Close Lines

The closer the odds on both sides, the better your conversion.

Good scenario:

• Free bet side: +250
• Hedge side: -260
• Conversion: ~72%

Better scenario:

• Free bet side: +300
• Hedge side: -300
• Conversion: ~75%

Best scenario (arbitrage):

• Free bet side: +350
• Hedge side: -300
• Conversion: ~80%+

Shop for the Best Hedge

Check multiple sportsbooks for your hedge. Even small differences matter.

Example:

• Hedge at FanDuel: -280
• Hedge at BetMGM: -260
• That difference could be 2-3% more conversion

Step-by-Step: Converting a $100 Free Bet

1. Receive the Free Bet

Sportsbook gives you $100 free bet from a promotion.

2. Find a Suitable Event

Look for events with:

• Odds around +300 to +500 on one side
• Good hedge odds available elsewhere
• Happening soon (less time for odds to move)

3. Check the Conversion Rate

Use the Free Bet Converter:

• Enter free bet amount
• Enter free bet odds
• Enter hedge odds
• See guaranteed profit

4. Place the Free Bet

Use your free bet on the higher-odds side.

5. Immediately Place the Hedge

Don't wait—odds move. Place the hedge right away at the other book.

6. Collect Your Cash

Regardless of outcome, collect your guaranteed profit.

Common Free Bet Types

Standard Free Bets

• Win = profit only, stake not returned
• Conversion: 70-80%

"Bet and Get" Offers

• Bet $X, receive $X free bet
• Account for qualifying bet cost
• Net conversion lower

Risk-Free Bets

• If first bet loses, get free bet back
• Effectively a free bet on loss
• Strategy: Bet normally, hedge only if you lose

Free Bet Credits

• Same as standard free bets
• Sometimes have expiration dates

Avoiding Mistakes

1. Forgetting It's Profit-Only

Free bets don't return the stake. Don't calculate as if they do.

2. Odds Moving Between Bets

Place both bets quickly. If odds move, your conversion changes.

3. Terms and Conditions

Some free bets have restrictions:

• Minimum odds requirements
• Excluded markets
• Expiration dates

Read the terms before betting.

4. Same-Book Hedging

Most books prohibit betting both sides of the same event. Use different books.

5. Round Numbers

Hedge stakes are often odd amounts ($147.23). Some books require round numbers—account for this.

Expected Conversion Rates

Higher odds + closer lines = better conversion.

When Free Bets Are Worth More

Arbitrage Situations

If you find actual arbitrage on a free bet, conversion exceeds 80%.

Low-Vig Markets

NFL spreads have less vig than props, meaning better hedge opportunities.

Multiple Books

More books = more chances to find the best hedge.

Calculating "Bet and Get" Value

For offers like "Bet $500, get $500 free bet":

1. Qualifying bet cost: ~2-3% of stake (hedging)
2. Free bet value: ~75% conversion
3. Net profit: (Free bet × 75%) - (Qualifying bet × 3%)
4. Example: ($500 × 75%) - ($500 × 3%) = $375 - $15 = $360

Summary

1. Free bets pay profit only — Not the stake
2. Convert by hedging — Bet opposite side elsewhere
3. Higher odds convert better — Target +300 to +500
4. Close lines help — Shop for best hedge
5. Expect 70-80% conversion — $100 free bet ≈ $70-80 cash

Free bet conversion is guaranteed money. It's not as exciting as gambling, but the math is certain.

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Convert your free bets:

• Free Bet Converter — Calculate optimal hedge
• Hedge Calculator — General hedging tool
• Odds Converter — Convert between formats